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Beckenham property scheme has runaway success

PUBLISHED: 11:41 24 October 2014 | UPDATED: 14:33 24 October 2014

KOS KT Shared ownership scheme

KOS KT Shared ownership scheme

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The range of new properties were available through a shared ownership scheme

A shared ownership scheme in Beckenham High Street has had runaway success, with every property being reserved within hours of its launch.

The scheme, which is being run by developers L and Q, was to help people who have been slowly priced out of the housing market as prices rise steeply in the capital. Bromley residents were able to buy a share in a range of one and two bedroom apartments which come with parking.

Prices for a 35 per cent share in the one bedroom flats started at £99,750, with the same share in a two bedroom property costing £132,125. This kind of pricing buying a property in the area much more accessible to first time buyers desperate to get a foot on the property ladder.

Shared ownership schemes are provided through housing associations. Residents take out a mortgage to buy a share of their home (which will be worth between 25% and 75% of the home’s value) and pay rent on the remaining share.

Generally, residents are eligible for shared ownership schemes if their household earns £60,000 a year or less or the prospective owner is a first-time buyer. It also includes those who used to own a home, but can’t afford to buy one now. Those who rent a council or housing association property can also be considered.

Cathy Lloyd, sales director at L&Q, said: “These generously-sized shared ownership homes are genuinely affordable in comparison to average prices in the local area and we would recommend an early viewing following the launch to avoid disappointment. They are smart, contemporary apartments with the added benefit of parking allocated to each property ”

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