Shared Ownership in SE1

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Thursday 21 January 2010 12.01pm
Hello - unfortunately it looks like our landlady is going to increase our rent to be very unaffordable so I am going to have to move out our flat! :(

I have been looking at shared ownership as a potential way to actually own somewhere : )

I really want to stay an SE-oner - does anyone know of any local development that I could look into> I have been flagged eyot in bermondsey,

Your opinions and thoughts appreciated.
Thursday 21 January 2010 4.44pm
The Bermondsey Spa development - not strictly SE1 but near enough - is looking good. Eyot House (as you said) and Bonalachi both had a lot of units still for sale a couple of months back.

Be cautious though as quite a few of these flats (especially in the Bonalachi) are being used to re-house council tenants. This completely bonkers logic put me off totally. Shame as I walk past the buildings every day on the way to the tube and now they're almost finished they look very nice!
Thursday 21 January 2010 5.17pm
bernard_shakey wrote:
Be cautious though as quite a few of these flats (especially in the Bonalachi) are being used to re-house council tenants. This completely bonkers logic put me off totally.

Umm, would you care to explain exactly what you mean by that?
Friday 22 January 2010 10.32am
Certainly - the blocks in question were originally built with the intention of them being private outright sale or part rent/part buy. Due to the slow takeup of these options thanks to the recession, the developer is now flogging a load off to the council in a desperate attempt to get rid of them. Considering these flats are mostly in the 250k - 300k range for buying, the council is paying over the odds for a previously unheard of level of luxury for council-let homes.

When the council tenants move in are they likely to respect their plush new environs? Who knows, but I definitely don't want to be living there before I find out.
Monday 25 January 2010 11.46am
well ideally the council would have built homes for them already but im sure such council tenants are as respectful of property as any private owner, dont be scared of them they wont bite
Monday 25 January 2010 2.39pm
Hi there,
There are currently some going on the corner of Coopers Road, Old Kent Road through Peabody Trust. I own one quite nearby. It can be expensive, but no more than trying to rent on your own, so I'd say go for it if you can afford it!
Wednesday 27 January 2010 10.02pm
Bernard, you have a lovely view of council tenants, of which I am one. People are people and all sorts of people don't respect their neighbours or their neighbourhood. My neighbours are students who are renting someone's buy-to-let in my tower block. As well as being noisy and annoying, they are also downright unfriendly and treat the other neighbours as if we are either stupid or 'chavs'. Charming. My council tenant neighbours, as well as being here for the course, are friendly and responsible. In 6 months time, another lot of students will move in. It's been this way for a few years now.
Thursday 28 January 2010 11.37am
I think the assumption that somebody buying a flat for 300k would make a better neighbour than a re-housed council tenant is absolutely wrong - you cannot generalise. I've lived in very expensive flats in W1 where the owner-neighbours were awful and threw noisy parties all the time, and in SE1 live next to council tenants who are friendly, respectful, normal chaps. I wouldn't let this put any prospective purchase off.
Friday 29 January 2010 11.08am
bernard_shakey wrote:
Considering these flats are mostly in the 250k - 300k range for buying, the council is paying over the odds for a previously unheard of level of luxury for council-let homes

My experience is that the kind of new build that a developer tries to scam 250k for in SE1 is generally of a size and build quality well below that of many council or social properties from an earlier time. I'd certainly rather live in, say, the Peabody block to the east of Walworth Road than the funny-coloured rabbit hutch to the west!

Not sure what they rely on these days to get them sold - gullible buy-to-let investors and people 'paying for the neighbours' I suppose.
Saturday 30 January 2010 4.04pm
JuliaBaker - this event happening next week might be relevant for you:
http://www.affordablehomesshow.co.uk/

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