First Time Buyer – February/March 2016 by The Ultimate Guide Company

the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY

February/ March 2016 £2.95 firsttimebuyeronline.co.uk

WHAT THE YEAR HAS IN STORE FOR FTBS

WHICH? MORTGAGE ADVISORS, CUT OUT AND KEEP GUIDE

WIN!

A SELECTION OF TABLEWARE FROM THE HERITAGE COLLECTION BY DENBY, WORTH OVER £500

HOW TO CREATE A SMART HOME ON A BUDGET AFFORDABLE LONDON HOMES IN ZONES 1-3

“Deposits are always a stumbling block, but save as much as you can” Ben Hillman, TV presenter,

interior designer and property expert

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2 first time buyer October/November 2014

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contents

Feb/March 2016 / issue 57 / FirsttiMebuyerONliNe.cO.uk

What’s in… 60

Commuter homes

After splitting up with her boyfriend, Bunmi Odubanjo had to move back home, but she soon decided she needed her own space. She initially bought a 50% share in a two bedroom apartment from Thames Valley Housing, but after saving hard, she has managed to staircase and now owns 100%.

HomePage

11 Hot off the press this month’s main news snippets.

12 Living spring is just around the corner, so it’s time to freshen up your home with these lovely pastel accessories.

19 Property-Viewing Checklist

36 1, 2, 3, Go!

An invaluable cut-out-and-keep guide from Which? Mortgage Advisors, explaining all you need to know about viewing and making an offer on a property.

We highlight some very affordable homes located right in the centre of London.

FeaTureD

14 At home with… Andre Benis Andre offers beautiful textile screen prints made from artisanal suppliers in Japan through his company, shogun Designs, He talks to Lynda clark about his fascinating family and gives some useful advice on how to plan your interior space.

16 House Hunter

22 The View: Ben Hillman Ben Hillman is a presenter on A Place in the Sun and runs his own interior design business. He tells Lynda clark how it all began and gives expert advice for ftbs.

26 2016 – The Year of Opportunity for First Time Buyers

We try and find Liam spencer and Alix oliveira their dream home.

Following George osborne’s spending Review last autumn, we explain what the changes will mean for first time buyers.

18 Developer’s doctor

34 Get Smart

tim seward, Head of Property sales at circle Housing, answers all of your property questions.

We meet the first time buyer who has cleverly turned his apartment into a smart home, while on a budget.

67 First Time Buyers Readers’ Awards A chance to review the shortlist of nominees in all the different categories, plus details of how to cast your allimportant votes.

first time buyer February/March 2016

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contents Ben Hillman, Page 22

Number crunch, look at your finances and get everything in order. You need to forward think and look at what the future might hold

Ben Hillman homemaker

104 Mortgage Clinic David Blake of Which? Mortgage Advisors answers all your mortgagerelated questions.

for for sale sale

106 Credit Clinic The latest in our series in which Experian’s credit expert, Joe Green answers your questions related to credit and your credit score.

75 The59-63 best FTB The best properties FTB properties

108 Finance With tighter lending rules in force, there has been a big increase in borrowers considering longer-term mortgages. Kay Hill looks at why it is happening and whether it is a good idea.

Competition Win a selection of tableware from the Heritage Collection by Denby, worth over £500.

98 First Home, First Meal

110 Market

Clive Fretwell, executive chef at Brasserie Bar Co. shares his recipe for making the best crepes this Pancake Day. We also test the best Valentine’s Day meals from the UK’s top supermarkets.

Ginetta Vedrickas asks whether you will be renting, or buying this year and provides some useful answers and information on the current options available to a first time buyer.

regulars

112 Agony Agent All your property questions answered by our panel of experts.

115 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process. Adele Barker, Director of Conveyancing at Beaumont Legal, highlights things to consider if you are thinking of buying with a friend.

122 Directory Where and how to contact your Help to Buy Agents and providers.

130 Last word 40 Hotspot We look at Dagenham as a place to live.

The start of a new series in which first time buyer Jenni Hill shares her blog about moving back home to save for that all-important deposit.

4 first time buyer February/March 2016

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EDITOR’S LETTER

EDITORIAL 020 7258 1777

Editor-in-Chief SARAH GARRETT sarah@firsttimebuyermag.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant TOM HOWARD

Creative Director RYAN BEAL

Sub Editor HELEN MATHIAS

Contributors ADELE BARKER, DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, TOM HOWARD, LAURA DEAN-OSGOOD, ROGER SOUTHAM, GINETTA VEDRICKAS A D V E RT I S I N G 020 7258 0067

Director of Advertising/Exhibition Sales LYNDA CLARK

lynda@firsttimebuyermag.co.uk Special Events FIONA MARSHALL – First Time Buyer Home Show – First Time Buyer Readers’ Awards fiona@firsttimebuyermag.com 07964 062766 Accounts FIONA MARSHALL accounts@ultimateguidecompany.com

Welcome As we start 2016, I am feeling very confident that this will be the year that more first time buyers get a foot on to the property ladder. The Government is taking the current housing situation extremely seriously and has implemented some very positive changes and schemes to help with the problem, so do go to page 26 to find out more. It is that time of year again when we ask you to vote in our First Time Buyer Readers’ Awards. With new categories for 2016 and more entries than ever before, we are very excited – but it is up to you, the readers, to decide who the winners are. Please go to ftbawards.com and cast your votes – it doesn’t take very long, but it is very important, so thank you in advance. We are holding our next FTB Home Show on 16 April, at the Fairfield Halls, Croydon, and we are looking forward to seeing you there. It is the ideal way to find out everything you need to know about buying your first home and to meet developers, housing associations, Help to Buy London, and legal and financial experts. It is free to attend and there will be very informative seminars running all day. Visit ftbhomeshow.com to register. If you are going to view a home, then it can often be difficult to remember all the things you should look at and the questions you should ask. Go to page 19 to find a really useful cut-out-and-keep guide produced by Which? Mortgage Advisors. The guide also gives advice on how to make an offer on a property, so I am sure you will find it invaluable. I hope you find this issue packed full of useful information to help you buy your dream home and, until next time, happy house-hunting!

Managing Director SARAH GARRETT sarah@firsttimebuyermag.co.uk Public Relations RACHEL COLGAN rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 1777 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787 THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for April/May 2016 must be received before 18 March 2016. Send all copy to: lynda@ firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2016. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/ claim resulting from a transaction with one of our advertisers/media partners.

first-time-buyer-magazine

@firsttimebuyer

EDITOR’S PICKS…

We’ve dreamed of buying our own home for a number of years, but we’ve found it difficult Help to Buy has been saving up a deposit a great way for us to Liam Spencer, House hunter, Page 16 buy our first family home and it’s good to not be wasting so much money in rent Tom Acfield, 2016 – The Year of Opportunity, Page 27

I made up my mind that I would increase the share of my home to 100% within three years Bunmi Odubanjo,

Real Life, Page 62

Adding accesories to a room is a great, cost-effective way to update your interior

When it comes to shared ownership, your monthly outgoings will often be far less than if you were paying rent Simon Scott, Agony Agent, Page 112

Andre Benis, At home with, Page 14

First Time Buyer February/March 2016

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editor’s letter

8 first time buyer August/September 2014

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letters

Mail box SERVICE CHARGES I’m hoping to buy my first home soon and I’ve been looking at apartments near to where I work. I was telling my friend about my plans to move and she told me to check how much the service charge is on the apartments before I commit to buying. I’ve heard of service charges, but I’ve no idea what they’re for, or how much they are. Can you advise me, please? Dean Clark FTB: That is a very wise friend. It is always important to ensure you have full information on your outgoings, commitments and liabilities. As exciting as your first home is, it comes with responsibility and, if it is leasehold, then the responsibility is prescribed in the lease. This is the document that governs the roles, the charges and the responsibilities. Any leasehold property will have a service charge to pay annually and this will cover the items specified in the lease; usually the running costs of the building outside of the flat front doors – known as the ‘common parts’. Items would include: boiler maintenance; lift maintenance; cleaning; repairs to the building; insurance; managing agents’ fees and health and safety. There would also usually be a payment towards a sinking fund, or reserve fund, which is collected to pay for major works such as redecoration outside of the building, inside of the staircases and hallways, on a regular basis – usually every five years or so. It is also worth checking leaseadvice.org which has information on leasehold and is a government-backed advisory service for leaseholders.

This month’s star letter wins an odour-free Judge organic waste bin, worth approximately £27.50. This traditionallystyled compost pail is perfect for disposing of last night’s leftovers and features two carbon filters that absorb any smells, making recycling odourless and easy! The bin has a 2.75 litre capacity and the polished enamel finish makes cleaning it a simple task. judgecookware.co.uk

STAMP DUTY I want to buy my first home soon and I’m trying to get my head around all of the finances that will be involved. As a first time buyer, do I have to pay stamp duty? Anna Smith FTB: Unfortunately, yes, you do have to pay, Anna. Stamp Duty Land Tax is a lump-sum tax that anyone buying property, or land

over a certain amount, has to pay, and is a cost often overlooked by FTBs. You’ll have to pay the tax within 30 days of completion, or you will face a fine, but check with your solicitor first, because they will often pay on your behalf on the day of completion and add the amount to their fees. If you want to work out how much your stamp duty will be, go to hmrc.gov.uk/tools/sdlt/landand-property.htm.

WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. First Time Buyer Letters, 37 Ivor Place, London NW1 6EA lynda@firsttimebuyermag.co.uk

FREE FURNITURE I’m due to move into my first home within the next couple of weeks and I’m having trouble finding affordable furniture to furnish the rooms with. What is the best way of getting furniture on a budget? Karen Jones FTB: Furnishing your new home can be costly, but there are lots of websites – such as Freecycle and Freegle – that allow you to collect unwanted items from the local area for free. There’s no catch either! Rather than the hassle of listing and shipping the item on eBay, or sending their unwanted furniture to the tip, people offer it free of charge to those in their local area – all you have to do is arrange to collect it!

MORTGAGE DEALS I’ve just started to search for my first house and I want to sort out a mortgage before I start seriously looking at properties. What is a good way to go about finding the best mortgage deals? Lucy Lawford FTB: There are several options to consider when looking around for the best deals on your first mortgage. Generally speaking, online searches, using a mortgage broker and going into a bank are the most common ways to seek out the best deals. Using online comparison sites – such as moneysupermarket.com, or

It’s an excellent way to decorate your new home on a budget and there are lots of good-quality freebies to be had, so keep your eyes peeled.

moneysavingexpert.com – will give you a feel for the kind of deals that are available, while an independent mortgage advisor will give you a more in-depth search and they will provide extra help and guidance as well. It’s also worth going directly to your bank as they sometimes have special offers for existing customers. Using a mix of all three methods will give you the best chance of finding the perfect mortgage deal for you.

VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyeronline.co.uk

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Homepage news IN BRIEF

On the up! The first time buyer tracker from Your Move and Reeds Rains showed that there were 31,300 ftb completions last November, which is up 23.7% annually and the most since August 2007.

St Anne’s Quarter from Orbit Homes is a new residential and retail development in the heart of Norwich, due to be completed in 2017.

Sales up House Prices According to the Halifax House Price Index, prices in the last three months of 2015 were 1.6% higher than in the preceding three months. Newham in London recorded the biggest rise in house prices among the major UK towns and cities over the past year, according to recent research by Halifax. The average house price in the London borough was 22% higher than in the previous year*, nearly double that of the 12% increase across London as a whole. Those areas that have seen the biggest house price increases over the past year are either in outer London, or within close commuting distance of the capital. *Based on 12 months to November 2015, compared to 12 months to November 2014

Government help The government has launched a package of measures to transform 100 housing estates across the country, including a £140m fund and the launch of an Estate Regeneration Advisory Panel, chaired by former Deputy Prime Minster, Lord Heseltine.

House price lending The Council of Mortgage Lenders’ figures for November 2015 show that ftbs borrowed £4.2bn to buy their first homes, which is down 9% on October, but up 14% on November last year. This totalled 27,900 loans, down 8% month-on-month, but up 10% year-on-year.

LegalZoom UK acquire Beaumont Legal LegalZoom Legal Services Ltd (LegalZoom UK), the UK arm of the leading US legal brand, has announced an agreement to acquire Beaumont Legal, the award-winning law firm based in Wakefield, Yorkshire. Recognised as one of UK’s fastest growing legal businesses, Beaumont Legal currently offers a range of legal services to individuals and businesses. In recent years, Beaumont Legal has grown to be one of the UK’s leading providers of conveyancing. LegalZoom UK Chief Executive, Craig Holt, said, “We’re building a unique, next-generation law firm from the ground up, with a singular, relentless purpose: to best meet the needs of consumers and businesses in the modern era. This requires the perfect blend of technology, lawyers, and other expertise, and Beaumont Legal are an important piece of that jigsaw. We’re meticulously and patiently building something the likes of which has never been seen in the legal market – and remain open to other acquisition opportunities to further that aim. Our consumer and business clients deserve only the very best and we’re going to make sure we take the time to deliver just that.”

Record numbers of people are starting to own part of their own home, according to figures from one of the country’s leading housing association developers. Orbit Homes, the sales and development arm of 39,000home Orbit Group, has recorded its highest number of sales of shared ownership homes, since it was launched. In October 2015, Orbit Homes saw 59 shared ownership completions. In the first six months of 2015-16, Orbit has sold 168 shared ownership homes, compared to 178 in the whole of 2014-15. The profit from these sales will be reinvested in building more much-needed homes. The figures come at a time when house prices are rising at a much faster pace than incomes, pushing the average age of the first time buyer to 37 last year. Demand for shared ownership homes has continued to grow and in some areas outstrips supply by a factor of up to 10 to one. With shared ownership sites both completed and in the pipeline across the Midlands, East and South of the country, Orbit is on track to achieve its ambition of building 12,000 homes between 2013 and 2020; having already built over 3,400 homes in the last two years.

Stress report! New research from Which? Mortgage Advisers reveals that buying and selling a house is one of the most stressful life experiences. In a survey of nearly 2,000 members of the general public, respondents were asked to rate how stressful they found each of life’s major events, ranging from going through a divorce to buying a new car. While going through a divorce came out on top of the list of life’s stresses, with four in five people (78%) considering it stressful, buying and selling property followed closely behind, with seven in 10 people (69% and 70% respectively) finding either process nerve-wracking. Buying or selling a property was considered more stressful than: arranging care for an elderly relative (68%); having a child (53%); changing jobs (49%) or getting married (40%). The research also revealed that women found both buying and selling a property more stressful than men. Three quarters (75%) of the women surveyed reported they found selling a property stressful, while only two thirds (66%) of men felt the same. These figures were mirrored when it came to buying a property, with 73% of women finding the process stressful, as opposed to 67% of men.

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Homepage living

Spring is in the air Brighten up your kitchen this spring with candy colour pastels that look good enough to eat Above: Set of four Amelie placemats, £7.99; set of four Amelie coasters, £4.99; Amelie cake stand, £16.99; set of two Amelie tea towels, £6.99; green sweetheart canister, £12.99; glass sweetheart canister with pink lid, £6.99, Harbour Living

Set of four ceramic flower hooks, £22; set of three tea towels, £14; oven gloves, £14; apron, £15; set of two cake tins, £20; flour shaker, £6; egg holder, £12; tea, coffee and sugar tins, £18; tea cosy, £12; measuring cup set, £14; teapot, £20; glass jar, £8; cake stand, £30; cushion, £28; teacup, saucer and side plate set, £18, At Home with Ashley Thomas at Debenhams Glass jars with polka dot lids, £2 each, George at Asda

Set of two Windsor ivory and natural chairs, £140; Worcester two tone large hutch, £820; Worcester two tone large sideboard, £1,200, Debenhams

12 first time buyer February/March February 2010 2016

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Homepage living

Country Fayre set of three framed prints, £19.99; duck ornaments, £9.99 each; HOME wall hooks, £24.99; ditsy floral bunting, £3.99; Country Fayre hanging plaque, £3.99; check seat pad, £5.99; Country Fayre check table cloth, £16.99, Dunelm

Worktop saver, £12, ben de Lisi at Debenhams

Rose flan dish, £6; rabbit cookie jar, £12; measuring cups, £5; small cake stand, £8; mixing bowl, £8; flour shaker, £3.50; measuring spoons, £4; rose mixing jug, £7; rolling pin, £5, George at Asda

nested snack boxes, £3, George at Asda

C O N TA C T S » Harbour living harbourliving.co.uk » Debenhams debenhams.com » Dunelm dunelm.com » george at Asda george.com

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Homepage LIVING

At home with: Andre

Benis

Andre started his career working at the London office of CNN, but he always had an urge to start his own business. His mother’s side of the family has been in the Japanese kimono silk business for generations, so it was a natural choice to launch Shogun Designs. These vibrant textile screen prints are unique and made by artisanal suppliers in Japan. He talks to Lynda Clark about how it all began

FTB: You were born in Japan; tell us about your childhood AB: My mother is Japanese and my father is from the US and I was born in Japan, where we lived near Tokyo. My grandmother lived in Kofu, which is about an hour from Tokyo, and we used to spend our summers there. Her home was a typical, traditional wooden house, with very ornate roof tiles, and the family had been in the kimono silk business for eight generations. The front of the house was used as a shop, selling kimono silks, and they lived in the back. It was a very special place and I loved going there. When I was about four, my father was relocated to England and we initially lived in a little cobbled mews in Earls Court.

“BLEND OLD WITH NEW AND DO LOTS OF RESEARCH – VISIT MARKETS, SECOND-HAND SHOPS AND LOOK ONLINE AS YOU OFTEN GET SOME WONDERFUL AND UNUSUAL PIECES”

FTB: Where do you live now? AB: I now live in a gorgeous two bedroom basement apartment in Earls Court, which is great. My sister is an interior designer and she helped me design the inside of my home. She knows me very well, so she was able to put my personal stamp on the place, which is very important to me. I absolutely love what she has done and I couldn’t be happier in my home. It’s kind of east meets west and is the perfect backdrop to showcase the artworks that I now sell. FTB: How did your career start? AB: I studied economics and politics at Manchester University and when I left, I started my career working at the London office of CNN. It was a great place to work and I was there for several years, before jumping to the other side of the fence. I worked for a number of global advertising agencies, representing brands like Pantene, Ariel and Kellogg’s. An

14 First Time Buyer February/March 2016

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Homepage LIVING

opportunity then came up to be involved in the launch of a hotel and spa in the Alps. As I loved skiing and always enjoy a challenge, I decided to give it a go. The hotel experience triggered an urge to create my own business and, as I have always adored textiles and, in particular, the Japanese textiles that my family are in, it seemed the obvious step to start making and selling high-quality, affordable textile art via my website. FTB: Tell us about Shogun Designs? AB: I did a great deal of research beforehand and then had to go over to Japan to buy the screen prints and export them to the UK. The companies were quite mistrusting at first and the head of one of the suppliers I visited was 80 years old and an amazing man. The trouble was, that none of the prints had left Japan before, due to the mistrust of outsiders, but luckily, because of my family’s credibility, it helped to cement the relationship and it ended up very well. The screen prints are all unique and are inspired by Japanese aesthetics, traditions and culture. Screen printing is an ancient technique,

“THE SCREEN PRINTS ARE ALL UNIQUE AND ARE INSPIRED BY JAPANESE AESTHETICS, TRADITIONS AND CULTURE” which creates a beautiful, multi-layered effect, combining texture, depth and colour. The particular screen printing technique is also unique to Japan and is called Katazome. This is a traditional stencil technique used to dye fabric and paper, even using edible Japanese products like glutinous rice and persimmon juice! Introducing these high-quality, but affordable prints to the western world is so exciting. FTB: What are your plans for the future? AB: We obviously sell our prints online and to independent retailers and I am hoping to expand to larger retailers soon and for the collection to grow. Further down the line, I would like to introduce kimono-based silks into the collection, but these are far more expensive and very

delicate to work with. I have always wanted my collection to be accessible to everyone, affordable and of the highest quality. FTB Have you any interior tips for first time buyers? AB: If you are on a budget, then just adding some accessories like cushions, rugs or textiles to a room is a great, cost-effective way to update your interior. Blend old with new and do lots of research – visit markets, second-hand shops and look online as you often get some wonderful and unusual pieces. Creating the interior for your home is rather organic and is a gradual process of looking and finding just what is right for you. shogun-designs.com

009

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Homepage FIRST RUNG

The

HOUSE HUNTER

What we found... THE ECO HOME East City Point, Canning Town

THE WATERSIDE COMMUNITY from

£295,000

Greenwich Peninsula, Greenwich

from

£92,500*

This month FTB goes on the hunt with Liam Spencer and Alix Oliveira, who are after a one or two bedroom home in London, within a commutable distance from work

PROFILE

Names Liam Spencer, 36, Alix Oliveira, 28 Occupations IT manager, dental nurse Maximum budget £280,000 Requirements A one or two bedroom home in London, within a 30-minute commute from work, with good transport links and a balcony, or garden.

What they wanted… We’ve dreamed of buying our own home for a number of years, but we’ve found it difficult saving up a deposit. It’s taken us a while, but we have now managed to save £28,000. We’re really open about where we live. We’ve been in a rented place in Finchley for five years now and we’d really like to start afresh, possibly somewhere completely different. We both work near London Bridge, which gives us lots of options when it comes to location. As long as we’re able to get to work in around 30 minutes, then we’re both happy. Liam works long and sometimes irregular hours, and I work weekends, so we don’t want to lengthen our days by spending too long on a train, but we are happy to commute a little. It would be ideal to be close to a station, or bus routes, as we don’t own a car, and we’d also like to be close to some local shops.”

The Atrium Building is the latest phase of this popular development in east London and will be home to a total of 649 apartments when complete. The stylish, contemporary building has been designed to capitalise on natural light, making for bright and spacious homes, which are heated with an eco-friendly system. Getting around the city is easy, with Canning Town station under a mile away, from which Canary Wharf can be reached in five minutes, and London Bridge in just 10.

This smart new collection of one and two bedroom homes is superbly located, just moments from the Thames, the O2 arena and the beautiful, south London Royal Borough of Greenwich. The homes here are designed with modern living in mind; open-plan living/dining areas are complete with sleek, fitted kitchens, quality flooring, and floor-to-ceiling windows as well as a private balcony, or terrace. The development forms part of a wider waterside community an all just 10 minutes from London Bridge by tube.

countryside-properties.com

lqpricedin.co.uk *Based on a 25% share of the full market value of £370,000

What they thought… We’re really impressed by these homes, as well as the location, which is wonderful. We’d have such a short commute to work, which would give us more time to do other things. We really like the design of the fittings, which seem to be just our style – it’s clean and modern, a stark contrast to our current place. We’re also really interested in the eco features in the development – we think it’s so important, and know that such things can also bring down bills – which is very attractive.”

Having grown up in nearby Eltham, this is an area that Liam knows really well, and that we both really like. It would be amazing to be so close to Greenwich – there are so many great pubs and shops, it would be really fun. We love the apartments inside, too, they look really spacious and bright. I do quite a lot of sewing, and it’s so nice to do it in natural light, which the huge windows will help with.”

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Homepage FIRST RUNG

THE GYM LOVER New Providence Wharf, Docklands

First choice!

THE COMMUTER from

£95,563*

Brunswick Square, Orpington, Kent

from

£295,000

THE EASTENDER from

£143,000*

Millport, Isle of Dogs

The stylish new homes at the Jessops Building in New Providence Wharf lie just moments from the Thames and all that London’s Docklands has to offer. Inside, the one and two bedroom homes are stylish and contemporary, with spacious living areas, and high-quality fixtures and fittings. Outside, on the private balconies, there are some wonderful views of the area, including, from some, a view of the river. Residents will also have access to an on-site gym and spa, securing the exclusive feel of the development.

Located in the heart of this Kentish town, Brunswick Square consists of several one and two bedroom luxury apartments. Each home has a private balcony, accessed from the spacious living/dining area, and the kitchens are individually designed and fitted with Bosch appliances. Master bedrooms feature fitted wardrobes and an en suite shower room. The development also has great on-site facilities, including a private gym, secure basement parking and a car club. Orpington lies within travel zone 6, just 30 minutes from London Bridge.

genesishahomes.org.uk

berkeleygroup.co.uk

*Based on a 25% share of the full market value of £382,250

As soon as we heard the words ‘gym and spa’ we were interested! We’re both big gym goers, and really like the idea of having access to our own private one. The development and the apartments are also pretty sleek and very impressive indeed. There’s a lot of natural light and we love the tiled walls in the kitchen area. It’s a good location, too. Blackwall DLR station is really close by, and we could both get into work in about 15 minutes.”

