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.
That’s the question The Hill Group is seeking to help answer with its latest incentive to assist those hoping to purchase a property.
To support buyers overcoming the obstacle of saving for a deposit, the developer has extended its 5% Deposit Boost scheme to all homes at Lampton Parkside.
Located in West London, the 523-property development is a four-minute walk from Hounslow Central Tube station and boasts a concierge service and 1,374 cycle storage bays as well as – unusually – 263 parking spaces.
For NHS workers Suzanne and Lodel Talictic, Lampton Parkside held a range of attractions.
The couple were seeking a home in a location that would allow them to easily get to and from work in Guildford and Kingston, but that also fell within their budget and would be easier to maintain than the older properties they had previously been renting.
Using Hill’s Deposit Boost scheme, they were able to purchase a £495,000 two-bedroom home with parking, combining their savings with the 5% contribution from the developer.
Lodel and Suzanne Talictic recently bought an apartment at the development – image by The Hill Group
buying at Lampton Parkside
Lodel, a junior charge nurse at Kingston Hospital, said: “The scheme was a massive factor for us – it’s such a generous offer. It was a real help.
“We had been renting older properties for so long.
“They were difficult to maintain and we knew when we purchased our first place that we wanted something brand new.
“We chose a two-bedroom apartment on the second floor at Lampton Parkside, which feels secluded and private.
“It’s in a great location, just beside a big open green space and very well connected – we’re only a four-minute walk from the Piccadilly line.”
Suzanne, a senior sister at Royal Surrey County Hospital, added: “The views from our new apartment are just beautiful, with lush greenery right on our doorstep and a balcony that offers the perfect spot to take it all in.
“We’re brilliantly connected for London, but it also has this rural feel to it. It’s a hidden gem.
“When you buy a home in London you don’t expect to have these serene green views, but that’s what we’ve got at Lampton Parkside.”
The couple made use of Hill’s incentive – image by The Hill Group
well connected
From the Tube station it’s a 27-minute journey to Zone One, with Canary Wharf around 48 minutes by public transport.
The development is a joint venture between The Hill Group and housing association NHG Homes, providing a range of newly built one, two and three-bedroom apartments as well as duplex properties.
The scheme is located next to the 40 acres of Lampton Park, which includes facilities such as tennis courts, a playground, a nature area, a rose garden, a pond and an orchard.
In addition, the development is also within easy reach of Kew, Barnes, Chiswick, Putney and Hammersmith, offering residents plenty of options for socialising, shopping and dining out.
“When we viewed the development, we could immediately see ourselves living there,” said Lodel.
“We were pleasantly surprised how much space in the property there was, particularly given the price. The layout is very well designed, too.”
Suzanne added: “Buying new means we have a blank canvas to decorate, which is exciting.
“We already have a Pinterest board with ideas.
“Viewing the beautiful Lampton Parkside show home was very helpful in that respect because it gave us an idea of how the properties feel and how sophisticated the living spaces can be.”
The couple visited the development on the recommendation of a friend, then went on to buy a two-bedroom apartment with parking at a cost of £495,000.
Lampton Parkside is on the edge of 40 acres of open space – image by The Hill Group
supporting first-time buyers
“The quality of the service we got from Hill was another plus,” said Lodel.
“As first-time buyers, that was important to us.
“The team was so supportive with explaining the processes and putting us in touch with recommended solicitors and mortgage brokers.
“They saved us a lot of time and effort. It felt like they were there for us every step of the way.”
Suzanne added: “We want to start a family eventually, which is why we bought a two-bedroom apartment.
“Lampton Parkside has everything we need nearby – schools, a Roman Catholic church and all that beautiful parkland.
“It’s an exceptional location for family life. That was a real plus for us.
“We can also have family come and stay in the second bedroom, so they don’t have to pay for a hotel when they come to visit. That’s another bonus.
“Being close to so much greenery is wonderful for me. I love to read, so curling up on the balcony with a coffee and a book, is perfect.
