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 developer behind Consort Place on the Isle Of Dogs hosted an event this month at the Docklands Sailing And Watersports Centre to raise much-needed funds for local charities.
Far East Consortium (FEC) – which recently welcomed the first residents to Aspen, the tower at the heart of its scheme – organised a Dragon Boat Festival on the waters of Millwall Outer Dock this month.
Teams from the developer and its partners – including Knight Frank, NHBC, Hawkins Brown, Dorsett Hospitality International, The Media People, Dex Construction, TP Bennett, Kohler, McBains, JRL, HTA and BB7 – did battle on the water with paddles and sweat, for glory, medals and a trophy.
Consultancy firm WSP won the day, with its team – Stroke Of Genius – topping the podium. All proceeds from the event will go to the East End Community Foundation (EECF), which gives grants to charities across the local area.
The teams competed in front of FEC’s Aspen At Consort Place Tower (centre)
grants for good causes
“FEC is a patron of our Life Chances Campaign, which means it has committed £60,000 so far and is hopefully going to come on board to support this for the next three years,” said EECF campaign director Sally Bateson.
“It’s all about creating lasting change.
“We’ve been looking to raise more money so we can give bigger grants over longer periods of time to support the grassroots organisations we work with who don’t have the resources or profile to find the funds themselves.”
Tracy Walsh, CEO of the East End Community Foundation
where the Far East Consortium money goes
EECF CEO Tracy Walsh added: “We focus on youth unemployment and wellbeing, pension poverty and isolation and digital inequality – we put a lot of money into these areas.
“For example, with unemployment, young people might feel like big organisations aren’t for them but they will go to a less glamorous youth club next door.
“We’re funding a person to tackle the problem in those settings.
“We are also providing money for a lot of holiday programs to aid wellbeing – giving young people food, physical activity and safe places to be.
“With pension poverty, we’ve invested about £80,000 to train front line workers to help older people claim benefits that they are entitled to.
“It’s been nine months and we’ve already seen £400,000 of money go to people who are eligible for it.
“There’s millions of pounds of unclaimed Pension Credits and we thought we should do somthing to help people get it.
“On digital equality, we’re now working in primary schools to help connect low income families.
“They get 12 months free broadband, a laptop and training on how to stay safe online and help their kids with homework.
“We’ve connected more than 600 so far and we want to boost that figure by 200 by the end of the year.
“In Tower Hamlets we were just shocked by how many homes don’t have any digital connection – it’s around 50,000.
“We’ve got the highest level of child poverty in the UK here and the highest level of pension poverty. If organisations all do their own thing, the impact can be diluted.
“What we’re saying with Life Chances is that if we all work together, it’s easier to make a difference and also easier for the charities, who only have to apply to one funder rather than dealing with lots of different ones.”
FEC development director Bruno Almeida Santos at the even
Far East Consortium: a question of values
Far East Consortium development director Bruno Almeida Santos said the company’s involvement with the EECF and donating to its Life Chances Campaign was really about the business’ core values.
He said: “We’ve been trying to arrange this event for three years, so we’re very pleased that it’s happened and that we could attract these organisations to see the work of the foundation.
“Hopefully we can make this a tradition, especially as it’s a dragon boat race and we’re a Hong Kong developer.
“It’s very important for us as a company to support the EECF. I think some organisations do things as a tick-box exercise but we want to do way more than that.
“This isn’t about our obligations to an S106 agreement, but actually contributing to the foundation, including the joy of losing to the children who were racing as part of one of the teams.
“You know, when you see the smiles on their faces, that you’re making a difference because it’s a day they will never forget.
“Hosting it at the Docklands Sailing And Watersports Centre was a case of the stars aligning.
Teams enjoy a well-earned break at Far East Consortium’s Dragon Boat Race at the Docklands Sailing And Watersports Centre
“It’s one of the best settings to view Aspen – our flagship development in London – from and to bring everyone together here.
“It’s been under construction for five years and it’s been a challenging scheme with the pandemic, but we’ve managed to crunch the numbers and overcome the issues.
“I think a lot of that has actually been on the human side, with people working together to resolve the problems.
