Kidbrooke Square Archives

July 3, 2024July 3, 2024

NHG Homes offers buyers in London a way to buy property for less

Housing association has a wide range of shared ownership homes available in the capital

Image shows brick-clad residential blocks generated by a computer surrounding a two-storey red building at Kidbrooke Square — An artist’s impression of NHG Homes’ Kidbrooke Square development

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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.

A computer generated image of open landscaped space at NHG Homes' Kidbrooke Square scheme — 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.

Image shows a grey fitted kitchen in a property at Kidbrooke Square — 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.”

Image shows a bedroom at NHG Homes' Kidbrooke Square scheme in Greenwich — 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.

Find out more about Kidbrooke Square here

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- 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

May 31, 2024May 31, 2024

Why Kidbrooke Square shared ownership homes offer security

NHG Homes senior sales executive Daniel Jennings talks value at the south-east London development

Images shows a computer generated scene of Kidbrooke Square, four blocks of brick-clad flats around a central square with a red tiled building — An artist’s impression of how Kidbrooke Square will look when finished

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Daniel Jennings is perhaps NHG Homes’ most potent asset in marketing shared ownership properties at its Kidbrooke Square development.

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.”

Image shows a man with glasses in a white shirt with a beard, Daniel Jennings, a senior sales executive for NHG Homes — 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.”

Image shows a show home at Kidbrooke Square with wooden floors and comfortable furnishings. The room is an open-plan living area with a kitchen — 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.

Image shows a modern fitted kitchen with white units and Zanussi appliances — 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.”

Image shows a computer generate scene of lawns and flowerbeds between blocks of apartments — 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.”

Image shows a show home bedroom at Kidbrooke Square with a bed, desk, chair and brightly coloured art on the walls — 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.

Find out more about shared ownership homes at the development here or call 020 4579 2974

Read Wharf Life’s e-edition here

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- 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

March 7, 2024March 7, 2024

Property: How shared ownership homes at Kidbrooke Square are surrounded by amenities and green spaces

NHG Homes scheme offers properties with deposits starting at £4,625 for 25% of a one-bed

An artist’s impression of Kidbrooke Square in Greenwich

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NHG Homes’ Kidbrooke Square development is all set to welcome its first residents in the coming months.

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%).

Find out more about Kidbrooke Square here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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