New affordable homes launched in London

Family Mosaic, one of the biggest affordable home providers in London and Essex, has launched a new residential development on the edge of central London, called Essence, which features a selection of one-and two-bedroom apartments, as well as a three-bedroom duplex.

The new scheme, located on Goswell Road, EC1, features a collection of affordable homes, which are available to buy on a shared ownership basis, with a minimum share purchase of 35%, starting from £95,375 for a 35% share of a one-bedroom apartment with a full market value of £272,500; to £123,750 for a 25% share of the three-bedroom duplex with a full market value of £495,000.

The new homes at Essence, most of which each feature en-suite facilities to the master bedroom, are available to buy through shared ownership. This means that you buy the share of your home that you can afford, and pay a subsidised rent on the remaining share of the property.

Under shared ownership, purchasers buy a minimum of 35% and may increase their share by 10% at any time, all the way to 100%. To be considered for the scheme, you will need to be earning less than £60,000 a year; priority will be given to applicants either living or working in the London Boroughs of Barnet, Camden, Enfield, Haringey, Islington and Westminster. Additional priority is given to council and Housing Association tenants and Islington residents.

Building on the recent success of Reflections, a flagship development also located in Islington which proved extremely successful with buyers, Essence is a great addition to both Family Mosaic's portfolio and the property market in this fashionable area.

Lauren Nicholson, head of marketing at Family Mosaic, comments: "Essence is superbly placed for that must-have combination of convenience and urban glamour. The fabulous apartments on offer reflect the aspirations of the people who choose to make this fashionable area their home."

Nicholson adds that homebuyers purchasing at Essence will be impressed to find a property that has been finished to an "excellent specification", with contemporary chrome bath and shower fittings by Grohe that "are also featured in several luxury Miami South Beach hotels", he added.