This is a really interesting option. We have never considered this area before, but think that it looks lovely. We’ve lived in London for a long time so, in a way, it would be nice to come away from the centre and enjoy life closer to the countryside – and it’s not a bad commute. The apartments look absolutely lovely and, with the gym on-site, it really would feel luxurious. There are a lot of nice features, such as the chrome fittings and built-in wardrobes and we like that there’s been a lot of attention to detail.”

reasingly London is becoming inc The Isle of Dogs in east new this ers and is home to popular with first time buy hts of sig The es. bedroom hom collection of one and two tty pre and na are mes, the O2 Canary Wharf, the Tha some are re the and ch rea y eas Greenwich are all within ishly styl are . These new homes great local amenities too oms, hro bat d -tile fully , and feature designed, inside and out odwo as ll we as ces lian ted app fitted kitchens with integra , very ate priv a oy enj also l wil effect flooring. Residents y. generously-sized balcon /millport nottinghillhousing.org.uk *Based on a 40% share of a full market value of £357,500

THE NEXT STEP

“The shared ownership option is great for us, it means that we can afford to live in an area we couldn’t have dreamed of otherwise. We’ve spoken to a mortgage adviser and have an offer in principle, so now we’ll just need to get the ball rolling again. We’re really excited at the prospect of living in such a fantastic location, near all the things we love doing.”

This is a great location – close to some of our favourite places in London. We love Greenwich and are really excited by the thought of being able to walk there really quickly, we’d also be so close to the O2 complex, which will be great for going to concerts and restaurants. Mudchute station is really close by, too, and the commute looks like it would take around 20 minutes, which is excellent. Liam’s family are quite local, so we think it would be great having friends and family over and taking them on Thameside walks and showing them the local sights. There’s even a park and farm almost next door, just to make things even more interesting.”

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ADVICE

Developer’s Doctor Tim Seward has spent the past 12 years heading up all sales activity for the Circle Housing group, including private sales, shared ownership and asset sales. Before that, Tim worked in the sector for the National Housing Federation, as well as a government agency called H.O.M.E.S. Here, Tim gives invaluable advice on how you can get on the property ladder

Question… I’m confused with all the new products on the market that have been announced by the Chancellor recently – Starter Homes, Help to Buy, more shared ownership. Can you explain how they work please?

Answer … There have been some big changes announced, which sees the Government put home ownership at the centre of their agenda, with a big drive to help first time buyers get a foot on the ladder. It’s an exciting time for anyone looking to buy, but it can be a little confusing. Firstly, shared ownership has been around for a long time and looks set to increase significantly. The Government will fund a further 135,000 new shared ownership homes. They have also increased the income caps to make it available to a wider section of the population (households can now earn up to £80,000 out of London and £90,000 within and be eligible). With shared ownership you can normally buy an initial share between 25% and 75% and pay a subsidised rent on the remainder. You usually have the option to buy additional shares until you own the property outright. Help to Buy is a product that has also been around for a while now – it is an equity loan scheme. Previously you could buy 80% and get a loan for the remaining 20%. That will stay the same for outside of London, but within the capital the proposal is to offer loans of up to 40%. The product is available on newbuild homes up to a value of £600k. There is no rent paid on the loan, however, after year five, interest payments start to be payable. The scheme has been very popular with the main new homes developers and thousands of first time buyers have taken advantage of the opportunity already. It is set to become very popular, with the increased loan level in London. Starter Homes is a completely new product that has just been announced. This is an exciting

offering for first time buyers as it effectively gives a 20% discount. New developments come with a planning obligation, which means the developer has to provide an element of affordable housing. In the past, this would be either social rent, or shared ownership, which would be sold to a housing association. Now developers will have the option to provide Starter Homes as they are classified as affordable housing and they will be able to sell them themselves. The 20% is a pure discount on the market value and there is no rent or interest

Tim Seward, Head of Property Sales at Circle Housing

payable. The product is capped to properties valued up to £250,000 out of London and £450,000 in London, and to buyers aged 40 and under. It will be a little time before Starter Homes come on to the market, but both shared ownership and Help to Buy are currently available on many developments. For example, at Banbury Park in Walthamstow, northeast London, shared ownership is available from £125,600 for a 40% share, and Help to Buy will be available shortly.

BANBURY PARK

Billet Road, London E17 From £125,600* (shared ownership) From £350,000 (private sale) Right in the heart of Walthamstow, northeast London, Centra Living has recently launched Banbury Park – a stylish development offering a selection of one, two, three and four bedroom homes through shared ownership and private sale. Built on former brownfield land, this new £70m development has replaced disused warehouses, industrial works and an electronics factory. Each home boasts large fitted wardrobes, huge storage cupboards and high-quality fixtures and fittings in the kitchen and bathroom, giving the complex a very modern, chic feel. The development is due to be completed in 2017, by which time residents can expect landscaped community spaces and a public square as well as several retail units. If that’s not enough, Walthamstow itself is a buzzing community and offers a plethora of shops, pubs and restaurants as well as laying claim to the longest street market in Europe. Additionally, Banbury Park has excellent transport links into central London, with numerous bus connections from Billet Road and Blackhorse tube station, all within easy reach.

When the development is finished, it will boast 350 homes, although only 250 of these are available at present. Through shared ownership, buyers can purchase a 40% share of a one bedroom home from as little as £125,600. One bedroom homes are also available for private sale from £350,000. For more information call Centra Living, part of Circle Housing, on 0845 223 0000, or visit banburypark.co.uk *Based on a 40% share with a full market value of £314,000

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Homepage advertorial

Cut out and keep!

Property-viewing checklist

Mortgage Advisers

On average, we spend just one hour viewing the property we end up buying. That’s not much time considering the big bucks at stake, so it’s important that you make every second count. Use this cut-out-and-keep checklist on your next viewing to make sure you’re armed with all the key facts, before deciding whether to make an offer

Address of property:

Download more printable copies at which.co.uk/checklists

Outside the building

Have you…

Is the brickwork worn, or cracked? Can you see any missing roof tiles? Are the drains and guttering fairly new? If it’s raining, are they leaking? Are the chimneys straight? Is there parking?

Viewed the property at different times of day? Spent at least half an hour exploring the local area? Tried out the commute to work, or school during rush hour? Checked what the road is like at pub closing time?

Windows and doors

Are the windows double-glazed? Is there any damp around the frames? Do they need painting? How secure are the doors and windows? Do they let much draught in?

If it’s a flat

Is it leasehold, or freehold? If it’s leasehold, how many years are left on the lease? Is there a service charge, and if so how much does it cost? Is there shared access to the garden? If there are flats above/below, can you hear the neighbours? Newbuild homes

Inside the property

Viewing a show home

How much redecorating would you want to do? Is there enough storage? Can you see, or smell any damp? Are there any cracks big enough to put the edge of a 10p into? Is there a loft – and if so, might you want to convert it?

Is the site tidy and well-managed? Does the show home seem well-built? How does the development fit in with the local area? Questions to ask the sales team

Things to test

How would your property differ from the show home? Are the fixtures and fittings standard throughout

What’s the water pressure like, particularly in the shower?

How long does it take for hot water to come through? Do the light switches work?

the development?

Would you be able to personalise anything? Is the home energy-efficient? When will the development be finished? Is the builder registered with the NHBC?

Garden

Will it be easy to maintain? Which direction does it face? Can you hear much noise from roads, trains or planes?

Like what you see? If you like the property and want to make an offer, turn over for more expert, independent advice from Which? Mortgage Advisers

Questions to ask the agent or owner

Do the chimneys work? Has any work been done on the property? If so, what guarantees are there on the work? Have neighbours built extensions, or converted lofts? If so, you may be able to do the same.

Where’s the boiler, what type is it and when was it

on what to do next.

Need to get a mortgage for your new home, or just want some impartial advice on how it all works? Call Which? Mortgage Advisers on 0800 316 0822 Lines open Monday to Friday 9am-6pm, Saturday 9am-1pm mortgageadvisers.which.co.uk

last serviced?

Your home may be repossessed if you do not keep up repayments on your mortgage.

009

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Homepage advertorial

Cut out and keep!

How to make an offer on a property

Mortgage Advisers

Find out when to offer under or over the asking price, plus how to make your offer as tempting as possible

What’s it really worth? The asking price of a property does not always reflect how much it’s actually worth. Use the Land Registry website to find out how much other, similar properties in the neighbourhood have sold for recently, to get an idea of its real value – and, if it needs work, remember to factor this into your budget.

Understand the seller’s situation Find out from the estate agent whether the vendor is in a hurry – for example, if they need to relocate for a new job, are expecting a baby, or have already found a home they want to buy. Provided you’re not bidding against others, this may mean you can get away with paying below the asking price. If, on the other hand, the vendor hasn’t found a place to move to yet and isn’t in a rush, they’re more likely to hold out for more money. If you do want to offer less than the asking price, bear in mind that many people find selling their home emotional and you risk insulting them if you go in too low. Before putting in that cheeky offer, think carefully about whether the saving is worth risking losing your dream home over – and whether you’re being fair.

Beat the competition If you’re buying in a competitive area, where there are more would-be buyers than there are properties for sale, you’ll need to be tactical. First things first, you’ll be taken much more seriously if you already have a mortgage agreement in principle when you make your offer. This shows that you’re organised and can definitely afford to buy the property you are viewing.

The independent experts at Which? Mortgage Advisers can find the best mortgage for your personal circumstances and arrange an agreement in principle for you. To find out more, call 0800 316 0822 for a chat with our friendly team. It’s worth finding a solicitor before making your offer, too, so that you’re as ready as possible to get things moving if your offer is accepted. If you’re bidding against other people, don’t get carried away and offer more than you can afford, or more than the property is realistically worth

– it could mean that you lose money when you come to sell it, or struggle to make your monthly mortgage repayments. Instead, follow the tips in the section below to ensure that you stand out from the crowd...

Making your offer You can make your offer to the estate agent over the phone, or in person. It’s also worth putting it in writing and making it clear that it’s subject to a survey. Ask the agent to take the property off the market and not show it to anyone else, however, they don’t have to agree to this. If you’re the only interested party, your offer will either be accepted, or rejected. If it’s rejected, you may then enter into negotiations over the price. If other people also offer on the property, it may go to ‘best and final offers’. In this situation, you’ll have to submit your best offer by a set deadline. Include details of everything that could stand in your favour: emphasise that you’re a chain-free, first-time buyer, without a property of your own to sell, as being able to move quickly could mean your offer is accepted over others – even if others are for higher amounts. Tell them about your mortgage agreement in principle and the fact that you have a solicitor in place, to show you are organised and can afford to buy. Even seemingly unimportant details can help: did you love the property’s warm, welcoming feeling? If so, tell them. Some vendors will find it important that the buyer loves the property as much as they do. Once you’ve put together an offer that makes you sound as appealing as possible, send it to the estate agent before the deadline and wait to hear the vendor’s decision. It can be hard to keep your cool, but try to remember that, even if you don’t get the property, there will be others.

Good luck! Call Which? Mortgage Advisers on 0800 316 0822. Lines are open Monday to Friday 9am-6pm, Saturday 9am-1pm. mortgageadvisers.which.co.uk

Terms & conditions Who we are: Which? Mortgage Advisers is a trading name of Which? Financial Services Limited, part of the Which? Group. Which? Financial Services Limited, Registered Office: 2 Marylebone Road, London NW1 4DF. Registered in England and Wales No. 7239342. Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (No. 527029). What we charge*: You won’t pay for your initial consultation. If you decide that you’d like us to help with your application, we’ll charge a fee of £499 to cover our administration costs. This is paid in two parts: 1. A first instalment of £249 when we start. This fee is non-refundable and payable on application. 2. A second instalment of £250 once you complete your mortgage. If you’re a full Which? member when you first get in touch, this is £150 (this does not include temporary or trial membership). On most mortgage applications we receive a commission fee from the lender on completion. This is separate from our administration fee and is an additional fee we receive. *These amounts are subject to change. These charges apply to each mortgage contract you enter into through us. Once you’ve spoken to an adviser and provided details on your specific requirements, we’ll confirm the exact fee to be paid and when it will be collected. FP332.

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the view

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the view

Action MAN! Ben Hillman has had an amazingly interesting life and is now the latest presenter on A Place in the Sun for Channel 4. As well as running his own interior design business, he has recently completed a self-build project in Brighton. He talks to Lynda Clark about how it all began and gives his expert advice to first time buyers Ben is a hands-on sort of guy. His enthusiasm and passion for everything he does is infectious and he embraces life at full speed, which is very refreshing. He grew up in the 80s and his father had a small building and property maintenance business in Brighton. He says, “We worked out of a terraced house and the office was in the basement, with a separate entrance. The guys turned up there to find out what their various jobs for the day were and I remember always having a chat with them. So, I think that, without me knowing it, there was a seed planted in my mind that I would eventually go into property. Times were different then and it was during the time when Margaret Thatcher was Prime Minister. My parents bought and renovated a terraced house, which had originally been a shop in the North Laines. My mum used to take me there after school and I remember when there was no roof on the building and standing in the basement and seeing the sky, which was very exciting. When I was older, I used to go out with my dad when he was working to earn a bit of extra money and I loved it. I would go up 15 storeys in a cradle and would think nothing of it, as I was always very hands-on.” At school, Ben always enjoyed the creative subjects like art and design & technology and he knew that was the direction he was going to take. He did his A-levels at Cardinal Newman sixth form, then went on to do a foundation year at Brighton College of Technology and originally thought he would go into product design. “I didn’t really know what I wanted to do, except that I wanted to keep life interesting and not get stuck in a nine-to-five job. Looking back, I should really have gone into interior architecture as there was a course at college, but that is with the knowledge of hindsight. During my time at college, I really got into lighting design and designed and launched F-LUX lighting – one of the world’s first portable LED lights – and I also made a prototype furniture design for Conran, but it turned out it was too complicated to make; it was one of those lessons in life”.

Eventually, Ben wanted to move to London and got an internship on Wallpaper magazine. “I applied to be a receptionist there, but suddenly I got a job as their Special Projects Manager. I didn’t know anything and was way out of my depth really, but they just told me that as long as I had a passport, it was go, go, go! I started by going to Milan in Italy as Wallpaper were exhibiting a special house at the Salone del Mobile by an Austrian architect and I had to oversee the project. It was very amusing when the fashion designer, Giorgio Armani came to see the house and mistook me for the architect. It was a fun time and I met all the movers and shakers in the fashion and interiors business, which was quite an eye-opener.” Ben left Wallpaper and moved on to The White Company, where he co-ordinated photoshoots and assisted in the styling of both their web and brochure photography. He enjoyed the creative side of the work, but it was very officebased and he became restless. He also decided he should buy a home of his own, so he found a tiny two bedroom apartment in Shepherd’s Bush. “It was in the Grampians Art Deco building, which was incredible and had an oldfashioned cage lift, a porter and an amazing entrance. The apartment was on the seventh floor, with great views and, although very small, I had an idea for creating a bed-comewardrobe-come-desk unit in the second bedroom. Then I found out that the service charge was £3000 a year, so I had

“Don’t be put off by hard work and don’t be frightened to get your hands dirty. If you see an opportunity then go for it” first time buyer February/March 2016 23

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the view

“I used to go out with my dad when he was working to earn a bit of extra money and I loved it. I would go up 15 storeys in a cradle and would think nothing of it, as I was always very hands-on”

Find out more about buying property abroad by visiting A Place in the Sun Live. Manchester Central, 11–13 March, 2016 For free tickets, go to: aplaceinthesun.com/exhibitions/ manchester – the free ticket code is mancomp London Olympia, 6–8 May, 2016 For free tickets, go to: aplaceinthesun.com/exhibitions/london – the free ticket code is loncomp

to say no, but I missed out on a great investment. Luckily, my parents were freeholders of some flats in Brighton and a young couple who lived there had to renew their lease, so decided to sell up. I bought the place for £157,000 and lived there and rented out my spare room for a couple of years. I met my now wife and she eventually moved in and then, after about six years, we got married and wanted to start a family, so we needed a bigger place. We liked the area, but, as is often the case, it’s financially hard to go up the ladder and double your mortgage.” The flat that Ben and his wife lived in was a 1970s purpose-built block and had a flat roof. Instead of moving, he decided that it would be possible to build an extension and build upwards, using up the roof area. He bought the extra space and created the perfect design, but the neighbours were not very happy with the proposed changes. His planning application was turned down, but he appealed and then, on the day he was due at the planning office to fight his case, nobody turned up to argue, so he got planning. “It’s an amazing space of about 150sqm and has three big double bedrooms and two huge glass skylights, which let in masses of light. It’s very versatile and can be adapted to grow with us. Last year we had our daughter,

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the view Hope Blossom, and it is now a true family home. In fact, it is the home of my dreams and has wonderful sea views. However, there is no lift and it’s on the second floor, so as I often work away we might have to look to move soon.” Aside from his busy interior design business, Ben has been on numerous television shows. His TV career started in 2010 when he entered an interior design competition on ITV’s This Morning programme, called The Next Big Thing. His mum saw it being advertised and called him up and encouraged him to send in his showreel. “I thought, ‘in for a penny...’ there were 450 entries, but I got down to the shortlist of 40 and then to the final four and eventually won! I then had six slots on This Morning presenting and explaining how to adapt and upcycle furniture to create unique and individual living spaces. I was over the moon to have won and I really loved doing it. I realised that I had found something I really enjoyed, so I put together another showreel and bombarded every production company I could think of with it. It eventually worked and I filmed three series of The Renovation Game for Channel 4 as well as You Deserve This House, 60 Minute Makeover with Peter Andre and Auction Party with Laurence Llewelyn-Bowen. I worked with some great people and even designed a nursery for Peter Andre, which was very special.” He is now one of the new presenters on A Place in the Sun for Channel 4 and is thrilled with his new role. “I really love the show and I enjoy travelling too. I have been to Spain, Florida, Portugal and Croatia and I also went to The Azores, which was spectacular, with scenery straight out of Lord of the Rings.” Ben has some very useful advice for first time buyers. “Don’t be put off by hard work and don’t be frightened to get your hands dirty. If you see an opportunity, then go for it. Deposits are always a stumbling block, but save as much as you can. Also, don’t just rely on property websites, or estate agents, as I think that doing your own research is invaluable. Walk around the area you want to live in and don’t be afraid to knock on doors and see if anyone is thinking of selling. Finally, number crunch, look at your finances and get everything in order. You need to forward think and look to what the future might hold – if interest rates go up, will you be able to afford the mortgage payments? Take all the bills you will have to pay into consideration and make sure you can afford to pay them. It’s just a case of being responsible with your money and your finances.” Ben’s great passion and love of property is infectious and, as we finish our conversation, I truly believe it’s a case of ‘watch this space’ as I am sure we will be seeing Ben on our television screens for sometime to come. Ben Hillman presents A Place in the Sun – Winter Sun, which is on weekday afternoons on Channel 4 and on Monday nights at 9pm on More 4.

Ben built an extension on his apartment and created a wonderful family home

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new year, new home

2016

The Year of Opportunity for the First Time Buyer

George Osborne’s Spending Review last November was jam-packed with good news for first time buyers. From changes to existing schemes, like Help to Buy and shared ownership, to the introduction of brand new initiatives, such as the Help to Buy: ISA, there are encouraging signs that 2016 could be the year that you become a homeowner Help to Buy: equity loan This government scheme has been around for a little while now and, at its latest count, has helped 130,000 buyers move up, or on to the property ladder. It allows homebuyers to purchase a brand new home with as little as a 5% deposit, with the Government lending buyers a further 20% of the cost of a newbuild home – an equity loan that is interest-free for five years. This allows you to apply for a 75% mortgage, which should mean more options and better rates.

Changes for 2016 In his Spending Review, the Chancellor announced some changes to the scheme for those looking to buy in London. From early 2016, the Government will increase the upper limit of the equity loan it gives new buyers in London from 20% to 40%. This means that Londoners, with just

a 5% deposit, will be able to get an interest-free loan worth up to 40% of the value of a newly built home. They will then only need to get a 55% mortgage, which, again, should lead to more options and better rates. Check with your house builder that they are registered to offer the scheme first, and remember that the Help to Buy equity loan scheme only applies to newbuild homes with a price tag of less than £600,000.

Help to Buy: ISA This is brand new for 2016 and, if you’re struggling to save for a deposit, then this saving incentive announced by the Chancellor could well be the solution for you. With the Help to Buy: ISA, the Government will boost your savings by 25%, up to a maximum of £3,000. When you take out your Help to Buy: ISA, you can initially save £1,200 and, after that, the limit is £200 per month. Mr Osborne also had good news for those planning on buying a home with someone else, as you can both take out an ISA and get

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new Year, new home CA S E S T U DY

Caught in the ‘rental trap’ and expecting their second child, tom and Claire acfield were fed up with living in rented property and were keen to buy their own home. Struggling to save as much as they needed for a deposit as they paid ever increasing rents, the young family turned to the Government’s Help to Buy scheme in order to give them a boost on to the property ladder. Buying a three bedroom, semi-detached family home at St Mary’s Park by Barratt Homes, in the rural location of Hartley Wintney, the now family of four are not only paying their own mortgage, but they now pay £400 less every month, compared with their previous rent. Clare, 35, said, “We had been renting a two bedroom house in Henley, in the hope that we would have been able to find somewhere to buy in that area. After some years of saving, we thought we might have been able to afford a small property, however, we soon realised that with the size of deposit we had and the local house prices, it wasn’t really going to get us very far, so we needed to find a Plan B. As we were expecting our second daughter, we knew we needed more space and didn’t have much time. Tom had read about Help to Buy online and, on looking at the scheme a bit more closely, we realised it was the perfect way to get a larger property with a lower upfront deposit.” Using Help to Buy, the couple have been able to buy a bigger home than they would otherwise have been able to, providing them with plenty of room for their growing family. Tom added, “Help to Buy has been a great way for us to buy our first family home and it’s good to not be wasting so much money in rent. Our monthly mortgage repayments are significantly less than we were paying in rent and, with two young children, that has really taken the pressure off. Of course, moving with two little ones was always going to be a bit stressful, but as far as moves go, it’s all gone pretty well.” The family moved into their new Barratt home at St Mary’s Park after their youngest daughter Grace was born. They are now getting settled in and starting to enjoy life in the north Hampshire village of Hartley Wintney. The picturesque village, which boasts its own cricket green and pretty high street of independent shops, is an exceptional location – rated one of the top in the country for raising a family. Ideally positioned, St Mary’s Park is convenient for all the amenities of the village and is close to the local train station. Tom currently uses the station at Winchfield to commute to work, where regular services run into London Waterloo in under an hour.

CA S E S T U DY

Josh Marshall, 22, from buckinghamshire was one of the first people to take out a Help to buy: ISA. Why did you decide to take out a Help to Buy: isa? It seems a bit of a no-brainer as the Halifax Help to Buy: ISA is offering 4% tax-free interest, so, even if I don’t buy a house that qualifies for the government bonus, I will still have had a good return on my investment. How much have you invested already and how much do you plan on investing? So far I have paid in the £1,000 max initial deposit plus the first month’s £200 contribution. I’m planning on continuing to pay in the maximum £200 a month until I buy my first house, or I have reached the £12,000 maximum government contribution. I’ve also asked my girlfriend to do the same, so that we can combine our ISAs when we buy our first home.

barratthomes.co.uk 0844 811 4343

£6,000 towards your new house. However, you won’t see your bonus going into your account every month; your solicitor or conveyancer will have to apply for it when you’re in the process of buying your first home. Several banks and building societies – such as Halifax, Nationwide and HSBC – are offering Help to Buy: ISAs, so be sure to shop around to get the best deal. To be eligible for this scheme, you must be a first time buyer, purchasing a home under £250,000, or under £450,000 if you are buying in London.

sHareD oWnersHip Shared ownership allows you to buy a share of your home (between 25% and 75%) and pay a subsidised rent on the remaining share. You can buy more shares at a later date, as and when you can afford to do so – known as staircasing – with the ultimate goal of owning 100% of your home. Like the Help to Buy equity loan scheme, shared ownership is not a brand new concept in itself, but the Chancellor did announce some amendments in his Autumn Statement last year.

CHanges for 2016

Which bank did you go to? I was debating between Nationwide – because their split Help to Buy: ISA allows you to effectively pay into a Cash ISA at the same time, and Halifax – as they had by far the best interest rate of 4%. I chose Halifax in the end as Nationwide only offered 2% on the Help to Buy: ISA and 1.6% for the Cash ISA. finally, what are your plans for buying your first home? My girlfriend and I are planning on buying a house in the next two to three years and so the Help to Buy: ISA has come a little too late for us to make the most of it. As we want to live in Buckinghamshire, it may be very difficult to find a suitable house for under £250,000, so we’re not sure how we will deal with that yet. It may be that we decide not to make use of the Government bonus, but we’ll have to see what happens with the local property market over the next few years. Ideally, we’d like to buy a house, but it will depend on what we can afford and whether or not we can find a suitable house that is eligible for the bonus.

