A new property development has launched in London that could realise the home buying dream for people with smaller deposits.
But, as is often the way in the capital, there is a catch.
The project will offer 132 homes in Croydon but these are all under the controversial shared ownership scheme.
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One-bed flats will start at £81,875 for a 25% share, with a full market value of £327,000 – meaning you’ll need a deposit of ‘just’ £4,094.
The 24-storey building by Latimer, which is part of Clarion Housing Group, will also present two- and three-bed apartments.
The flats are reportedly energy-efficient with underfloor heating and “interiors have been expertly designed around modern lifestyles”.
All of the bedrooms have carpet, while the living space has vinyl flooring, as reported by Need To Know.
The larger homes have an en-suite for the master bedroom and on floor 23, each flat has a private terrace.
Highcross, as the development has been named, will be within walking distance to public transport, including a three-minute walk from West Croydon station and 13 minutes from East Croydon.
You’ll also have the local Boxpark nearby, should you get a hankering for hipster food or live music, and several schools for family buyers.
Developers are also creating a new landscaped public square, but Wandle Park is also nearby.
While this could be an attractive opportunity for some, the shared ownership scheme has received mixed reactions from buyers and MPs alike.
In April, Barry Gardiner, then the Labour MP for Brent, speaking to Sky News, described it as “a desperate trap”.
A survey by TML also found that many people did not understand how the scheme works.
Well over half (65%) defined shared ownership incorrectly or were unable to define it at all.
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