Price is a major driver when buyers are deciding to make a property purchase and one that is central to the appeal of shared ownership properties.
The scheme, which allows owners to acquire a portion of a home while paying rent on the rest significantly lowers one of the key bars to getting on the first rung of the ladder.
That’s because buyers may only need to raise a deposit of 5% of a quarter of the property’s total value.
In the case of an apartment worth £400,000, a typical deposit might be £20,000 for private sale as opposed to £5,000 for shared ownership.
But value is also about what you’re buying as well as getting a good deal on entering the market.
A show home interior at Kidbrooke Square – image by NHG Homes
connected to the capital
Located next to Kidbrooke station in Zone 3, the scheme is well connected with direct services to the likes of Lewisham, Cannon Street, Victoria and Charing Cross.
For Wharfers, the area is easily accessible via DLR and rail links in around 30 minutes.
However, prices at the development are significantly below what buyers may expect given the development’s position in the capital.
Property portal Rightmove says the average price of an apartment in Zone 3 currently stands at £631,064 based on sold prices over the last 12 months.
The entry level one-bed and two-bed homes at Kidbrooke Square are priced at £355,000 and £457,500 respectively.
NHG says buyers could expect subsidised monthly rents starting at £1,071 and £1,547 for these assuming a 25% share is owned.
This decreases if buyers increase their share through a process known as staircasing.
Mortgage payments and service charges would be on top of this, however, paying for a shared ownership property is typically less expensive than renting a similar home locally.
Newly built, the apartments come with open-plan design, wood-effect flooring, grey fitted kitchens with Zanussi appliances and private balconies with outdoor lighting.
The development is pet-friendly, with residents’ facilities including a concierge service and a gym.
The scheme is set around a central square with shops and regular markets.
It’s also close to significant regeneration just across the railway tracks as well as the open spaces of Cator Park and Sutcliffe Park.
To be eligible to purchase a shared ownership property in London, buyers must have a household income of less than £90,000 and cannot afford all of the deposit and mortgage payments when purchasing a home that meets their needs.
Other criteria apply, although it’s worth noting that those purchasing do not necessarily have to be first-time buyers.
key details: Kidbrooke Square
Shared ownership apartments at Kidbrooke Square start at £88,750 for a 25% share of a one-bed. Two-beds start at £114,375.
Deposits are typically the biggest hurdle for young people seeking to purchase a home in London.
The average house price in the capital (according to the latest figures from the Land Registry) currently stands at just over £500,000.
That means buyers on the open market would need at least £25,000 to purchase with a 5% mortgage and more likely £50,000 for a more affordable 90% loan-to-value deal.
While cheaper properties are, of course, available, the need to raise such sums remains a significant obstacle to getting on the ladder.
priced out – an NHG Homes survey
A recent survey of prospective first-time buyers by Opinium and affordable housing provder NHG Homes (part of housing association Notting Hill Genesis) found 81% of those aged 18-24 did not have access to a deposit of more than £40,000 – the 10% necessary to access many homes in the capital.
The study showed the average deposit buyers they had managed to put together was £22,963.
Kidbrooke Square will feature plenty of open space
income sources
It also revealed that, in a nation hit by a cost of living crisis, nearly half of 18-to-24-year-olds were looking at taking on second jobs to raise extra cash to put towards a home.
The survey also found 43% would be willing to hold off on having children to help them get on the ladder earlier in contrast to less than a quarter of those aged 25 or older.
The same did not apply with pets however, with a third of older buyers willing to go without an animal companion to save money as opposed to just under a fifth of adults aged 24 or younger.
family assistance
Opinium and NHG Homes’ study also showed that using cash from family was still a major source of funding for house purchases.
Around a quarter of those aged 35-44 said they were relying on money from parents to help them get a foot on the ladder, while 23% of people in relationships were looking to do the same to finance their first home.
Other relations were also listed as an important source of funds, with nearly a fifth of respondents aged 18-34 saying they were expecting to use contributions from family members who weren’t their parents.