“It’s been about communication and working together and this is about celebrating that as well as supporting those around us.
“Actually being on the ground with the EECF means you get a completely different experience – you get to see the outcome of that support and we’re really, really happy about that.
“We’ll have to do the race again with even more people.”
In addition to hosting a raffle, all proceeds raised on the day, including ticket sales have gone towards the foundation’s work.
“The day also provided plenty of scope for networking and team building for participants.
“It felt really great,” said Lovisa Claesson, graduate consultant at WSP and a member of winning team “Stroke Of Genius”.
“To be honest we all worked within different areas of the business, so didn’t really know each other before the contest. But we got the women in the front and the men following.”
Winning team Stroke Of Genius
key details: Far East Consortium’s Aspen At Consort Place
Homes at Aspen At Consort Place by Far East Consortium – just off Marsh Wall – are available now. Prices start at £550,000.
The EECF is also based on the Isle Of Dogs and offers a wide range of ways for companies to get involved with good causes locally – including supporting its Life Chances campaign.
- 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
Presented almost completely open-plan (you do get walled off bathrooms), they recall Docklands’ warehouses with more than a nod, stylistically, to the red-brick structures of New York’s Meatpacking District.
But while the flavour is of industrial buildings cleverly converted for residential use, the 11-storey tower is newly built, meaning it comes with none of the hassle or dodgy bodges that can plague refurbishment projects.
Instead, the exposed concrete ceilings, black metal framed windows and cast iron radiators are all carefully thought-through design statements contained within a thoroughly modern structure.
The apartments offer a completely open-plan design with industrial details
Capping the whole thing off, developer Canary Wharf Group has now launched a pair of apartments on the building’s top floor.
The Upper Lofts, both priced at £1,950,000, feature internal living space of 1,400sq ft and feature wrap-around terraces of more than 1,000 sq ft.
Properties feature fully-fitted kitchens with stainless steel units and counter tops as well as Siemens appliances.
Bathrooms come with free standing baths, double basins and black-framed, walk-in showers.
The 8 Harbord Square homes come with fully fitted stainless steel kitchens
a singular offering at 8 Harbord Square
Canary Wharf Group director of residential sales, Melanie Conway, said: “The expression ‘one-of-a-kind’ is sometimes overused, but in this instance, The Upper Lofts represent ‘two-of-a-kind’ apartments not seen before in London.
“Their positioning within 8 Harbord Square and the wider Canary Wharf estate gives them views of iconic surrounding landmarks, which previously you would only have seen from some of our tallest residential buildings.
“With vast wrap-around terraces and totally open plan living spaces, they have been designed to take advantage of these views and the natural light that floods the spaces, giving residents the most incredible sunrises and sunsets.
“8 Harbord Square marks the final building in our residential portfolio on the estate, meaning it’s the last opportunity to own a piece of the Wharf’s rich history and to be a part of the incredible transformation that has taken place here.”
Residents are free to configure and dress their apartment however they like
an emerging neighbourhood
Part of Canary Wharf’s Wood Wharf development, 8 Harbord Square is the final building in Canary Wharf Group’s scheme to feature homes for private sale.
Further residential projects will fall under its wholly-owned subsidiary Vertus, which boasts an extensive portfolio of homes to live in via all-inclusive rental deals.
Wood Wharf itself is rapidly becoming established as an area to visit with restaurants such as Dishoom, Hawksmoor, MMy Wood Wharf, Emilia’s Crafted Pasta and Roe attracting a steady stream of visitors.
Third Space recently opened a new site locally, adding Hot Yoga, Reformer Pilates and a new 20m swimming pool to its Canary Wharf offering, while creative companies such as Qube, Vow Studio and Broadwick also now call the neighbourhood home.
The Cube, a competitive socialising experience is set to open nearby, while Harbord Square itself now boasts a vet, GP surgery, convenience store and a sports hall and gym complex for residents to investigate.
The Upper Lofts feature wrap-around terraces with views over London
key details – 8 Harbord Square
The Upper Lofts at 8 Harbord Square are both priced at £1,950,000.
