Guinness Homes: Living in London made possible with Shared Ownership
One, two and three bedroom homes available at Signal Park, Tolworth
For those looking to be immersed in the breadth of culture, activities, and opportunities the UK has to offer, London is one of the most desirable destinations for renters and buyers alike. However, whilst it’s known for a larger-than-life atmosphere, fantastic transport links and top-level career opportunities, the capital is also renowned as one of the most expensive places to rent or buy in the UK.
Trapped in a cost of living crisis, UK residents are also facing an unprecedented housing crisis, with some reports claiming examples of rent reaching almost £600, or more, per week. When it comes to traditional property purchasing in London, things are equally challenging. It comes as no surprise that the capital city is the most expensive place to buy property in the country, with the average property price in London sitting at £534,000 as of January 2023.
Yet despite the financial challenges renters and home buyers are facing, demand for property in London continues to overshadow supply. But how can the property market respond, and is there a way that living in London can finally become affordable?
Shared Ownership is one route into home-buying that remains overlooked in comparison to traditional methods. It allows buyers to purchase a percentage of the property, typically starting at 25%, with a low monthly rent paid to the developer on the unpurchased shares, along with a service charge. With a lower ownership amount comes a lower mortgage compared to purchasing 100% of the property (as it would be in an outright sale), opening the door to people who might not otherwise be able to buy a home on the open market.
Already solidified in the capital, Shared Ownership properties are ticking a lot of buyer’s boxes. Central location? Check. In line with affordability? Check. Modern spaces that don’t require a lot of money and time investment to decorate? Check.
Signal Park, Tolworth, is the latest Guinness Homes development in London to open its doors to residents, with new homeowners moving in throughout the summer. Phase one consists of a range of one, two, and three bedroom apartments, with prices starting at £87,500 for a 25% share of a one bedroom apartment (full market value: £350,000), £117,500 for a 25% share of a two bedroom (full market value: £470,000), up to £145,000 for a 25% share of a three bedroom (full market value: £580,000).
The development boasts convenient transport links into Central London, with Tolworth station a mere three-minute walk away. The rail line leading through Tolworth station travels directly to Waterloo in 31-minutes, stopping at Clapham Junction and Vauxhall beforehand for convenient access into the city.
Speaking of their new home at Signal Park, residents Laura (29) and George (28) expressed their feelings about being able to buy their own home in London:
“We have always been so concerned that the area [Tolworth] is not affordable for us and the thought of moving away from family was very upsetting. We chose a Shared Ownership property as it was the most affordable way to get on the property ladder. It has allowed us to own a home in the right location, all whilst being affordable and manageable.”
The couple purchased a 25% share of their two bedroom property at Signal Park. Valued at £485,000, their percentage share was valued at £121,250. This meant Laura and George were able to pay a 4% deposit of £20,000. Although still a significant amount of money, the Shared Ownership scheme meant the couple were able to buy a quality home in a desirable location that may not have been possible otherwise.
There will always be a demand to live in London, and there will always be hurdles to overcome when searching for the perfect property in the highly competitive capital. However, Shared Ownership is continuing to support new homeowners and re-sizers alike, accomplishing their goal of owning their own home.
Apartments and duplexes at Signal Park are ready to move into. If you’re searching for your dream home, get in touch with the Signal Park team on 0203 824 9500, or visit their website here for more information.
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership via our article index.