Receive £2,000 cash back on an affordable home in London


Monday 25th October 2010

The Southern Housing Group, one of south England's largest housing associations, will be holding a special promotional weekend at The Armouries in south London on October 29th-31st. Visitors are invited to view the show apartments on offer, and if they reserve a home on the day, they would get up to £2,000 cash back.

The Southern Housing Group, one of south England's largest housing associations, is currently offering first time buyers an opportunity to buy an affordable home at The Armouries from as little as £43,750.

The Armouries is one of the newest additions to Royal Arsenal, one of South East London's most prestigious regeneration projects. The large site once produced ammunition and weaponry and is located by the Woolwich riverside.

One bedroom apartments at The Armouries are available through New Build HomeBuy, with minimum shares from £43,750 for a 25% share of the full market value £175,000, with rent payable of the remainder. Purchasers should have a minimum household income of £16,000 and either work or live in London to be eligible.

"So far we've assisted over 200 people who would otherwise not have been able to afford their first home to move into the Armouries," Ruth Pimlott, sales manager at the Southern Housing Group, said.

With the UK population estimated to grow by 10 million over the next 20 years, both the Prime Minister, David Cameron, and the Mayor of London, Boris Johnson, have voiced their concerns about where we are all going to live, given the shortage of new homes coming onto the market.

The London Mayor and Prime Minister believe that unless more affordable homes are built, "huge" social housing waiting lists are likely to getting longer.

"The best way to help those millions in search of an affordable home is not to try vainly to ensure that the present stock of housing becomes more affordable - ie falls in value - but to increase the supply of affordable homes," Johnson wrote in a column for the Telegraph newspaper last week.

Speaking at Prime Minister's Question Time last Wednesday, David Cameron said that the country must look at new ways of getting new homes built. He set a target of building 150,000 affordable homes over the next four years, as part of its plans to overhaul the council housing system. Cameron plans to raise council rents and end council homes ‘for life'.

The government's plans places enormous importance on the affordable housing sector. Affordable homes are ideal for first time buyers seeking to get that crucial first step onto the housing ladder.