Other properties in the 82-apartment building start at £770,000 for an 801sq ft home or £990,000 for 1,037sq ft.
- 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
To the west, slabs of glass encase office workers.
Across the road are bars, restaurants, dives, clubs and destinations.
It’s both the urban bustle of Liverpool Street for the Elizabeth Line and the counter-cultural edge of Shoreditch High Street Overground.
As a residential project, it’s right on the cusp of being sold out too, with only four homes remaining.
There’s a one-bed, a two-bed and a three-bed with prices starting at £1.28million.
Then there’s the penthouse on the 48th floor – a three-bed, three-bath duplex arranged over some 2,855sq ft of space with a decent size terrace.
That will set you back £9.9million.
All boast outdoor spaces and are contained within a Foster + Partners tower set back a little from Shoreditch High Street and Worship Street.
Part of the wider Principal Place scheme – which boasts commercial premises let to Amazon – the structure shoots up some 50 storeys from the street with rounded corners and fins offering a modern take on Art Deco and 1950s futurism.
Amid the more angular shapes of the City, it’s something of a maverick, standing out against the severe geometry of the nearby office blocks and suggestive of a more welcoming, hospitable function.
That’s one reason, perhaps, that only a quartet of properties are still available from a complement of 299.
It’s a singular building in an enviable location, unafraid to plough its own furrow.
Its boldness is similar to that of Christopher Murray, co-founder and managing director of Concord London, the joint venture partner responsible for Principal Tower alongside Brookfield Properties.
Concord London co-founder and managing director Christopher Murray
Principal Tower, a joint venture…
Christopher said: “When we were asked to get involved, it was obviously a great location to live.
“There are still great restrictions on building houses in the City itself, so we thought this was a missing product in the market – that people would be happy to live just up the street.
“Shoreditch is a cool neighbourhood – trendy and edgy.
“Blue collar nights and white collar days.
“It has great food, great restaurants and rooftop bars.
“From our point of view, the project was a no-brainer.
“We focused on building a tall residential tower with western and eastern elevations that offer unparalleled views.
“People can see the major London landmarks such as the BT Tower, the London Eye and St Paul’s.
“We wanted a mix of sizes but with large spaces and a similarly generous approach to communal areas and amenities.
“It’s gone down really well, with the vast majority of properties now sold.
“Some buyers wanted to hear about the City, others about Shoreditch.”
Principal Tower’s penthouse is still available
subtle curves, looking sharp
“The design was absolutely key – the tower had to be a gateway, a node announcing that you’re entering a different part of London and we think it has quite a lot of presence,” added Christopher.
“It’s the first building that has been entirely designed by Foster + Partners.
“They didn’t do residential interiors before this but on our tower it’s everything from the hinges to the door handles and the flooring.
“There’s an exactness about it, from the mirrors to the matching patterns on the marble and how the flooring lines up with the skirting boards.
“They’ve thought about everything – how the doors open, how they close and what they sound like.
“The beauty in the design is that it’s equally possible to just leave it be or to put your signature on it.
“The style doesn’t presuppose anybody’s taste.
“The apartments themselves are all about daylight with open-plan designs.
“Every home has a terrace and some have more than one – again of a generous size.
“We’re not a cookie cutter developer and large properties are hard to come by.
“In the end, this is high-end housing that, because of its location, has a broad audience.
“I look at the competition and I know I’m biased, but I can tell you that this really is the best.
“I can be pretty self deprecating about our buildings – I’m very honest – but when it comes to Principal Tower, it’s a home run.”
Four properties are still available at the development
a wealth of amenities
The tower has an obvious appeal for City workers or those who simply want to benefit from the Square Mile’s amenities alongside the buzz of Shoreditch.
However, the proximity of the Elizabeth Line at Liverpool Street makes it an equally appealing prospect for Canary Wharf workers.
Also, with London rapidly moving eastwards, direct connections to Royal Docks and Stratford look like increasingly attractive assets.
Residents’ amenities include an infinity pool, a spa, sauna and gym overlooking Principal Place.
There’s also a cinema, lounge space and a 24-hour concierge service that promises five-start hotel-style service.