Deposits on shared ownership homes can start from as little as four figures
an alternative from NHG Homes
Nearly half of respondents said they would consider shared ownership, if it meant they could purchase a property in the capital.
The scheme offers buyers the option to purchase a portion of a home while paying rent on the remainder.
It often works out cheaper than renting – especially given recent increases across London – and deposits start at 5% of typically a quarter of an apartment.
That means buyers with as little as £5,000 saved can potentially buy into a home worth more than £370,000 and live there as though they owned the whole thing.
NHG Homes sales and marketing director, Diana Alam, said: “Getting on the property ladder in London is a real challenge for first-time buyers, and it’s not surprising to us that many are having to look beyond their main source of income to save the amount needed for a deposit.
“Whether it be getting a second job or asking family members for a helping hand, this research has shown that buying through the open market in the capital requires more than simply setting money aside every month – particularly for younger buyers.
“The proportion of first-time buyers who would consider using shared ownership to purchase in London shows just how important it is to offer more affordable routes to home ownership.
“We’re proud at NHG Homes to offer properties across the capital that require deposits as low as four figures, meaning first time-buyers don’t have to choose between staying in London and getting on the property ladder.”
NHG Homes offers a wide range of shared ownership properties including this one at Kidbrooke Square
key details
NHG Homes offers a wide range of shared ownership options across London.
For example, one, two and three-bedroom homes are available to buy at Kidbrooke Square via shared ownership, with prices starting at £93,125 for a 25% share and a minimum 5% deposit of £4,594. This is based on a full market value of £372,500.
Average monthly costs for a one-bedroom are estimated at £1,386, including mortgage payments, service charge and rent on the un-owned portion of the property.
- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
The senior sales executive is on something of a personal mission to spread the word about what’s available to prospective buyers, having seen the benefits for himself.
He said: “Before my current role, I was a sales account manager for big tech companies in America.
“I did very well, winning awards and becoming the firm’s top salesperson worldwide.
“About four-and-a-half years ago, my now wife and I bought a shared ownership property from an affordable housing provider.
“That was a three-bed in the Beckenham area, with underground parking.
“I’m from west London, so I came all the way over to the south-east of the city, where the value for money is amazing – there’s the greenery, the parks and it’s away from the hustle and bustle.
“I realised how much not having that had affected me, so I wanted us to live where we could walk around and feel the fresh air.
“We couldn’t believe that a three-bed was affordable – it was a dream to us.
“Buying a home that’s 1,000sq ft in London gave me an appreciation for shared ownership as a product.
“We were planning to get married, wanted to start a family and so we moved into the three-bed. But then the pandemic happened and I got made redundant straight away.
“We’d moved in December 2019 and I can remember thinking how lucky we were to have lockdown in this beautiful property.
“I decided I wanted a role where I could make a difference.”
NHG Homes senior sales executive Daniel Jennings
working for NHG Homes
“I wanted to help other people feel like I had, so I thought I’d try to get my feet wet, joined NHG Homes and sold seven properties in my first two weeks,” said Daniel.
“Since then, I’ve been promoted and now, when I talk to buyers, I don’t really have to sell.
“I just show them what we have, talk about my experiences with shared ownership and how I felt when I bought into it.
“Then we talk about pros and cons options and what makes sense for them, what their goals are and what’s right.
“We really try to focus on them as people and try to find something that works.
“This includes thinking about location, commutes to work, the safety of the neighbourhood and whether there’s enough light and space.
“We even look at which way a property faces and whether the buyer is a morning or an evening person.”
A show home at Kidbrooke Square’s Borsberry House
what’s on offer at Kidbrooke Square
Kidbrooke Square itself isn’t exactly without attractions.
The development, which includes a mix of tenures, is located on the doorstep of Kidbrooke station.
This is ideal for rapid connections to Lewisham (for Canary Wharf and the DLR) or direct trains into the City.
The scheme features a concierge service, residents’ gym facilities and private podium gardens.
