Metropolitan Home Ownership turns 30!
24 October 2011
Metropolitan Home Ownership (MHO) is celebrating 30 years of providing low cost home ownership and intermediate housing solutions for people who have been priced out of their local housing market. During this time MHO, which is part of Metropolitan Housing Partnership, has helped 36,000 customers buy their own home and has just under 100,000 customers benefitting from its agency services.
In 1981 the average house price was £24,188, compared to £162,347 today. A lot has changed in the sector in the last 30 years, however, what remains the same, is the need to provide good quality affordable homes. MHO provides this service to a high standard and has been appointed as the local HomeBuy agent for six years running and the Homes and Communities Agency’s National HomeBuy Agent since 2007. In addition, 91% of its customers say they would recommend buying a home with MHO.
Home Ownership Director, Bernie Conroy, said: “We are very proud of what we have achieved in the last 30 years at MHO and how we have helped so many people become home owners. What is now important, however, is that we build upon these successes even during these challenging times, and find a more competitive edge as we move into the future.”
MHO sells up to 500 homes a year and has a typical annual revenue of £5 million. It works in partnership with 42 housing providers and over 33 local authorities to provide homes for low to moderately paid households in London and the Home Counties, the east Midlands and east Anglia. It has won five national awards in the last 10 years for excellent customer service, its developments, contribution to regeneration projects and communities and as an overall home ownership provider of the year.
Danny and Victoria Lane bought a property on Alexia Square in Crossharbour, Docklands through MHO earlier this year. They thought their dream of buying in this area was out of reach with local average new apartment prices at over £300,000 – approximately eleven and a half times more than average local incomes. However, they applied to FIRST STEPS (then known as HousingOptions) and were accepted for Shared Ownership.
The family’s new home is a spacious, 3-bed apartment with a rooftop terrace offering spectacular views of London; they bought a 25% share for £99,250. Their monthly outgoings, which include their mortgage, rent and service charge, are approximately £1100 per calendar month.
Danny and Victoria were previously paying £400 per calendar month for a two bedroom flat with Gateway Housing Association but to buy a similar three bedroom home on the open market in the area would have cost over £2000 per month and would have required a larger deposit. In buying a new home at Alexia Square, the Lanes have also surrendered their tenancy back to Gateway Housing, making their previous home available to local people in more urgent housing need.
Danny Lane said, “The best thing about our new apartment is the space; space to sit down and enjoy a meal together as a family. Space for a little bit of escapism when needed.”
I like this
I dislike this
You like this Article
X
Ratings for this Article (1 total)