As part of this a new 43 floor residential tower is due for completion in 2013 as part of a development that will provide 704 new homes available on a shared ownership basis. Property firm Genesis said that they offer excellent value for money with monthly outgoings comparing favourably with average rental prices in the area. Prices start at £53,125 for a 25% share of a one bedroom apartment, based on a full market value of £212,500.
The Stratford Halo project occupies a prime position at the main entrance to the Olympic Park, due to be renamed the Queen Elizabeth Olympic Park, which is predicted to have 9.3 million visitors a year by 2016, hosting a mix of 2,000 events per year including sport and entertainment.
The one, two and three bedroom apartments are available in a variety of layouts, with each home having a spacious open plan living area and its own private balcony. The homes are finished to a high quality specification, including designer kitchens complete with Bosch appliances, and wood strip flooring and carpets.
Despite its convenient location, the development enjoys a peaceful riverside setting surrounded by landscaped grounds, which include a children’s play area. A range of other new facilities and amenities, including schools, hotels, parks and health centres, are planned for the wider area.
Stratford has seen enormous change including the Westfield Stratford City centre mall which opened in the summer of 2011 with shops, cinemas, restaurants and a casino and attracts a million visitors per week.
Stratford is now regarded one of London’s best connected locations thanks to huge investment in infrastructure, meaning residents can enjoy a speedy commute into Central London, the City and Canary Wharf. It is served by the Jubilee and Central lines on the London Underground, the Docklands Light Railway and overland rail services, including the High Speed domestic rail services that will allow commuters to travel into central London in just seven minutes. In future, Stratford will have a station on the Crossrail line, providing Eurostar international services.
Buying under shared ownership is designed to help buyers who cannot otherwise afford to purchase their first property on the open market, allowing them to buy the share of their home that they can afford, at least 25%, and pay a subsidised rent on the remaining share of the property. They can increase their share at any time, right up to 100% and outright ownership.
The scheme is open to buyers whose total annual household income is less than £64,300 for one and two bedroom properties and £77,200 for three bedroom homes. They should have savings of about £3,500 to cover moving and legal costs.