It also boasts landscaped grounds, plans for a cafe in what’s currently the marketing suite and its own dedicated bus route.
Further benefits include being close to Berkeley Homes’ extensive regeneration of the Ferrier Estate, which has seen many local amenities arrive in the area.
These include shops, a pub, a cafe and the playgrounds and the extensive spaces of Cator Park.
Greenery nearby is something of a theme.
Kidbrooke Green Park, Manor House And Gardens, Blackheath Common, Greenwich Park and Charlton Park are all within a 15-minute bike ride or half-hour walk of NHG Homes’ new properties.
Then there are the homes themselves.
These feature balconies or winter gardens, open-plan living areas with wood effect flooring, fitted kitchens with Zanussi appliances and porcelain tiling in the bathrooms.
All come with high quality sound proofing, air filter technology plus communal heating and hot water systems.
They make for a compelling proposition in comparison to the prospect of renting privately.
A kitchen in a show home at Borsberry House
security in shared ownership
“Shared ownership means buying a home for life,” said Daniel.
“You can do what you want, no-one’s going to kick you out.
“You can put your pictures up, paint your walls and there won’t be any difficult conversations with landlords about rents going up.
“Being a tenant can be tough.
“By the time you see a property and call, it can be let, or you have to make a decision on the spot when you see it.
“With shared ownership there are so many options.
“Take someone earning £40,000 or £45,000.
“If they put down a £9,000 deposit, 10%, they can get a one-bed and then feel comfortable with their income and paying their bills each month.”
An artist’s impression of open space at Kidbrooke Square
escaping tenancy with a home at Kidbrooke Square
“Most people who are renting are sick of sinking their money into paying someone else’s mortgage,” said Daniel.
“With shared ownership, you’ve got equity that you can build on and what you’re paying in rent, which is capped, is going to a good cause – it supports communities by building more affordable housing.
“Then, if you want to sell your share, you’ll get support from us and the fees will be cheaper than an estate agency.
“Most people – I’d say around 80% or 90% – who buy a shared ownership home are first-time buyers although you don’t have to be.
“That means we exercise patience – we know they will want us to talk them through everything and really break down all the elements of how it works.
“People have a lot of questions about how rent increases happen and why service charges can change.
“But these things can seem scarier than they actually are.
“I’m able to use my personal experience to show them that my rent, for example, might have risen £60 a month but a property in the private market might have gone up £300 or £400.
“That helps calm people when they have that understanding.”
One, two and three-bedroom homes are available at the scheme
key details
Shared ownership homes at Kidbrooke Square start at £91,875, £113,125 or £158,750 for 25% shares in a one, two or three-bedroom apartment respectively.
Monthly costs for the above are estimated to be £1,344, £1,550 and £2,042 including mortgage payments, rent and service charge.
- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
Set beside the wider regeneration of the Ferrier Estate, the area has been transformed in recent years with extensive house building and landscaping.
This project has seen a wealth of amenities arrive in this part of the Royal Borough Of Greenwich, including the blockbuster playgrounds and open spaces of Cator Park – a winner of the Sir David Attenborough award for biodiversity – all of which will benefit Kidbrooke Square buyers.
NHG Homes’ scheme is currently offering one, two and three-bedroom properties on a shared ownership basis, with prices starting at £92,500 for a quarter share of an apartment.
The housing association recently unveiled a one-bedroom show home on-site, showcasing the features of its homes including fully fitted kitchens with A+ energy-rated appliances, bathrooms with porcelain floor tiles and white sanitaryware as well as built-in wardrobes and storage space.
Properties feature open-plan design and boast private outdoor space (including two apartments with winter gardens). Further benefits on-site include communal cycle storage and a concierge service.
Locally, Pegler Square is home to cafes, shops and The Depot pub as well as a gym and regular food markets.
In addition to Cator Park, the open spaces of Kidbrooke Green Park and Sutcliffe Park are also within easy walking distance.
The development is located right beside Kidbrooke Station, offering rapid connections into the centre of the capital – London Bridge takes about 16 minutes, with Waterloo East three minutes beyond that.