“For Lodel, who’s more into sports than I am, there’s a local tennis club that comes highly recommended. There’s so much to discover and enjoy.”
Lodel and Suzanne are excited to be exploring the area around their new home – image by The Hill Group
further incentives at Lampton Parkside
In addition to the 5% Deposit Boost, Hill is also running an incentive programme for those able to recommend properties at Lampton Parkside.
Its Share The Love scheme allows £5,000 to those who recommend the development to a friend, payable when the buyer completes.
Those participating need to collect a leaflet from the Lampton Parkside sales office, which contains the referral form and a section to give to a friend to complete.
Terms and conditions apply for both the Share The Love and 5% Deposit Boost incentives.
Buyers and referrers should contact Hill for full details.
A new building, Forest View, is set to launch at Lampton Parkside this autumn.
Visit Hill’s website or contact the sales team via the details below for more information.
key details: Lampton Parkside
Lampton Parkside is located close to Hounslow Central station in West London.
Prices for a one-bedroom apartment at the scheme start at £350,000.
Those wishing to view homes at the development should call 020 3959 0900 or contact the sales team via email to hello@lamptonparkside.co.uk
NHG Homes has unveiled a package of offers aimed at tempting prospective buyers to reserve a home over the summer.
Available on selected one and two-bedroom shared ownership apartments across its London portfolio, those agreeing to purchase a property before September 1, 2025, could receive incentives worth up to £6,875 from the housing association to help them get on the ladder.
“NHG Homes wants to offer more choice to London homebuyers, which is why we are offering incentives to help you move into homes all across the capital,” said Diana Alam, director of sales and marketing at NHG Homes.
“Whether you prioritise riverside living or city views, an easy commute or close proximity to nature, we have homes suited to a range of budgets in perfect London locations.
“With an extra £6,875 to spend you could be making your move this year – that could be by topping up your existing deposit to help get you mortgage-ready, covering your living costs for a few months while you settle in, opting for vouchers towards furnishing your new home or even taking your dream summer holiday – we can help you get the best value for you.”
The offer is subject to lender approval and terms and conditions naturally apply.
Options available to buyers include travel vouchers, Ikea vouchers, a contribution towards a deposit, a discount on the property or assistance with a buyer’s first few months of living costs.
To help spark readers’ imaginations, we’re showcasing London apartments available to buy on a shared ownership basis with NHG Homes below:
Kidbrooke Square – image by NHG Homes
Kidbrooke Square – SE3
£91,875 for a 25% share of a one-bed
>> Just seconds from Kidbrooke Station, NHG Homes’ collection of one and two-bedroom apartments at this development benefit from a concierge service, a residents’ gym and on-site retail units.
In addition to landscaped communal gardens, Cator Park and Sutcliffe Park are close by and the attractions of Blackheath and Greenwich are within easy reach.
The proximity of the railway station also makes for rapid connections for London Bridge, Charing Cross, Victoria and Lewisham (for onward journeys to Canary Wharf).
The apartments feature private balconies or winter gardens, USB ports in every room, integrated A+ Zanussi kitchen appliances and Corian worktops as well as wood-effect flooring in halls, living areas and kitchens. Bedrooms boast built-in wardrobes with sliding mirrored doors.
key details: NHG Homes at Kidbrooke Square
Prices at Kidbrooke Square start at £91,875 for a 25% share of a one-bedroom apartment, based on a full market value of £367,500.
>> This development offers a collection of 92 one, two and three-bedroom apartments, each featuring open-plan layouts, sleek modern kitchens, floor-to-ceiling windows and private winter gardens with views over London’s skyline.
The Wellesley Road scheme is located a five-minute walk from East Croydon station, connecting residents with central London and Gatwick Airport via mainline rail services.
Local amenities include the Centrale And Whitgift shopping centre, home to high street retailers, independent shops, street food outlets and boutiques.
key details: NHG Homes at The View At Aspect Croydon
Prices at The View At Aspect Croydon start at £88,125 for a 25% share of a one-bedroom apartment, based on a full market value of £352,500.