Christopher said: “This really is the last chance to buy here.
“There’s already a very good vertical community in the building – there’s a feeling of belonging.
“People are respectful of the building and of each other.
“Neighbours speak to neighbours. Residents see it as a special place and it’s a great environment.
“The person on the door will know your name as you enter the beautiful two-storey lobby and then we have super fast lifts to get people to their homes.
“There’s also parking down below which is accessed by a car lift – it’s like something from James Bond.”
Properties at Principal Tower feature curved corner glazing
a proud moment
“While we’re keen to sell the remaining apartments, there will be a touch of sadness when it’s done because it’s been such an amazing journey,” said Christopher.
“Working with Brookfield on this has been a great experience and that’s not because they’re Canadian like me.
“We’re very proud of what we’ve built and we’d love anyone who is interested to come down and take a peek.
“We especially want people to see the penthouse, which hasn’t been available all that long and really is an incredible space.
“At 3,000sq ft it has stunning views with floor-to-ceiling windows and beautiful outdoor space.
“I’ve been in the property business for a very long time but I can’t think of another space like it.
“It has a modern vibe but there’s the Art Deco style to it too. It’s unique.
“As a company we think a lot about the apartments we create – some things work in plan form but not in reality and there’s nothing worse than getting it wrong.
“Some developers have a formula-based approach, which works fine in the commercial space because development can be quite repetitive – it’s less emotive.
“But for residential every village in London is different, every borough is different, there are varied creeds and politics.
“People want different things so it’s about not just knowing your customer but knowing where they are and why they will come to you.
“We have staff on-site every day and we’d love to show you around.”
Foster + Partners also created the interior finish for Principal Tower
key details – Principal Tower
There are currently four properties available at Principal Tower in Shoreditch High Street.
Prices for a one-bed start at £1.28million and the penthouse is on the market for £9.9million.
- 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
Rising rents are arguably one of the biggest pressures in the housing market right now.
According to a recent study by estate agency Stirling Ackroyd, tenants are currently paying an average of £1,966 a month for a one-bedroom property near Canary Wharf.
While wider inflation has fallen back to 2.3% and average two-year fixed mortgages have dropped back to less than 5% in May, with cheaper borrowing expected later in the year, rents are forecast to climb ever higher.
One study from Savills predicts more than 6% growth over 2024.
Increasingly, affordable housing providers are highlighting shared ownership properties as a less expensive alternative to renting.
A show home interior at East River Wharf
case study: East River Wharf
Take Legal And General Affordable Homes’ East River Wharf scheme, for example.
Its properties form part of Riverscape – essentially an extension of Ballymore and Oxley’s Royal Wharf development on the banks of the Thames at Silvertown.
Located roughly 15 minutes from Canary Wharf itself via the DLR and Jubilee line, these one, two and three-bedroom homes are set in a wealth of green space close to Lyle Park in a freshly regenerated part of Docklands.
Neighbouring Royal Wharf boasts a wealth of amenities including a pub, restaurants, shops and health services.
Residents will enjoy access to a health club with a gym, pool, spa and fitness studio as well as a 16th floor sky lounge with views over the Thames to Greenwich and Canary Wharf.
The apartments at East River Wharf include private balconies, open-plan design and fully fitted kitchens with integrated Siemens appliances.
But, alongside the quality of the finish and the facilities, the key attraction lies in escaping the grind and uncertainty of the rental market.
A deposit of £4,844 could be enough to secure a one-bedroom home at the scheme – 5% of a 25% share worth £96,875.
Monthly costs are expected to be about £1,465.
By purchasing a portion of the property, a buyer can essentially secure a £387,500 apartment with no threat of eviction.
They also enjoy all the freedoms to enjoy living in the space they might expect if it was owned outright.
In contrast to renting, purchasers of shared ownership homes are not subject to landlord inspections or controls on how they decorate their space, for example.
Properties come with fully fitted kitchens
capital appreciation
They also own an asset that, in the case of East River Wharf, is highly likely to appreciate.
The area has already undergone extensive regeneration, but there’s much more in the pipeline for Royal Docks.
