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SiteSales Property Group and Newham Council NewShare

SiteSales-Property-Group-and-Newham-Council-NewShare

SiteSales Property Group will be working in partnership with The London Borough of Newham in order to develop and market homes for those who are normally priced out of the London property market. The properties are being sold under the NewShare brand which is the Council’s shared equity homeownership scheme.  

SiteSales are the leading residential property sales and development consultancy company that operates across London and the South East. Unlike other shared ownership schemes, the buyers in this NewShare scheme will own 100% of the property from the date of the purchase. The properties involved in this scheme are bought with a mortgage and the value of the remaining share is provided to them in the form of an equity loan from Newham Council. The new homeowners that pay and interest rate of 1.75% on the equity loan and after a year, the buyers are given the choice between paying the loan off in installments, or all at once if their finances will allow it.

SiteSales Property Group offers a range of services to developers, housing associations, local authorities and registered charities. The company delivers a number of successful solutions on housing schemes in a variety of different sizes. SiteSales has worked to deliver housing schemes of 10 to 1,000 new properties. SiteSales Property Group has a wealth of commercial experience in the sector and has been working in a partnership with The Council since 2015. The business is now currently providing Newham council with advice about the planning and development of new homes as well as offering leads for sales and marketing.

Newham Council is planning to develop and sell 1,200 properties in total using this scheme. Currently, around 250 properties have been refurbished and sold, with 53 new builds boosting the property numbers. The prices of the properties included in this scheme vary between £300,000 and £435,000.

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BDC 317 : Jun 2024