>> Delivered in partnership with developer The Hill Group, this scheme is located close to Hounslow Tube station on the Piccadilly line. Journeys into central London take approximately half an hour.
The development offers a range of shared ownership apartments located beside Lampton Park in west London.
The properties feature built-in storage, underfloor heating and private outdoor spaces in the form of either balconies or terraces.
Residents benefit from a concierge service and a series of communal outdoor spaces connected by wildflower walkways.
In addition to the open spaces at the development, the apartments are within easy walking distance of the amenities offered by Lampton Park itself including tennis courts, an adventure playground and plenty of green open space.
key details: NHG Homes at Lampton Parkside
Prices at Lampton Parkside start at £83,125 for a 25% share of a one-bedroom apartment, based on a full market value of £332,500.
>> There are only a few homes still available at this development which sits on land between the River Thames and the eastern end of Royal Albert Dock.
Residents can expect a concierge service, a communal lounge and podium gardens as well as local amenities such as restaurants, cafés and open spaces.
The scheme is also close to Gallions Reach Shopping Park.
Properties available feature open-plan design, fully fitted kitchens with integrated appliances and rainfall showers in the bathrooms.
Every apartment also boasts a private balcony.
This 15-year regeneration project is located 10 minutes’ walk from Gallions Reach DLR station, which offers connections to Canary Wharf in 15 minutes via Poplar and Bank for the City in about 25 minutes.
key details: NHG Homes at Royal Albert Wharf
Prices at Royal Albert Wharf start at £82,500 for a 25% share of a one-bedroom apartment, based on a full market value of £330,000.
>> Acton is all about connectivity and vibrancy with residents in this development benefiting both from North Acton Tube station on the Central line and Elizabeth Line services from Acton Main Line station offering direct links to Heathrow and, of course, Canary Wharf.
The scheme is also within easy reach of the likes of Portobello Road, Ealing Broadway and Westfield London for shopping and a wealth of local amenities including restaurants, bars and cafes.
Apartments at The Perfume Factory include interior design with a “contemporary Nordic feel” and boast underfloor heating, fitted kitchens with stone worktops and bathrooms with Roca sanitaryware.
Communal spaces at the development include a formal play area and cycle storage to help promote greener travel.
key details: NHG Homes at The Perfume Factory
Prices for the last available homes at The Perfume Factory start at £105,000 for a 25% share of a one-bed with a value of £420,000.
>> Offering a collection of one and two-bedroom shared ownership apartments – the latter with a starting price of £117,500 for a 25% share – this north-west London development is located within walking distance of Colindale Tube station with direct trains to Kings Cross.
The properties, which are part of a 15-year regeneration project offer access to plentiful open space including a new community plaza on-site as well as the amenities of Heybourne Park itself, Colindale Park and Montrose Playing Fields.
Residents moving in will find the scheme boasts an outdoor gym, a supermarket and a cafe as well as a library. Further afield, Colindale town centre, Mill Hill Broadway and Edgware Road are all within walking distance.
All apartments feature underfloor heating and private outdoor space plus access to a communal podium garden.
key details: NHG Homes at Heybourne Park
Prices at Heybourne Park start at £88,125 for a 25% share of a one-bedroom apartment, based on a total market value of £352,500.
>> A selection of one-bedroom shared ownership homes awaits at this north London scheme located between Manor House Tube station and Woodberry Down wetlands nature reserve.
Short-listed for the First Time Buyer Readers’ Award 2024 for Best First Time Buyer Apartment, this development in Zone 2 on the Piccadilly line offers prospective owners the chance to get on the ladder in a vibrant, well-established neighbourhood.
Located in Hackney, close to the borough’s northern border with Haringey, the scheme benefits from its proximity to Finsbury Park and the Green Lanes area, both offering a wealth of leisure and hospitality options.
Only one-bedroom apartments now remain at this popular development with homes enjoying natural light through large windows and glazed balcony and terrace doors leading to private outdoor space.
key details: NHG Homes at Gadwell Quarter
Prices at Gadwell Quarter start at £118,750 for a 25% share of a one-bedroom apartment, based on a full market value of £475,000.
