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Press Releases

Metropolitan offer family sized homes to own for less in South Bermondsey

25 July 2014

Roseberry

Priced out households looking for a three- or four-bedroom home to own in Southwark, have been given an opportunity to buy a stunning, modern new home for less than they might expect. Roseberry Street is a brand new small development with properties available now to buy and own through Shared Ownership from Metropolitan.

Ideal for families, or friends looking to buy together rather than rent, these homes have been built to a high-quality specification. Roseberry Street is in a convenient central location just a few minutes walk away from South Bermondsey station. With London Bridge one stop away by train, journeys to central London are both quick and easy. To the west, buyers can enjoy the emerging arts and café culture in bustling Bermondsey Spa – and to the north, the River Thames, Butler’s Wharf and the City are all within easy reach.

Shared Ownership

Through Shared Ownership, you part buy, part rent your home – buying up to 75% of the value of the home (usually with savings and a mortgage) and paying a capped rent to the housing provider on the remainder. The combined monthly cost is typically around 20% less than if you were to buy the same home outright or rent it privately. Better still, because you only have to pay a deposit on the share that you buy, Shared Ownership reduces the amount you’ll have to put down as a deposit, making home ownership more affordable both at the outset and in the longer term.

Shared Ownership is aimed at first time buyers, and those home owners whose current home no longer meets their needs, who cannot afford a suitable home, and are prepared to sell up to move into a Shared Ownership that does meet their household requirement.

How much does it cost?

Prices from  £163,500 for a 30% share, putting the prospect of home ownership in this up-and-coming area within the reach of many more potential home buyers, reducing monthly outgoings from just under £3,000 per month (based on a 25-year mortgage with an interest rate of 4.2%) to £1,890 per month through Shared Ownership.

Fiona Hopkins, Sales Manager, for Metropolitan said: "Anyone looking to enjoy living in the heart of London could buy a family-sized home at Roseberry Street from 30% of its value. The advantage is that they will need a smaller mortgage and a lower deposit than if they were buying the property outright and will have the option to buy more of the property in the future, so they could eventually own the home outright."

Attractive features

The bathrooms, modern kitchens with hob, oven, fridge/freezer and integrated washer-dryer, gardens and outdoor communal courtyard are just some of the features of these properties. There are also the 4.5 acre, Green Flag award-winning Bermondsey Spa Gardens a close by.

Fiona Hopkins added: “Our homes at Roseberry Street could be perfect for a number of different kinds of household, from professionals with children who would rather live near to central London than move to the suburbs and dormitory towns but thought that they were priced out – as well as to buyers who would rather buy together than rent whilst in the early stages of their careers.”

Eligibility

The three- and four-bedroom houses at Roseberry Street are available to anyone who currently lives or works in Southwark. You must be a first time buyer, or have sold/ are selling a home due to a relationship breakdown or because it no longer meets your household needs and you cannot afford a suitable home of your own on the open market. Only one spare room above your identified household need is allowed for anyone who buys here, meaning a single person buying alone would not be eligible.

For more information or to arrange a viewing visit www.mho.co.uk, or call 020 3535 2555, or email mhosales@metropolitan.org.uk

-Ends-

Media contact: Hugh McCafferty, 020 3535 5401

Notes to editors:

  • Metropolitan’s home ownership team was established in 1981 to provide affordable homes for sale in London, the Home Counties and East Midlands. Metropolitan has since helped over 42,000 people meet their home ownership needs.
  • Our vision is ‘Improving Life Together’.
  • Our home ownership service mission is:

To create and to market affordable housing services, products and choices for low and moderately paid working households.

  • Metropolitan has a large investment programme in London, the Home Counties and the Midlands.
  • Metropolitan has developed Homematch, the marketing and sales agency for Local Authorities and other developers of low cost home ownership who want to benefit from cost efficient consultancy from the intermediate housing market experts
  • Metropolitan has won the National Housing Award for Customer Service Excellence in 2012 and 2013.
  • Visit Metropolitan’s home ownership service online at www.mho.co.uk

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