2 bed flat for sale

Drake Way, Reading, Berkshire RG2

Shared Ownership

This superb modern home is available to buy from as little as £104,000 with a 40% share!

A spacious two-bedroom, two-bath apartment situated within Thorney House, part of the popular Kennet Island development in Reading. Offering approximately 758 sq ft of well-arranged accommodation, the property features a generous reception room, separate kitchen, two well-proportioned bedrooms and the added benefit of one allocated parking space.

The principal bedroom benefits from its own en-suite shower room and built-in storage, while the second bedroom is a good-sized double. A separate family bathroom and further hallway storage complete the accommodation, providing a practical layout with excellent space throughout.

Thorney House is conveniently positioned for Reading town centre, Green Park and the M4 at Junction 11. Reading Green Park station is approximately 1.1 miles away, while Reading station offers fast services to London Paddington and Elizabeth Line connections across London.
Pricing & affordability


Full Market Value: £260,000

40% Share Price: £104,000 (rent £585.82pcm)
Minimum 5% Mortgage Deposit (40% share): £5,200
Approximate Service Charges: £228.34pcm*
Lease: 971 years
Eligibility


Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000.
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £260,000 and a purchaser would not need to meet the eligibility criteria listed above.