There’s just one apartment left at Wembley Place – image by NHG Homes
Wembley Place – HA9
£78,750 for a 25% share of a one-bed
>> Offering direct connections from Wembley Park station to Canary Wharf via the Jubilee line, one of myriad benefits for residents moving into this development is its connectivity.
The scheme is within easy walking distance of stations connected to national rail services, the Metropolitan line, the Bakerloo line and London Overground trains.
Located a few minutes from Wembley Stadium, the development has only a single one-bedroom apartment remaining for sale via shared ownership.
Set on the third floor, the property features open-plan design and boasts a private balcony.
With a bustling urban environment all around, residents are able to escape to the relative tranquillity of nearby Union Park and the Welsh Harp (Brent Reservoir) for access to grassland and activities on the water.
key details: NHG Homes at Wembley Place
The price for the final home is £78,750 for a 25% share of a one-bedroom apartment, based on a full market value of £315,000.
Royal Albert Wharf, sat proudly on the Thames at the eastern end of the Royal Docks, offers prospective buyers a multitude of options.
Part of a 15-year regeneration project that has seen 1,500 residential properties built in the area, NHG Homes’ scheme is an established community, connected to the capital thanks to its proximity to Gallions Reach DLR.
For the housing association, which is marketing apartments for both private sale and shared ownership at the development, it’s all about flexibility.
“Royal Albert Wharf has come into its own in the past few years as a flourishing hub in the Royal Docks, which celebrates community, culture and the rich history of the area,” said Diana Alam, director of sales and marketing at NHG Homes.
“With homes available for sale and via shared ownership, buyers can explore this unique opportunity to own a home of their own in a way that suits their budget.
“We encourage those interested in buying to take advantage of our Stamp Duty incentive before April 1, 2025, and start their home ownership journey at this fantastic development today.”
take advantage of an offer
NHG Homes is currently offering to contribute up to £25,000 towards stamp duty costs on selected homes for private sale.
Buyers must reserve properties before the end of March, 2025, to qualify for the incentive.
This option is suitable for buyers with larger deposits – £17,325 and up – who wish to avoid the rise in stamp duty that’s due to come in on April 1, 2025.
The development is located on the eastern edge of Royal Docks – image by Tidyworks
choosing to share
Buyers can also choose to purchase shared ownership properties at Royal Albert Wharf.
The minimum deposit required for an entry level property at the development would be £4,157 assuming they can secure a 95% mortgage on a 25% share in the apartment.
Buyers can then increase their stake in the property over time through staircasing until they own their home outright.
No stamp duty is payable under the scheme until their share reaches 80%, further increasing the affordability of this route.
what’s on offer?
With the recent cut in interest rates, either route to home ownership will become less expensive as lenders reduce rates on their own deals.
Apartments at Royal Albert Wharf feature open-plan design and private balconies or terraces.
The wider development boasts a concierge service, a residents’ workspace and a lounge with an on-site car club and cycle storage also available.
Parking is also offered and comes as standard with three-bedroom homes.
Local amenities include a nursery, the Well Bean Co Cafe beside dock edge, a children’s play area, a convenience store and Cafe Spice Namaste – a restaurant by noted chef Cyrus Todiwala.
The DLR provides direct connections to the Elizabeth Line at Custom House and Canary Wharf.
key details: Royal Albert Wharf
Shared ownership apartments at Royal Albert Wharf start at £83,125 for a 25% of a one-bed, based on a full market value of £332,500.
Homes for private sale start at £346,500 for a one-bed and £527,500 for a two-bed. Stamp duty incentives are available on selected homes.
“I would still be renting or living with my parents if it wasn’t for shared ownership – it gives you a lifeline, especially in your 20s or 30s,” said Farhana Mallick.
The history teacher turned to affordable housing provider NHG Homes when she began looking to put down roots in her home city.
Having been raised in east London, she’d spent her early 20s living in this part of the city and so initially looked at properties in Tower Hamlets and Ilford.