Major infrastructure and housing investments are in the pipeline over the coming years with homes, businesses and facilities set to be built locally.
Already an attractive area to live in, these developments are likely to bring fresh demand as buyers look east for high quality homes to purchase in the future.
Royal Wharf is already well served by the DLR and bus routes as well as a dedicated pier for Uber Boat By Thames Clippers services, which run all the way to Putney along the river.
The view from the communal residents’ lounge at Riverscape
secure a property
A spokesperson for Legal And General Affordable Homes said: “The amenities at East River Wharf are best in class, with a state-of-the-art residents’ gym, pool and spa.
“Plus, concierge services and 24-hour security ensure our residents always feel at home.
“There is also a primary school located on the development, which is perfect for growing families.
“Whatever your stage in life, East River Wharf is a modern and secure place to call home with shared ownership.”
Under the shared ownership scheme, buyers purchase part of a property.
They pay a deposit and arrange a mortgage to cover the cost.
They then pay a reduced rent on the rest of the property and the appropriate service charge.
Purchasers need not be first-time buyers but cannot own another property.
Owners can choose to increase the portion of the apartment that’s theirs until they own the whole property, in a process commonly known as “staircasing”.
Equally, buyers are free to sell their share either through the affordable housing provider or independently, if they decide to move home.
Properties at East River Wharf start at £96,875 for a 25% share
key details: East River Wharf
East River Wharf is located at the Riverscape development beside Royal Wharf.
The closest transport link is West Silvertown DLR station on nearby North Woolwich Road.
Prices for a one-bed start at £96,875 for a 25% share.
- 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
Alongside the attractions of an area and the specific amenities at an individual development, uppermost in buyers’ minds is a question – how smart am I being, placing my capital in this place?
While none of us are capable of foretelling the future – who in the early 1980s, for example could have predicted the rise and success of Canary Wharf – we can consider the likely path an area’s fortunes will take.
This is clearly something Fairview New Homes is keenly attuned to as a developer.
Its Dock28 scheme in Woolwich, for instance, is well located for buyers to take advantage of the plethora of improvements that have arrived locally via neighbouring projects as well as those still in the pipeline.
It’s a theme that certainly flows into the company’s next development launch in June.
An artist’s impression of the roof terrace at The Silverton
This means residents will benefit both from nearby Thames Barrier Park, but also the amenities of Royal Wharf – an extensive swathe of development by Ballymore, which boasts a pub, a pharmacy, shops, restaurants, cafes and a pier for Uber Boat By Thames Clippers River Bus services.
The Silverton is also close to Ballymore’s UNEX site, which is expected to be developed in the coming years – part of the wider multi-billion pound regeneration of the Royal Docks.
Set to launch on June 1, 2024, Fairview’s scheme offers prices starting at £400,000, with all homes featuring private terraces, balconies or winter gardens.
The scheme also boasts landscaped podium gardens, with some apartments also able to access a roof terrace on the ninth floor with views over the Thames.
Fairview New Homes sales manager, Sohail Saiyed, said: “The Royal Docks is one of London’s most exciting new neighbourhoods, with a huge amount of money invested in the area and more to come in the short and long-term future.
“There’s already a thriving community here along with excellent transport links and all the amenities you could need.
“With average flat prices in the Royal Docks sitting at around £460,000, The Silverton represents real value with our homes starting at just £400,000.
“We also work with a number of schemes such as Deposit Unlock and Own New to help give first-time buyers that little boost they might need to purchase.
“While we’ve always prided ourselves on primarily helping first-time buyers onto the ladder, with a wide range of different specifications, we’ve truly got something for everyone at The Silverton and with further regeneration planned in the coming years, buying in the area makes for a sound investment.”
The Silverton is located within easy walking distance of pontoon Dock and London City Airport DLR stations offering rapid connections to the City, Canary Wharf and Woolwich.
An artist’s impression of One Goodmayes by Fairview New Homes
developer set to launch One Goodmayes
The Silverton isn’t the only development that Fairview is set to launch next month.
The company’s One Goodmayes scheme will be unveiled at an event on June 22, 2024, and aims to attract buyers east along the Elizabeth Line.
