A shared ownership flat in Elizabeth House promises to be cheaper than renting.
The message was as clear as a bell in Wembley today as a new affordable housing development was launched offering residents a greater chance of getting on the property ladder.
Elizabeth House, a new housing block in Wembley High Road, was officially launched and promoted by Town Crier Lord Tony Appleton who marched down the High Road ringing his famous bell to proclaim the news.
Joining Lord Appleton at the launch was Leader of Brent Council, Cllr Muhammed Butt and Cllr Krupa Sheth, a Wembley Central ward councillor.
The housing block, which consists of one, two and three bedroom apartments is managed by Octavia Living (OL) who say buying one of the homes through a shared ownership scheme will be cheaper than renting.
Situated at the east end of Wembley High Road, a typical one bedroom shared ownership at Elizabeth House costs roughly £755 a month for mortgage, rent and service charge. Whereas a typical one bedroom new build rental property would cost around £1100 to £1150 per month.
Speaking after the event Cllr Butt said: “It was a great pleasure” to help launch the new development.
He said: “One of my priorities is to ensure that local residents have access to high quality housing at a reasonable cost.
“Shared ownership is an excellent way for people to get on the housing ladder and buy a new property.”
Shared ownership offers first time buyers a great opportunity to get onto the property ladder. The government backed scheme enables purchasers to buy the share they can afford, between 25 per cent and 75 per cent of the property, with a subsidised rent paid on the remaining share.
Sue Dance, head of sales and marketing at OL said: “The development offers first time buyers the opportunity to buy a share of a brand new, high specification home at a substantially lower monthly cost compared to renting locally”.