Issigonis heralds reviving market
Early signs that the London live/work market is picking up come with three recent sales at Issigonis House in Acton, west London.
A further six of the 20 live/work units at Issigonis House have been reserved.
Enquiries to liveworkhomes.co.uk have also risen 50% in recent weeks, reports Live Work Network sales manager Liz Wakeham Jones. ‘We’re now getting 6,000 visits to the site and it’s climbing,’ she said.
Affordable route
The Issigonis units are being sold through the government-backed shared ownership scheme, which allows buyers to secure their property with a purchase of just 25% of the equity, paying rent to developers Shepherds Bush Housing Association at 2% of the value of the remaining share.
Marketing officer Natalie Duggan said: ‘For a unit costing £250,000 that means all you need do is raise a mortgage of £62,500 to buy a 25% share, paying rent on the other 75% at £798 a month. That compares favourably to local rents which start at about £980 a month.’
Senior graphic designer for Sony Mark Jessett was one of the first to buy a live/work unit at Issigonis House.
An Acton resident of eight years, his work was becoming increasingly home-based but the idea of working from a spare room in a traditional residential property didn’t appeal to him.
‘The sheer size of the property and the open plan layout make it an ideal place to live and work,’ Jessett said. ‘It looks professional and feels right for home working and the two floors create a clearly defined work space and living space.’
The Issigonis House units range in size from 260m2 to 290m2.
For Jessett, the chief appeal of Issigonis House was its exterior. ‘It was the look that pulled me in. I liked the attitude behind its design and it’s by far the best new build I’ve seen.’
Jessett is now working freelance full-time, but with regular commissions from Sony. ‘It couldn’t have been better timing.
‘I think it’s a great idea to offer shared ownership. It can be tough buying a property and this way people can buy the shares they can afford or are willing to pay for at the time.’
Car use at Issigonis House is discouraged, with ample public transport offering residents a greener alternative. The live/workers also benefit from free membership of a five-vehicle car club, run by Hertz.