Located between Seven Kings and Goodmayes stations – a seven-minute walk east or west, respectively, the development will see a total of 102 new homes built.
Studios, one-beds and two-beds will all be available, with prices starting at £275,000.
Each property comes with a private balcony or terrace and fully fitted kitchens with integrated appliances.
There’s also a communal roof terrace with views over London’s skyline for residents to access.
Sohail said: “Situated at the heart of the Crossrail corridor, Goodmayes is a rapidly up-and-coming neighbourhood with buying prospects rivalling the likes of neighbouring Stratford.
“Officially launching on June 22, we are already seeing strong interest in the development from buyers and investors alike.
“We’re confident One Goodmayes represents real value in comparison to many other areas of London, without sacrificing on transport links or nearby amenities, making the development a great option for first-time buyers.
“We’ll be able to welcome our first residents at One Goodmayes as early as September this year.”
Locally, the area is surrounded by parks including Seven Kings and Goodmayes as well as South Park.
There’s also an extensive selection of amenities including shops, bars, restaurants and supermarkets.
The development’s proximity to the Elizabeth Line means residents can expect journeys of less than 30 minutes to Canary Wharf and Liverpool Street once at Seven Kings station.
That location also means direct access to areas such as Farringdon, Soho, Oxford Street and Paddington.
One Goodmayes is located between Goodmayes and Seven Kings stations on the Elizabeth Line
more on Fairview New Homes’ launches
The Silverton is set to launch on June 1, 2024, with prospective buyers able to book viewings and enjoy a glass of Champagne as they see what’s on offer.
Email silvertown.sales@fairview.co.uk or call 020 8131 4030 for more details.
One Goodmayes’ launch event will take place on June 22, 2024.
Email goodmayes.sales@fairview.co.uk or call 020 3603 2533 for more details.
- 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
Residents and prospective buyers are set to come together on June 15, 2024, for an event at the development on the banks of the River Ravensbourne.
There, the affordable housing provider will host buyers and guests to mark the culmination of construction work alongside a chance to view its new three-bedroom show home.
Square Roots, which is owned by developer London Square, has created a scheme in south-east London comprising 141 apartments all with private outdoor space.
The properties themselves feature dedicated home working stations with power and high speed Wi-fi options.
Further amenities at the development include a rooftop terrace for residents, cycle storage and landscaped gardens.
A new show home is set to be launched at the development in May
incentives at Square Roots Lewisham
But these aren’t the only attractions to tempt buyers.
Square Roots has put together incentive packages, with buyers able to select from a number of options worth up to £4,000 or £6,000 if reserving a one-bed or two-bed respectively.
These include window treatments from Thread And Dandy and vouchers for John Lewis and IKEA.
Annual Travel Card for Zones 1-6 or an annual parking space at Lewisham Shopping Centre are also on offer. Naturally, terms apply.
Square Roots Lewisham head of sales, Becky Boden, said: “Square Roots Lewisham offers an amazing opportunity to live close to central London in a beautifully designed, high quality new home that’s affordable.
“Look out for our Unveiling New Heights At Square Roots event on June 15 – launching new apartments and celebrating the completion of the development, plus there will be a new show home to view.
“This will be an event for both residents and the public with cocktails, food, and sax players playing Ibiza classics.”
An artist’s impression of the view at Square Roots Lewisham
Prospective buyers invited to view between noon and 4pm.
Square Roots is also able to connect those seeking to make a purchase with an independent financial adviser who can assist in securing a mortgage.
With the soaring cost of renting in London, affordable housing providers are increasingly holding up shared ownership as a mirror to renting in the capital.
At Square Roots Lewisham, a buyer taking out a 35-year mortgage on 25% of a £415,000 one-bed with a 5% deposit could expect to pay around £1,422 per month for a 544sq ft one-bed.
That figure includes mortgage repayment, rent and service charge.
A similar size property for rental in Lewisham currently costs about £1,575 – £152 more – per month.
That’s a potential saving of £1,824 a year.
Buyers would need a 5% deposit of £5,188 and a minimum household income of £46,119.
