Increasing opportunities to get on to the property ladder in London’s most affordable borough*, L&Q have launched a stylish collection of one-bedroom Shared Ownership homes at Parklands, Barking Riverside – with deposits starting from as little as £6062.
Despite having the lowest average deposit for a home in the capital, at £47,475** buying in Barking & Dagenham is still out of reach for many first-time buyers, with deposits 43% more expensive than the national average.*** Prices for one-bedroom homes at Parklands start from just £60,625 for a 25% share, with the minimum deposit less than an eighth of the borough average.
Claire Brenlund, Assistant Director of Sales at L&Q, comments: “Getting on to the housing ladder in London can be a struggle – high house prices and rental costs mean many potential purchasers struggle to save the deposit needed. Shared Ownership allows buyers to purchase a share they can afford, between 25% and 75%, and only pay a deposit on this percentage – making it much more accessible.”
“For buyers to be able to take their first step onto the property ladder at Parklands with a deposit of just over £6000 is fantastic – it is a much more realistic and achievable target than the borough average.”
Part of Europe’s largest brownfield development, Parklands is L&Q’s first phase of homes at Barking Riverside, a brand-new East London neighbourhood. Covering 443 acres of land, the masterplan includes provision for 10,800 new homes, along with 65,000 square metres of commercial floor space for shopping, restaurants, schools and more.
Currently, Parklands residents enjoy a 45 minute commute into central London, with regular buses running to and from both Barking & Dagenham Dock stations. Trains take just 15 minutes from Barking Station to Fenchurch Street Station, and 21 minutes from Dagenham Dock Station to Stratford Station. Due to open in 2021 as part of a £263 million extension to the London Overground, Barking Riverside Station will allow commuters to access Zone 1 in under 25 minutes.
An essential part of the Barking Riverside masterplan is the creation of quality green infrastructure including a network of new cycle routes that will run throughout the development, and every home comes with secure cycle parking as standard. Additionally, further works on TfL’s Barking Cycleway are set to begin early next year, connecting the growing neighbourhoods of Barking and Barking Riverside to London’s expanding network of cycleways. The 7km route will also connect the River Thames to Barking town centre.
The brand new one-bedroom apartments feature spacious open-plan living areas, plenty of natural light and a private balcony, with access to a communal green space. Buyers are invited to view the high specification apartment for themselves, with a brand new Shared Ownership show apartment now launched.
As well as one-bedroom apartments, L&Q have two and three-bedroom apartments available through Shared Ownership, and one-, two- and three-bedroom apartments and four-bedroom townhouses available through London Help to Buy.
One-bedroom Shared Ownership homes start from £60,625 for a 25% share (FMV £242,500).
The L&Q sales suite is open 7 days a week, 10am – 5pm Monday to Saturday, and 10am – 4pm Sundays. To arrange an appointment, please register interest at Barkingriverside.london, or call 020 8617 1747.