Release Date: 22 May 2018
Twenty nine new shared ownership properties have launched in Twickenham town centre.
The development is on Holly Road in Twickenham. It is made up of one and two bedroom apartments that will be sold by So Resi, the new brand of shared ownership properties owned by Thames Valley Housing Association (TVHA).
The development is a converted, empty office block – formerly called Queens House and is a 100% affordable housing scheme. Thanks to £550,000 of additional support from the Council, the building has been purchased by TVHA and transformed into modern, high quality, low cost homes targeted at local residents and workers on middle to low incomes. Each apartment benefits from access to either the communal roof terrace or winter garden.
So Resi is making home ownership possible for more people. Residents’ can buy a share of a home that’s right for you. Homeowners typically start off owning between 25% and 75% of a property and pay as little as 5% deposit on the value of the share. This means that the amount they need to save is much lower than it would be if they bought the whole of the property.
Homebuyers pay straightforward monthly payments, which combine the mortgage on the share and a payment to TVHA on the rest. Buyers who live and/or work in Richmond will be prioritised.
Cllr Liz Jaeger, Designate Cabinet Member for Housing and Community Safety, said:
“This is very good news for local people trying to get on the housing ladder. It is one of my key priorities as the new Cabinet Member for Housing to ensure that this council works with local Housing Associations to provide more genuinely affordable housing, with new approaches to increase supply and extend existing stock. This development is an example of the Council, working with TVHA, to identify a use for what has been a very underused building for a number of years.
“We need to look for more opportunities like this. Otherwise we won’t be able to meet the housing needs for all local people – for our children and grandchildren.
“Shared ownership is a great option for our residents who find it difficult to get on the property ladder but want to live locally close to family and work. Richmond residents get first priority for these types of homes built in our borough.”
Esaiyas Mollallegn, Head of Marketing at Thames Valley Housing, said:
“So Resi Twickenham is in an enviable location, just minutes from the high street with its abundance of shops and restaurants as well as the mainline station. We expect the new homes to be a hugely popular with young professionals seeking an apartment with a fantastic specification at an accessible price; So Resi makes that happen.”
For more information or to apply visit the So Resi website.
If you are a journalist and would like further information about this press release, contact Elinor Firth on 020 8487 5159.
Updated: 31 May 2018