The show home will also be available to view at an event in June
local amenities near Square Roots Lewisham
Beyond price, of course, a shared ownership buyer is also free to enjoy the property as though they own the whole thing.
There will be no quibbles over decorating and – crucially – no uncertainty over whether they will be required to suddenly move out.
Living in Lewisham offers a multitude of benefits with extensive regeneration already underway in the area, which boasts many restaurants, cafés, bars and shops.
The Square Roots development is located within seven minutes’ walk of Lewisham station.
This hub offers direct connections to London Bridge in eight minutes as well as rapid access to east London via the DLR.
Those working in Canary Wharf can expect a commute of about 20 minutes.
The development will feature communal roof terrace space
need to know
One, two and three-bedroom shared ownership homes are available at Square Roots Lewisham, as well as two-bed duplexes.
Prices start at £103,750 for a 25% share of a property with a full market value of £415,000. The properties will be available to move into this summer.
The estimated service charge at the development is £3.13 per sq ft.
- 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
We’re sat in front of the frankly huge, gold-framed plate glass windows in a show apartment in The Pearsall building at Ballymore’s Riverscape scheme.
The effect of this expansive, considered glazing is to portion up the apartment’s views over the Thames of east and south-east London into gilt-edged postcards of a vibrant, ever-changing city and skyline.
It’s a part of the capital Brian’s career in property has deeply intertwined with.
Working for the likes of Berkeley Group, Mount Anvil and Canary Wharf Group, he’s helped countless buyers find new homes here, at developments up and down the river.
It would be fair to say while those developers have built the structures that have transformed Docklands, his job has been to convince house hunters to live in them, helping to create the emerging communities which have replaced industrial decline.
He joined Ballymore a little over seven months ago as managing director of sales and marketing and is relishing the opportunity to work on its existing schemes and a rich pipeline.
Ballymore managing director of sales and marketing, Brian De’ath
“Our industry is very small – people bump into each other all the time – so I got to know my predecessor, Jenny Steen, over the years and I’d always got on tremendously well with her and had great respect for Ballymore as a company,” said Brian.
“For me it was good timing that a position arose at a company I really wanted to work for.
“Looking at what Ballymore has done over the years, I’d been impressed with its level of integrity in terms of acquiring a site and taking the soul of the area into account.
“I think it’s in the company’s DNA to say: ‘We’re going to treat each individual project in its own right and on its own merits’, rather than taking a model and replicating it.
“Instead, the company asks what each development needs and what it can do to enhance the local area.
“Ballymore was one of the first developers there and for the company to take that leap of faith and imagination was tremendously exciting.”
The Pearsall features large windows with views across the Thames
Simply put, the developer has built a sizeable portion of the east London we see around us today.
In partnership with EcoWorld it’s delivered Wardian – just over the dock from Canary Wharf on the Isle Of Dogs – and London City Island at Leamouth, which included a new home for the English National Ballet and a vital bridge over the River Lea, linking the area to Canning Town station.
The latter has since been effectively extended as a campus, with Ballymore’s Goodluck Hope project filling a patch of land between the Thames and the smaller river with warehouse-style buildings and townhouses.
While the company’s impact has already been profound on the shape of housing close to Canary Wharf, it’s also been transformational for the regeneration of Royal Docks.
Working with Oxley, it’s Royal Wharf scheme has seen a town of more than 3,000 homes built beside the water close to the Thames Barrier.
The Pearsall features open-plan apartments
The partners are currently building Riverscape – a development of more than 750 homes on a strip of land leading up to the river between Royal Wharf and the 100-year-old Lyle Park.
Located right on the water, it houses 137 apartments – with one, two and three-beds available – and is due for completion in the summer.
“It’s in a super spot with views across Lyle Park and down the Thames to Canary Wharf,” said Brian.
“You’ve got 100-year-old trees in front of you, with the park celebrating its centenary in 2024 and then there’s the river itself – imagine the sun setting behind the towers on the skyline with the water in front. It’s a great spot and we’re delighted with it.
“Historically if you’d asked me how close I’d want a building to be to the Thames, I’d have always said right next to it.