However, it was Royal Docks that ultimately turned her head, opting to purchase a quarter of a three-bedroom apartment in 2021.
“I decided I was done losing my money on rent,” said Farhana, who now teaches at a school in Barking And Dagenham.
“I wanted to invest in a property, and have a home I could make my own.
“Shared ownership really appealed to me because it meant I required a much smaller deposit than if I was buying privately.”
More shared ownership homes are set to become available at Royal Albert Wharf
a deposit, a mortgage and rent
Farhana, then aged 25, used a £13,250 deposit to buy her share of a property at NHG Homes’s Royal Albert Wharf scheme, taking out a mortgage to cover the remainder of the £132,500 cost.
The apartment, which was then valued at £530,000, costs her £1,391 per month which breaks down as £606 on the loan, £497 in rent and £288 in service charge.
“As a first-time buyer, NHG Homes really helped me to understand the process, and what the steps were,” said Farhana.
“I think many people aren’t aware of what shared ownership is or its benefits, but NHG Homes was so transparent and happy to answer all of my questions – the whole purchase was smooth and enjoyable, with wraparound care from the team.
“As a young person, living in this city, this home gives me great flexibility to either increase my share or sell it based on the market – I could definitely see myself raising a family here.
“With shared ownership making my home more affordable, I’ve now got a spare bedroom and a great community on my doorstep.
“If I was to move homes, I think my next purchase would also be with shared ownership – I can’t recommend it enough.”
The development is located at the end of Royal Albert Dock and is on the banks of the Thames
selecting Royal Albert Wharf
NHG Homes and other affordable housing providers offer multiple locations where buyers can purchase shared ownership homes, so what made Royal Albert Wharf stand out?
“I’ve stuck to my roots as I grew up in east London and the Royal Albert Wharf community has got a really modern and stylish twist to it,” said Farhana, who has now lived in the area for more than two years.
“I do travel into central London, but often I feel like I don’t really need to, because I’ve got so many things on my doorstep.
“If I am going into town, then I’ll take the DLR as it has so many connections.
“I shop locally a lot, including at Gallions Reach Shopping Park and also Beckton Triangle Retail Park, both of which are very close.”
The development is well connected, with Gallions Reach DLR station less than 10 minutes’ walk offering connections across east London including to the Elizabeth Line at Custom House.
From there, Canary Wharf is three minutes’ away, while Liverpool Street is nine minutes.
Royal Docks itself, which is currently undergoing billions of pounds of regeneration, offers multiple amenities including watersports, events at Excel, restaurants, bars and a new strip of attractions at Immerse LDN – find out more here about The Friends Experience: The One In London, which recently opened there.
Farhana said: “Residents have created a great community here and that’s really rare to find, especially as a young person.
“We have our own group, which is great as you can get to know other people living here.
“When I have friends or family visit, there is so much to do on the doorstep – from brunch to Yoga classes and a regular food market on Fridays as well as events happening in Royal Docks.
“There’s a children’s playground being built at the moment as well, and there’s a gym planned – I feel like it’s constantly evolving.
“I’m trying to get into my fitness these days and living here has helped that because it makes me want to get outside.
“It’s so rare to see open water like this in the city. It’s a lovely area to be in.”
As a location to buy, Royal Docks makes a solid case. With much regeneration taking place locally and further transport links proposed, demand for homes is only likely to grow.
Farhana enjoys a coffee at The Well Bean Co, her local cafe
key details: Royal Albert Wharf
NHG Homes is set to launch a fresh collection of shared ownership properties at Royal Albert Wharf in September.
A new show home is set to launch at the scheme on August 31, 2024.
Apartments are also available for private sale at the east London development with prices for one, two and three-bedroom homes starting at £375,000, £494,995 and £660,000 respectively.
- 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 arrival of the Elizabeth Line in Canary Wharf has changed the game for those seeking to buy a home.
