Developers hope new Government scheme will sell Canning Town to first-time buyers
- Credit: Archant
New homes forming part of Canning Town’s £3.7bn regeneration will be some of the first homes available under the Government’s affordable housing scheme.
East City Point, on Charford Road, will boast 649 homes in total and developers Countryside Properties are hoping to woo first time buyers by joining the Help to Buy scheme to sell the latest bunch of new builds called Centrum Apartments.
The five-storey building houses 35 one, two, and three bedroom apartments, penthouses, and “uberhaus duplexes” from £185,000 to £275,000.
The policy, unveiled by Chancellor George Osborne in the Budget last month, requires buyers to save up 5 per cent of the price to put down a deposit and pay for 80 per cent of the mortgage.
Around 100 of the homes have been sold so far and Ian Hepworth, sales and marketing director for Countryside Properties, expects the adoption of the new scheme to persuade people to move to Canning Town.
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He said: “The regeneration of Canning Town is moving at a great pace; it is a highly convenient and accessible part of London that remains great value for money.
“The speed of our sales since launch shows that demand is high and it is likely to be heightened further by the Government’s Help to Buy scheme.”
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Once complete, the Custom House and Canning Town regeneration will feature shops, offices, a health centre, and a rejuvenated Rathbone Market around a new square.
Work has also started on Keir Hardie Primary School which will be completed in June 2014 in time for the start of term in September.