The first affordable homes at the Queen Elizabeth Olympic Park in Stratford, scene of the 2012 Games, are up for grabs to young Londoners priced off the housing ladder.
Starting at just £115,000, the new shared-ownership flats are at Chobham Manor, one of five new neighbourhoods being built at the site in east London.
Chobham Manor, which will have almost 900 homes when developer Taylor Wimpey completes it next year, recently won a top prize at the National Housing Awards.
Housing association L&Q will be selling 92 shared-ownership apartments on the site over the next two years.
The price of £115,000 buys a 25 per cent share of a one-bedroom flat in this first tranche. A quarter share of a three-bedroom flat starts at £161,250. Two-bedroom flats will be made available in later launches.
Initially, priority for these first homes will be given to people who already live or work in the Olympic boroughs of Waltham Forest, Newham, Tower Hamlets and Hackney. From April, however, housing associations will not be able to prioritise local residents, which means that later phases at Chobham Manor will be available to all.
Chobham Manor is at the north of the park close to the Lee Valley VeloPark — the former Olympic Velodrome, now open to the public — and cycling is at the heart of its transport strategy. All of the homes will have access to secure cycle spaces and there will be cycle paths and traffic-calming measures throughout.
For those who prefer to take the Tube or train, the brilliant connections of Stratford are within about 10 or 15 minutes’ walk, while Zone 2 on the public transport map was recently extended eastwards to bring in Stratford from Zone 3, making fares cheaper.
Once complete, Chobham Manor will also have shops, restaurants, a health centre and nurseries. An all-through school, Chobham Academy, opened in 2013. Last year it was given an “outstanding” Ofsted report.
In terms of being a good investment bet, Homes & Property recently revealed that the Stratford regeneration zone is enjoying extraordinary price growth. Research by LonRes found average prices near the Olympic Park have jumped 71 per cent since 2005. Across Newham borough prices rose 47 per cent in the same period, while across Greater London prices were up 36 per cent.
Richard Blakeway, London’s deputy mayor for housing, land and property, said shared ownership is a “brilliant” option for those priced off the mainstream housing ladder, adding: “This is a fitting Olympic legacy and a great boost to a housing model that’s incredibly popular with consumers, and which we need to see more of in London.”