It is reported that 94 per cent of young adults believe that renting or living in shared accommodation, is the most affordable housing option. This is because, many millennials are under the impression that they will not be able to buy their own home or afford the required house deposit. However, there are options for those who dream of owning their own home and Notting Hill Genesis’ Shared Ownership scheme at Greenstock Lane in Harrow offers the ideal solution.
The building is made up of one and two bedroom modern apartments and is situated in a desirable and well-connected London suburb. Deposits, for a share in a brand new home, start from only £9,062 (£34,000 less than the average first time buyer deposit) but there are only a few remaining – so buyers need to be quick! For those who move into a Greenstock Lane apartment in January or February, a £1000 contribution will be made towards their legal fees.
Greenstock Lane, was previously occupied by the Harrow Hotel and is on Pinner Road, which is only a few minutes’ walk from Harrow town centre. Also, Harrow-on-the-Hill and West Harrow underground stations are less than a mile from the development, providing convenient access to the capital. In terms of interior, all of the Shared Ownership homes at Greenstock Lane offer a modern and high spec finish and are complemented by bright, open-plan layouts. On top of that, many of the homes feature views overlooking the communal gardens and each property has its own private balcony or terrace and for those who like to cycle in the city, there is a secure on-site bicycle storage space available.
Jim Munson, Head of Marketing at Notting Hill Genesis, comments on the topic of Shared Ownership and points out that: “Renting has fast become a mainstream tenure, especially for those who feel that buying a property is financially off their radar, Whilst renting provides an element of independence, it does lack a sense of security and it can be a struggle to find an affordable way to step into homeownership. Notting Hill Genesis’ Shared Ownership scheme offers an exciting opportunity to be able to buy a new home at an affordable level, and then increase that level of ownership as and when they can afford to do so. The lower deposits required removes the overwhelming sense of unaffordability, and instead gives purchases the option to get on the property ladder comfortably without overstretching themselves. With only a few Shared Ownership homes remaining, prospective buyers should act quickly to avoid disappointment.”
Greenstock Lane is a well-placed development and is near a variety of local amenities, including: cafés, pubs and restaurants. There are also two large shopping centres, St Ann’s and St George, which are only a short walk away and both offer a wide selection of high street brands, as well as a 12-screen Vue cinema. Alongside the popular well-known shops, Harrow Also features independent shops and eateries that add to the town’s charm. Regeneration of the town centre is currently under way and this investment, from the Mayor of London, will help to improve the local shops and public spaces for people to enjoy.
For those who like outdoor recreational activities, there are plenty of things in the area to enjoy. Harrow Recreation Ground, a Green Flag award park, is located to the rear of Greenstock Lane just a few minutes’ walk away, providing 10 hectares of green open space, football pitches, tennis courts and a sensory garden. Pinner Memorial Park, also Green Flag awarded, is a short car drive away and offers: 5.26 hectares of open green space, a beautiful duck pond, children’s play area and a café – making it the perfect place for those wanting a quiet stroll and/or dog walkers.
Harrow-on-the-Hill and West underground stations are a short walk from the development and provide great transport links for commuters. From here, residents can use the Metropolitan line and get to Baker Street in only 21 minutes ad Kings Cross St Pancras in under half an hour, Harrow-on-the-Hill station is also served by Chiltern Railways, and delivers direct train services into London Marylebone in just fifteen minutes. For those who prefer driving, Harrow is also convenient for road travel, with the A40 and M1 exceptionally close by.
Shared Ownership provides the opportunity for aspiring buyers at Greenstock Lane to buy a share of a home’s value, between 25 and 75 per cent, while paying a subsidised rent on the remaining share. There is also a mandatory lower deposit level required with the Shared Ownership scheme, which allows buyers to only put down a deposit on the share they purchase and not the full market value of the property. This means that Shared Ownership allows you to become a home owner with a lower level of savings than if you were to buy the same home outright. But, it is also possible for buyers to purchase additional shared on their property, as and when they need and can afford to, going right up to 100%.
Prices for a one-bedroom apartment start from £90,625 based on a 25% share with a full market value of £362,500. For more information, contact Notting Hill Genesis on 020 3815 1234 or www.nhgsales.com