The Chancellor announced that he was setting aside £2bn for housing associations, local authorities and private developers to provide 400,000

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new Year, new home CA S E S T U DY

In his 2015 Autumn Statement, Chancellor George Osborne announced that he will double the housing budget to £2bn, with a proportion of this going towards making post-industrial brownfield sites viable for developers. With a lack of available green space for development, brownfield sites have become increasingly popular in recent years, helping to tackle the housing crisis by boosting the supply of affordable homes in the UK There are currently over 66,000 hectares of brownfield sites in England, and around a third of these are in high-growth areas such as greater London. Developers such as Peabody are continuing to develop brownfield sites, with its Upton Village scheme currently redeveloping a former hospital site into stunning new apartments. Located in Plaistow, Upton Village gives first time buyers and young professionals a chance to get on to the property ladder in a thriving, zone 3 location. One such first time buyer, intrigued by the development’s unique heritage, was alix Kelly, a 24-year-old Team Co-ordinator, who bought her one bedroom flat in June 2015 through shared ownership. Having previously rented with a friend in Plaistow, as well as living with her brother in Shoreditch a few years earlier, Alix decided that it was time to have her independence. After living in Newham for over a year, she knew that this was the area she wanted to stay in as she loved the community feel of the East End. Alix started looking for her dream home in April 2015, but was faced with a few challenges on the way. She explains, “I initially approached three other housing

associations, however, I was rejected from all of them as I wasn’t earning enough to be eligible. After feeling a little disillusioned and close to giving up, I came across Peabody’s Upton Village scheme in an advertisement at Plaistow tube station. After doing a bit of my own research, I went to see the show home, with my best friend for moral support and, as soon we walked in, we both looked at each other and said ‘this is the one’.” Alix continues, “I felt instantly at home and it felt exactly like somewhere I would live. I saw the floor plans for the home I was interested in and had a quick look through the window to see inside; I registered my interest that day. A week later, Peabody confirmed the sale. There was no way I would have been able to afford a home without buying through the shared ownership scheme. Being in my early 20s, buying outright on my own would have been impossible and I found I was being priced out of London, even in places I could commute from. The scheme was the most reasonable and realistic option for me to get on to the housing ladder, with the money I had available, and this meant that I was able to purchase a 50% share of my home.” Alix is already saving up to staircase to 100% home ownership, “I am a very driven person and always want to keep moving forwards, so this is the perfect opportunity for me to work my way towards that goal.” Peabody’s Upton Village showcases the very best in sustainable newbuilds, alongside a variety of retained, historic buildings, which were part of the former Plaistow Hospital. Alix adds, “The apartment also comes with an air filtration system keeping the home warm, which means that I don’t have to always have my heating on – resulting in a reduction in my bills, which was a big thing for me.” Having an easy commute to work was one of the main motivations behind Alix’s choice to move to Upton Village. The development is just an 11-minute walk away from Upton Park tube station, where the Hammersmith & City or District lines offer speedy access to the centre of the capital and beyond All shared ownership properties at Upton Village are now reserved. To find out more about Peabody’s currently available shared ownership homes across London, call 020 7021 4842, or go to peabodysales.co.uk. sustainablebuild.co.uk/brownfieldsites

EXPERT COMMENT For anyone who’s ever dreamed of owning their own home and has a

affordable new homes to be built by the end of the decade; half will be Starter Homes while 135,000 will be for shared ownership. The system has been criticised in the past for some of the restrictions around buying a shared ownership home, but Mr Osborne announced some reforms that will lift some of these limits. The current threshold on the maximum household income has been raised to £80,000 outside London and £90,000 inside London. There are now no longer any restrictions, which prevent existing, shared owners from applying for and moving into another shared ownership property. Applicants for shared ownership are now free to purchase a home, with no restriction on the number of bedrooms allowed. At the moment, some shared ownership schemes give priority to certain groups, but the Government has removed almost all of these restrictions, so that now only serving members of the British Armed Forces, those honourably discharged in the last two years, or surviving partners of regular service personnel who have died in service (and have applied within two years of the bereavement), will be given priority. George Osborne also announced that you can use the Help to Buy: ISA in conjunction with the

shared ownership scheme – another move that should help more people to buy their first home.

housing association as a landlord, this could be the opportunity they’ve been waiting for. Housing association tenants

rigHt to Buy

could be eligible for a discount of up to

Like the ISA, the Voluntary Right to Buy pilot scheme is a brand new initiative announced by the Chancellor back in November. The original Right to Buy scheme only allowed council tenants to buy their council house at a discounted price, but Mr Osborne wants to extend this scheme for housing association tenants as well. The Chancellor announced that five housing associations would be running a pilot version of the scheme, including L&Q, Riverside, Saffron, Sovereign and Thames Valley. To apply, you must live in a housing association property in one of the scheme’s local authority areas and you must have been a public sector tenant (usually of a housing association or council) for a total of at least 10 years. There are a limited number of sales available under the scheme, and even if you’re successful, you won’t be able to complete the purchase until the Housing and Planning Bill becomes law. That being said, this new initiative is fantastic news if you’re currently a housing association tenant looking to buy your first home. If your housing

outside London to help them buy their

£103,900 within London and £77,900 own home. Council tenants have been able to buy their homes since the 1980s. Known as the Right to Buy, this policy has helped thousands of first time buyers to get on the housing ladder. Now, the government wants to give housing association tenants similar opportunities, and we want to help our tenants who would like to buy their own home. To find out more, go to the Government’s Right to Buy website and search ‘Voluntary Right to Buy’ for housing association tenants now. Watch out for updates on the site, once the plans go through Parliament. gary Cross Head of Homeowner Services, L&Q Housing Association

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new Year, new home

homes CurrenTLY aVaiLaBLe wiTh shareD ownership tHe MeriDian lewisham

FROM £125,000*

Affinity Sutton has recently launched The Meridian in Lewisham, a development featuring three, three bedroom terraced houses, all for sale on a shared ownership basis. Each house boasts a quality fitted kitchen which includes a stainless steel oven, fridge/freezer and a washer/dryer. Each of the three homes also comes with private front and rear gardens. Lewisham is renowned for its enviable transport links and the homes benefit from being in such a well-connected area. There are frequent bus routes to the West End and Victoria, while the Lewisham Rail/DLR is only a seven-minute walk away. The development is less than a mile away from Lewisham town centre and only 0.6 miles from Blackheath Village, meaning that a plethora of shops, bars and restaurants are all on the doorstep. Prices for the homes start from £125,000 for a 25% share, with a full purchase price of £500,000.

EXPERT COMMENT After several tough years, 2016 should be a positive year for first time buyers. The current combination of economic conditions is helping property hopefuls – with real wages beginning to rise, while

affinitysutton.com 0300 100 0303

cheaper fuel and competition between retailers pushes down living costs. Our *Based on a 25% share with a full market value of £500,000

latest Mortgage Monitor showed that we are still to see a real recovery for first

FROM £25,000*

piCton roaD liverpool

timers, but it’s reasonable to consider that it’s simply a matter of time, given that, day-to-day, most of us now have more cash in our pockets.

Picton Road is an exciting new development by Riverside Home Ownership. The 10 properties on the development, available through the shared ownership scheme, consist of six three bedroom and four two bedroom homes, all finished to a high standard. The newbuild homes include modern, high-gloss fitted kitchens and stylish bathrooms, as well as gardens to the front and rear of the properties. The homes are built on the site of an old rail depot in Wavertree and are conveniently located on a key route into Liverpool city centre, with a wide selection of local shops, pubs and restaurants all within easy reach. The remaining properties are available to buy from £25,000 for a 25% share, plus a reduced rent each month.

In the Autumn Statement, George Osborne unveiled yet more support for first timers; extending the popular Help to Buy equity loan scheme until 2021, introducing a special scheme for the capital, and carving out a slice of budget for Starter Homes and shared ownership schemes. In total, he claims to have invested more than £20bn in housing over the Spending Review period. Alongside this, mortgages

riversidehomeownership.org.uk 0151 282 8548

are readily accessible to those with reasonable credit ratings, and a wide *Based on a 25% share with a full market value of £100,000

variety of cheap rates are on offer for people willing to hunt them out. Many of these new initiatives can be

association isn’t one of those listed above, don’t worry as the government is currently drawing up plans to extend the scheme to more housing associations should the pilot prove successful.

everyone, though; you must be a first time buyer under the age of 40 and you must be buying a property for less than £250,000, or £450,000 if you’re buying in London.

starter HoMes

staMp Duty

there is a real danger that this may

Although not a new idea (the Government actually announced its intentions to build Starter Homes earlier in 2015), the scheme was high on the Chancellor’s Autumn Statement agenda. Starter Homes are newbuild homes available at 20% off the market price and, to fund this discount, Mr Osborne announced that a massive £2.3bn would be spent on building 200,000 homes over the next five years. The money will be given to house builders who will in turn provide the 20% discount to the homebuyers. Starter Homes aren’t available to

From 1 April 2016, people purchasing additional properties, such as buy to let or second homes, will have to pay an extra 3% in stamp duty. On the face of it, you might well think that this move has no effect on ftbs, but you’d be wrong. The Government expects to raise around £1bn from this tax increase and Mr Osborne made it clear that the extra money raised would be reinvested to help those struggling to buy their first home. Unfortunately, that’s the extent of the details at the moment, but this is another positive announcement for ftbs.

the short-term, there is no quick fix to the

used in combination, meaning substantial savings can be made and, once the latest stamp duty changes come into play in April, competition for cheaper homes from landlords may subside – although

reduce rental stock in the long run. In supply dilemma. However, some prudent buyers will be looking to get on the ladder quickly, before further price rises take effect. richard sexton business Development Director, e.surv Chartered Surveyors

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new Year, new home

homes CurrenTLY aVaiLaBLe wiTh heLp To BuY

EXPERT COMMENT The announcement to fund 135,000 new shared ownership homes will significantly increase the number of first time buyers that providers, such as

st paul’s square Bow, london

Circle Housing, can help to get a foot on the property ladder. The Chancellor

FROM £349,950

has really got behind promoting home ownership as a major focus of his

This new development from Countryside is situated in the vibrant East London district of Bow. Once completed, St Paul’s Square will offer a collection of one, two, three and four bedroom apartments, available in a wide variety of flexible layouts. Homes within the Lansbury Heights building of the development are now available to reserve and each of the apartments will feature modern, fitted kitchens as well as a stylish, practical bathroom. Each of the homes will also benefit from a balcony, or terrace, with most boasting attractive views of the development’s landscaped gardens as well as nearby Canary Wharf. St Paul’s Square is in close proximity to the Queen Elizabeth Olympic Park as well as an abundance of shops, restaurants and bars at the nearby Westfield Stratford City shopping centre. Situated just a short walk from Mile End underground station and Devons Road DLR station, St Paul’s Square boasts excellent transport links. Bow Road and Bromley-by-Bow underground stations are also within easy reach, as is Limehouse station, which offers services via National Rail. Prices for a one bedroom apartment at St Paul’s Square start from £349,950, with Help to Buy available on selected properties.

agenda. He’s relaxed some of the criteria, which will mean even more people will be eligible, and shared ownership will increasingly be seen as a mainstream product choice. There is no other product that offers shares from as low as 25%, so it has a clear place in the market, helping those who can’t afford other products such as Help to Buy and Starter Homes. Shared ownership has been going for decades and the Chancellor has given it a significant boost by identifying it as a key part of the UK housing market.

tim seward Head of Property Sales Circle Housing

stpauls-square-bow.co.uk 07900 769 752

ViriDiuM

Cane Hill parK

Hodson Developments has recently released a new phase of apartments at its award-winning Viridium development in Camberley, Surrey. Viridium offers a range of stylish one, two and three bedroom apartments, as well as five new FROM penthouses, all £280,950 available with Help to Buy. The stylish apartments are finished to a high standard and come complete with underground parking, secure electric gates and an entryphone system in each flat, which provide that added sense of security. Every apartment in the development – which prides itself on being modern and energy-efficient – also has access to either a private balcony or terrace. Camberley has excellent local amenities, too, including The Mall, which is home to over 100 shops, bars, restaurants and cafes. From Camberley station you can be in London Waterloo in just over an hour and there are also trains to other major towns, such as Reading, Guildford and Basingstoke. Prices start from £280,950 for a one bedroom apartment and from £299,950 for a two bedroom apartment. With the Help to Buy scheme, homebuyers only require a deposit of £14,050.

Cane Hill Park is a joint venture by developers Barratt Homes and David Wilson Homes in Coulsdon. The development, FROM once home to £380,000 the Cane Hill psychiatric hospital, is part of the Mayor of London’s commitment to dispose of all public land in his ownership by the end of his mayoral term in 2016. The site is playing a major part in the transformation of Coulsdon, an area that was earmarked for regeneration when the hospital closed in 1991. In addition to 675 new homes (of which more than 120 will be affordable), the development will bring 3000sqm of retail space, green space and health facilities, all adjacent to Coulsdon town centre. The developers will also be retaining and refurbishing three locally-listed historic buildings. Barratt Homes and David Wilson Homes are building a range of three, four and five bedroom homes. including 16 properties suitable for wheelchair users. The new homes have been designed with energy-efficiency in mind and will include rooftop solar panels as well as an innovative waste-water heat recovery system, allowing homeowners to reduce their ecological footprint. An ideal location for commuters, nearby Coulsdon South station offers fast train services into London Victoria in just 26 minutes. Cane Hill Park is also conveniently located for London Gatwick as well as being a short distance from the M25. Prices start from around £380,000 and some homes will also be available with Help to Buy.

Camberley, surrey

hodsondevelopments.com romans land and new Homes 01276 66693

Coulsdon, surrey

barratthomes.co.uk dwh.co.uk

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help to buy

Help to Buy is back on the road

Help to Buy East and South East is heading back out on the road this year for another series of New Home Roadshows. The events are FREE to attend and are aimed at people who are finding it hard to buy their first home, or would just like to explore different options

Help to Buy is a government-backed scheme created to help people take their first steps into home ownership. There are a number of different products within the scheme, designed to make buying a new home more affordable, including the Help to Buy equity loan scheme and shared ownership. The Help to Buy Agent for the East and South East of England is bpha, covering Buckinghamshire, Bedfordshire, Hertfordshire, Essex, Cambridgeshire, Norfolk, Suffolk, Surrey, West Sussex, East Sussex and Kent.

developers will be on-hand to explain all the different products, and financial advisors will be available to discuss mortgage options and help you to calculate which properties are affordable. Over 2,000 prospective purchasers attended our Roadshows last year across Essex, Hertfordshire, Kent, Norfolk, Suffolk and Surrey. The feedback we had was really encouraging and visitors not only made appointments on the day, but also went and visited sites after the shows. Ansonia Burgess, Help to Buy Manager at bpha Limited, the Help to Buy agent for the East and South East region said: “We had fantastic feedback from people who attended last year’s Roadshows. Being able to speak to a real person face-to-face is invaluable for many of our customers as they often have a number of complex questions. These shows are the perfect opportunity to sit down and discuss the different options available and, ultimately, find the right product for their particular situation.”

Have you previously applied for the Shared Ownership scheme, but did not fit the criteria? well, Things have changed... You may be interested to know that the Homes & Communities Agency (HCA) have recently announced some changes to the application criteria, and shared ownership may now be an option for you.

We’ll be booking events at more locations throughout the year, so keep an eye out on the News & Events section of our website and on our Facebook page, for more information.

The following changes came into effect on 4 January 2016. 99 The threshold on maximum household income per application has been raised from £60,000 to £80,000 (outside of London). 99 The only priority groups for assistance will now be serving members of the British Armed Forces, those honourably discharged in the last two years, or those who are the surviving partners of regular service personnel who have died in service (who have applied within two years of the bereavement). 99 There are no longer any restrictions which prevent existing shared owners from applying for and moving into another shared ownership property. 99 Applicants for shared ownership are now free to purchase a home, with no restrictions on the number of bedrooms allowed. These new changes also apply to Rent to Buy and Intermediate Rent properties.

helptobuyese.org.uk facebook.com/HelptoBuyESE

Want to know more? Stop by for a chat at one of our Roadshows, or call us on 03333 214 044

Why come and talk to us? It’s not always easy to find out everything you need to know. Buying your first home can be a confusing time and so you will probably have a lot of questions. Our Roadshows are a great opportunity for you to speak to housing experts face-to-face, all under one roof. Housing associations and

Where can you find us? We’ll be taking our Roadshow to the following locations: 12 March 2016 – The Pavilion Suite, Lingfield Park Racecourse, Racecourse Road, Lingfield, Surrey RH7 6PQ 13 March 2016 – Holiday Inn Cambridge, Lakeview, Bridge Road, Impington, Cambridge CB24 9PH 17 April 2016 – Holiday Inn Milton Keynes, 500 Saxon Gate West, Milton Keynes MK9 2HQ 24 April 2016 – Dartford Football Club, Princes Park Stadium, Darenth Road, Dartford, Kent DA1 1RT

32 first time buyer February/March 2016

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smart homes

SOME KEY SMART HOME FEATURES

 Presence simulator: repeats the actions that you’ve done over the last seven days to make it look, realistically, like someone is in.  See graphical trends over time: heating costs, energy use and temperature etc.  CCTV/baby monitor: see in real time, what’s happening in your home; see what the dog or cat is doing.  Bathroom fans: Customise when they come on and how long for.  Set tasks: record a task you want to execute at a specific time, e.g. turn off lights once you fall asleep.  Individual appliance control: turn off your child’s TV at a certain time.  Integrate with your music system: e.g. Sonos, Onkyo, Yamaha etc.

Get smart

Meet the first time buyer who has turned his apartment into a fully-integrated smart home, on an everyday budget The idea of controlling your home remotely is nothing new. In the 1980s, we were amazed by lights that could be controlled with a hand clap, and curtains that opened by remote control – even the humble timer switch sat at the forefront of early smart home technology. But we’ve come a long way from clunky gadgets. Today’s smart home capabilities make it possible for all aspects of the home to be controlled using an app, even a finger print, and from anywhere in the world. Creating a smart home that encompasses many different features has, until recently, been seen as technology reserved for the rich and famous – something that you might see on MTV’s Cribs. But lately, we’ve seen impressive

smart home technology become available to the mass market. British Gas’s Hive, for example, allows users to control their home heating remotely, while Philips Hue lighting system lets you set your lighting via an app and a variety of others focus on home entertainment, or security. A first time buyer in London, however, has created a smart home system that can integrate as many, or as few appliances and features as you’d like, and that brings high-end features to people on a budget. Stefan Knight, a 27-yearold engineer and electrician has converted his two bedroom apartment in Harlesden, northwest London, into a smart home that can be controlled from anywhere in the world. And he’s done it all on a small budget.

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smart homes In control

Photos by EE & Co

Using an app, Stefan and his wife, Promise, can control their lighting, heating, television, music, baby monitor, web cam, and watch their energy consumption, when and wherever they like. From a global control, the app allows them to control individual room, or the home as a whole. ”It’s completely changed the way we use our home,” says Stefan, who moved into Catalyst’s Craven Park development with Promise, in 2015. “We’re completely in control of it. It’s more efficient, and also gives us peace of mind. We were away last week and were able to check on the flat, for example.” Stefan runs an electrical contracting firm, JSJ, with his two business partners. The team have been installing smart homes to high-end clients for six years and so, when he bought his first home, he decided it could benefit from some features too. But Stefan’s home is different: “This is the first truly affordable smart home we’ve done,” he says. “We are now able to bring the high-end features that you might see in a multi-million-pound penthouse into normal homes like ours.” So how does a home like this come about? “It started with the heating,” he says, “it irritated me – I found it hard to use and there is no main control centre. And I like to be warm, so I wanted to be able to control it properly.” The heating can now all be controlled via the app, on a smartphone, and used anywhere in the world. The app also tracks the temperature in certain rooms and lets you view your daily, weekly or monthly expenditure. But it didn’t stop there. “When we first moved in, I didn’t want to do anything like installing wires etc, so once I realised I could do the heating wirelessly, I decided to do the lights too. Then it sort of spiralled from there.”

Customisable features The Knights’ apartment now acts as the show home for the smart home side of the business and includes a multitude of great features. Perhaps the most attractive for people who are always in a hurry is the ‘House Off’ function. Instead of rushing around, turning off all the appliances and going back to check them all before you go out, simply press House Off and the job’s done. And, as new parents, Stefan and Promise are delighted that they can watch their baby daughter Lizzie sleeping via the app. “If we’re out and have a babysitter, it’s nice to just check in and see her sleeping, even though we trust the babysitter 100%!” he says. “But as you can see, the controls aren’t for intangible purposes. They’re practical features that we use all the time.” The features are also completely customisable, so can be adjusted depending on how you use your home. “If an appliance is network compatible, we can make it smart. You might be someone who always forgets to

turn the iron off and always worries about it, for example, so we could include that in your features. Then when you’re out you can check the app, control that switch, or have it included in the House Off function.” You can even control your intercom from anywhere in the world if you wish. Something that might be handy if you’re expecting deliveries.

Budget-friendly smart homes A crucial benefit for first time buyers and those on a budget is that the app allows users to monitor their expenditure. “We can now keep an eye on our expenses, as the app shows us how much each room is costing to heat per day, month or year,” says Stefan. It’s also perfect for people who don’t want to do any rewiring, or break into any walls. It’s a completely wireless system and something

with which Stefan and JSJ hope to impress not only homeowners, but also property developers. “We’re able to create these homes for home owners for a fraction of the cost of the big projects – it’s truly affordable and can be done for under the price of a Macbook Pro,” he says. “But we know it would be even cheaper if we could install the tech while the homes are being created, that way all these great features would be available on the first day you move in.” Stefan’s passion for home tech is infectious and it’s clear to see that the smart features have made a difference to the young family’s busy lives. The prospect of penthouse-style, lifeenhancing technology in an everyday home is even closer than we’d thought. To enquire about customisable smart homes, email services@jsjelectricalcontractors.co.uk, call 0203 283 8485, or go to jsjelectricalcontractors.co.uk

first time buyer February/March 2016 35

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AFFoRDAble hoMeS

oNe...tWo...thRee...

GO!

Have you always wanted to live in zones 1 to 3, but thought it was out of the question because property prices are sky-high? Well, think again, as there are affordable homes through shared ownership, right in the heart of London Shared ownership or part buy/part rent is a very affordable way to buy your first home. You buy a share of the property – usually between 25%-75% – and then pay a subsidised rent on the share you don’t own. Over time and when you can afford it, you can buy more shares until you own the property outright – this is called staircasing and the more shares you buy, the less subsidised rent you pay. There are some recent changes in the

ZONE 3 WESTFIELD HOUSE

eligibility to buy through shared ownership (see page 26 for more details), but one of the main changes is the current threshold on the maximum household income has been raised to £80,000 outside London and £90,000 inside London, which has opened the door to more potential first time buyers. To buy a home through shared ownership, you should contact your Help to Buy agent in the area you want to live (see page 122 for details).