“But while working for Canary Wharf Group and selling homes at South Bank Place, which has Jubilee Gardens in front of it and then the river beyond, I learnt that having the contrast between the green space and the water can be incredibly special.
Properties feature built-in storage in the main bedrooms
“I get that same feeling at The Pearsall. I think it offers unrivalled value at its price point.
“The quality of the architecture and the interior design has absolutely not been seen in this location before.”
The properties feature open-plan design, big windows, built-in wardrobes, walk-in showers and high quality timber flooring.
Part of the attraction for buyers will also be the prospect of moving to a neighbourhood that’s well established, albeit one with significant regeneration to come.
This should mean improved access to nearby Pontoon Dock DLR, a new bridge across Royal Victoria Dock for better access to the Elizabeth Line and an expansive swathe of development by Lendlease as its transforms the land around Millennium Mills.
But right now residents who move into Riverscape will benefit from Royal Wharf’s extensive offering.
That includes a 25m swimming pool, hydrotherapy pool, sauna, jacuzzi and a gym in its Clubhouse, on-site security and a wealth of established businesses including a nursery, cafes, restaurants, a GP, a dentist and The Windjammer pub.
Residents can enjoy views over Lyle Park to Canary Wharf
There are also regular farmers’ markets and community events to look forward to.
However, to consider The Pearsall even at this level of isolation would be to do a disservice to the area and its future.
One of the key things buyers must consider when making a purchase is how likely an area is to be attractive in the coming decades.
The Pearsall sits at the apex of a scheme that slots neatly into a vibrant community.
This is located in Royal Docks, London’s only enterprise zone, which is currently enjoying billions of pounds of inward investment as public bodies and private companies work to regenerate land abandoned by industry.
So those making a purchase now are likely to benefit further from such mammoth milestones as the opening of the nearby Silvertown Tunnel, the expansion of Excel and a wealth of future development.
Ballymore itself has two more substantial schemes in the pipeline – one on the other side of Lyle Park at Knights Road and another further east at UNEX-Thames Road, on the other side of Thames Barrier Park.
“To buyers now, we’re not saying you have to be pioneers at all, but part of the attraction of buying here is to be part of the journey that’s coming,” said Brian.
Glazing at The Pearsall portions up the London skyline into gilt-edged postcards
“Ballymore has the fourth largest pipeline of any developer in London and that’s incredible for a privately managed business.
“Knights Road will have around 1,250 homes, although the numbers may change as it goes through the planning process.
“It’s got a lovely scale to it and, for me, it feels like placing the next piece in a jigsaw puzzle.
“The east of Lyle Park will be fully developed and accessible to residents and the new scheme will join on to that – ultimately the whole area will be read as one.
“When you walk around Mayfair or Belgravia, nobody thinks about which buildings were created as part of which schemes – people experience them as single places and that will happen here too.
“We’re also very lucky to have the UNEX site, which will be about 1,400 homes with some very interesting designs coming, including some for light industrial use.
That means an opportunity for great architecture and businesses – a small brewery, perhaps – mixing in with the apartments.
“We’ll be creating large parks as part of these schemes too and opening up the river.
“We want to work with local stakeholders to do this because we see the value in it for residents and visitors.
“When you look at Ballymore’s investment, there’s no-one doing more in this part of London – it’s something we take incredibly seriously.”
Homes at Ballymore’s Goodluck Hope scheme at Leamouth are still available
ALSO AVAILABLE – Goodluck Hope
Ballymore is currently marketing properties at its Goodluck Hope development, a little further west along the Thames
“This has been a tremendously successful development by Ballymore,” said Brian.
“The scheme includes a wonderful mix of architecture with a mixture of townhouses, towers, low-rise buildings and a refurbished dry dock.
“There’s a grocery open there now and a bakery and cafe as well as all the amenities as London City Island. We currently have about 100 homes left at Goodluck Hope.”
A show home interior at Goodluck Hope
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key details
Apartments at The Pearsall start at £435,000 for a one-bedroom property. Completion is expected this summer.
Homes are also on sale at Ballymore’s Goodluck Hope scheme in Leamouth. Prices start at £425,000 for a studio.
- 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