Its rapid connections to other parts of London – directly and indirectly – make living in other parts of the capital significantly easier by cutting commutes to areas that offer something different to the neighbourhoods of east London.
Take Woodberry Down, for example.
NHG Homes is currently marketing shared ownership properties at Gadwell Quarter – part of Berkeley Group’s 5,500-home regeneration of 64 acres of land in north-east London.
Located next to Manor House Tube station on the corner of Finsbury Park, it’s now about half an hour from the Wharf via the Piccadilly Line, national rail services to Moorgate and a swift six minutes on the Liz Line via its convenient subway link to Liverpool Street.
The immense scheme sits opposite two reservoirs fed by the human-made New River and includes some 15 acres of parkland.
It boasts an established community with a pub, gym, supermarket and post office on site too.
But the north-east London location offers more.
NHG Homes has just launched a new show home at the Woodberry Down development
an established neighbourhood
There’s the vibrancy of Green Lanes down the hill with its Turkish bakeries, food shops and restaurants.
Then there’s Finsbury Park itself, which has a boating lake, running track, baseball ground, tennis courts, American Football pitch and some of the friendliest squirrels in London.
To the south, residents will find the Castle Climbing Centre – a vast facility housed in a former Victorian pumping station – on their way to Clissold Park and the independent shops, bars and restaurants of Stoke Newington.
While Woodberry Down itself is a major slice of regenerated land, the communities and areas around it have been evolving for generations with all the granular intrigue and quality this lends to a place.
So what can you get for your money when buying into this Zone 2 location?
One and two-bedroom homes are available
Gadwell Quarter, a place to buy…
NHG Homes recently launched a new show home as a focal point for its offering of one, two and three-bedroom apartments at Gadwell Quarter – a four-minute walk from the Tube station.
Properties feature open-plan layouts, full height glazing, private outdoor space, walk-in showers, fully fitted kitchens, laminate flooring and carpets in the bedrooms.
Prices for a one-bed start at £120,000 for a 25% share, while two-beds start at £158,750 for the same percentage.
“We’ve seen huge demand for homes at Woodberry Down over the years as the dynamic community continues to grow in this up-and-coming area of north-east London,” Diana Alam, director of sales and marketing at NHG Homes.
“With many Londoners struggling to get on the property ladder, we’re pleased that buyers will have the opportunity to choose London – and specifically Woodberry Down – as their home with shared ownership.
“High quality homes at Gadwall Quarter offer the perfect blend of tranquil nature and contemporary urban living.”
Wharfers considering a move away from Docklands won’t need to worry about access to watersports either.
The nearby reservoirs offer sailing, kayaking and canoeing or just the chance to explore Woodberry Wetlands, a haven for urban flora and fauna created in partnership with the London Wildlife Trust.
Properties at Gadwell Quarter come with balconies
key details: Gadwell Quarter
Starting prices for one and two-bedroom homes are based on full market values of £480,000 and £635,000.
Under shared ownership, buyers purchase a minimum of 25% of the property and pay rent on the remainder as well as a service charge.
Typically this is cheaper than renting a home on the open market.
Deposits are also lower than with private sale as the buyer may be able to secure a mortgage with as little as 5% of the quarter they are buying – that would be £6,000 for the entry level one-bed at Gadwell Quarter.
- 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
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
Location is often put forward as the single most important thing to consider when purchasing a property.
But what does this really mean in London?
In a capital as vast and diverse as ours, crucial to a buyer’s decision will be a home’s proximity to different modes of public transport, enabling rapid access to all the city has to offer.
Here, NHG Homes is currently offering a collection of 60 homes for sale on a shared ownership basis – nothing especially remarkable in that.
However, these properties are located in a transport sweet spot.
Not only are they two minutes from North Acton Tube station, offering Central line services across the city, they’re also a little over 10 minutes’ walk from Acton Main Line Station.
A show home interior at the development
That means access to the Elizabeth Line and with it fast connectivity across the capital.
From there, it’s 12 minutes to Tottenham Court Road for Soho and Oxford Street, 21 minutes to Heathrow Airport or 25 minutes all the way over to Canary Wharf in east London.
