2/7/2011
New affordable homes
Shepherds Bush Housing Group unveiled its latest affordable development,William Gattie House in Lillie Road, Fulham on Saturday 5 February.
The apartments offer affordable home ownership in an area where, according to the National Housing Federation, first-time buyers need 18 times their average income to buy a home.
Hammersmith and Fulham is the fourth most expensive borough in London with house prices averaging £553,381, compared with an average salary in the borough of £30,217.
SBHG’s nine apartments cost approximately £270,000 but people can buy a 25% share for £67,500 and pay rent on the proportion they don’t own.
Oly Khedair, who is managing the sales, said: “Affordable homes in this area are rare and we expect them to be snapped up pretty much as soon as they hit the market. Buying a share rather than the whole property makes it affordable for people earning a typical salary. They then buy more shares when they can afford it until they own the whole apartment.”
Would-be buyers must live in the borough and meet Hammersmith and Fulham Council’s eligibility for shared ownership. Anyone who could not attend but wanting more information can call Oly on 020 8996 4767 or 07970 131372.
The apartments are named after a SBHG resident and board member who dedicated himself to the welfare of fellow residents.
The National Housing Federation’s Home Truths survey looks at the top 10 most expensive boroughs in London.
Topping the table of the most unaffordable areas is Kensington and Chelsea where the average house price of almost £1.1m is 24.6 times the average income in the borough of around £42,000.
The top 10 house price-income ratios for London are:
1. Kensington and Chelsea: 24.6 (£1,036,158 average house price)
2. Westminster: 21 (£736,691)
3. Camden: 18.7 (£601,094))
4. Hammersmith and Fulham: 18.3 (£553,381). The average income in the borough is £30,217.
5. Richmond-upon-Thames: 15.7 (£509,330)
6. Brent: 14.2 (£322,904)
7. Barnet: 13.9 (£380,868)
8. Wandsworth: 13.9 (£459,342)
9. Haringey: 13.8 (£350,646)
10. Islington: 13.7 (£415,206)
Belinda Porich, head of London region at the National Housing Federation, said: “First-time buyers still have a mountain to climb. With average house prices of over 20 times the average income in some areas of London, it has become increasingly difficult to get onto the property ladder.
“Housing associations across London are working hard to help combat the housing crisis but need continued government investment to build new homes. With more than 800,000 people on the waiting list for social housing, London desperately needs more affordable housing.”
For more information
Joanna Charlton
Tel: 020 8996 4263
Email: joanna.charlton@sbhg.co.uk