Mayoral Concordat - First Choice Homes for Londoners
The Mayor of London, Boris Johnson, has encouraged developers of new homes to sign up to the Mayoral Concordat which suggests new homes in London should be promoted to Londoners. It is thought that new homes should be offered on a “first or first equal” basis for people living in the capital, as stated by the Mayor.
Over fifty new homes developers have signed up to the agreement which seeks to improve the promotion of home ownership to people living and working in London. Here, you can view those developers currently signed up to the Mayoral Concordat.
London Mayor Boris Johnson stated – "You will understand however, I want Londoners to be able to live near where they work and to raise their families in our boroughs. Doubling house building must be of benefit to everyone in our city who contributes to our economy. With your help, during my time as Mayor we have built 70,000 low cost affordable homes to buy or rent from Barnet to Battersea to Bexley. We have seen the emergence of a purpose built private rented sector. And we are determined to help young Londoners through my First Steps scheme, or to raise their deposit through rent–to-save and Help to Buy mortgages."
"I am therefore writing to ask you to sign up to my new Mayoral Concordat to promote home ownership for Londoners. This voluntary pledge recognises your commitment to market new homes first or first equal to Londoners. I hope your company can join other respected developers in giving this commitment."
London Mayor Boris Johnson was speaking at the annual MIPIM property conference in Cannes, France on Tuesday 11th of March 2014.
Shared Ownership for people living and working in London
At Family Mosaic, we are already committed to promoting affordable home ownership to Londoners through Shared Ownership. Shared Ownership is a part buy part rent scheme launched by the Government in 2006. It is designed as a stepping stone for first time buyers to completely owning your own home, allowing you to buy further shares in your property (known as Staircasing) when you can afford to.
We offer priority for Shared Ownership to those people who either live or work in the London borough of the development. Applicants must also meet the following criteria to be eligible for Shared Ownership:
- They must be purchasing a property as their first or only home.
- Be unable to afford a home suitable for their family size on the open market.
- Must be able to access savings of around £3,500 to £4,500, on top of their mortgage deposit, for legal fees and other associated costs.
On our website you can search all of the Shared Ownership properties we have available under three categories: those that are coming soon, new build schemes and resale properties. You can search for our properties in London using our property search.