London has long been a highly competitive property market, signalled by the average starter home price increasing 1.2% year on year* and the resulting sky-high deposits needed to get on the ladder.
Alternative routes to home ownership, such as Shared Ownership, are helping open up the property market across the city for London’s budding buyers. Typically offering lower deposits and monthly repayments than those on the open market, the scheme is helping first time buyers purchase their own piece of the capital.
The part-buy part-rent scheme allows eligible first time buyers to purchase a percentage share of the value of their new home, while paying a subsidised rent on the remaining share. Both deposit and repayments are based on the owned share, meaning that monthly outgoings are often much lower than those traditionally found on the open market.
Showcasing the best in affordable homes, leading Shared Ownership property portal Share to Buy have rounded up five of their top Shared Ownership developments helping to make London living across the capital more accessible for first time buyers.
Harrow One, Harrow
Harrow One is a new collection from Origin Housing of studio, one, two, and three bedroom Shared Ownership homes in the desirable North London town. The eco-friendly development offers two cycle storage spaces per apartment, modern energy-efficient appliances and courtyard planting that has been specifically designed to encourage wildlife, while inside, apartments feature floor to ceiling windows that flood the rooms with natural light. Shared Ownership prices start from £71,250 for a 25% share of a one bedroom apartment (FMV £285,000), and £113,750 for a 25% share of a two bedroom apartment (FMV £455,000).
Valley House, Greenwich
Valley House by Peabody is a collection of one and two bedroom apartments located in Charlton. Homes benefit from proximity to regeneration areas at both Charlton Riverside and Greenwich Peninsula – meaning that residents are only a short bus ride away from the wealth of entertainment and dining options at North Greenwich. Prices for homes at Valley House start from £93,750 for a 25% share (FMV £375,000).
Stone Studios, Hackney
Built on the site of a former metalworks, Stone Studios is a collection of just four two and three bedroom apartments from Poplar HARCA. Located in the heart of one of East London’s most creative districts, Hackney Wick, the micro-neighbourhood is set to become home for a new generation of first time buyers. Prices at Stone Studios start from £143,750 for a 25% share of a two bedroom apartment (FMV £575,000) and from £158,750 for a 25% share of a three bedroom apartment (FMV £635,000).
SO Resi Ealing, Ealing
SO Resi Ealing is a new development offering a collection of one, two and three bedroom Shared Ownership apartments, located in vibrant Ealing, West London. High quality homes are complete with private balconies and open communal areas adding to the development’s appeal. There is a wide range of amenities, restaurants and shops nearby and an abundance of scenic parks for you to enjoy. Additionally, West Ealing train station is just a ten minute walk away. Prices start from £106,875 for a 25% share of a one bedroom apartment (FMV £427,500) and from £163,500 for a 25% share of a two bedroom apartment (FMV £545,000).
Acton Works, Acton
Acton Works by Network Homes is an exciting new development coming to the heart of the Old Oak and Park Royal regeneration area. One, two, and three bedroom Shared Ownership apartments are perfect for first time buyers looking to get on the ladder in a vibrant growing community with amenities and a well-connected Central London location. Prices for one bedroom Shared Ownership apartments start from £129,000 for a 40% share (FMV £322,500).
For more information on the homes mentioned here, visit sharetobuy.com.