COMING SOON! THE MILNE BUILDING West Hampstead, NW6 See page 38 for details

FROM £132,500*

Earlsfield, SW18

Westfield House from Thames Valley Housing is offering 33 contemporary one, two and three bedroom apartments, available through shared ownership in up-and-coming Earlsfield. When complete, later this year, there will be more than 190 homes, built by Linden Homes – renowned for its bespoke, highquality developments. The apartments are housed in two buildings, set in sweeping landscaped grounds on the banks of the River Wandle, with riverside walks and cycle paths to the 55-acre King George’s Park opposite. Every apartment has its own private balcony, or terrace, and there’s a variety of different FACT FILE layouts from which to choose from, with the larger apartments including a second Earlsfield bathroom en suite to the master bedroom. Some of the homes have an allocated space in the basement car park. With interiors designed by Terence Conran’s award-winning Earlsfield is in the London Borough of Wandsworth and the local Earlsfield agency Conran & Partners, the homes are extremely stylish, with an open-plan railway station provides a quick commute living/dining room/kitchen, and the kitchen comes with integrated appliances. to London Waterloo in 13 minutes. From the newly renovated Earlsfield station, it’s a fast commute to London Louis de Berniers lived in Earlsfield, while Waterloo in just 13 minutes, Oxford Circus in 26 minutes, and Wimbledon is just writing Captain Corelli’s Mandolin four minutes away. Landmarks: Thames Valley Housing is also offering its unique Shared Ownership PLUS scheme, Earlsfield Library which allows you to buy 1% more of your home each year for 15 years, without the King George’s Park hassle and expense of valuations, legal fees and stamp duty each time. Fringe theatre, Tara Arts Prices at Westfield House start from £132,500 for a 25% share in a two bedroom apartment with a full market value of £530,000, and £213,750 for a 30% share in a three bedroom apartment with a full market value of £712,500 tvhsales.co.uk 020 8607 0550

*Based on a 25% share with a full market value of £530,000

first time buyer February/March 2016

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5 Meridian Gate

AFFoRDAble hoMeS

ZONE 1 BLUE ANCHOR LANE

FROM £101,400*

Southwark, SE16

Blue Anchor Lane from Family Mosaic offers 26 one, two and three bedroom apartments and duplexes, available through shared ownership. The development is situated near the 61-acre Southwark Park and all the homes offer sleek, airy interiors and come with a fully-fitted kitchen and integrated appliances, including a Zanussi oven, ceramic hob and extractor hood, plus a FACT FILE fridge/freezer and dishwasher. Southwark All residents will benefit from their own Southwark is 1.5 miles east outside space, with either a private balcony or terrace. of Charing Cross and is on the south Blue Anchor Lane is located near a number of transport links into London, and South Bermondsey bank of the Thames. It is one of the oldest National Rail and Bermondsey underground station are both under a mile away. There is also a parts of London but is now seen wide array of leisure and lifestyle amenities nearby, including one of London’s top foodie destinations, extensive regeneration. Borough Market. Landmarks: Prices start from £101,400 for a minimum 30% share of a one bedroom apartment. Shakespeare’s Globe theatre Borough Market Southwark Cathedral The Shard

family mosaic.co.uk 020 7089 1315

COMING SOON! PROSPECT QUARTER

FACT FILE Wandsworth

ZONE 2 PLOUGH APARTMENTS

*Based on a 30% share with a full market value of £338,000

Catford, SE6

Wandsworth is a district in southwest London and is 4.6 miles from Charing Cross. It takes its name from the River Wandle, which enters the Thames at Wandsworth. Landmarks: Wandsworth Common Wandsworth Museum Battersea Library – with records for Wandsworth dating back to 1489

See page 38 for details

FROM £107,500*

Wandsworth, SW11

Situated in the popular area of Battersea, Plough Road from FABRICA by A2 Dominion offers seven new shared ownership apartments – three, one bedroom; three, two bedroom; and one, three bedroom house – all of which are less than a 10-minute walk from Clapham Junction station, making it the ideal spot for commuters. The apartments are also moments away from the River Thames and within walking distance of popular Clapham, known for its lively nightlife and leafy chilled-out common. fabrica.co.uk 0800 783 2159

*Based on a 25% share with a full market value of £430,000

Continued on page 38 first time buyer February/March 2016

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AFFoRDAble hoMeS FACT FILE West Hampstead

CoMING SooN... FACT FILE Catford

ZONE 3 PROSPECT QUARTER Catford, SE6

Launching in March 2016, Prospect Quarter from Peabody will comprise a selection of 22 shared ownership, one and two bedroom homes, set amongst landscaped courtyards with open community spaces between each building and a re-landscaped riverside. Prospect Quarter is situated within minutes of both Catford and Catford Bridge Station, making for an easy commute taking just 11 minutes to London Bridge.

Catford is a district of southeast London and is located southwest of Lewisham. It is a priority area for regeneration and £1.5m has been secured from the Mayor of London’s Outer London Fund to make improvements to Catford Broadway. Landmarks: Broadway Theatre Iona Close Orchard Ladywell Fields

FROM £TBC

peabodysales.co.uk 020 7021 4842

ZONE 2 THE MILNE BUILDING

West Hampstead, NW6

West Hampstead is in the London Borough of Camden in northwest London. There are three stations all called West Hampstead – one on the Jubilee underground line, the West Hampstead Overground and West Hampstead Thameslink. Landmarks: The Tricycle Theatre The Farmers’ Market Hampstead Heath

Launching in April 2016, The Milne Building from FABRICA by A2 Dominion will offer 10 one and 10 two bedroom, shared ownership apartments in the heart of West Hampstead, only moments from excellent transport links, including Overground and underground services. This new development is surrounded by landscaped open space and will FROM include private balconies £TBC to all apartments, contemporary kitchens with high-quality appliances, fitted wardrobes to the master bedroom and cycle storage. fabrica.co.uk 0800 783 2159

CA S E S T U DY

Olivia Tinker, 24, a visual merchandiser for H&M, and Thomas Odlum, 26, a self-employed plumber, went to visit a two bedroom, shared ownership apartment at Network Living’s Warehouse development in Streatham. They loved it so much, they put down a holding fee the very same day. It should have been an exciting start to a new life together for the couple. But initial feelings of excitement soon turned to despair when Thomas discovered that he would have to raise a larger deposit due to the fact that he was self-employed. “We thought we were ready to move,” explains Thomas, “so it came as a real shock to find out that the mortgage company required us to put down a minimum 20% deposit, purely because I am self-employed.” Despite 4.5 million people choosing to work independently in the UK, mortgage lenders remain cautious about self-employment. According to a recent survey conducted by The Association of Independent Professionals (IPSE) in May this year, 38% of the 1,176 independent professionals interviewed said that they were worried that they couldn’t get a mortgage, while 61% believed that mortgage lenders did not have an accurate understanding of their financial position.1 “Luckily for us, Network Living was really supportive. They held the apartment to give us time to meet with financial advisors. In the end, it also became apparent that, in addition to needing a larger deposit, the mortgage lenders were not going to give us a mortgage for the amount we needed either – so Network Living lowered the minimum share from 50% to 40% which, combined with some financial help from our parents, helped us overcome both hurdles.” Network Living’s flexible shared ownership scheme is designed to help hard-working, determined Londoners like Olivia and Thomas to get a foot on the property ladder. “Olivia and Thomas are exactly the sort of people whom shared ownership is designed to help,” said Lisa Ley, Sales and Marketing Director at Network Living. “They had worked really hard to save up a deposit, by working extra shifts and at weekends, as well as house-sharing and then moving in with Thomas’ parents, but mortgage lenders were still hesitant to lend. As a housing association with a strong social purpose, we were happy to do whatever we could to help them overcome those barriers to purchase their first home.” Olivia and Thomas purchased a 40% share (£200,000) of the two bedroom apartment, worth £500,000, with a 20% deposit of £40,000. Their monthly outgoings of £1,278 include mortgage payments of £700, rent payments of £468 and a service charge of £110. “We’re so happy here – our apartment has a balcony, which overlooks an internal courtyard, as well as a roof terrace with views towards The Shard and Wembley Stadium. We’ve got lots of extra space, so it’s been great to have friends and family over to visit and have drinks on the roof terrace! Everyone living here is really friendly and, even though everything’s new, there’s already a real sense of community.” All the homes have now sold at Warehouse, but to view a selection of developments with homes for sale through shared ownership, go to networkliving.co.uk 1 brookson.co.uk/news/industry/2015/may/38-of-self-employed-worried-they-cant-get-a-mortgage

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LOCATION

HOTspot

Dagenham – The East End effect

FAC T F I L E

The east London town of Dagenham, which is just over 10 miles out of the city centre, recently topped a list of places to buy for first time buyers. It seems that the great transport links, local amenities and affordable prices have attracted buyers looking to find a place to settle and call their first home. Dagenham, which falls within the London Borough of Barking and Dagenham, also sits on the edge of the vast, green county of Essex. So, as well as the urban lifestyle that the modern town has to offer, there is no shortage of countryside and coastline within incredibly easy reach. The part of the town that runs along the Thames has been marked for a major facelift – work will soon begin on creating new homes, shops and leisure spaces, and on improving transport links to that part of town. Such important changes are sure to attract buyers and businesses alike, and help secure Dagenham’s place as a thriving part of the city to live and work.

HOMES AND RESIDENTS Dagenham is part of a truly booming borough; its popularity with young families is marked

by the dramatic changes in its population, with the highest percentage of 0-19-year-olds in the country and a 50% increase in 0-four-year-olds since 2001. This young borough is ethnically diverse and well educated, and promises to contribute to a bright future for the area. The brownfield sites located close to the river are the perfect place to build new homes and there are plans to increase the number of new homes in these areas, including apartments and larger family homes. These will form part of the ongoing regeneration of the area, which is exciting locals and buyers alike.

OUT AND ABOUT Start your culinary journey with some traditional east London grub. Brook Pie and Mash on Dagenham Road serves up hearty pies, along with a dollop of creamy mash and thick gravy, to a loyal customer base. Also try Casa Italiana in Chadwell Heath for homemade Italian dishes in a cosy setting, or Lara Grill for highly-praised Turkish fare at affordable prices. You don’t need to go far to reach some very pretty countryside, which means a good selection of country pubs. End, or break up a country walk at the Orange Tree pub, which sits

*According to the Land Registry House Price Index, November 2015

on the outskirts of Romford, a few miles north of Dagenham. Here you can warm yourself by the open fire, or enjoy the sunshine in the garden on warmer days. The Halfway House in West Horndon is also well worth a visit. Set in beautiful surroundings, the family-run pub serves seasonal menus, with traditional pub grub and a great Sunday roast. For concerts and theatre, try the Broadway in Barking, or the intimate Brookside Theatre in Romford. Both run a schedule of comedy, music and special events. With beautiful countryside and many great towns and small villages within easy reach, there is a great deal to keep you entertained in and around the area.

A regular resident at Rainham Marshes RSPB Nature Reserve

Photo © Helen Mathias

Find out why first time buyers are heading to this thriving East End town that’s just 20 minutes from the City and set for some positive Thames-side changes

Average property price (November 2015) – £302,625 Property breakdown:* (Barking and Dagenham) Detached – £440,016 Semi-detached – £309,499 Terraced – £288,168 Flat – £263,538

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LOCATION

S O M E FA M O U S RESIDENTS

Dagenham Sunday Market

• Musician Billy Bragg • Singer Sandie Shaw • Comedian Nick Frost • Dance troupe Diversity • Comedian Dudley Moore

market is so popular that it runs a free shuttle bus service from Barking station as well as two buses from south London.

TRANSPORT

The Thames is just moments away and forms part of Rainham Marshes RSPB Nature Reserve, which makes for a great day out all year round. Here you can watch the vast array of wildlife that inhabits this part of the world. The Essex coast also lies within easy reach; Southend on Sea is just 50 minutes away by car, while the Blue Flag beach at West Mersea will take you a little over an hour. Fitness fans can choose from membership at several gyms in the area, including Barking Sporthouse, which includes a huge skatepark and climbing wall. Of course, there are is also plenty of opportunity for outdoor pursuits, with outdoor gyms in the local parks, as well as some regular bootcamps throughout the week.

SHOPPING You’ll find a wide array of high street shops at the Heathway shopping mall in Dagenham town centre, which houses everything from the post office to the chemist, all under one roof. In 10

minutes, you can also reach Romford, which has a vast high street and several quality shopping centres. Stratford’s famous Westfield is also easy to get to by car, or tube, and is a shoppers’ paradise, with every budget and taste catered for, along with restaurants, bars and a cinema. This part of London wouldn’t be complete without some quality markets, which can be found throughout the week. Visit the market in Barking town centre on most weekdays, for a wide range of products from local traders, or the locally-famous Dagenham Sunday Market, which occupies a huge site on the riverside. The

Commuting into central London is quick and easy. Rail services from Dagenham Dock station arrive at Fenchurch Street in the City within 20 minutes. The town is also served by three District Line stations, all in travel zone 5. From Dagenham Heath you’ll reach Mile End in 30 minutes where you can swap to Central Line services to the West End. The area is also wellserved by bus routes, which include regular services to the nearby towns of Leytonstone, Romford, Ilford and Rainham. The muchanticipated Crossrail (expected in 2017) will also be stopping at nearby Chadwell Heath and Gidea Park, for high-speed connections to central London. For drivers, travelling north is easy via the M11, while access to the rest of London can be gained via the M25, which can be reached within 15 minutes.

5 REASONS WE LOVE… …DAGENHAM • A quick commute to central London • Essex countryside on the doorstep • Dagenham Sunday Market • Coastal trips • Rainham Marshes RSPB Nature Reserve

HOMES on offer in the area…

FROM £49,500*

FROM £TBC

FROM £314,995

HAINAULT

DAGENHAM

ILFORD

Five miles north of Dagenham, Hainault is home to this popular new development. After the first phase sold out quickly, the second phase will be released this spring, offering a range of one to four bedroom apartments and family homes. A strip of park also runs through the development, creating a green space for all residents. The properties are finished to a high spec, with good quality fixtures and fittings throughout. They are spacious and well planned, with private outdoor space and designated parking.

Part of the ongoing regeneration of Dagenham riverside, City East sits moments from Dagenham Sunday Market and close to the Thames. The sixth stage of the development will release several two bedroom apartments, with private balconies, spacious bedrooms and open-plan living areas. The apartments are all designed with energy efficiency in mind – including a ‘living roof’ on each of the buildings. Locally-sourced timber has also been used to insulate the homes and reduce energy consumption as well as bills.

Several one and two bedroom homes are available at this development in Ilford, just a couple of miles west of Dagenham. The homes are superbly located, with train, tube and bus connections all a short walk away, while there are plenty of shops, bars, parks and a gym nearby. The well-sized apartments feature openplan living areas and integrated appliances, and most have a private balcony. Priority is given to those living or working in the borough.

taylorwimpey.co.uk

bellway.co.uk

New North Square

City East

Thames View

east-thames.co.uk *Based on a 30% share of the full market value of £165,000

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COMMUNITY LIVING FOR FIRST TIME BUYERS

The growing trend for social sharing – think AirBnB, Uber, BlaBlaCar and Borrow My Doggy – is being adopted by forward-thinking property developers, Inspired Homes, to entice first time buyers in the capital

Community living is not an entirely new concept in property development – that is, building properties where residents can share certain facilities and amenities, such as a residents’ lounge, outdoor space and even kitchen and dining areas. Indeed, retirement living has led the way in this respect. But now, award-winning property developer Inspired Homes has designed a series of affordable apartments specifically for first time buyers, which offer the added benefit of a broad range of shared amenities, where like-minded people can live and socialise together. Residents wanting to take that first step on the property ladder can now own a high-spec, high-tech apartment at Inspired Homes’ Green Dragon House in Croydon, an up-and-coming area of London, and share communal benefits, such as an outdoor sky garden and BBQ, table tennis and pool table, residents’ lounge, internet facilities and a concierge. Not only that, these services are not exclusive to this particular development. Inspired Homes is also enabling residents of its other neighbouring Croydon developments, Surrey House, Canius House and Coombe Cross, to use the shared facilities at Green Dragon House – all helping to build a wider community between like-minded residents in different locations. Martin Skinner, founder and CEO of Inspired Homes said, “We are embracing a growing social living culture, where sharing is becoming part of the norm. Residents can have their privacy when they want it, but the shared amenities are also conducive to making friends and sharing social lives – something that has huge appeal to 20 and 30-somethings who have maybe shared rented flats with friends, prior to getting on the property ladder. “Until now, this concept has only been available to affluent apartment owners, or private members’ club members, who can afford to pay expensive fees and service costs. What Inspired Homes is offering is something more

Sky garden

Club room

attainable; a desirable yet affordable way of living for first time buyers who want to share the experience with others. “Our vision is about developing a way of life, rather than simply the bricks and mortar. We’d like to take this sharing concept one step further, by offering residents shared experiences which enhance their lifestyle and even their business lives, such as community events, talks and workshops and group activities. Ultimately, we’re selling a lifestyle choice.” Debra Yudolph from property specialist the SAY Property Consultancy, who advises developers on property services which enhance the appeal for residents, says that whilst community living for young professionals isn’t a new concept – the 1934 Isokon building was designed to house young working people and had shared living space and residents’ services – today amenities are often only available to those in larger, more expensive developments. She said, “Inspired Homes innovative proposition of sharing amenities across a few

smaller buildings in one neighbourhood enables the residents to enjoy community living at an affordable price. And the amenities being developed go beyond the bricks and mortar to involve residents in events and activities. This is what makes it such an innovative concept in property development.” Thanks to its innovative community living concept, Inspired Homes won the First Time Buyer Readers’ Award 2015 for Most Innovative Development of an Existing Property, for Green Dragon House. Specific shared facilities at Green Dragon House include: 99 Tenth-floor sky garden, with BBQ and seating areas 99 First-floor residents’ lounge, with sofas and bench seating areas, a pool table, super-fast broadband and a coffee machine 99 Second-floor sky garden, with seating and table tennis 99 A large reception area, with a staffed concierge desk, residents’ postal boxes and storage cupboards for collection and deliveries 99 Residents’ bike storage and tool station 99 A residents’ website, with forum and noticeboard Apartments at Green Dragon House start at £269,950 and are due for completion in February 2016. To find out more and to arrange a viewing, call 020 7495 0523, or visit inspiredhomes.uk.com

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AFFORDABLE HOMES

THE EVER-CHANGING LANDSCAPE OF E15

Stratford in east London has changed rapidly over the years. With the 2012 Olympic sporting legacy left behind, it has regenerated one of London’s most deprived areas into a glossy new postcode

You can participate, or spectate in a variety of sporting games at the Copper Box Arena, Aquatic Centre, Lea Valley Velo Park or the Hockey and Tennis Centre. The Olympic Stadium is currently under redevelopment and will re-open in 2016, when it becomes home to West Ham United Football Club and the National Competition Centre for athletics. While for shopping, Westfield Stratford City has more than 300 retail outlets and over 70 food and drink outlets, as well as a bowling alley, the UK’s largest casino and an all-digital cinema. Stratford’s other prominent attractions include the arts venue Stratford Circus, Stratford Picture House and the Theatre Royal Stratford East. Stratford International Station is a transport hub; you can catch the Central and the Jubilee tube lines, or the Overground, to destinations right across the capital, while the arrival of London’s new east-west service, Crossrail will stop at Stratford when it opens in 2018. East Thames’ launch of the Stratford Plaza in October 2015 – a development of one, two and three bedroom apartments – alongside their most recent shared ownership scheme, has seen Sasha Tandon, a brand ambassador for LG, and her partner, Kwadwo Korang, a personal trainer, move into their brand new home.

Sasha said, “it is really difficult to get on the property ladder in London, so we decided to explore the option of shared ownership and looked into the homes available through East Thames. They were incredibly helpful and talked us through the whole process, explaining what shared ownership involved and the future options, including staircasing, it seemed the best option for us to get on the property ladder.” Kwadwo continues, “We looked at other areas in East London, but when we came to Stratford and discovered how well connected it was, we decided straight away it was the better option for us. The leisure and shopping options are so good in the area, it means that we don’t have to travel into central London to go out in the evening, or to do any of our shopping, making our lives so much easier. Shared ownership gives you the opportunity to buy a property in a sought-after location.”

STRATFORD’S NEWEST NEIGHBOURHOOD Prospect East is at the forefront of a major regeneration of Stratford. Located on Leyton Road E15, it will see a new district develop over the next 10 years. This neighbourhood will be a bridge between the traditional old Stratford to

the east, and the new East Village to the west. Buyers who choose to purchase a home at Prospect East are likely to benefit greatly in the long term, with the rising property values in the Stratford area. It is also just a short stroll to Westfield Stratford City shopping centre and Stratford International station. The development has its own convenience store and the East Village, next door, has several cafes, a health centre and is popular for various pop-up events during the summer, and not forgetting the nearby sporting facilities of the Queen Elizabeth Olympic Park. For parents, there’s even an academy for three to 18 year-olds, which has achieved an ‘outstanding’ status in its first Ofsted report. Prospect East was launched in January 2016, offering an extensive range of one, two and three bedroom apartments, duplex apartments, penthouse apartments and four bedroom town houses. The 94 available properties that are for sale all feature contemporary interior finishes, complete with fixtures and fittings. Of these, there are 59 homes available for shared ownership, open to residents living both in and outside of the borough of Newham. To find out more about Prospect East, go to prospecteast.co.uk

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affordable homes

New Year, New Metropolitan home?

Metropolitan’s new range of homes could be perfect for those in London, the southeast and the East Midlands, who made a new home their New Year’s resolution for 2016 Metropolitan are currently selling a selection of new homes, available to own for less through shared ownership, in villages in the Borough of Rushcliffe, southeast of Nottingham and, as 2016 progresses, will also be offering homes at a range of stunning new developments in Stevenage, Hertfordshire, as well as in Aldgate East and Brixton in London. The housing provider, one of the country’s largest, is currently promoting new homes for sale at Lantern Lane and Meeting House Close in East Leake, and Hollygate Park in Cotgrave, offering a range of two and three bedroom homes, built for homebuyers who would otherwise find themselves priced out of home ownership by today’s rising house prices. Stephen Williams, Metropolitan’s Sales Strategy Manager, explains, “With shared ownership, first time buyers can buy their first home more affordably; our customers only have to pay a deposit on the share that they buy, rather than on the full market value, which keeps the cost of buying down, plus their monthly costs are also kept lower than they would be if they were to

buy the same home outright, or rent it privately.” Shared ownership allows you to buy a percentage of the full market value of a property (usually between 25% and 75% of the full market value, depending on what you can afford) and you pay a subsidised rent on the remainder. The rental element is index-linked, which means it rises predictably in line with inflation. If you can afford to, you can increase the share that you own to the point where you own your home outright. It’s a way of buying a home without financially over-stretching yourself. Metropolitan’s new homes in East Leake and Cotgrave are already generating plenty of interest, the Rushcliffe villages provide a perfect setting, offering a relaxed, semirural location for living within easy reach of major regional towns and cities in Nottingham, Loughborough and Leicester. Metropolitan’s programme of new homes in London and the southeast is growing fast, with a range of one, two and three bedroom apartments on offer. At Aldgate Place, which launches in the spring, Metropolitan’s new Barratt-built shared ownership homes offer an Six Hills House

Aldgate Place

opportunity to buy a stylish, modern apartment just a short walk from the City and the River Thames. Later in the year, Metropolitan’s Barrington Lodge apartments launch. Nestled in a quiet, residential corner of Brixton and just a five-minute walk from the famous O2 Academy and the buzz of central Brixton, Metropolitan are revitalising the local area with striking new apartments, offering over 80 shared ownership homes. In Stevenage, Metropolitan are developing over 140 apartments, including some for private sale, as part of a project transforming the former Fujitsu building, Six Hills House. The development offers great affordability for Londonders and to Hertfordshire residents looking to get on to the property ladder, as well as easy access to Stevenage’s characterful Old Town and a speedy commute into central London (just 26 minutes from the front door to King’s Cross station). Stephen Williams elaborates, “Our new homes being developed

in London and the southeast will provide much needed affordable options to own, where the housing crisis is at its most acute and many people are priced out. We’re building in both established hotspots and in up-and-coming areas, meaning that our homebuyers don’t just buy into a good-quality, affordable home, they’re also buying into locations that have a lot to offer for a wide range of lifestyles.” New homes developed by Metropolitan come with a level of specification designed to give the new homeowner everything they need, in order to make the move into home ownership a smooth one. This will include fitted appliances in the kitchens, fully-fitted bathrooms, carpeting, storage space, car parking, or bike storage, and an NHBC warranty. To find out more about Metropolitan’s new homes, visit mho.co.uk, call the sales team on 020 3535 2555, or email mhosales@metropolitan.org.uk

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affordable homes

home oWNershIP IN WANDSWORTH doesN’T haVe To be oUT of reaCh

Viridian Housing offers affordable housing through shared ownership to people across London. Specialising in providing brand new apartments in southwest London, buying with Viridian Housing means that you too could own your own home, in an area of London normally dismissed by first time buyers as out of their price range

couldn’t be easier. There’s also plenty to do with your free time; Tileman House is less than half a mile from the River Thames, with a wealth of sports available on the river. If you’re more of a walker, discover the local parks, including Wandsworth Park, Putney Heath, Wimbledon Common and Richmond Park – some of London’s most cherished and popular outdoor spaces.

Viridian Housing has a variety of developments completing in Wandsworth this year.

LOOKING FOR RIVERSIDE LIVING? Wandsworth Riverside Quarter – Available early 2016 Situated on the banks of the River Thames, six one bedroom and five two bedroom apartments will be available for shared ownership in early 2016. Wandsworth Riverside Quarter is well connected, being situated just off Putney Bridge Road and within walking distance of Wandsworth Town rail station and East Putney tube. With views across the Thames to Hurlingham Park, time can be spent relaxing, while overlooking the serene landscaped gardens, or rowers training on the river. The development is already home to restaurants and bars and just a stone’s throw from the wide open space and tree-lined river walks of Wandsworth Park, so you’ll see there’ll be plenty of ways to enjoy your free time here. Riverlight – Available September 2016 Part of the stunning new Riverlight development, on the banks of the Thames at Nine Elms, these 116 one and two bedroom shared ownership apartments are within a block

LOVE BALHAM?

specifically designed to maximise the sunlight within and optimise the views out. Another wellconnected development, Riverlight is less than a kilometre from Vauxhall Station, providing easy access to the underground, national rail services and many bus routes. The Northern line extension, due to open in 2017, will also provide new tube stations at Battersea Power Station and Nine Elms. Nine Elms is London’s largest regeneration area. Living at Riverlight, you’ll have access to new local shops, restaurants, bars and parks, as well as being close to the

future amenities provided as part of the redevelopment of Battersea Power Station.

