Council supports new low cost homeownership opportunities in Twickenham

Release Date: 01 November 2017

Twenty nine new shared ownership properties are due to launch  in Twickenham town centre this Autumn.

As part of the So Resi development on Holly Road in Twickenham, it will be made up of one and two bedroom apartments that will be sold by So Resi, Thames Valley Housings new brand for shared ownership homes.

In the heart of Twickenham, the development is a converted, empty office block – formerly called Queens House and is a 100% affordable housing scheme. Thanks to £550,000 of additional support from the Council the building has been purchased by TVHA and transformed into modern, high quality, low cost homes targeted at local residents and workers on middle to low incomes. Each apartment benefits from access to either the communal roof terrace or winter garden.

So Resi is making home ownership possible for more people. You can buy a share of your home that’s right for you. Homeowners typically start off owning between 25% and 75% of their home and pay as little as 5% deposit on the value of the share; this means that the amount they need to save is much lower than it would be if they bought the whole of the property. Homebuyers pay straightforward monthly payments, which combine the mortgage on the share and a payment to TVH on the rest – you can increase your share at any time, which will result in your rent being brought down. Buyers who live and/or work in Richmond will be prioritised.

You only pay a deposit on the value of the percentage being bought, so a 5% deposit on a 25% share works out as a 1.25% deposit on the total property value.

Cllr Mark Boyle, Richmond Council Cabinet Member for Housing, Public Health and Community Safety, said:

“This is very good news for local people trying to get on the housing ladder. We would like to see more of these types of scheme. Shared ownership is a great option for our residents who find it difficult to get on the property ladder  but want to live locally close to family and work. Richmond residents get first priority for these types of homes built in our borough.

“We are expecting more than 28 additional shared ownership homes will be completed over the next 12 months.

“Richmond upon Thames presents particular challenges when it comes to delivering affordable housing. High land values, protected open space and Government policy which allows offices to be converted into residential homes without the benefit of any affordable housing is limiting our development opportunities.

“However, this development is an example of the Council, working with TVHA to identify a beneficial use for a building that will create low cost home ownership opportunities for our local residents on what has been an under-used site.”

Kush Rawal, Commercial Director at TVH, says:

“I grew up in Twickenham and had to move out of the area after university due to a lack of affordable housing options for first-time buyers. I’m excited to see a wider variety of homes here – offering buyers more choice when it comes to choosing how to get on the property ladder.

“The homes at So Resi Twickenham deliver on all counts; they enjoy an excellent location, fantastic specification and most importantly, accessible prices – I would have loved for this to be an option for me.”

More information

Notes for editors

If you are a journalist and would like further information about this press release, contact Elinor Firth on 020 8487 5159. 

Reference: P504/17

Updated: 1 December 2017