This promises a commute for Wharfers of less than 40 minutes door-to-door – enviable compared to many other areas.
Prices for the one and two-bedroom homes start at £108,750 and £121,250 respectively for 25% based on full market values of £435,000 and £485,000.
The entry level property could be purchased with a deposit of less than £5,500.
So what can buyers expect from The Perfume Factory apartments?
NHG Homes’ properties feature open-plan layouts with wood-effect floors and mirrored fitted wardrobes.
Buyers will also get private balconies and fitted kitchens with energy fitted Bosch appliances.
These energy-efficient machines fit neatly into a wider focus on sustainability with the scheme also boasting cycle storage and communal spaces powered by the integrated solar panels.
Apartments start at £108,750 for a 25% share in a one-bedroom home
Purchasers will also enjoy access to landscaped, communal gardens on-site.
NHG Homes’ head of marketing and digital, Amie Triphook Cole, said: “North Acton is an up-and-coming part of London, which is already attracting many first-time buyers from all over the capital – including places like Canary Wharf – who are looking for a work life balance.
“The area is set to experience continued growth in the coming years, making this a great time to purchase.
“Homes at The Perfume Factory offer both comfort and practicality with high quality interiors, superb transport connections via the Elizabeth Line and Central line, and plenty of local amenities – ideal for first-time buyers looking to make the city their home.”
Local transport links might offer residents the option of rapidly travelling to multiple locations around London, but Acton has many attractions of its own too.
These include an array of local cafes, bars and restaurants such as the award-winning Stones Fish And Chips.
A little further afield, Westfield London and Ealing Broadway offer a wealth of places to eat, drink and shop.
There are also many green spaces to explore locally including North Acton playing fields, The Grand Union Canal and Pitschinger Park – home to rose gardens.
Why not look west when hunting for a way to get on the ladder?
NHG Homes is currently offering £2,000 contribution towards moving in on the first 10 homes reserved by May 31, 2024
key details
NHG Homes is currently selling one and two-bedroom properties at The Perfume Factory in North Acton on a shared ownership basis.
Prices start at £108,750 and £121,250, respectively for 25%, both available with a 5% deposit.
Service charge rates are estimated at around £3.80 per sq ft. Rent is paid on the un-owned portion of the property.
NHG Homes is currently offering £2,000 contribution towards moving in on the first 10 homes reserved by May 31, 2024
- 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
Located at the eastern end of Royal Albert Dock, with the curve of the Thames behind it, today the area’s 15-year regeneration project is approaching completion, with the launch of its final phase of properties.
NHG Homes is set to release 58 apartments for sale at the scheme in spring, 2024, arranged around a communal garden square that opens onto the Thames Path riverside walkway.
Lined with trees, this route also leads to a children’s playground overlooking the river.
One, two and three-bedroom properties will be available, all featuring outdoor space in the form of balconies or private terraces.
Prices start at £375,000 for a one-bed with two and three-beds from £494,995 and £634,995 respectively.
Inside, the apartments feature open-plan design with Bosch appliances integrated into the kitchens, fitted wardrobes, built-in storage and separate washer-dryer cupboards.
The development also features a concierge service, a dedicated workspace and lounge area plus parking included as standard with three-bedroom properties.
The final phase is located right by the Thames Path
All residents get access to cycle storage facilities and the on-site car club, should they need four-wheeled transportation.
In contrast to buying a home off-plan at a scheme where work is just starting or halfway through, the majority of Royal Albert Wharf’s amenities are already in place.
NHG Homes’ head of marketing and digital, Amie Triphook Cole, said: “Royal Albert Wharf has quickly become the place to be in the Royal Docks.
“There’s a flourishing community of creators, businesses, young professionals and families who call this neighbourhood home, and with this final phase of homes, now is the last chance to buy a new home at this award winning development.
“Our residents enjoy the perfect blend of riverside views, plentiful on-site amenities and access to lush green space, all within homes designed with active, convenient and modern living in mind.
