buyers at East River Wharf can get a 5% boost to their deposit when reserving by midnight on March 20 Pages 16-17
Boost buyers at East River Wharf can get to their deposit when reserving on or before March 20
how prospective buyers can get a financial boost at East River Wharf when reserving in the first quarter
by Jon Massey
For those house hunting in 2025, a development in Royal Docks is offering a potent incentive to swap renting for a foot on the ladder. Prospective buyers reserving a shared ownership home at East River Wharf before midnight on March 20 can get a boost to their deposit of up to £8,000.
The 5% contribution comes in the form of a one-off deduction when the purchaser completes on the deal and is only available on deals to buy 25% of a property at the scheme.
For example, a quarter of an apartment with a full market value of £500,000 would be £125,000, making the available boost to the buyer £6,250 – potentially equivalent to the deposit necessary to secure a 95% mortgage on that property.
Legal And General Affordable Homes, which is marketing the properties at East River Wharf, is set to host an open day on January 18 for those interested in accessing the incentive.
Prices for a one-bedroom home at East River Wharf start at £96,875 for a 25% share and come with a wide range of facilities and benefits.
The properties form part of Riverscape – essentially an extension of Ballymore and Oxley’s extensive Royal Wharf development on the banks of the Thames at Silvertown – meaning East River Wharf residents are able to access those schemes’ amenities. These include a health club, the Sky Lounge with views over the Thames to Greenwich Peninsula and Canary Wharf, a concierge service, 24-hour security and a high street with shops, cafés and restaurants.
Shared ownership buyers also get a three-year ZipCar membership with £50 of driving credit when they move in.
A spokesperson for Legal And General Affordable Homes said: “The amenities at East River Wharf are best in class, with a state-of-the-art residents’ gym, pool and spa.
“Plus, concierge services and 24-hour security ensure our residents always feel at home.
“There is also a primary school located on the development, which is perfect for growing families.
“Whatever your stage in life, East River Wharf is a modern and secure place to call home with shared ownership.”
The apartments themselves are located on the edge of Lyle Park, which recently celebrated its centenary with a spruce up and the installation of a commemorative mosaic.
They feature open-plan design, fully fitted kitchens with integrated Siemens appliances, tiled bathrooms, free standing Beko washer-dryers and private balconies.
The entry-level one-bed extends to some 538sq ft with a full market value of £387,500. At the other end of the scale, a three-bed worth £650,000 stretches to 934sq ft on the tenth floor, with a 25% share costing £162,500.
Transport connections nearby are excellent with the DLR offering rapid links to Canary Wharf, London City Airport and beyond.
Shared ownership allows buyers to get on the ladder with a smaller deposit than if they were buying a home outright by allowing them to purchase typically 25% of a home.
For the entry level property at East River Wharf, for instance, a deposit of £4,844 could be enough to secure a 95% mortgage on the £96,875 price.
Buyers then pay rent on the unowned portion of the property, the mortgage on their portion of it and the service charge. This usually works out cheaper than renting a comparable home in the same area.
Those who own a share can also choose to increase their stake in a property over time – a process known as staircasing – until they own the whole thing, or can sell their portion should they wish to move.
key details
The open day at East River Wharf is set to take place on January 18 from 10am to 4pm at the development’s Sky Lounge.
Those seeking to attend should register their details online via the QR code below. Go to landgah.com for more information
Scan this code to nd out more about East River Wharf
Apartments feature open-plan design and all come with private balconies
Additional a ordable homes are set to be built as part of the regeneration plans
Artist’s impressions of how the scheme will look when work is complete
gearing up for
how Countryside Partnerships is set to work alongside Tower Hamlets Council to deliver a 407-home regeneration scheme between Stepney and Limehouse
by Jon Massey
Countryside Partnerships has been named as Tower Hamlets Council’s preferred partner in its forthcoming regeneration of Harriott, Apsley and Pattison House between Stepney Green and Limehouse.
The scheme will see a total of 407 homes built on the east London site with 64 replacement and 111 new a ordable homes as well as 232 properties for private rent or sale.
Most of the council housing stock will be three or four-bedroom homes to help address the shortage in the borough.
In addition to the housing, the scheme also includes provision for a new mosque and community hub as a replacement to the existing, outdated building.
The regeneration plans come in the wake of an estate-wide ballot that saw 98% of existing residents in favour of the proposals.
Planing permission has already been granted for the scheme –designed by PRP Architects and demolition and enabling works are expected to complete in 2025.
The new buildings will then be constructed by Countryside – part of Vistry Group – in two phases with the rst nishing in 2028 and nal completion in 2031.
Executive mayor of Tower Hamlets, Lutfur Rahman said: “We are committed to creating genuinely a ordable housing for our residents, and this appointment of Countryside marks an important milestone in our housing development programme as well as one of our key housing regeneration projects. We have worked with residents to bring this regeneration project together and I am
We are looking forward to delivering a scheme that meets the needs of the local community and is the start of a successful longterm partnership
Kevin Delve, Vistry East London
optimistic that these new homes, along with the vital community facilities they will bring, will improve the lives of many families in the area.”
Vistry East London managing director, Kevin Delve, said: “Our selection as preferred partner on this major estate regeneration re ects our expertise and commitment to provide quality homes
and lasting communities, and also demonstrates our exemplary track record in delivering complex regeneration schemes.
“Given the strong local support that the HAP regeneration enjoys, we are looking forward to delivering a scheme that meets the needs of the local community and is the start of a successful, longterm partnership with the London Borough Of Tower Hamlets.”
Countryside has a long history in this part of London and is a joint venture partner in the long-running Greenwich Millennium Village scheme on Greenwich Peninsula.
Go to towerhamlets.gov.uk
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OVER 80% SOLD
Only 6 minutes from the M11
Stansted airport just 8 minutes away
Scenic dog walking routes surrounding the development
Local amenities within walking distance
Traditional homes with modern interiors
