Latest Meridian Water homes go on sale

It comes despite some new homes at the Edmonton housing scheme’s first phase remaining unsold over four years after they first went on the market, reports James Cracknell

Meridian Two includes 274 affordable homes — Meridian Two includes 274 ‘affordable’ homes

New homes on the second phase of development at Meridian Water have gone on sale – even while some properties on the first phase remain unsold after four years.

Construction of 274 homes at Meridian Two – designated as ‘affordable’ housing and located in Leeside Drive to the south of the former Ikea store – is due to finish “in early 2027”.

Ahead of the high-rise scheme’s completion, Metropolitan Thames Valley Housing (MTVH) has begun promoting the sales of shared ownership homes at the site, under its brand SO Resi, described as a “collection” of “contemporary one, two and three-bedroom apartments”.

A 25% share of a one-bedroom apartment is available for £91,250 – meaning these flats are valued by MTVH at £365,000.

According to the website Houses for Sale and to Rent, across Enfield borough as a whole the average price of a one-bed flat is £271,000 – meaning the new-build flats at Meridian Two are being marketed at nearly £100,000 above the average local value for similar-size homes.

Sarah Ellis, director of sales and marketing at MTVH, said: “We’re committed to helping more people overcome the barriers to home ownership and access high-quality homes in places where they can build their future.

“As one of London’s most ambitious regeneration projects, Meridian Water is transforming this part of Enfield into a vibrant new neighbourhood, with thousands of new homes, green spaces, amenities, jobs and excellent transport connections.

“Shared ownership has an important part to play in making home ownership more accessible, particularly in London where affordability remains a challenge for many buyers. We’re proud to be launching our latest shared ownership homes at Meridian Water, giving more people the opportunity to take their first step onto the property ladder and become part of thriving new community from the very beginning.”

The move to promote new homes at Meridian Two comes despite some homes at Meridian One remaining unsold more than four years after they were first put on the market.

In terms of the private sales at Meridian One, developer Countryside Homes (now part of Vistry) is still marketing the “last remaining” property at a £20,000 discount from the original price, with the two-bed flat now being marketed at £395,000 – which is still £19,000 above the average for a two-bed in the borough.

There are also an unknown number of shared ownership properties which remain unsold at Meridian One, with one two-bed currently being advertised at £140,000 for a 25% share, meaning the full price would be £560,000.

The first new homes at Meridian One went on sale in September 2022. A year later, the Dispatch revealed that prices were being slashed by as much as 7%.

At that time, in August 2023, Lee Chamberlain – who was then an opposition housing spokesperson for the Conservatives but is now Enfield Council’s cabinet member for housing – described the big discounts on new homes at Meridian Water as “massively disappointing” and said that they “raise questions” about the viability of the Edmonton housing project.

Earlier this year, the Dispatch also revealed that some Meridian Water homes were being marketed to overseas investors, breaking a promise made by former council leader Nesil Caliskan in 2018.

The new Conservative administration at the council was approached for comment about the continuing slow sales of homes at Meridian One but did not provide a statement.

Elsewhere at Meridian Water, major strategic infrastructure works (SIW) are said by the council to be making “good progress” with “the full programme scheduled for completion by March 2027”.

The SIW project is funded with a £195million government grant and includes new roads, bridges, cycle lanes and parks which aim to connect the different developments across the housing zone, which is centred around Meridian Water Station.

While the council has been the ‘master developer’ for Meridian Water since 2018, the Labour administration decided earlier this year to allow private developers to exert more control over the direction of the wider scheme and also to sell some of the ex-industrial land the council has borrowed hundreds of millions of pounds to buy over the past decade. That move came after an independent report warned demand for residential sites in London had “significantly diminished”.

Out of the 10,000 homes planned in total across Meridian Water, just 301 have been completed so far.

For more information about buying a shared ownership home at Meridian Two:
Visit soresi.co.uk

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