LOVE PUTNEY? Tileman House – Available Spring 2016 Ideally located on the Upper Richmond Road, these eight one bedroom and four two bedroom apartments are extremely well connected. Situated just 0.1 miles from Putney rail station and 0.2 miles from East Putney underground station, access to the tube and national rail services

Aura House – Available Summer 2016 Located just a five-minute walk from Clapham South tube (zone 2), and a 10-minute walk from Balham tube (zone 3) and Overground, these 15 one, two and three bedroom flats will prove very popular. Balham’s town centre has a variety of bars, coffee shops and restaurants, as well as a host of shopping options, from supermarkets and high street stores to small independent retailers. Eating out in Balham also offers a wide choice, and nearby Clapham South has a Sainsbury’s local, a Marks & Spencer and a petrol station, all appealing to buyers. To register your interest on any of these developments, contact Viridian Housing directly on 0800 012 1442, email sales@viridianhousing.org.uk, or visit wandsworthsharedownership.co.uk

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AFFORDABLE HOMES

STEP ON TO THE LONDON LADDER THIS SPRING WITH FAMILY MOSAIC In a move aimed at struggling first time buyers in the Capital, Family Mosaic has announced two new shared ownership launches designed to help young Londoners take their first step on to the property ladder

Due to launch in March, Canons Row is Family Mosaic’s latest development in Edgware. Situated on the edge of a green belt and just a short walk from Stanmore tube station, Canons Row is the next phase of a major regeneration project that is already breathing new life into the local area. The development is a driving force behind the area’s wider regeneration and, once complete, it will provide a total of 92 shared ownership one, two and three bedroom apartments. The development includes a collection of new squares, avenues and districts, designed by a collaboration of top architects including Sprunt Architects. Inside, each of the apartments enjoys a modern layout and specification and features fully integrated appliances, including Zanussi stainless steel electric oven, ceramic hob and fridge/freezer, along with oak laminate wood flooring. Every apartment will also have its own parking space – a rare commodity in this part of the Capital.

Situated just over a mile from Stanmore, future residents will have access to some of northwest London’s best eateries, bars and shops, with a number of independent delis and fashion boutiques also in the area. Canons Row also boasts several parks and open green spaces nearby, including Edgwarebury Park, as well as seven designated nature reserves – all ideal for busy city workers to explore and enjoy on weekends. Keen golfers will appreciate the number of courses and driving ranges in the area; two in particular are highly regarded, including Edgewarebury Golf Course. Also launching this spring is Quest House in East Croydon, an exciting regeneration project that will convert a previously disused office building into a boutique collection of homes – to include 25 two bedroom apartments and duplexes, available through shared ownership and starting from £98,438 for a 30% share. Just moments from East Croydon train station, residents will be wellQuest House

Canons Row

connected, with fast and regular transport links into central London. As a result of these fantastic links to the capital, East Croydon is officially London’s fastest growing tech ‘ecosystem’. Since 2011, the borough has achieved 38% growth of new tech and media businesses, and Croydon is now home to over a thousand digital, creative and technical start-ups. Further regeneration of the adjoining area is also underway, with The Westfield Group and Hammerson PLC developing two popular nearby shopping centres – Centrale and Whitgift – into a retail and leisure mecca. All properties at Quest House come with a fully-fitted kitchen, including Zanussi oven and fridge/ freezer, along with modern white bathroom suites, oak-engineered wood flooring and video door entry systems. Owners also benefit from their own outside space in the form of a private balcony, or terrace. Locally, residents have an array of leisure and lifestyle amenities to choose from. Buyers can enjoy independent retailers alongside one of London’s longest-running

street markets in the historic centre of Old Town Croydon. This well-established community plays host to the Surrey Street market, which operates six days a week and features stalls selling a variety of foods, fashion accessories and a great deal more. The Restaurant Quarter in South End Croydon offers an assortment of cuisines; this includes the Michelin-rated Albert’s Table, offering high-end British fine dining. Akin to Quest House, open green space is in abundance, with the picturesque Queen’s Gardens nearby, forming part of the Croydon Vision 2020 regeneration project with Park Place. The project includes plans for an ice rink, performance area and access to the new shopping centre. Other outdoor offerings include Park Hill Recreation Ground and Beddington Park, or for keen golfers, an abundance of clubs are situated within a short drive from Quest House. For information about these and other Family Mosaic properties, go to familymosaicsales.co.uk

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AFFORDABLE HOMES

FEEL THE RIVER’S GENTLE FLOW IN BOW Nestled on the quiet banks of the River Lea, an exciting new village is taking shape. Bow River Village is a striking celebration of urban living in a fashionable part of London

The buildings, with steel balustrades, refined brickwork, timber decking and generous windows, hark back to the area’s industrial heritage, yet Bow River Village is clearly setting the tone for an ultra-modern development designed for the future. Bow River Village opens its highly anticipated doors in spring 2016, offering homebuyers an intriguing choice of 92 one, two and three bedroom apartments and two bedroom duplexes, with many looking straight out on to the water of the River Lea. Explore the interiors and you will be absorbed by the highquality craftsmanship, streamlined kitchens and the impressive Grohe and Roca bathrooms. Enjoy

the natural light entering the apartments from the sleek floor-toceiling windows and, once outside, discover landscaped courtyards, delightful splashes of green and the gentle flow of the river itself. Every apartment also has its own balcony or terrace, creating private havens to enjoy the tranquillity of the location. This part of London has become a real magnet for the creative industries with the Bow Arts’ Trust and the film studios of Three Mills Island just a few minutes’ walk away. It has also benefitted greatly from the 2012 Olympics legacy. However, the area has retained much of its original roots, with eel and pie shops and colourful markets to explore. Bromley by

Bow offers District Line access into central London and the A12 is nearby. This new riverside development has all the distinctive hallmarks of a coveted destination. Prices here start from £340,000 and early viewing is advised. bowrivervillage.co.uk 0344 809 9145

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affordable homes

Hurry along to Hampstead

Enjoy the best of all worlds at Kidderpore Green, Newlon Housing Trust’s latest development in one of London’s most enviable locations on the Finchley Road, Hampstead Kidderpore Green offers a selection of contemporary, one and two bedroom apartments, within a residential development in Hampstead. These beautifully designed homes are available for sale through shared ownership, making them ideal for ftbs. Built around landscaped gardens and a state-of-the-art pavilion, Kidderpore Green is also providing a new home for The Hampstead School of Art. The development consists of both refurbished arts & crafts houses and new contemporary buildings, while the area has a conservation status, so residents will have the satisfaction of knowing their home is part of a protected area. Each apartment enjoys large windows, looking out to its own private balcony or terrace. There is wood laminate flooring to the living room, hall and kitchen, with carpet in the bedrooms and ceramic flooring in the bathroom. The fully-fitted kitchens come with a built-in oven, hob and extractor and integrated appliances including a fridge/freezer, washing machine and dishwasher.

It’s all about the location The development benefits from a variety of green spaces nearby, but is also just a short distance from the West End and the City, making it the ideal destination for commuters. Pretty Hampstead Heath and Golders Hill Park are the perfect locations to enjoy leisurely walks, or an energetic run. Nearby West Hampstead has a wealth of cafes, restaurants, boutiques and small independent shops, as well as more familiar high street names, and the O2 shopping centre is just 17 minutes walk away, with even more choice. If you feel like some culture, then Hampstead Museum, Burgh House, Keats House and the Camden Art Centre are all close by.

Getting Around Within easy walking distance, you will find a number of stations providing access to the whole of London and beyond, making it the perfect location for commuters. There are also regular bus services along Finchley Road.

NEARBY STATIONS: Hampstead – Northern line Golders Green – Northern line Finchley Road – Metropolitan & Jubilee lines Finchley & Frognal – London Overground West Hampstead – Jubilee line, London Overground and National Rail Tube travel times: Regent’s Park – eight minutes Kings Cross – 11 minutes Oxford Street – 16 minutes Knightsbridge – 20 minutes Canary Wharf – 28 minutes Kensington Village – 35 minutes Westfield Stratford – 40 minutes Prices for a one bedroom apartment start from £146,250, based on a 25% share with a full market value of £585,000. To register your interest, go to newlonhomeownership.org.uk or call 0800 058 2544

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for sale

FOR SALE THE CREAM OF THE CROP each month, fTB scours the market for the best starter homes for first time buyers. Whether you’re looking for a new home on a tight budget, or an ideal place to commute to the city from, we hope you enjoy our selection. (Prices and availability correct at time of going to press)

CheshaM, BuCKinghaMshire

HOIC FIRST C

ING OUTSTAND UTY EA NATUR★AL★ B★

Commuter Homes p58-59 s o u T h wa r K , s o u T h l o n d o n

HOIC FIRST C

real life

E TIME ON TH

THA★ ★M★ES

Family Homes p60-61

Shared Ownership p62

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for sale

CoMMUTer HoMes CheshaM, BuCKinghaMshire

HOIC FIRST C

from £250,000

ING D N A T S T U O EAUTY NATUR★AL★B★

Lindo Lodge The pretty market town of Chesham sits on the edge of the stunning Chilterns – an area of outstanding natural beauty – and is also just 50 minutes by tube from central london. lindo lodge, which is a five-minute walk from the Metropolitan line tube station, comprises just six, one and two bedroom apartments. The homes are finished to a high standard, with great design at the forefront. features include bespoke fitted kitchens, under-floor heating, private balconies and allocated parking. residents overlook 36 acres of parkland and the local amenities of the town lie within walking distance. FRT Devlopments Ltd 01494 774 343 frtdevelopments.co.uk

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for sale BarnhaM, wesT sussex

from £44,250*

MaidsTone, KenT

from £186,995

Arun Place Just a few one bedroom maisonettes remain at this small, yet popular development in the semi-rural town of Barnham. The homes are perfect for first time buyers, and include spacious living areas, smart, fitted kitchens, private parking and great transport links. Barnham station is just a five-

minute walk, with services to london Victoria in one and a half hours, and to southampton in just over an hour. The coast is three miles away, great for exploring whatever the weather. Affinity Sutton 0300 100 0303 affinitysutton.com

*Based on a 30% share of the full market value of £147,500

hasTings, easT sussex

The Coppice residents at this new development can enjoy all that the thriving town of Maidstone and the surrounding areas have to offer, all just 30 miles – and an hour’s commute – away. The Coppice comprises a range of homes, from two bedroom apartments to four bedroom family homes. each of the properties is thoughtfully designed

and finished to a high spec, with stylish bathrooms and kitchens and well-sized rooms. local amenities are fantastic, with supermarkets and schools nearby, while the town and rail station are just over two miles away. Redrow 01622 298 949 redrow.co.uk/the-coppice

from £315,000 exeTer, deVon

from £186,000

Woodlands View The four bedroom houses available at Woodlands View are perfect for growing families. The homes are laid out over three storeys; on the ground floor, you’ll find separate kitchens, living and dining rooms, with bedrooms split across the top two floors, three of which are en suite. There is a w/c on each floor, a well-

sized garage, and front and back gardens. from the historic seaside town of Hastings, london can be reached in an hour and a half, and Brighton in an hour. Millwood Designer Homes 01424 390 150 millwooddesignerhomes.co.uk

Cranbrook The cathedral city of exeter is home to this new development of two to five bedroom homes. The properties range from terraces to large detached, perfect for families. The two bedroom homes feature an open-plan living/ dining area with doors opening to a back garden, downstairs cloakroom, and two well-sized bedrooms on the

top floor. residents also benefit from private parking. exeter, which has excellent links to london, Bristol and Plymouth, is just a few miles away, while local Cranbrook station is a few minutes’ walk. Taylor Wimpey 01392 349 974 taylorwimpey.co.uk

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for sale

afforDaBle HoMes s o u T h wa r K , s o u T h l o n d o n

HOIC FIRST C

from £101,400*

E H T N O E M I T S

M★E THA ★★

Blue Anchor Lane The 26 one, two and three bedroom apartments available through shared ownership offer an ideal opportunity for first time buyers to get on the ladder in a popular part of london. The Thames lies under a mile away, while central london is within walking distance. The homes are stylish throughout as well as energy efficient. all homes benefit from a private balcony as well as communal cycle storage. Beautiful southwark Park is just over the road, as well as an array of local amenities. Family Mosaic 020 7089 1315 familymosaicsales.co.uk

*Based on a 30% share of the full market value of £338,000

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for sale T r u r o , C o r n wa l l

From £185,000

M i l t o n K e y n e s , B u ck i n g h a m s h i r e

From £54,250*

Pengelly Meadows Located in the charming coastal town of Carnon Downs, this pretty new development offers everything that’s great about Cornwall; stunning countryside, rugged coastline, fresh sea air and community spirit. The homes here range from two to four bedroom houses. The two bedroom homes are arranged over two floors, with the living space above a double

garage space.The spacious living/ dining area has warm, wood-effect flooring and the master bedroom has its own en suite. The city of Truro is just four miles away, and is perfect for shopping, eating out or hopping on the train to London. Taylor Wimpey 07771 842 155 taylorwimpey.co.uk

Colindale, North London

From £116,550*

Oakgrove Village Oakgrove Village forms a new community hub close to the bustling town of Milton Keynes. There are several one to three bedroom homes available through shared ownership, all offering a great opportunity for ftbs. The apartments are thoughtfully designed, with bright open-plan living areas, fully-fitted kitchens with

integrated appliances, fitted carpets and stylish bathrooms. Residents also benefit from a private parking space. The local area is great for lovers of the outdoors, with walking and cycle paths crossing the development itself. Affinity Sutton 0300 100 0303 affinitysutton.com

*Based on a 35% share of the full market value of £155,000

Chelmsford, Essex

From £199,995

Nordic Quarter This collection of Scandinavianinspired homes has been making waves, with its progressive and creative approach to apartment living. The homes, in up-and-coming Colindale, range from one to four bedrooms and feature open-plan living areas, fitted kitchens and en suite shower rooms from the master

bedrooms. Residents benefit from private balconies as well as communal gardens, courtyards and play areas. Each home has it’s own parking space, as well as access to cycle storage and electric charging points. Network Living 0300 373 3000 nordic-quarter.co.uk

*Based on a 35% share of the full market value of £333,000

Marconi Evolution Close to the Essex city of Chelmsford, this contemporary development has some great on-site facilities, including a gym and concierge service as well as landscaped gardens and cycle ways. The one bedroom homes feature open-plan living/dining areas, with doors opening to a private balcony. There are fitted

wardrobes in the bedroom and plenty of storage. Ideally located, Chelmsford rail station is less than a 10-minute walk, for services to London Liverpool Street. Road links, including fast access to the M25, are also great. Bellway 01245 269 208 bellway.co.uk

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REAL LIFE

Shared ownership: Aylesbury, Buckinghamshire After splitting from her long-term boyfriend and having to move back in with her mother, Bunmi Odubanjo decided that it was time to have her own space. With the help of Thames Valley Housing and the shared ownership scheme, Bunmi was able to buy her very own two bedroom apartment Bunmi Odubanjo recently bought the remaining 50% share of her apartment in The Serpentine, Thames Valley Housing’s iconic development in Aylesbury, Buckinghamshire. Named for its elongated, curved shape, this modern development in the heart of the town features 94 terraced houses and apartments. Getting to this stage hasn’t been easy for the 28-year-old, though. After splitting from her boyfriend, she had to move back in with her mother just to give herself a chance of getting on the property ladder. After speaking to some colleagues who lived in Aylesbury, Bunmi took to the internet and soon found what she was looking for – a two bedroom apartment at The Serpentine. As she continued searching the web, she soon realised that, through shared ownership, buying her own home could be more affordable than she ever thought. “I found out, through researching online, that I could get into the property market with just a 5% deposit, which I had been able to save through living with my mum. I felt that shared ownership was the best option, especially with the opportunity for staircasing.” Soon after she discovered the home online, Bunmi, who works as an account manager, bought a 50% share of her two bedroom apartment, worth £145,000, with just a 5% deposit of £3,625. She knew that she didn’t want to wait too

FAC T F I L E

Property: Two bedroom apartment Market value: £290,000 Initial deposit: £3,625 for a 50% share Share: £145,000 for a 50% share

long before buying the rest of her home. A little over two years after buying her initial share, she saved up enough money to put down a deposit of £12,000 in order to secure a mortgage for the remaining 50%. Again though, Bunmi had to make plenty of sacrifices to make sure she could afford it. “I had to start really saving,” she explains. “I had to cut back on socialising – luckily being out of London means that everything’s a lot cheaper and it’s easier to save money. However, I’m very determined and organised. As soon as I had moved in, I made up my mind that I would increase the share of my home to 100% within three years. I was very focused and had a clear idea of what I wanted.” As an almost textbook example of how shared ownership can work for first time buyers, Bunmi has plenty of tips for other shared owners looking to staircase.

“I AM NO LONGER PAYING RENT ON THE REMAINING 50% SHARE, EVERY PENNY IS GOING TOWARDS THE MORTGAGE. IT’S FUNNY TO LOOK BACK THREE YEARS TO WHEN I STARTED THE PROCESS AND TO REALISE THAT I’VE ACTUALLY DONE IT.” 64

“Save double what you originally think. That way, if you can pay more, then do it! It will be worth it to own your own property. “Plus, I had to save for a while longer than I thought as there were some hidden costs that I hadn’t expected,” she says. “Also, make sure you read through and understand all of the financial paperwork.” Bunmi also explains that buying a home can sometimes be a frustrating experience. “There were some lengthy processes with valuations, mortgage advisors and lawyers. It was quite stressful at times, since I was on a deadline and the bank was taking a long time to process my requests”, she says. Despite these minor annoyances, she says that the process has definitely been worth it. “I am no longer paying rent on the remaining 50% share, every penny is going towards the mortgage. It’s funny to look back three years to when I started the process and to realise that I’ve actually done it.” Becoming a homeowner has given Bunmi a sense of freedom she could only have dreamed of back when she was living with her mother. “I love travelling, but I had to completely cut back and forego any holidays while I was saving. But now that I’m no longer having to save up for a deposit to increase the share of my home to 100%, I’m able to travel for the first time in years.” tvhsales.co.uk

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VOTE NOW! We take our readers very seriously and, as first time buyers, we want to know your views. That’s why we need you to cast your votes. Please vote for your favourite developments, housing providers and other categories, listed on the following pages, in our FTB Readers’ Awards 2016. You could win £250 Ikea vouchers! For more details, see page 94.

buyer

READERS’ AWARDS 2016 Friday 22 April 2016

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Best small development This award will be given to small developments that have used the best design and quality to create desirable, affordable and inspiring environments in which people wish to set up their first home. The award is for schemes of fewer than 30 homes.

East Thames Homes | Mayfield Mayfield, on May Road, Chingford, is a rarity in the area – an affordable development of three bedroom houses rather than apartments. The six affordable homes, available on a shared ownership basis through East Thames Housing, and the one affordable house for rent were snapped up swiftly. Designed to appeal to young families who could not afford to buy or rent a larger property in expensive Chingford, these homes were priced from £99,000 for a 30% share, representing outstanding value for money. Each new home has a stylish kitchen, a comprehensive range of integrated appliances, plus either open-plan living space, or a kitchen/dining room and living room – opening on to a private garden – and a parking space. The uppermost floor comprises a superb master bedroom with fitted wardrobe, en suite shower room and a private roof terrace.

Hexagon Housing Association | Malvern House Malvern House, Foxley Road, Kenley, Croydon is a rare gem for young professionals. This exclusive small development gives first time buyers the chance to buy a beautiful, spacious home in a coveted location. Although a newbuild scheme, the quality of design and finish is impeccable and fully in keeping with Kenley’s large period properties. The carefully considered design detailing, both outside and in, gives these apartments plenty of character and, with features such as engineered oak flooring and wenge worktops adding a luxe touch and a strong design edge, the well-sized rooms give buyers the luxury of space as well as a superior finish. Some apartments also have desirable extras, such as balconies and en suites, and each has an allocated parking space. Malvern House is tucked away on a charming, tree-lined road, yet is just 12 miles south of London in an area that’s very popular with affluent commuters, giving first time buyers access to a truly enviable lifestyle.

Octavia Living | The Retro Marrying the elegant façade of a former Victorian pub with a luxurious interior full of ultra-modern finishes, The Retro perfectly embodies how London’s heritage can be preserved and enhanced. The development is a collection of eight affordable, one and two bedroom apartments, available through shared ownership. All finished to very high standards, what makes each apartment so exclusive is its quirky charm. The Retro offers a unique chance to own a piece of luxurious history in the heart of London. Located on the corner of Southern Row and Bosworth Road, it matches peace and green space – Emslie Horniman Pleasance Park is on its doorstep – with an enviable central location. Westbourne Park tube station is a short walk away and the flats are just a stone’s throw from the bustling bars, restaurants and independent shops of Notting Hill and the famous Portobello Road.

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buyer

READERS’ AWARDS 2016

buyer

origin housing | suffolk housE

READERS’ AWARDS

An unforgettable small development creating a big impact, Origin Housing’s Suffolk House is a rare, 100% affordable scheme, located in Fitzrovia, in the heart of central London. Set in an impressive, fully-restored, Victorian, warehouse-style building, the pioneering project offers six, high-quality, shared ownership, two bedroom duplexes – each complete with a terrace overlooking the iconic London skyline – and seven affordable rent homes. A trailblazing partnership between Origin Housing, a private developer, and the local authority has allowed affordability to be maximised for first time buyers, with prices from £195,950 for a 25% share and remarkably low service charges. Enhancing the scheme’s social footprint, the development also includes a commercial unit, for use by a respected local charitable organisation.

sitE salEs and rEgEnta dEvElopmEnt | thE oaks The Oaks is a development of four detached homes, built to a high specification, in the heart of Essex. Situated in Harlow, on Commonside Road, these four exclusive houses are surrounded by countryside, yet just an eight-minute drive from Harlow town centre and only 31 minutes into London Liverpool Street by train from Harlow Town station. The development is marketed by Site Sales Marketing Limited, on behalf of Regenta Development, and selling positively, with three of the four properties under reservation. This development fits in beautifully with the surrounding area, complementing the nature of the road and the neighbouring detached homes. Designed and built to a high specification, with features such as solar panels, large private gardens, integral garages, integrated SMEG appliances to the kitchens and generous storage, the homes are well-suited to family living.

viridian housing | 45 quEEns walk Set within a period house, with a sensitively-designed new extension, 45 Queens Walk is a collection of one, two and three bedroom luxury apartments, available for private sale and shared ownership. All of the apartments have an outstanding contemporary interior specification. The conversion apartments have been intelligently designed to make maximum use of the interior space and features of the original building, specifically complimenting the building’s period interior scale – notably, its high ceilings and original windows. Most apartments have their own private terrace or balcony but, for residents of those that don’t, there are also communal stepped gardens to enjoy. All apartments have allocated parking, or a private garage. 45 Queens Walk offers the rare opportunity to live on one of Ealing’s most desirable streets in the sought-after neighbourhood of Pitshanger Village. Shared ownership has made this unique development affordable to local first time buyers, who would otherwise be priced out of the area.

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best urban regeneration project This award is for the best development within a neighbourhood regeneration scheme, that can demonstrate the benefit it has brought to an area.

Catalyst | Portobello Square

Lovell Homes | Lymington Mews

At the northern end of Notting Hill’s famous Portobello Road lies Portobello Square, one of London’s most transformative urban regeneration projects. With phase one nearing completion, Portobello Square will eventually see the creation of 1,000 new homes in a previously neglected corner of the Capital. The project will transform the dilapidated Wornington Green estate, replacing all current social housing with brand new properties, while also building new homes for private sale that will contribute towards a new, diverse community. With award-winning architecture and a commitment to quality, the regeneration of Portobello Square is unrivalled in its ambition, unequalled in its conception and unparalleled in its realisation.

Lovell is developing 418 new, one to four bedroom, affordable and private sale homes in the Chadwell Heath area of Dagenham – an area with a strong sense of community, in need of significant new development to retain its vibrancy. We will develop 259 private sale homes, 116 homes for affordable rent and 43 homes for our Registered Provider partner, Home Group. When completed, Lymington Mews will also have a new primary and secondary school extension and a variety of open spaces – a haven for wildlife. The new Crossrail station will be just over 0.5 miles away, providing improved access to central London. Our development will provide new homes with easy access to local and London-wide employment and cultural opportunities.

NEAT and Royal London | TNQ

Peabody | Pembury Circus

With the demand for housing outstretching supply, mixed use developments offer the flexibility that our growing Capital needs. Transforming four and a half acres of rundown commercial land, TNQ is a leading example of mixed use, urban regeneration in London. A catalyst for Colindale’s regeneration, TNQ has created a 90,000sqft shopping destination on the Edgware Road, as well as 460 high-spec apartments. Also securing a brighter future for the wider community, TNQ is creating hundreds of local jobs and will bring significant commercial wealth to the area. Praised by the industry as well as local government, it serves as a template for future urban regeneration projects in London.

