New shared ownership homes launching in London

New shared ownership homes launching in London

Housing provider SO Resi is launching a 37-home shared ownership scheme in London’s Canning Town.

The range of one to three-bedroom apartments will hit the property market off-plan this May, with a show home following shortly in June, with prices ranging from £96,875 for a 25% share (full market value £387,500).

Kevin Sims, director of sales at SO Resi, said: “With Newham Council’s £3.7 billion regeneration project for Canning Town, the area is quickly becoming a sought-after area of London.

“The unpredictability of the housing market coupled with high pricing has been putting aspiring homeowners at a major disadvantage compared to previous generations of home buyers. At SO Resi, we aim to level the playing field by offering more opportunities for Shared Ownership solutions.

“Our properties at our Canning Town development are the perfect example of this aim. Proposed plans from Newham Council means the new town centre is set to be home to a new community hub, cinema, shops, office spaces, as well as brand new Shared Ownership homes, underscoring the increased popularity of Shared Ownership as an option for prospective homeowners.”

There are two launch events at The Crowne Plaza Hotel Docklands, from 10am-4pm on 18th & 25th May, by appointment only.

Shared Ownership offers lower deposit requirements and the flexibility to gradually increase ownership over time.

Prospective buyers can secure a share of their desired property, ranging from 25% to 75% of its market value at SO Resi Canning Town, while SO Resi said the remaining portion will be at below-market rent.