Shared ownership properties at the scheme feature open-plan design
Journeys to Canary Wharf take a little over 20 minutes with a change at Lewisham onto the DLR.
The area is well served by bus services and cycle routes, with trips to Blackheath and Greenwich within easy pedalling distance.
NHG Homes head of marketing and digital, Amie Triphook-Cole, said: “Now is a brilliant time to buy at Kidbrooke Square, as residents start to move in and the community continues to grow.
“These fantastic apartments have been designed with a sense of comfort, accessibility and sustainability in mind.”
NHG Homes said the monthly costs of a shared ownership property at Kidbrooke – where rent is paid on the portion of the property not owned by the buyer – were cheaper on average than renting locally.
With a 5% deposit paid on a 25% share of its entry level one-bed, it estimates that cost to be £1,344 per month, dropping to £1,291, if a buyer pays a 10% deposit.
Fully fitted kitchens come with A+ energy-rated appliances
key details
Prices at Kidbrooke Square start at £92,500 for a 25% share of a one-bed apartment, based on a total market value of £370,000.
The home extends to some 566sq ft and is available with a minimum deposit of £4,625 (5%).
Two-beds are also available starting at £111,875 for a 25% share. Deposits for that property would start at just under £5,600 (5%).
- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
Taste and waste is what Tescha Joy is all about. Driven by a desire to create sustainable, eco-friendly, flavourful food, she created Joy’s Caribbean Fusion – a street food brand that had its debut at Bexley’s Wasteless Market two-and-a-half years ago.
Her food is vegan and contains only plant-based ingredients, cooked with Caribbean spices to create dishes that attract longer queues at the markets she serves than stalls selling meat. And it all started with some banana skins.
Scroll down for Tescha’s Banana Skin Curry recipe…
“I’m a public health nurse and work three days a week in the NHS,” said Tescha.
“My first dish was banana skin curry – I was at work one day and everyone was throwing away their banana skins and I asked them to give them to me instead.
“I hate waste so I took those skins and created a dish with them. There’s lots of iron, fibre and many other nutrients in them. The whole point of the dish was that I wanted to show people that you don’t have to throw away certain ingredients.
“I showed you can create a nice meal from them and that’s where I got the idea for the business – it’s the dish I took to the Wasteless Market and it’s the only recipe I’m happy to share because I want people to recreate it at home.
“I want to have it printed in this paper so readers can use it rather than throw away their banana skins.
“We’d normally throw them away in the Caribbean too – people over there are amazed when I tell them.
“I’d decided to go vegan for environmental reasons – I think we eat too much meat in this country. I’m not anti-meat, but I think it’s important to cut down.
“Climate change is important to me because I want a better future for my children – I want them to grow up in a world where we waste less food.
“I know what it’s like to be hungry. The majority of people in this country don’t know what that’s like and we need to cut the amount of food we throw away.
“I’ll literally make a dish from nothing – some potato peelings can be put in the oven with olive oil and you have some crisps.”
Tescha’s take on doubles with chickpea curry and pickles – image Matt Grayson
Tescha’s banana skin curry remains a firm favourite on the menu at Joy’s, joined by a host of core dishes intended to delight diners with both flavour and texture.
She said: “Cooking is also my passion and it’s in my blood. My parents owned a restaurant in the Caribbean. I would have to just get changed after school and go and help whether I wanted to or not.
“My brother owns a restaurant in Catford and I have another brother who is in America and has a restaurant there.
“There’s a long family tradition of cooking, but I’m the only one who does vegan.
“Normally you’d have jerk chicken and jerk pork – quite meaty dishes. I wanted to explore different types of food using Caribbean flavours.
“Also, I think it’s good for my children to see that vegetables can be really tasty and it’s better for the planet.
“On the classic menu, I have chickpea curry with flatbread – it’s really naughty because it’s deep fried – and that’s served with mango chutney, which I make from scratch before every market, tamarind sauce and pickled onion, red cabbage and cucumber.