Pembury Circus completes a regeneration process that has been undertaken by Peabody, after the Pembury Estate was transferred from Hackney Council in March 2000. Since then, Peabody has invested over £73m in improvements to residents’ homes and a further £2.2m in community programmes. The mixed tenure Pembury Circus development features 268 private and affordable homes, commercial and communal facilities, a new community centre, play/sports areas and more, and the Pembury Children’s Community offers education and apprenticeships for young people. Pembury was once a place where people felt unsafe. It is now where ftbs want to live, with over 2,000 enquiries made for the 40 shared ownership homes alone.

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most innovative redevelopment of an existing property This award looks for properties that have been redeveloped using fresh ideas that uphold the integrity of the original building and make best use of the retained features and surroundings.

Inspired Homes | Green dragon house

Origin Housing | Suffolk House

Innovative property developer Inspired Homes is tapping into the latest social sharing trend by offering ‘community living’ for first time buyers at its award-winning Green Dragon House development in Croydon. Originally designed in the 1960s as office space for Croydon’s growing economy. Today however, with the building changing its use to residential accommodation and receiving an extensive programme of upgrading, refurbishment and development, a new era of stylish, urban living is being created offering excellent interior design and high-tech features like super-fast broadband. Apartments also include a range of shared amenities, including: 10th-floor sky garden; residents’ lounge; private meeting room; second-floor sky garden with table tennis; concierge service; residents’ bike storage and tool station.

Origin Housing took a conservation-led approach when creating Suffolk House, a highly unusual, 100% affordable housing development within a Victorian-warehouse style building, in the heart of Fitzrovia. Affordable housing set in converted buildings is increasingly rare, yet Origin have innovatively retained the heritage of the building, restoring it to its former glory. An architectural angular roof extension, reflecting the surrounding rooves, has been added to accommodate the scheme’s six shared ownership duplex apartments. The highest environmental performance levels have been achieved, through use of PV cells and improvements to insulation, minimising utility bills. A truly unique offer, all homes sold within weeks of coming to market.

Taylor Wimpey East London | ARENA place

Viridian Housing | 45 Queens Walk

Arena Place in Colchester is an innovative residential development by Taylor Wimpey, demonstrating how traditional buildings can be faithfully restored to dovetail with contemporary newbuilds. The leading housebuilder has carefully restored a collection of historic military buildings within the site of the former Administrative Headquarters complex for Colchester Garrison Artillery Barracks. The development also comprises newbuild properties reflecting the heritage of the site. Block F, originally constructed as a purpose-built wagon shed during the 19th century, has undergone a number of changes, yet Taylor Wimpey has successfully retained the integrity of the building by enhancing and maintaining its traditional features.

Set within a restored Victorian townhouse, with a sensitively-built modern extension, 45 Queens Walk is a boutique-style development combining the very best in imaginative conversion and space planning. Ten one, two and three bedroom luxury apartments were available for both private sale and shared ownership. In 2010, the house was being used as a hostel, but with the hostel no longer meeting required standards and the house in disrepair, Viridian stepped in to restore and redevelop the site. A more recent extension was demolished in favour of a three-storey extension and terrace of five bedroom houses, and particular attention was given to the materials and colours used for the new buildings, to reflect characteristics of the original house.

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BEST PROPERTY SUPPLEMENT OF THE YEAR This award is looking for the best property news supplement that provides accurate and useful information, either in print or online, to help first time buyers on to the property ladder. The supplement must reach out to at least 1,000 readers and should provide regular articles aimed AT those looking to purchase their first home.

daily and sunday express

homefocus magazine

At Northern & Shell we aim to provide wraparound property coverage, from print features in the Daily and Sunday Express that are also available online, to standalone website features and alerts for readers to downloaded on mobile devices. With the Sunday Express’ arts and showbusiness focus, the property page often follows new-release films and television – anything that’s a talking point – which is why we were the first national newspaper to link living in Cornwall with the phenomenon that was television’s Poldark series. However, we also include features aimed at helping readers who want to find out about schemes like Help to Buy. Friday’s property page will always be topical and reflect our regional readership. As for 2016, we intend to build on our success and provide readers with an even better property service.

homefocus magazine is published six times each year, to highlight the opportunities for ftbs to get on to the home ownership ladder. Focusing on shared ownership and Help to Buy, the magazine gives full explanations of the government schemes aiming to make home ownership more affordable, and help those without huge deposits to own their own home. Whether its who to apply to and how to go about it, who qualifies, or how to improve your credit rating and get the best mortgage deals, homefocus tells you all. The magazine is crammed with shared ownership and Help to Buy properties and case histories, so if you’re wondering how you can become a homeowner, homefocus will point the way.

metro property

Whathouse?

Launched in April 2015, Metro Property provides a concise and engaging mix of home and property news, catering specifically for the newspaper’s young, urban-dwelling audience. Metro Property dedicates several pages every week to first time buyers and the challenges they face. It aims not just to be aspirational, but inspirational too. Metro reaches more ftbs in London than any other national newspaper and their stories are brought to life with personal tales of people making that first step on to the ladder. Publishing every Tuesday, Metro Property allows busy readers plenty of time to arrange weekend viewings, ensuring they’re first in the queue for the best deals in a fiercely competitive market.

The WhatHouse? newspapers, launched in December 2013, are a complement to the long-standing new homes portal Whathouse.com These monthly tabloid publications reach 450,000 addresses, with two editions: one for the West Midlands and one for London and the southern Home Counties, both delivered free through the letterbox of recipients. The newspapers cover all aspects of buying, selling and owning a home, from advice on government-backed schemes such as Help to Buy and shared ownership to news on the latest launches. Regular features on mortgages, interiors, local market insight and a variety of other topics aim to inform and inspire readers, especially those looking to make their first move into homeownership.

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Best laW firm for conveyancing this award cElEbratEs law firms with outstanding convEyancing packagEs for first timE buyErs.

1st propErty lawyErs At 1st Property Lawyers, we understand that buying your first home can be stressful. Thatâ&#x20AC;&#x2122;s why we aim to make conveyancing as seamless and stress-free as possible. Through our award-winning online case-management service, eWay, we have created a service that is tailored to the needs of the modern consumer. Our clients have access to their case 24/7, through their smartphone, tablet or PC, enabling them to complete the majority of their documentation online and speed up the transaction. eWay also contains useful video guides and help sections, ensuring that clients understand some of the more complex aspects of the process. Each of our clients is assigned their own dedicated conveyancer, who will guide and assist them through the entire process and provide them with regular updates. Our highly-trained legal professionals have extensive experience to help first time buyers and ensure they move into their new home as quickly as possible.

bEaumont lEgal Beaumont Legal constantly works to improve the service it provides to all of its customers, using its experience as one of the countryâ&#x20AC;&#x2122;s largest conveyancing providers to build on how first time buyers can be guided through the process of buying their first home. More than any other group of homebuyers, first timers demand more information and a quicker service and, year-on-year, Beaumont Legal improves its technology and the customer service skills of its team to help give customers what they want â&#x20AC;&#x201C; fast! Everyone at Beaumont Legal believes that, to provide a good service, you need to work closely with everyone involved in the process, from developers to housing associations, mortgage brokers to estate agents, and the Beaumont team works handin-hand with all of its partners to achieve the best service for everyone.

princE Evans solicitors llp Prince Evans is proud to have one of the largest affordable home ownership conveyancing teams in London; led by award-winning partners, specialising in social housing. The team benefits from a number of professional and friendly staff, all of whom are extremely experienced and well versed in helping first time buyers take their first steps on to the property ladder. Prince Evans is on the panel for several housing associations, evidencing our long-standing commitment to affordable home ownership and consistency in delivering excellent customer service at competitive prices. Prince Evans continues to act for a number of housing associations and remains at the forefront of social housing development and sales.

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READERS’ AWARDS 2016

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READERS’ AWARDS

Taylors Legal As a ‘newbie’ to the homebuyers market, you would expect to receive all the help you can when buying your first home. Taylors Legal’s main area of expertise is conveyancing. As a firm, we embrace technology and, with an online case management system, help the purchaser communicate and track the process electronically. This allows for quicker and efficient responses, from conception to completion, with regular updates along the way. Over the years, the firm has built strong relationships with a large number of renowned nationwide property developers and has seen an increase in first time buyers purchasing a newbuild property, as well as the more traditional conveyancing. We are proud that our staff offer a wealth of knowledge and experience and, with a smooth and productive approach, are able to guide first time buyers through the entire homebuying process. We are currently working on an online web-based application, which will initially enable purchasers of newbuild properties – and, in time, all conveyancing clients – to instruct us online. This will speed up the conveyancing process even more significantly.

Thomas Legal Group Thomas Legal Group offers conveyancing excellence, with speed and efficiency. We understand what is important to first time buyers and, by using clear communication and a tailored service, we exceed expectations. Thomas Legal Group chooses to concentrate only on property law; this enables us to be experts in our field and our regular positive feedback from both clients and introducers emphasises that what we do, we do well! We are pleased to offer a face-to-face service for clients who would like to meet their solicitor and have a personal chat over a cup of coffee about the process. And, for those clients who cannot get to our offices, we offer the alternative method of a Skype, or Facetime chat to get to know their solicitor and also to make the ID process much more convenient for those with a busy lifestyle. We are experts in all areas of conveyancing, and we have a team dedicated to newbuild transactions; they are specialists in Help to Buy purchases as well as shared ownership and all other government schemes.

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READERS’ AWARDS 2016

Vote now for your favourite in each category, and you could win £250 IKEA VOUCHERS. Vote at ftbawards.com today!

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Best first time buyer apartment This award is for an apartment suitable for a first time buyer which is affordable and also offers excellent design flair both inside and out.

Hexagon Housing Association | Malvern House A beautifully detailed development, Malvern House enables design-conscious first time buyers to afford a sophisticated apartment in a highly sought-after location. Although a newbuild scheme, the quality of design and finish is impeccable and fully in keeping with Kenley’s large period properties. The carefully considered design detailing, both outside and in, gives these apartments plenty of character and, with features such as engineered oak flooring and wenge worktops adding a luxe touch and a strong design edge, the well-sized rooms give buyers the luxury of space as well as a superior finish. Some apartments also have desirable extras, such as balconies and en suites, and each has an allocated parking space. Malvern House is tucked away on a charming, treelined road, yet is just 12 miles south of London in an area that’s very popular with affluent commuters, giving first time buyers access to exquisitely affordable apartments and a truly enviable lifestyle.

Hodson Developments | Viridium Viridium by Hodson Developments is an exclusive, gated development of stylish one, two and three bedroom apartments and penthouses, located in the popular Surrey town of Camberley, where first time buyers can enjoy modern sophistication and affordability without compromise. One particular apartment at Viridium that stands out as a winner is a spacious and luxurious two bedroom property. Beautifully designed inside and out, this unique apartment has not only got loads of room and is finished to a very high specification as standard, it also benefits from a fabulous 30ft long, south-facing, glass balcony. An ideal living space and perfect for entertaining, this bright and superbly finished apartment allows purchasers to enjoy every inch of their new home. Every property in this style, of which there are three, have been sold to first time buyers, demonstrating that there is no need to compromise on quality and space when getting on to the property ladder.

Inspired Homes | Green Dragon House Innovative property developer Inspired Homes is tapping into the latest social sharing trend by offering ‘community living’ for first time buyers at its award-winning Green Dragon House development in Croydon. The overall vision is about developing a way of life, rather than simply the bricks and mortar. As such, Inspired Homes has designed a series of luxury, yet affordable, apartments specifically for first time buyers. As well as offering excellent interior design and high-tech features like super-fast broadband, the apartments also include a broad range of shared amenities, including: 10th-floor sky garden with BBQ; first-floor residents’ lounge; private room for group meetings and classes; second-floor sky garden with table tennis; concierge service; residents’ bike storage and tool station. Inspired Homes also intends to take this sharing concept one step further by offering residents shared experiences which enhance their lifestyle and their business lives, such as community events, talks, workshops and group activities.

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READERS’ AWARDS 2016

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Lovell | Mansfield Park

READERS’ AWARDS

Mansfield Park is a mixed-tenure development of one and two bedroom apartments and three and four bedroom homes, for sale with Lovell Homes, situated on the eastern side of the city of Southampton and less than four miles from the city centre. Designed for 21st-century living, the two bedroom Grant House apartments offer inspiring, contemporary living spaces that are both stylish and functional – appealing to first time buyers – without the premium prices; full price £176,950–£195,000. Purchasers have taken advantage of the government-backed Help to Buy Scheme, with Help to Buy prices of £141,560–£156,000. The ultra-chic hub of the apartment is the open-plan dining, kitchen and living area – a stunning place to entertain and socialise, offering high specification throughout, including Bosch gas hob and oven, integrated washer/ dryer, soft closers to kitchen cupboards/drawers and built-in wardrobes to the master bedrooms, all as standard.

NEAT and Royal London | TNQ Located in Colindale, 30 minutes from central London, we believe TNQ provides the best opportunity for first time buyers in this emerging hotspot. An unrivalled product in the local first time buyer market, TNQ offers affordability without compromise, with high-specification interiors and thoughtfully designed, open-plan layouts. Priced from £238,000, TNQ goes beyond expectation, with every apartment featuring prewired, fibre-optic cabling – enabling broadband speeds up to 10 gigabits (500 times average), timber flooring and under-floor heating, built-in wardrobes, LED lighting, internal sound insulation, fitted contemporary high-gloss kitchens and so much more. More than just a place to live, TNQ offers first time buyers an on-site gym, crèche, and concierge as well as big brand retailers M&S, Aldi, with more to be announced shortly. Significant space has been given to create four large, private residential courtyards, featuring landscaped gardens with mature trees, water features and modern stonework.

NU living | Oldchurch Park Oldchurch Park is NU living’s flagship development in Romford, offering 374 new homes, with Help to Buy and shared ownership available on a large selection of units. Despite being one of the most affordable London boroughs, first time buyers in Havering continue to feel priced out of their local market. Oldchurch Park offers a rare opportunity for young professionals, couples and families alike to get on to the property ladder, with prices starting from £176,500 for a one bedroom apartment. Formerly part of the Oldchurch hospital estate, the 120,320sqft area has created a host of affordable property options for any first time buyer. Oldchurch Park provides modern apartments in an attractive and desirable environment for residents. Each home features fully-integrated Zanussi appliances, stylish bathroom suites and quality carpets and flooring, offering both convenience and considerable starter home savings for first time buyers.

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best large development

This award is for developments of more than 80 homes, that have used the best design and quality to create an affordable, desirable and inspirational environment, and that has provided additional facilities to benefit the local community and surrounding neighbourhoods. These homes are either on large developments in a mixed-tenure environment, or stand-alone developments.

AmicusHorizon Ltd | The Sentinel Situated in the centre of Croydon town, The Sentinel is a new, 12-storey, mixedtenure development, constructed by Durkan Ltd. Designed by BPTW Partnership and featuring terracotta and zinc cladding in a geometric design, it is both striking and eye-catching. The development is a mixture of apartments and maisonettes, ranging from one to three bedrooms, and comprises 22 homes for shared ownership, 17 homes for affordable rent and 59 homes for market rent.

Centra Living, part of Circle Housing | Banbury Park Banbury Park in Walthamstow is a £70m scheme, with 349 much-needed homes. Launched in Autumn 2015 by Centra Living – part of Circle Housing – the development is the provider’s largest to date. Banbury Park, which sits between the Lea Valley and Epping Forest at the end of the Victoria line, has a range of products on offer to suit different levels of affordability; 99 homes for social rent, 76 homes for shared ownership and 174 homes for private sale. Centra Living offers a range of unit types, including apartments, duplexes and houses offering one, two, three, or four bedrooms – all of high specification. The development suits a wide market, so is perfect for investors, families, singles, couples, first time buyers and second homers. Over 150 people attended the launch weekend – a strong indicator of the development’s appeal.

Kier Living Eastern | Connect21 For many years, the ever-increasing cost of property in Peterborough meant that first time buyers found themselves priced out of the market. But all that changed in 2013, with the launch of Connect21 from Kier Living Eastern. A £50.3m collaboration between the developer, Peterborough City Council and the Homes and Communities Agency, Connect21 was created with first time buyers in mind. Conceived as part of a wider £1bn regeneration of Peterborough city centre, the property mix includes two bedroom apartments and houses ranging between two and four bedrooms. The homes at Connect21 were constructed to an excellent standard and all feature builtin wardrobes to the master bedrooms and integrated appliances in the kitchens. In addition, the two and three bedroom houses include separate kitchens, facing the southeast where possible, to maximise natural light. Houses also have their own parking space, along with visitor parking and secure cycle sheds.

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READERS’ AWARDS 2016

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nEwlon housing trust | cannon road

READERS’ AWARDS

Cannon Road is an ambitious scheme helping to meet local housing need, while contributing to the ongoing regeneration of Tottenham. It is an architecturally impressive, high-specification development, on the site of a derelict former rubber factory on Tottenham High Road, close to Tottenham Hotspur’s stadium at White Hart Lane. Designed by KSS architects and constructed by Galliford Try, on behalf of Newlon Housing Trust, the site comprises a stunning 22-storey tower, offering 100 homes for shared ownership. Three further blocks provide 122 mixed-tenure homes, with both social rent and intermediate rent for key workers. The development has its own CHP power plant and communal roof gardens, all residents have balconies, or outdoor space, and there are bicycle stores and dedicated electric vehicle parking points. The site also includes a new, purpose-built, 420-pupil primary school – developed in partnership with Spurs FC – which is a valuable contribution to the local community.

notting hill salEs | cambErwEll fiElds Camberwell Fields, the latest flagship development from Notting Hill Sales has brought new life to the heart of Camberwell, with its contemporary yet sympathetic design, spacious layout and mixed-tenure offering; private sale, Help to Buy and shared ownership. Camberwell Fields sits alongside recently regenerated Burgess Park and is within walking distance of eclectic eateries, theatres, galleries and entertainment spots. The development’s affordable and high-quality sustainable homes have successfully revitalised the local landscape and reconnected communal pedestrian pathways. All apartments, townhouses and duplexes satisfy the housing needs of both existing and new residents. Camberwell Fields’ successful impact on the local landscape has contributed to the regeneration of the wider neighbourhood, bringing a distinctive new charm to the area.

southErn housing | bow rivEr villagE A development consisting of one, two and three bedroom apartments situated on the banks of the River Lea, this striking new collection of buildings, interspersed by landscaped modern courtyards and open spaces, takes inspiration from the local factories and warehouses that once teemed with activity. These new homes combine contemporary architecture with high-quality interior specifications that are both practical and stylish. Sleek lines, bright interiors and balconies to all apartments, create a harmonious, contemporary living environment. Positioned in a fantastic area and ideal for city living, the development offers brilliant transport links and a unique opportunity to invest for the future in one of London’s thriving creative hubs. It is easy to discover the rest of the capital from such a well-connected location, with the City, Docklands, Stratford and Canary Wharf all just minutes away by the London underground.

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Best online property portal this award will look at thE bEst propErty portals that offEr clEar,practical advicE and Easy navigation.

family mosaic Following in-depth customer research, Family Mosaic discovered continued consumer confusion around shared ownership and the buying process. Research also highlighted the ongoing need for a useable, easy to navigate, informative sales website. Using these results, Family Mosaic decided to create and launch a new shared ownership-specific sales portal; familymosaicsales.co.uk. With other housing associations having an online presence, Family Mosaic went a step further to create a digital hub, offering practical information for buyers at every stage of the sales process, through the creation of several new interactive tools. Giving buyers complete control, these tools provide immediate access to information, while allowing buyers to track in real time where they are in the buying process and see a checklist of what is required next. Automating the buyer’s journey also enables the sales and marketing teams to react and respond quicker to customer queries, giving the buyer greater support.

monEysavingExpErt.com MoneySavingExpert.com, which has over 10 million subscribers to its weekly email, prides itself on having extensive tools and information for anyone looking at buying their first home. On the website, we have 13 different guides written specifically for first time buyers, on anything from how to boost your chances of getting a mortgage and practical property search tips on finding the best mortgage for you, to what fees to take into consideration. We’ve also a 60-page standalone PDF for first time buyers, which you can either download or, if you wish, request as a printed booklet. In addition to the extensive information on the site, we have numerous calculators available, helping anyone wishing to get on that first rung to compare mortgages, know exactly how much it is going to cost them and find out exactly how much they can borrow. Lastly, we’ve also got our own Mortgage Best Buys, which include all deals available to brokers and, crucially, direct-only deals too, meaning it’s easy to compare and find the best deal for you.

monEysupErmarkEt homE movErs hub Everyone who’s ever done it, knows moving home can be massively stressful – so first time buyers should be looking to learn from the experience of others. With this in mind, we gathered all our knowledge and experience together in one place in our Home Movers hub. This is the place where first time buyers can find out what they need to know – from identifying the right property, to managing the move and settling into their new home. The hub showcases our comprehensive library of articles, videos, tools and bespoke calculators, all delivering the support and guidance first time buyers need before, during and after the move itself. We contacted experts from across the housing market – surveyors, estate agents, mortgage providers and even a vet – to supplement our in-house expertise in household finances, energy and insurance. The result is a thorough and detailed editorial package that covers all the bases concerning the first time buyer market.

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READERS’ AWARDS 2016

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RIGHTMOVE

READERS’ AWARDS

Rightmove has more UK properties than anywhere else, so it’s a great place for first time buyers to search virtually all of the market in the areas they are considering. Our teams carry out various focus groups and usability sessions, so that the site is easy to use and has the information that home-hunters say that they want. On each of the properties people can look at floor plans, the nearest stations and nearby schools, and can easily contact the agent marketing the property by phone, or email. For those that need help along the way, there are a number of tools they can use, such as our Sold Prices pages – where people can research prices of similar properties in their chosen areas, a step-by-step guide to mortgages and a number of top tips for first time buyers in our blog: rightmove.co.uk/mortgages, rightmove.co.uk/house-prices, rightmove.co.uk/ news/articles/the-government-schemes-that-could-help-first-time-buyers.

Southern Home Ownership The key to our success is providing first time buyers with the information and tools that significantly help them get on to the property ladder. We were inspired by the idea of creating a product that offers the best possible user experience, through superior navigation and scalable site structure. We present the details throughout our pages in a simple, intuitive and responsive way. We deliver informative content, which guides and assists our customers through a sometimes daunting buying experience. The data we collect allows us to access precise information on the eligibility and sales point of our customers. We can confidently offer the right properties to the right people – saving time for both potential buyers and our sales team. The responsive features of our web design offer flexible interaction for prospective buyers, presenting a considerable amount of information smoothly across all platforms.

Zoopla Property Group Plc Zoopla is the UK’s most comprehensive property website, combining hundreds of thousands of property listings with market data and local information, empowering our users to make smarter property decisions by helping them to research the market and find their next home. At Zoopla, we are fans of transparency and everything we do is aimed at making the market more efficient for property consumers. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research, and is the favoured online marketing partner for UK estate agents, letting agents and property developers. Launched in 2008, Zoopla has been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have been named one of the Top 10 UK Tech Companies (The Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

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BEST ARCHITECTURAL DESIGN

This award is for the design of a building that exceeds normal architectural standards and makes a substantional contribution to the local environment.

B3Living | new river close

B3Living, in partnership with Rock Townsend and Hill Group, transformed a former suburban industrial site, adjacent to the historic New River, into 52 new, affordable and shared ownership homes – challenging the assumed density of the local area, while making a positive contribution to the public realm. The four to fivestorey development was designed with the homeowner in mind, with extensive research into providing on-site underground parking, and shared accessible landscaping connecting both apartment buildings.

Catalyst | St Bernard’s Gate

A difficult challenge for architects is the marrying up of new buildings with old, creating structures and spaces that complement and even improve on the existing vernacular. It is a challenge being met headon at St Bernard’s Gate in Hanwell, west London, with spectacular results. Set within a site of historical interest – a former hospital with a listed chapel and gatehouse at the focus of the scheme – St Bernard’s Gate will see the creation of 270 apartments across five buildings, the first of which is currently under construction. Designed by Hester Architects, the new buildings are sympathetic to their surroundings, creating a unique new public space as the centrepiece, and homes that bring the very best of modern living to a previously neglected site.

Regal Homes | the cube building

Stockwool | vyner street

The Cube Building is Europe’s tallest Cross Laminated Timber constructed building, and is set to become one of London’s most revered mixed-use projects. Each flat is arranged as a corner unit and has at least two aspects, offering residents an inspiring panorama of London. Intimate terraces and balconies provide unique views and a gridded brick screen wraps the outside of the building, creating an exclusive space for those inside. The development comprises one, two and three bedroom apartments, including penthouse apartments. Each apartment will have a private terrace or balcony. Banyan Wharf consists of 50 apartments with 33 for private sale and the remaining 17 for socially rented or shared ownership.

