Shared ownership remains the best option for many first time buyers in 2014

24 January 2014

The Government’s Help to Buy initiative may have helped thousands of people to get on the property ladder, yet for many budding first time buyers who are unable to raise a 5% deposit to qualify for the scheme, owning a home of their own is still just an aspiration.

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Centra Living, part of leading affordable housing provider Circle Housing, is encouraging first time buyers who are struggling to scrape together a sizeable deposit to consider shared ownership in 2014. These schemes, which enable buyers to purchase a stake of a home and pay a low rent on the remaining share, often require a minimal down payment, possibly as little as £2,750.

The provider has this month (January) launched new affordable homes in Bow through its latest shared ownership scheme. Essence – the Spirit of Bow has 57 high desirable apartments available for shared ownership following a successful private sales launch, which saw 85% of units sold entirely off plan. The homes are a mix of one, two and three bedroom properties and the development also contains commercial space.The properties have guide prices starting from £230,000 for a one bedroom apartment, £280,000 for a two bedroom and £350,000 for three bedrooms.

Tim Seward, Sales Director for Centra Living, said: “This is a great opportunity for first-time buyers who may be struggling to get enough money together for a deposit to own their own home in one of London’s most vibrant and up and coming areas. We have been delighted with level of interest and are expecting demand to increase even more after this latest release at Essence.”

Essence is well connected to some of London’s best hotspots and transport links including:

  • Victoria Park 
  • Westfield, Stratford
  • The City 
  • Mile End and Bow Road underground Stations (Central, District and Hammersmith & City lines)
  • Bow Church Station (Docklands Light Railway)
Roman Road market is a stone’s throw away and home to an eclectic mix of food, clothing, home and garden stalls as well as independent cafes, bars and restaurants.

For further details, call 0845 304 1002 or visit www.Essence3.co.uk