“In the Caribbean we call it doubles because you get two smaller breads, but I do it as one large one, just to be a bit different.
“We also do rice bowls with toppings of barbecue jerk mushroom, jerk tofu and cauliflower bites.
“My best seller is the combination bowl where you get a bit of everything including the chickpea curry and the flatbread. It all comes with the same toppings – the chutney and the pickles.
“Then we do specials such as vegan fish, which is made from jackfruit or banana blossom with plant-based marine ingredients to give it that fishy flavour.
“People can be a bit hesitant to try vegan dishes, but once they do, they usually come back and say they don’t need the meat.
“I catered for a wedding in December and the bride told me some of the guests thought they’d need to go to the local burger shop after they’d eaten the food.
“But she called me back later and told me nobody had gone – they all were amazed at the texture of the dishes and the different flavours.
“I’ve built up a big following in the areas where I trade – at RARE in Woolwich I have a queue, which is longer than the meat queue and I think people are becoming more aware of veganism and meat-eaters are also cutting down and having plant-based food instead.”
New dishes undergo strict quality control from Tescha’s children who taste all of her dishes before they’re allowed to make it onto the stall.
Her ambition is to keep growing the business to the point where it can operate more widely and be her sole focus.
“I’m still working as a nurse, which is something I’ve been doing for 20 years,” she said. “I’d love to have Joy’s in multiple locations, to train people up to run those stalls and serve the food.
“At the moment my goal is to get a van so the business can be more mobile.
“This really is my passion – it’s something I want to develop. I now make and sell my own sauces too – called Island Drizzle.
“People kept coming and asking me for my recipes and my husband said: ‘Don’t tell them, just put it in a bottle’.
“It comes in medium, hot and extra hot. They’re all vegan too and are quite different to a lot of sauces out there because you can use them as a marinade, a dressing and as a condiment.
“It’s not the hottest sauce around because I’m more into the flavour than the heat – customers can come down and try it.”
Cook it: Banana Skin Curry
While most of Tescha’s recipes remain secret, she’s happy to help people cut down on waste by sharing this one – perfect for using up that unwanted peel…
Tescha’s Banana Skin Curry
Ingredients (serves three-four)
4-5 large ripe banana skins
1 cup peeled, diced potato
3 tbsp lemon juice
1 tsp sea salt
1 tbsp curry powder
1 tsp turmeric
1/4 tsp fennel seeds
1/4 tsp cumin seed
2 cardamom pods
3 cloves garlic
1 tsp ground coriander
1/3 tsp chopped scotch bonnet
chilli pepper (optional)
3 tbsp vegetable oil
1 large onion finely (chopped)
1 tbsp fresh thyme (chopped)
1 tbs curry leaves (optional)
2 tbsp fresh coriander (chopped)
1 cup water
1/2 cup coconut milk
Method
Thoroughly wash the banana skins, remove the rigid woody end at the top and dark spot at the end.
Add lemon juice to the skins to stop them going dark while chopping (they will still be edible, even if this happens, so don’t worry).
Use a spoon to scrape out the inner lining and discard the scrapings. Depending on your preference, finely or roughly chop the skins. Then add the diced potato to them and combine with salt, curry powder and turmeric.
In a pestle and mortar, place the fennel seeds, cumin seeds, cardamom pod, garlic, ground coriander and chilli. Grind into a paste. Add the paste to the banana skins and potatoes and mix in well. Add chilli here if preferred for a spicier dish.
Add the oil to a frying pan, heat and turn down. Add the chopped onion and stir until softened and then tip in the chopped banana skin mix. Increase the heat and sauté for 10 minutes.
Add the coconut milk, water, thyme, curry leaves and fresh coriander to the pan. Cover and leave to simmer for 15-20 minutes.
Add an extra 1/4 cup of water if you prefer a more moist curry. Remove from heat once the banana skins and potatoes are soft. Serve with rice of your choice, a flatbread or on a bed of salad.
