The four-figure deposit: Shared ownership an increasingly attractive home-buying
The double whammy of high inflation and rising mortgage rates is stretching purchasers like never before.
According to the latest data from Nationwide, a 10 per cent deposit on a typical first-time buyer property equates to almost 60% of annual gross earnings – an all-time high.
This makes shared ownership an increasingly attractive proposition, as the deposit can be as low as five per cent of the share you buy.
Not convinced? Then check out these deals.
Copper Creek, Greenwich SE8, from £123,000 for a 30% share of £410,000
Minimum deposit: £6,150
Close to Greenwich Park and Greenwich Market and convenient for Cutty Sark DLR and Greenwich train stations, all these one, two and three-bedroom apartments have private balconies and come with white window blinds and high-quality flooring fitted throughout. Many enjoy far-reaching views over the river and city.
Trent Park, Enfield EN4, from £110,625 for 25% of £442,500
Minimum deposit: £5,531
Town meets country here, as these one and two-bedroom apartments are set in a 56-acre estate surrounded by parkland on what was once a royal hunting ground, yet are in walking distance of Cockfosters High Street and Oakwood station, on the Piccadilly Line. Interiors are bright and airy, and there’s cycle storage and parking.
See Legal & General Affordable Homes for more information.
The Bowery, Ealing W13, from £138,900 for 30% of £463,000
Minimum deposit: £6,945
A new community of one, two and three-bedroom apartments in a freshly regenerated pocket of west London near Ealing Broadway and West Ealing’s Crossrail station. Homes have a private or Juliet balcony and access to communal landscaped gardens, and two of the borough’s best open spaces – Walpole Park and Lammas Park – are in walking distance.
Lazenby Square, Bermondsey SE1, from £137,500 for a 25% share of £550,000
Minimum deposit: £6,875
Hands up if you didn’t realise you could live in such a central location, minutes from London Bridge and Bermondsey stations and with galleries, bars and pop-ups on the doorstep. But you need to act fast as only a handful of one-bedroom apartments – and one two-bedder are left, complete with balconies and open plan layouts.
The Arbour, Chelmsford, Essex, from £68,250 for a 30% share of 227,500
Minimum deposit: £3,500
A new phase of one, two and three-bedroom apartments and houses launches soon in this new neighbourhood, within the thriving Beaulieu development. Shops, schools and cafés are on-site, and there’s a bus service to Chelmsford city centre station, which is just over a half hour’s commute into Liverpool Street.
59 Fern Grove, Feltham, TW14, from £58,750 for a 25% share of £235,000
Minimum deposit: £2,937
Put your name down now for a studio, one or two-bedroom apartment as their price point, location and high spec means they probably won’t hang around for long. Next to Glebelands Park and under 10 minutes’ walk from Feltham station and direct trains to Waterloo, they feature a balcony or terrace and use of an attractive roof garden.
Sanderling House, Ponders End EN3, from £89,850 for a 30% share of £299,500
Minimum deposit: £8,985
These one-bedroom apartments, part of a wider regeneration project, have been designed to maximise space, light and storage, with fitted kitchens and integrated appliances, built-in bedroom wardrobes, big windows and balconies. Ponders End station, with regular services to Liverpool Street, is a short walk.
Find out more at Newlon Living.
Union Square, Perivale UB6, from £106,250 for 25% of £425,000
Minimum deposit: £5,300
Two-bedroom apartments in an emerging waterside community that will include public spaces, shops, restaurants, leisure and other facilities, and improved access to the Grand Union Canal. Homes include a balcony, terrace or patio, and sleek kitchens with flat fronted grey units, integrated appliances and Amtico flooring.
Go to Network Homes for more information.
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