This mixed-use development in east London will offer much-needed homes and jobs for the local community, regenerating a derelict warehouse site into 23 high-quality homes and 410sqm of commercial space. Designed by Stockwool for the Aitch Group, the Vyner Street development features two blocks of four and five storeys, and ground floor office space. Situated within a conservation area, elevations reflect adjacent Georgian terraces, while a set-back top floor replicates traditional warehouse architecture. With an improved streetscape – with active frontages, the retaining of employment use on-site and the high standard of homes available, we are proud of the design quality of this regeneration scheme for Tower Hamlets.

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most innovative marKeting campaign

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this award will bE givEn to thE most innovativE markEting campaign that has bEEn carriEd out using all forms of mEdia. Enabling first timE buyErs to find affordablE ousing and havE thE most up-to-datE and rElEvant information about govErnmEnt schEmEs and mortgagE dEals.

catalyst

At the northern end of Notting Hill’s famous Portobello Road lies Portobello Square, one of London’s most transformative urban regeneration projects, that will eventually see the creation of 1,000 new homes in a previously neglected corner of the city. The marketing campaign for Portobello Square has targeted purchasers of all budgets, with a focus on first time buyers for homes appropriate to this demographic. Promotion of shared ownership and the affordable community audience were central to the campaign. Marketing was overseen by London-based brand and digital consultancy, Philosophy, who, with expertise across all disciplines, successfully implemented innovative campaigns across a number of sectors.

origin housing

Origin Housing’s Well Informed campaign aims of educate first time buyers on shared ownership. The campaign invites purchasers to follow a customer journey online, breaking down jargon and guiding buyers through eight simple steps, before completing a prequalification questionnaire to continue their property search. The campaign is supported by informative personalised email and text messaging. A great success to date, the project has resulted in a 10% increase in new web users, and a 90% fall in customer queries. A wellinformed customer base has resulted in a steady sales conversion rate of 51%, with a forecast of 60% for 2016, ultimately helping more buyers on to the housing ladder through shared ownership.

East thamEs group

East Thames has developed a new marketing campaign to reach out to first time buyers. The campaign is dynamic with a solid black background, softened by a red ribbon representative of the River Thames – defining the area in which we build in. The flow of the red ribbon also symbolises the flexibility of our products and the choice offered to our customers. The message is clear and simple; ‘Quality Homes Made Affordable’. This moves away from over-complicated adverts, packed with photos and a variety of messages, and simply informs first time buyers that we are here to help, with contact details that are easy to spot. If our advertising campaign has inspired you, please vote for us and visit our website – we’re here to help!

pEabody

Peabody’s integrated marketing campaign combined digital, outdoor and experiential activity with print media and PR to raise awareness of Upton Village in Plaistow, east London. This innovative campaign showcased a brand new development within an existing community, while embracing the positive aspects of the local area by playing on the concept of ‘The Proper East End’ and residents being ‘Plaistow and Proud’ and also engaging those new to the area. Both direct calls-to-action reaffirmed the area’s sense of community pride and helped garner awareness and interest among the development’s target audience. Peabody successfully engaged with first time buyers, resulting in 100% of sales before the build was completed.

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Best sHoW Home

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this award goEs to thE company with thE bEst show homE allowing thE buyEr to sEE thE propErty to its maximum potEntial, giving thEm a rEalistic insight into thEir nEw homE.

catalyst | farlEy mEadows Located on the western edge of Luton, Farley Meadows comprises a collection of contemporary, two and three bedroom houses, boasting views over the open countryside of Bedfordshire. Offering modern amenities in a much sought-after location, Farley Meadows is a brand new development that has been hugely popular among first time buyers. With 70 new homes, split between three styles of house, Farley Meadows offers a unique opportunity for young professionals to put their first foot firmly on the housing ladder, or for families to procure a spacious home designed to meet the needs of modern family life. The show home at Farley Meadows was designed with the first time buyer in mind and features a stylish interior that not only shows the property to its full potential, but creates an aspirational and yet, crucially, achievable look.

Estuary housing association | victoria road Victoria Road is a stylish collection of 10 brand new, two bedroom apartments, set within the heart of Romford. The development is located on a bus route and just five minutes walk from Romford station and town centre. The show home’s design and layout provides lots of space and light, and the warm, sunny palette of soft yellow, mixed with greys, taupe and black, makes the potential buyer feel instantly uplifted. High-gloss furniture, combined with glass and chrome, really shows off the dimensions of the living space, while clever use of replica Louis Ghost designer chairs makes the dining area seem to disappear as it becomes almost completely transparent. The theme follows through into the kitchen, bathroom and bedrooms, with neutral accessories, while bright yellow, homely accents complement the high-gloss neutral kitchen – all creating seamless transitions between living, dining and kitchen areas.

octavia living | thE rEtro Marrying the elegant façade of a former Victorian pub with a luxurious interior full of ultra-modern finishes, The Retro perfectly embodies how London’s heritage can be preserved and enhanced. The development is a collection of eight, affordable, one and two bedroom apartments, available through shared ownership. All finished to very high standards, what makes each apartment so exclusive is its quirky charm. The Retro offers a unique chance to own a piece of luxurious history in the heart of London. Located on the corner of Southern Row and Bosworth Road, it matches peace and green space – Emslie Horniman Pleasance Park is on its doorstep – with an enviable central location. Westbourne Park tube station is a short walk away and the flats are just a stone’s throw from the bustling bars, restaurants and independent shops of Notting Hill and the famous Portobello Road.

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READERS’ AWARDS 2016

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Origin Housing | Axis

READERS’ AWARDS

Origin Housing created a high-impact, design-led show home for Axis – a private sale, shared ownership and affordable rent development that has established higher benchmark pricing for its Finchley Road location, assisting in the cross-subsidy for affordable homes. Designed to make a long-lasting impression on visitors, the premium show home blended a mix of high street and luxury brands, offset by a natural colour palette. Throughout the two bedroom property, bold prints, luxurious metallic accents and retro-inspired accessories all contributed to create a lively, stylish aesthetic, befitting of a development so close to both opulent Hampstead and fashionable Camden. The highly successful design scheme raised the bar at this groundbreaking new development, and helped to secure the sale of all properties at Axis within six weeks of coming to market.

Peabody | Chancery Building Peabody’s Chancery Building is a stunning development within the landmark Embassy Gardens, exceeding the high specification expected of modern London living. Chancery Building enabled 98 first time buyers to take their first step on to the property ladder in a highly desirable new riverside district. The shared ownership show home, designed by Studio Morton, was carefully designed to give first time buyers looking to purchase one of these exquisite homes, a sense of both aspiration and accessibility. Spanning an impressive 1,222sqft, the two bedroom, two bathroom, duplex show home was dressed with a mixture of small luxury pieces and key products from high street brands – including B&Q, H&M, IKEA and Home Sense – to ensure presentation was to an achievable standard for first time buyers. Designed with mid-century American influences and inspired by the development’s stylish brand identity, the show home reflected both the area’s international heritage and its cosmopolitan future.

Plumlife | Hart Hill Place We developed a stunning, two bedroom show home at our Hart Hill Place show home in Salford. We took a different approach to the interior design by launching the ‘Plumlife Stylist’ competition; a nationwide search to find an amateur designer to create a fresh sitting room concept. The winning Scandinavian-inspired design allowed buyers to visualise living in one of our properties. The bright, comfortable, value-formoney furnishings demonstrated to first time buyers how a contemporary look could be achieved on a budget. Customer feedback about the show home was fantastic and sales of six, two and three bedroom houses were reserved within weeks of opening.

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BEST FIRST TIME BUYER FAMILY HOME

This award is for a family starter home which is affordable for a first time buyer. It should offer a comfortable environment, at a realistic price, which is ideal for family living.

East Thames Group | Mayfield Mayfield, on May Road, Chingford, is a rarity in the area – an affordable development of three bedroom houses, rather than apartments. The six affordable homes, available on a shared ownership basis through East Thames Housing, and the one affordable house for rent were snapped up swiftly. Designed to appeal to young families who could not afford to buy or rent a larger property in expensive Chingford, these homes were priced from just £99,000 for a 30% share. This represents outstanding value for money; each new home has a stylish kitchen, a comprehensive range of integrated appliances, either an open-plan living space, or a kitchen/dining room and living room – opening on to a private garden, and a parking space. The uppermost floor comprises a superb master bedroom with fitted wardrobe, en suite shower room and a private roof terrace.

Hexagon Housing Association | Storer Drive A place for families to flourish, Storer Drive in Welling, Kent, is a stylish development giving growing families an affordable opportunity to buy a spacious house in a safe, gated community. Set in a residential area, conveniently close to Welling’s high street, 11 of these 26 well-designed family homes are available through shared ownership. A traditional terraced design maximises space on the site, while the modernist architecture also gives an attractive contemporary aesthetic. Once inside, the floorto-ceiling windows allow light to flood in and room proportions are generous, giving families ample space to grow. Storage, often lacking in new homes, is plentiful too, with large cupboards in place of en suites. Each home comes with a private garden and parking space, and solar panels will help to keep the buyer’s bills down. The shared ownership properties here were only available to buyers with children, ensuring a strong family feel, and the fact that the development is gated fosters an even stronger sense of community and security.

Lovell | Lavender Grove Lavender Grove is a mixed-tenure development of three and four bedroom homes for sale with Lovell Homes, situated in the small village of Farmborough, northeast Somerset, yet only nine miles from Bath and 12 miles from Bristol. The three bedroom, Hazelwood house style, with a single garage and parking, is beautifully designed for the modern family, featuring expansive ground floor accommodation – that offers a warm and relaxing welcome, an inviting open-plan dining room and sleek kitchen – with a high specification throughout, including Bosch hob and oven, and kitchen cupboard soft closers, plus landscaped and turfed front gardens as standard. Owning a home in a rural location has become a reality for first time buyers, without the premium prices. Full price at Lavender Grove is £275,000–£320,000. Purchasers have also taken advantage of the government-backed Help to Buy scheme, with Help to Buy prices of £220,000–£256,000.

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READERS’ AWARDS 2016

buyer

millEr homEs | spinnErs brook

READERS’ AWARDS

Located only five miles from central Manchester and within easy reach of the Daisy Nook Country Park, lies a beautiful collection of two, three and four bedroom homes, all built to the highest level of quality, energy efficiency and sustainability. Having opened in April 2015, the cleverly-landscaped Spinners Brook development has already sold 25 homes, with an additional five under offer. Of those sold, 60% were to first time buyers, of which 75% of those used Help to Buy to secure their homes. The development’s popular Stretton home offers an entry price point of £150,995 for a semi-detached three bedroom family home. With a spacious hallway leading into a bright, airy lounge that flows directly through to an intelligently planned kitchen/dining area with French windows, the home provides both style and function. Upstairs is a master bedroom, two further bedrooms and a bathroom to perfectly balance the home. Further information is available at millerhomes.co.uk.

pEabody | upton villagE Built on the former grounds of Plaistow Hospital, Upton Village is a new neighbourhood of converted, period buildings and brand new homes. The development offers one, two and three bedroom apartments and duplexes, and three bedroom houses through shared ownership, within a secure, village-like development. The three bedroom homes start from as little as £135,000 for a 30% share of a full market value of £450,000; the share price being 30% less than the local selling average of £439,640 for a three bedroom home*. Due to the affordable price tag, the impressive internal floor space, generous outdoor space and access to other communal play and recreational areas, the homes are ideal for first time buyer families. Plaistow and nearby Upton Park provide all the essentials for a growing family, including retail stores, restaurants, open spaces, fast transport links, good schools and colleges, doctors’ surgeries and dental clinics. * home.co.uk/guides/house_prices.htm?location=plaistow

sitE salEs and rydon | lavEndEr crEscEnt Set in the delightful and popular suburb of Carshalton, the 15 family homes and 14 apartments of Lavender Crescent have recently been launched for sale by Site Sales, on behalf of Rydon. This new contemporary crescent of homes and neighbouring block of apartments is situated beside a newly landscaped park along the banks of the River Wandle, accessible to central London in under 30 minutes via the nearby Hackbridge train station. The spacious homes have been designed to ideally suit family living and purchasers have the choice of three layout options to accommodate various lifestyles. These properties provide much needed affordable first homes for families who require access to London, but have previously been priced out due to the high prices within the centre of the capital. Lavender Crescent property prices at launch started at £435,000 for a three bedroom townhouse and £212,500 for a one bedroom apartment.

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BEST MORTGAGE lender FOR FIRST TIME BUYERS This award is for the institution that offers the best mortgage on the market specifically for first time buyers.

the Halifax The Halifax is committed to helping Britain prosper, and has been central to Lloyds Banking Group’s aim to help one in four first time buyers take that important first step on to the housing ladder. At the Halifax, we understand that buying your first home is an exciting time, so we aim to help you every step of the way. Our dedicated mortgage advisers can tell you how much you could borrow, without leaving a mark on your credit history. This will be valid for 90 days, so that you can find your new home with confidence. Once you have found the right home, we will explain the different mortgage types available to you, recommend a mortgage that meets your needs, and talk you through your home protection options. We also support a range of government-backed schemes to help you buy your first home, including Help to Buy and, more recently, the Help to Buy: ISA. From working out how much you can borrow, to moving into your first home, the Halifax aims to be there, with the right product and support, every step of the way. 0345 727 3747 Halifax.co.uk/mortgages Your home may be repossessed if you do not keep up repayments on your mortgage.

HSBC Bank plc HSBC is one of the UK’s leading mortgage providers and many people across the UK continue to aspire to own their own home. Insight has repeatedly shown that first time buyers want access to competitive fixed rates and are often stretched by having to save for their deposit. Our vision was to create several propositions to remove these barriers and facilitate the purchase of their dream home. The results were: 1. Unbeatable Mortgages – an innovative low-deposit mortgage proposition that checks competitor lender rates daily, to ensure that HSBC’s low-deposit mortgages are the best across the high street; 2. Cashback – providing up to £1,500 cashback; 3. Mortgage In A Day – enabling customers to receive face-to-face mortgage advice and mortgage approval all in the same day; 4. Competitive Pricing – continuous competitive pricing along marketleading and best buy rates, helping HSBC to be the right home for your mortgage.

Nationwide Building Society As the world’s largest building society, we are committed to helping people buy their first home. With mortgage rates falling to new historic lows, in order to continue and expand our long-standing support for this market segment, we have launched a number of initiatives over the past year that aim to help first time buyers with the upfront costs of buying a home. Alongside this, Save to Buy remains an innovative offer that is intended to support first time buyers, by providing a competitively priced savings account – aimed at helping prospective homeowners to save regularly for a deposit – and access to specific mortgage products, with up to 95% LTV and a cashback reward linked to the amount saved. In addition to a market-leading product proposition, Nationwide also supports first time buyers through our Step-by-Step Guides available online, Homebuyer’s Companion app for mobile phones and First Time Buyer Roadshows.

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buyer

READERS’ AWARDS 2016

buyer

Natwest

READERS’ AWARDS

NatWest is committed to helping first time buyers get on to the property ladder. We continue to support people with smaller deposits through Help to Buy mortgage schemes and also offer products exclusively for first time buyers. Our website features helpful guides and information on a range of topics specifically aimed at first time buyers, such as saving for a deposit, finding your ideal home and what to expect when applying for a mortgage. Our online tools allow first time buyers to find out how much they can borrow and see what their monthly repayments would be. We have mortgage advisers throughout the UK who can help customers in our branches and over the phone, helping first time buyers make the right choice and supporting them through each step of the journey to buying their first home.

Santander We offer a competitive range of fixed and tracker mortgages from just a 5% deposit to suit first time buyers’ (ftbs) needs, including exclusive deals with a discounted rate. We also offer a free standard valuation up to £2.5m and selected products come with no booking fee − saving ftbs money on their upfront costs. Coupled with this, customers can also get 1% cashback on their Santander monthly mortgage payment (up to £1000 a month) with a Santander 123 Current Account. We have mortgage advisers, in branches and on the phone, who will guide customers through the whole mortgage process, helping to answer any questions and supporting them in making the right choice to meet their individual needs. Our website also has a comprehensive First Time Buyer section, with an easy-to-navigate, step-by-step guide to buying a home, along with a Mortgages Made Simple video explaining the mortgage process. Alongside this, we have a number of free, useful calculators and tools to help customers plan and budget for a mortgage.

Virgin Money Buying a home is a big deal. But Virgin Money can help make things simpler for first time buyers. We support the Help to Buy mortgage guarantee scheme, which offers purchase loans up to 95% LTV, and the Help to Buy equity loan scheme, which lets first time buyers purchase a newbuild with just a 5% deposit. We offer fixed and tracker mortgages, with different fee options. Cashback is available on selected deals. Compare our products, use handy online tools and check out our Three Minute Money mortgage video at our First Time Buyer Hub – virginmoney.com/ftb. Our qualified mortgage advisers can recommend a deal. Flexible features include making overpayments and applying for payment holidays (subject to criteria). Customers can check their account online 24/7. Plus, Virgin Money customers get access to great Virgin Group discounts, exclusive lounges and more.

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AFFORDABLE HOUSING PROVIDER OF THE YEAR This award will go to an organisation that has shown innovation in the way they design, build and market their properties as well as offering a variety of services which can help first time buyers on to the property ladder.

Affinity Sutton One of the largest providers of affordable housing in the country, Affinity Sutton has a 100-year heritage of helping people put down roots and, today, over 161,000 people call an Affinity Sutton property their home. In 2014/15, Affinity Sutton invested £109m in building 1,436 new homes; through its own resources, grant-funded programmes, Section 106 agreements, joint ventures and private sale developments – its highest level ever. With homes ranging from one bedroom apartments to five bedroom family houses, including homes for wheelchair users, Affinity Sutton delivers affordable homes across a range of tenures, while also providing a variety of products and services to help first time buyers on to the property ladder. It constantly breaks new barriers and influences the industry with its work, research and reports. Underpinning this, is Affinity Sutton’s commitment to helping people put down roots and its strong belief that investing in its residents and its communities is what matters.

Catalyst Catalyst Housing is a leading mixed tenure developer with over 50 years experience of building new homes and communities across London and the South East of England. We provide over 21,000 homes, with major developments in Buckinghamshire, Luton and West London. We provide the same specifications with our properties whether it’s shared ownership or private sale. We are committed to high quality urban and suburban regeneration of previously neglected areas into vibrant new quarters, such as large-scale regeneration schemes in the Royal Borough of Kensington & Chelsea, London Borough of Ealing & Brent. We also offer a range of opportunities that allow aspiring individuals and families to get on to or move up the property ladder and rental opportunities – including awardwinning equity loan schemes. Our award-winning community development work is integral to our promise to local communities – providing opportunities for local people to come together to improve their skills and life chances and creating more cohesive places for people to live, work and rest.

Estuary Housing Roneo Corner exemplifies Estuary’s forward-thinking approach to helping first time buyers get on to the property ladder. It makes clever use of an unkempt suburban site, to not only provide spacious affordable homes in a sought-after location, but to create a landmark development of outstanding architectural quality. Built to last, with minimum maintenance, it uses highly-efficient insulation and heating systems to keep buyers’ costs down, and solar energy for communal areas. Estuary understands that buying a home can be daunting for first time buyers and gives carefully considered support throughout; from having a financial advisor available during viewings, to contacting the Council Tax office and service suppliers on buyers’ behalf. Estuary also provides an excellent after-sales service, including a visit to the property once the buyers have moved in. The smallest of details can make a big difference for first time buyers and Estuary works hard to get every detail right for them.

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READERS’ AWARDS 2016

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nEat

READERS’ AWARDS

Founded just over three years ago, NEAT has successfully built a reputation specialising in true mixed-use developments, creating great places and much needed homes and jobs. Viewing their developments as ‘products’, NEAT are leading the way to drive up industry standards and deliver more functionality, added features, better styling, and higher quality in the homes they build. To do this, NEAT work with investment managers and institutional funds – such as Royal London and DTZ Investment Management – and have projects underway in Colindale and Hendon as well as others in the pipeline. Using this business model, the company is able to mobilise institutional funds and help increase the supply of housing across London. Each development reflects founder and Managing Director, Joe Crawley’s vision to create exceptional living spaces that are both aspirational and affordable, “We wanted to create a brand that is instantly recognisable as stylish, sustainable and a cuttingedge product.”

rEgal homEs London developer Regal Homes, founded in 1998, is now widely-renowned for high quality, in terms of location, design and delivery. Examples of its current projects are: St Pancras Place in London WC1, where light industrial will transform into a mixeduse scheme of apartments and commercial space; Royal Quay in Limehouse E14, which sees the conversion of warehouse buildings under Permitted Development Rights; a development in Dalston which will be Regal Homes’ first scheme for the Private Rented Sector (PRS) and The Cube Building development near Old Street station in London – the tallest cross-laminated, timber-frame residential building in Europe. As Regal Homes continues to expand, the company’s ambition, innovative developments, bold vision and strong financial grounding ensure that they are able to keep pace with many national homebuilders. The company’s ever-increasing award wins, press coverage and industry profile strongly indicate that the Regal Homes success story is set to continue into 2016 and beyond.

taylor wimpEy East london Part of leading UK homebuilder Taylor Wimpey plc, Taylor Wimpey East London currently offers a wide selection of high-quality, brand new homes at developments across Essex and Greater London, for purchasers under a range of circumstances. As a considerate, responsible homebuilder, Taylor Wimpey East London is committed to maintaining the highest standards of health and safety, promoting environmental sustainability and energy efficiency, encouraging innovative design, offering a widerange of incentives to make moving easier, and providing exceptional customer care and after-sales service. Taylor Wimpey East London continues to set the standard for delivering high-quality homes and superb value for purchasers taking their first step on to the property ladder, with first time buyers making up 70% of its customers during 2015.

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buyer

READERS’ AWARDS 2016

buyer

HoW to vote

READERS’ AWARDS

Vote noW for Your faVourite in eaCh CategorY, for a ChanCe to Win £250 ikea VouChers Voting closes on 10 april 2016. ftb award winners will be announced during the awards lunch at the Waldorf hilton in London on 22 april 2016. a full list of winners will be published in the June/July issue of First Time Buyer.

terms & conditions • • • • • • •

Your details will automatically be entered in a free draw to win £250 Ikea vouchers. Forms must be completed in full. Voting closes on 10 April 2016. The winner of the vouchers will be notified by email. Voting is open to FTB readers, aged 18 and over, with the exception of employees of shortlisted nominees, their immediate families, agents or anyone else associated with the administration or production of these awards. Entries will only be classed as valid when all contact details are completed. Random authenticity checks will be made.

special tHanKs to all of our sponsors mEdia partnErs

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COMPETITION

Season your kitchen with love It’s often said that the kitchen is at the heart of a home, so add a warm touch and enjoy meal times, with the classic, warm designs of the Heritage Collection of tableware by Denby

WIN!

A SELEC TABLEWA TION OF R HERITAG E FROM THE E COLLE C BY DENB TION WORTH Y OVER £500!

HOW TO ENTER Answer the following question:

Which room is often considered ‘the heart of the home’? Send your answer with your name, address, telephone number and choice of design to: lynda@firsttimebuyermag.co.uk Closing date: 10 March 2016

THE PRIZE… 1st Prize – Worth £337!

Fountain

Orchard

Pavilion

Veranda

4 dinner plates; 4 accent salad/ dessert plates; 4 soup/ cereal bowls; 4 accent mugs; 4 pasta bowls; 1 teapot; 1 covered sugar bowl; 1 small jug; and 1 rectangular plate.

2nd Prize – Worth £179! 4 dinner plates; 4 accent salad/ dessert plates; 4 soup/cereal bowls; 4 accent mugs. The winners can choose from the ‘Fountain’, ‘Orchard’, ‘Pavilion’ or ‘Veranda’ ranges. The prizes are non-transferable and no cash alternatives will be given. Competition is open to UK residents only.