“I encourage buyers to enquire with us today, so that they don’t miss out on this last opportunity to buy in one of east London’s most exciting areas.”
Apartments are arranged around a communal garden square
Royal Albert Wharf already enjoys a wealth of local amenities with food and drink served by the likes of the Well Bean Cafe and Cafe Spice Namaste, owned by celebrity chef Cyrus Todiwala and his wife Pervin.
There’s also a monthly market selling fresh produce, street food, arts and crafts and plans for an on-site gym, nursery and a convenience store.
The development is also home to a number of artists and makers in studio spaces administered by Bow Arts, as well as local creative collective Art In The Docks, which regularly hosts exhibitions and events.
Royal Albert Wharf is located within easy walking distance of Gallion’s Reach DLR station offering direct connections to a host of east London locations.
Royal Albert Wharf has seen extensive regeneration in recent years
It also connects residents to the Elizabeth Line at Custom House and the Jubilee line at Canning Town, both making for easy journeys to Canary Wharf and beyond.
Prospective buyers will also likely be pleased at the prospect of a DLR extension to Thamesmead, an area undergoing three decades of regeneration.
The connectivity already in place means Royal Albert Wharf residents live within easy reach of the cultural and retail attractions of Stratford and Greenwich Peninsula as well as Canary Wharf.
More locally, the University Of East London is within walking distance and Excel and City Hall are a few stops away on the DLR.
The scheme is also close to Beckton Gateway retail park, which hosts big brands such as B&Q, Dunelm and Pets At Home.
key details
There are 58 properties available in the final phase of Royal Albert Wharf.
Prices start at £375,000 for a one-bed and £494,995 for a two-bed.
Three-beds start at £634,995, which includes parking as standard.
First-time buyers Nate and Bianca in their Royal Albert Wharf home
CASE STUDY
Nate and Bianca moved into a one-bedroom apartment at Royal Albert Wharf in April 2021.
The first-time buyers purchased their home at NHG Homes’ east London scheme for £372,500 with a deposit of £56,000.
“We couldn’t find this quality and this location for the same price anywhere else,” said Nate, who works in cybersecurity in Canary Wharf.
“I started renting in central London, moved north, then east and then, most recently, south of the river – I pretty much experienced it all over six years as a tenant.
“I decided my last rental experience would be the last – I’ve rented in shared flats, and on my own, and it’s never really an easy process.
“Buying an apartment is a big deal, but the NHG Homes sales team made every moment as easy as possible.
“It was probably the best experience of buying a house you could possibly have.”
Bianca, who works in the events sector in Woolwich, added: “We looked at quite a lot of properties but struggled to find a home that ticked all of our boxes.
“We wanted to find somewhere that gave us access to open space, fresh air and was close to the Thames, as well as giving us shorter journeys to work.
“Royal Albert Wharf was the perfect fit.”
Unusually, three-bedroom apartments come with parking space included
Transport connections certainly helped sway the couple, with Nate especially impressed by his new commute and the development’s connections to airports.
“I used to travel an hour and 15 minutes to Canary Wharf, and now it only takes me 25 minutes door-to-door,” he said.
“I also fly frequently for work – travelling to Heathrow or Gatwick was such a pain and added hours onto each journey – but now London City Airport is very convenient and perfect for business travel.
“Knowing you’re half an hour from your front door when you land makes a big difference.”
For Bianca, the quality of the apartment, its features and facilities played a decisive role in the couple’s decision.
She said: “The apartment is really spacious, light, and bright – the layout is one of the things that encouraged us to buy here.
“We’d looked at quite a lot of properties within our budget and this floorplan was by far the best use of space we’d come across.
“It felt so much bigger than homes of a similar size.
“We were adamant about having enough space in the bedroom, which always tends to be the smallest space in a London flat.
“There’s also so much cabinet and wardrobe space.
“When we first came to view the property, we walked in the door and it was by far the best place that we’d seen.
“I could picture us living here immediately and planned out where everything was going to go – it was such an easy decision to make.”
- 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
