100% of homes in a Nine Elms shared ownership development have gone to people who live or work in Wandsworth thanks to a scheme spearheaded by the Conservative run Council.
All of the 116 1 and 2 Bedroom Flats at Riverlight, which completed its final phase earlier this year, were bought by local people who had registered with the council’s low cost housing scheme.
Last year 9 out of 10 shared ownership properties in Wandsworth were bought by local people this is because Wandsworth is one of the only councils to prioritise housing allocation in this way.
Riverlight, which is just down the road from the new US Embassy and from Battersea Power Station, is managed by Optivo housing association and was developed in partnership with St James.
All the properties were built to very high standards with state of the art kitchen bathrooms and underfloor heating throughout.
Many buyers were previously in the private rented sector and this scheme costs them less and gives them the opportunity to build up capital in their property. With shared ownership, buyers only pay a deposit on the value of the percentage being bought, so a 5% deposit on a 25% share works out as a 1.25% deposit on the total property value.
Cllr Ravi Govindia, Leader of the council, said: “We’ve said all along that it would be Wandsworth people who benefit from the 4,000 new shared ownership and low cost rent homes being built in the Nine Elms area. Riverlight is a striking development, right beside the river, and there are many more on the way in the years to come.”