Whether it’s for a three-course meal, or just coffee and cake, entertaining family and friends in your new home is a special experience for any first time buyer. Denby’s Heritage Collection tableware will help to add that cosy feel to your new home and will be sure to impress your guests. Inspired by Denby’s rich, 200-year history, there are four stunning ranges in the Heritage Collection, all creating the feel of a modern English home. All four ranges include pieces for eating, drinking and serving, to create a complete look for your dining table. While each range boasts its own unique design and decorative techniques, all share the classic feel and quality craftsmanship we’ve come to expect from Denby. The four ranges are: Fountain – brings together a classic blend of contemporary elegant blues to create a relaxed, almost ‘by the sea’ feel. Orchard – a simple, organic colour scheme of green and oatmeal creates a sense of nature and tranquillity. Pavilion – the use of 1950s pastel colours such as duck-egg blue gives this range a real on-trend, retro look. Veranda – eclectic tones of yellow, duck egg and sage give this range a rustic feel and a sense of warmth. Stylish, practical and durable, the beautifully-crafted Heritage Collection would be the ideal addition to any new home and, importantly, the whole range is suitable for use in the oven, microwave, dishwasher and freezer. For more information, or stockist details, visit denby.co.uk, or call 01773 740 899

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FIRST MEAL

FIRST HOME, FIRST MEAL

It’s that time of year when the humble pancake makes its annual resurgence. Clive Fretwell, executive chef at Brasserie Bar Co., shares his recipe for making the best crêpes this Pancake Day

CRÊPES WITH CARAMEL SAUCE

Ingredients (Makes 12) Crêpes 210ml milk 3 large free-range eggs 15g caster sugar A pinch of salt Finely grated zest of 1 un-waxed lemon Finely grated zest of half an un-waxed orange 90g strong white flour 30g unsalted butter Caramel sauce Thin strips of zest from 1 un-waxed lemon Thin strips of zest from 1 un-waxed orange 30ml water 150g caster sugar 45g unsalted butter 150ml orange juice ½ teaspoon of arrowroot 1 teaspoon of Cointreau, or Grand Marnier 1 orange, peeled and cut into segments

Clive Fretwell is the executive chef at Brasserie Bar Co., the group that operates both the White Brasserie Company and Brasserie Blanc. After leaving university, Clive’s culinary journey began in Norway and Switzerland, before working for acclaimed chef Raymond Blanc at his two Michelin star restaurant and hotel in Oxfordshire, Le Manoir aux Quat’Saisons. After 13 years with Raymond, Clive moved on to become head chef at Nico Central in Manchester, before joining Japanese restaurant group Itsu as its executive chef. In 2002, he started his current job at Brasserie Bar Co., reuniting with his former mentor, Raymond. A passionate lover of French food, Clive works with the head chefs to develop new dishes and menus, while also keeping an eye out for the next great protégé. METHOD FOR THE CRÊPES: 1

3 4 5 6

7 8 9

Make a traditional batter mix by adding all of the ingredients into a bowl, except for the butter. Whisk until you have a thick consistency, without any lumps. Cook the butter in a pan on the hob until it is lightly brown which gives it more flavour. You know it is cooked when it stops foaming. Whisk the butter into the batter mixture. Leave the batter mixture in the fridge for an hour to set. Use the butter pan and add a drop of oil to coat the pan. It is best to use a cast iron pan for pancakes. Add about a quarter of a cup of pancake mixture to the pan and swirl around until the mixture thinly coats the base of the pan. Ensure the temperature is neither too low nor too high – it should be a medium temperature. Cook until golden brown on both sides. Once cooked, cool the pancakes in the pan, off of the heat. Never stack them up on each other because they will stick.

METHOD FOR THE CARAMEL SAUCE: 1

2 3 4 5 6

Blanche the zest in two litres of boiling water for two minutes. Drain and refresh with cold water, then drain again and set aside. Mix the water and sugar together in a saucepan. Heat over a medium heat until a light caramel colour, and then add the butter. Add the orange juice and bring to a simmer. Skim off any froth. Mix the arrowroot to a short paste with a little water and add to the pan. Return to the boil. Add the alcohol and zest.

TO SERVE: 1 2

Fold the pancakes into quarters, place on a plate, two per person. Place several orange segments on each plate and pan over the warmed sauce.

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FIRST MEAL

FTB’S FAST FOOD

Valentine’s Day is a special day to spend with loved ones and share a romantic meal. We tested a range of special Valentine meals from the UK’s top supermarkets, to see which ones were the tastiest

TEST WINNER

VA L E N T I N E S

ASDA

M&S

Gastropub beef Wellington, £14; layered super green vegetables, £2; 6 posh profiteroles, £3.50; 2 smoked salmon pearls, £6; Cava Hereat El Padruell, £8

Extra Special lasagne al forno; Extra special luxury fish pie; Extra Special Gressingham duck a L’orange; Extra Special creamy mash; Extra Special Sicilian lemon and passion fruit mousse; Extra Special hot Belgian chocolate & salted caramel desserts; Extra Special Pinot Grigio; Extra Special Shiraz There are 10 Extra Special meal deals for

M&S are offering a special Valentine’s

£10, which include a main, side, desert and

dinner (see above) for £20, which includes

a bottle of wine.

a choice of starter, main, dessert and a bottle of wine.

WAITROSE SAINSBURY’S

TtD Bistro beef bourguignon; TtD Bistro Catalan chicken; TtD Bistro Al forno lasagne; TtD chargrilled chicken and king prawn paella; TtD Sicilian lemon possets; TtD orchard fruit tarts; TtD sparkling Sicilian lemonade; Winemakers Selection Merlot The Bistro meal deal at £10 includes a main, dessert and a bottle of wine, or

FTB SAYS:

Sweet & smoky Spanish selection, £3.99; duck a l’orange, £7.99; baby kale and butternut squash steamer, £1.99; sweet potato mash, £2.19; Waitrose Frozen 4 gooey & indulgent melt In the middle chocolate puddings, £3.99; Heston from Waitrose chicken liver parfait, £3.99; Heston from Waitrose chicken with sherry cream, £4.99; Heston from Waitrose lemon meringue bar, £7.99

a non-alcoholic option.

We were really impressed by this range and

FTB SAYS:

at £10 it is excellent value. The lasagne was

FTB SAYS:

For a really indulgent and very flavoursome

This certainly would be a real treat for

packed full of meat and had a lovely rich

The Catalan chicken tasted really authentic

meal the Heston range is outstanding. The

someone special and represents a saving of

flavour. We thought the duck was succulent

and contained a good amount of chicken.

combination of lemon sorbet, meringue and

up to £15, making it a very good deal. The

and you could taste the orange, which

The paella was also delicious and was not

marshmallow in the bar works really well.

beef was tender and we loved the smoked

wasn’t too overpowering. The chocolate and

too dry. However, the lemon possets were

We also enjoyed the Spanish selection

salmon pearls, which come in pretty little

caramel desserts were so yummy, we had to

not very lemony and the fruit tarts were a little

platter, which would go down well with

shells that you can keep.

fight over them!

on the heavy side.

pre-dinner drinks.

❤❤❤❤❤

❤❤❤❤

❤❤❤

❤❤

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leasehold

hoW To aVoId NasTY sUrPrIses!

As exciting as buying your new home is (and it is very exciting!), you have to be alert to your rights, responsibilities and obligations that you would be taking on when buying leasehold. Frequently, we can find ourselves in a ‘Donald Rumsfeld Scenario’; having to distinguish between “known knowns, known unknowns” and “unknown unknowns”

Well, for a first time buyer I would suggest that you need to use all the tools you can, to make sure that you avoid the unknown unknowns. How do you do this? You need to ask questions and ensure that you have the core base from which to inform yourself about the questions to ask. Leasehold property can be extremely complex and the levels of management services can differ widely. It is, therefore, very sensible to be informed. If we look at the basics of leasehold, this will assist you in knowing the questions you should be asking. Leasehold property is applicable to both flats and houses. It is a type of tenure that is unique to England and Wales and has been around since feudal times. You will own an interest in the property you buy, the rights and responsibilities of you as owner of the lease and the landlord who grants the lease. The building will be managed by a managing agent, so it is worth checking if they are members of ARMA-Q (Association of residential Managing Agents) or regulated by the RICS (Royal Institution of Chartered Surveyors) – organisations that are raising standards in property management and regulate their members. If a managing agent is not a member of ARMA-Q, nor regulated by RICS, then check what procedures and disciplines are in place to deal with complaints and enquire as to the

standard of services supplied. The estate agent, or developer should be able to advise on who is managing, what the service charge budget is and what the main lease terms are. By gaining the basic facts, you can then have clarity and knowledge on what your outgoings will be. Whatever property you buy, be it freehold or leasehold, you will be responsible for maintenance and running costs; the only difference with leasehold is that this will be organised for you by the managing agent and recharged to you, but there is a wealth of legislative protection to assist you, to ensure that what you pay is reasonable. Of course, if you buy a freehold property you get the choice on how well you maintain your house – which is why, when you walk along a terrace of houses, some will be maintained brilliantly, some appallingly and a whole range in between. This is the individual’s choice. With leasehold, you do not get the choice. It is a factor of how well managed the property is and the standards that are decided to be maintained. You may get a say – but equally, you may not –

Roger J Southam, Non Executive Chair of Leasehold Advisory Service

in how the building is managed. This is dictated by the lease, or whether leaseholders have got together to take control. No one person can know everything in leasehold and it is appreciated that there are many complexities. However, there is a lot of advice and guidance available for you and lease-advice.org is the best place to start. If you have your eyes open, then you can enjoy the excitement and pleasure of your new home and avoid nasty surprises. Buying leasehold is not scary, if you do your homework. But, with any property, you should make sure you know what you are getting into. That is only sensible. It is your largest purchase at any time in your life (except when you have earned millions and decide to go for the jet and luxury yacht!) – you would certainly do checking if you bought a new car, so it makes sense that you would want to do the same for your home. So, keep your eyes open, and make sure that the excitement of buying your property becomes delight in living in your new home. lease-advice.org

“There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. There are things we don’t know we don’t know.” Donald Rumsfeld

100

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affordable homes Essence

first time buyerâ&#x20AC;&#x201A; August/September 2014â&#x20AC;&#x192; 101

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Important steps on the first time buyer journey Becoming a homeowner for the first time can be both exciting and a little daunting. We’ll help you on your way, by looking at some of the steps on the journey to getting your first home First things first… You may already be looking at areas you want to live, but before you start property hunting, it’s important to work out what’s in your price range. That means working out how much you could afford to borrow. You’ll need to think about how much you can afford to pay back each month. There are plenty of mortgage calculators online to help you do the sums, like nationwide.co.uk/quickquote.

Saving up your deposit Before you can get a mortgage, you’ll need a deposit ready to pay on your property. This can vary, but, usually for a first time buyer, your deposit will need to be at least 5% of the total value of your property. Your deposit is likely to be a sizeable chunk of money, and many people save up for years to get a deposit together, but putting down more of a deposit now, means you’ll need to borrow less overall. Many mortgage lenders offer you savings schemes and products to help you save up your deposit. The Government Help to Buy: ISA scheme is an example that could help you to start saving towards your new home. The amount you can borrow is ultimately up to your lender, but they’ll base their decision on how much you earn, as well as any outstanding loan repayments or savings you have. They will check your credit rating too. You might be able to ask another person to act as a guarantor for your mortgage. This means that your lender will take the guarantor’s income into account as well as yours, on the understanding that they will cover repayments if you’re not able to do so.

Finding a property When you’re property hunting, don’t forget to check out online property sites like Right Move UK and Prime Location. It’s a good idea to keep your eyes peeled for ‘For Sale’ signs in your favourite area, and you might also want to contact house building companies to find out about any newbuild properties nearby. Knowing what you’re looking for in a property can help to speed up the process. Think about what you want, and what you need. Garden, patio, garage, number of bedrooms, nearby schools – what are the essentials, and what are the nice-tohaves? Try and prioritise what is most important to you. Most people’s first home requires some compromise between your ideal property and what you can get for your money.

Choosing your mortgage lender A mortgage is a long-term financial commitment, which means that your mortgage provider could be a part of your life for a long time. So be ready to look beyond whether they’re prepared to give you a mortgage – and the headline rate they offer you. Looking at everything a provider is ready to do for you won’t just save you money now, it could help make sure that this is a relationship you can rely on in the future. If you’d like to see what Nationwide offers first time buyers, visit nationwide.co.uk/firsttimebuyer, or ask at any Nationwide branch. All Nationwide Mortgages are available to those aged 18 and over, and subject to eligibility, underwriting and criteria. All

Applying for a Decision in Principle Before you make a full mortgage application, it’s worth going to see a lender to get a Decision in Principle. This gives you an idea of what your lender is willing to lend you, based on what you’ve told them. You can then start visiting estate agents and looking for your perfect place.

Applying for a mortgage Once you’ve found a property you love and made an offer, you’ll need to go back to your lender to make a full mortgage application. They’ll look at the price of the property and your financial circumstances. If your lender is satisfied with your full application and your offer is accepted, you’re on the way to signing contracts and buying your first property.

mortgage offers may be withdrawn at any time without notice.

your home may be repossessed, if you do not keep up repayments on your mortgage

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FINANCE

Mortgage Clinic As a first time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difficult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer, to answer your mortgage-related questions

Q A

What is the new Help to Buy: ISA and is it worth getting one?

If you’re a first-time buyer saving for that all important deposit, the Help to Buy: ISA, launched on 1 December 2015, could offer a real helping hand. As with other ISAs, any savings deposited won’t be taxed, but the main benefit is that for every £200 you save, the government will pay you a £50 bonus towards the purchase price of a property. This means the government will effectively give you a 25% top-up on savings up to £12,000, so you could earn a maximum bonus of £3,000 – tax free. The maximum you can pay in monthly is £200. However, when you first open the account, you’re allowed to make an additional contribution of £1,000, so you could save £1,200 in the first month. You can of course withdraw money, but it’s worth remembering to check the terms and conditions on withdrawals, as with any other ISA. To be eligible, you need to be a first time buyer, so you can’t already own a property, or have owned one in the past. Also, the government bonus will only be paid to you when you buy property, meaning you won’t be able to use the money for something else. The price of the property you purchase must be £250,000 or less, or, if you’re buying in London, £450,000. However, unlike other schemes, this isn’t limited to newbuild homes. It’s worth bearing in mind that it would take over four and a half years of saving, paying in the maximum amount, to see the full benefit of the Government’s £3,000 bonus. If you’re looking to buy sooner than this, there could be better options, but for most, it will provide an attractive way to get over the initial hurdle of saving a deposit.

Do you get a favourable interest rate for your mortgage if you use government schemes like Help to Buy, or shared ownership?

Using government schemes can help to make taking the first step on to the property ladder that bit easier and, in some instances, they can help you secure a more favourable interest rate.

David Blake of Which? Mortgage Advisers has more than nine years experience in the financial services industry and prides himself on helping first time buyers get on to the property ladder. In his current role at Which? Mortgage Advisers, David and the entire team provide independent, impartial advice and search thousands of mortgage deals, to help buyers find the deal that is right for them.

95% loan easier by guaranteeing a further 15% on top of a borrower’s contribution of 5%. However, as the mortgage is based on a 95% LTV, this type of mortgage does not reduce the rate of interest, compared to other 95% mortgage products on the market.

If using Help to Buy 1 – the 20% government loan which is applicable to newbuild properties, accompanied with your own 5% contribution – then you’ll benefit from a lower rate of interest initially, as the mortgage rate will be based on a loan to value (LTV) of 75%. While the mortgage rate may be less, you need to remember that the repayment of the government loan will be taken into account when a lender assesses how much they are prepared to lend to you. It is also worth bearing in mind that when you come to refinance the mortgage in the future, you could find that your options are more limited, with few lenders offering the option to re-mortgage when using this scheme. Shared ownership is another option popular with those looking to take a step on the property ladder, but it won’t enable you to take advantage of a lower interest rate. Typically, it’s standard high street lenders who offer shared ownership mortgages and, ultimately, it’s the size of deposit that determines the rate of interest. Likewise, Help to Buy 2 is essentially a mortgage guarantee, whereby the Government is guaranteeing the money provided by the lender, rather than the customer taking out an equity loan. This scheme aims to reduce the risk to lenders, in theory, aiming to make obtaining a

Q A

What length of mortgage should a first time buyer opt for?

Choosing a suitable mortgage term to meet your circumstances will often depend on your priorities. For some homebuyers, paying off a mortgage as soon as possible is the main goal and so many choose a mortgage with a shorter repayment term. This will, of course, mean paying more each month over a shorter period of time, but it can vastly reduce the total amount of interest paid over the course of the mortgage. Often first time buyers may want to spread the cost of their mortgage out as far as possible, to reduce the monthly repayments. In either case, what you can afford each month will help to determine the length of mortgage term you should opt for. Generally, you should look to balance what you can afford, while aiming to pay your mortgage back as soon as you possibly can. It’s important to remember that, these days, most mortgages come with flexible overpayment facilities, enabling lower contractual payments, but still allowing you to pay extra, should you want to. For further help and advice from Which? Mortgage Advisers, please visit: which.co.uk/ftbmortgages, or call 0808 159 4852

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FINANCE

Credit Clinic

Experian expert, Joe Green, answers your credit-related questions

Buying after divorce I was married, but the home we lived in was in my husband’s name only and all the bills were in his name too, although I contributed to paying both the mortgage and the bills. We have recently divorced and I want to buy my own flat now, so I will be a first time buyer. My husband never really shared information about our financial situation but, as far as I know, we were never in debt. I have seen a place I really like and now need to get a mortgage. Before I begin, what do you think I need to do? I think I can get a credit check and will this detail any problems that might have arisen from when I was married? Sarah Holland Being in a personal relationship with someone does not link up your credit reports, but people can be linked by joint financial activity. As you haven’t applied for a mortgage together, or put your name on any of the household bills, these accounts will not appear on your credit report. Regardless of whether your ex-husband has a poor financial history, this will have no impact on you at all as lenders will only check your credit report, not your ex-husband’s. For peace of mind, it might be worth reviewing your credit report with all three credit reference agencies to double check you’re not financially linked with each other. Checking your credit report will also give you an opportunity to see whether you need to do any work to improve the picture your credit history is painting of your credit worthiness. Taking the time now to understand, manage and improve your credit report could not only impact getting accepted for a mortgage, but also the rates you are likely to pay, and could save you a lot of money in the long term.

Old debts I am 27 and recently my aunt left me some money in her Will. This is quite a sizeable amount and my girlfriend has suggested that I invest it in property and buy my first home. The trouble is that, although the money that

has been left to me will cover the deposit, I am not sure I will get a mortgage. I did get into debt some years ago, when I was a student, but that has been sorted now. I currently live at home with my parents, but I am not sure what I have to do to make sure I am able to buy. There is no point in saving this money for too long as interest rates are so low, so I would like to get on to the property ladder as soon as possible. Can you help me, please? Ryan Lawcroft Spending some time now on understanding how lenders might view your credit worthiness and how you can improve the picture your credit report paints of your financial situation can really pay dividends, not only in getting approved for a mortgage, but in getting the best rates. Using credit and having debt in the past is not a concern for lenders; they are more concerned with how you repaid any money lent to you. If, in the last six years, you had periods where you were late, or missed agreed credit repayments, this will affect how a lender views you now, but it is your most recent behavior that is the most important in relation to late/missed payments. Defaulted accounts are especially concerning for mortgage lenders and they will continue to have a significantly negative impact on your Experian Credit Score for six years from the date they are settled. The best starting point is understanding your current position and then you can start taking some steps to ensure your credit report is in the best shape possible to support your application. I think you might find it useful to check out our Experian Guide to Mortgage Applications, which can be found on Experian.co.uk/Improve.

No credit history I am originally from Poland and I have lived and worked in the UK for several years. I live in a small rented room and have two jobs, so that I can save up to buy a home of my own. I think I have saved nearly enough to put down a deposit, but I understand that I might not get a mortgage, as I have no credit history. I do not have any credit cards

If you have a question for Joe, please get in touch by emailing us at lynda@firsttimebuyermag.co.uk and you may see your question answered in the next issue.

and I am not on the electoral roll, which I understand is very important. Although I have never been in any debt, I am concerned that it will be a problem when the time comes for me to apply for a mortgage. What do you recommend I do? Marta Babik Before lending money to you, lenders will be looking for evidence that you are who you say you are, that you going to repay any money lent to you as agreed with the lender and that you can afford any repayments, both now and in the future. Not having any history of repaying credit that has been lent to you in the past can be a significant cause for concern, as the amount of money you would be hoping to borrow is so large. Your first step should be to check your own credit report, to see what accounts are registered there. You might not realise that services such as mobile phone contracts, some utility bills and even your overdraft all count as credit, so you might have more positive information than you think. If you do find that your credit report has very little information, you do have a number of options that may help improve the picture it paints. Registering on the electoral role is important for verifying your identity. Consider if you might benefit from taking out a credit builder credit card – using a little every month and repaying in full, without fail, each month. Before long, you will start building up a picture of positive credit management that will better support a mortgage application. This could help you to not only get approved, but get the best deals you are eligible for. If you want help understanding how credit referencing works and how to improve your Experian credit score, visit experian.co.uk/improve

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FINANCE

Feeling the stretch One of the unintended consequences of tighter lending rules has been a rapid increase in borrowers considering longer-term mortgages of 30, 35, or even 40 years. Kay Hill looks at why it is happening and whether it is a good idea For the baby boomers and Thatcher’s generation there was one good thing about hitting your 50s – it was usually the time that the 25-year mortgage came to an end and you could start spending your cash on weekends away, or wining and dining. But in order to get a first foot on the housing ladder today, first time buyers are now regularly signing up for 30, 35, or even 40 years of mortgage misery. To make the problem worse, the average age at which people buy their first home has risen steadily over recent decades. Figures from Post Office Mortgages reveal that back in the early 1960s, the average first time buyer was just 23 years old, while Halifax notes that the average age was 28 in 1995, 29 in 2011, 30 in 2013 and is now hovering around the age of 31 (with buyers in London a couple of years older still). So, far from being able to relax and take it easy in their golden years, buyers are likely to be paying that monthly sum right up until retirement at 70. Partly it’s to do with the inexorable rise in house prices. A similar thing happened in Japan in the 1980s, when land prices in the major cities increased by 272.2% in a decade, pushing house purchase beyond the means of most workers. The banks responded by offering 50-year and

even 100-year mortgages that would be repaid by successive generations, but when the housing bubble burst in 1991, the crash left Japan´s banks with debts of almost $1 trillion. Secondly, it’s a result of the Mortgage Market Review, which demanded that lenders worked out the true affordability of mortgages, rather than just offering fixed multiples of salary. Borrowers, who in previous years would have chosen to mortgage up to the hilt and make big sacrifices for a couple of years to pay off their loans, are now being told that it is not affordable to pay off the amount that they need to borrow in 25 years. By increasing the term of the loan, the mortgage can be deemed affordable, even though it ends up costing the buyer tens of thousands of pounds more in the long run (see box). Brian Murphy, head of lending at Mortgage Advice Bureau – which has noted that 21% of homebuyers now search for mortgages of 30 years or longer, compared to just 8% a year ago – thinks it is clear that people are looking at longer terms in order to meet the new requirements. “There used to be an expectation that you would make sacrifices to pay your mortgage, but we now have a ‘Big Brother’ approach that means people aren’t allowed to be responsible for

their own actions any longer,” he says. “More and more people are going into banks and building societies with the expectation of a 20-25-year term that was historically the norm, but they are not meeting the affordability criteria. Longer terms bring down the monthly repayment costs and allow buyers to have a slightly higher lifestyle, even though, in overall terms, they will be paying substantially more; it just reflects the reality of the environment we are living in. Thirty-year terms are now common in the UK and one or two lenders will go to 40 years – and, in the fullness of time, we could see even longer terms. At the end of the day, home ownership is still aspirational for most people.” Another factor is that, while hard-up borrowers might once have opted for an interestonly mortgage to keep costs down, these were wiped off the market by regulators, following the credit crunch. According to Aaron Strutt of brokers Trinity Financial, “The vast majority of first time buyers have to take out capital repayment mortgages and, if you are buying a more expensive property in the first place, the only way it’s going to be affordable is to take it over a longer mortgage term. A standard 25-year term would make it almost impossible for many

S AV E N OW, PAY L AT E R

Extending a mortgage term can drastically reduce monthly repayments, so enabling borrowers to take out larger loans without falling foul of affordability rules. But the long-term effect can be equally drastic – and not in a good way. The Mortgage Advice Bureau cites the effect of taking out an average purchase loan of £151,668, with a two-year 75% LTV fixed rate of 1.87% which reverts to 4.49% (the latest average rates from the Bank of England). If the loan is taken out over 25 years, the repayments would be £634 a month, falling to £551 a month over 30 years and £493 over 35 years. So far, so good. But while the total interest paid on the 25-year loan would be £91,385, the borrower taking out a 30-year mortgage would pay £114,682 interest, increasing to a massive £139,092 interest payment over 35 years. If you want to see the effect of overpaying even a small amount each month, moneysavingexpert.com provides a useful Overpayment Calculator. It reveals that overpaying just £20 every month on a similar mortgage to the one above would save over £10,000 in interest payments over the course of 35 years. Longer term mortgage providers: Up to 40-year terms: Halifax, Nationwide, Leeds Up to 35-year terms: NatWest, Virgin Money

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FINANCE EXPERT COMMENT EXPERT COMMENT

There is growing demand for longer-term mortgages, particularly for first time

Mortgages used to be a multiple of

buyers. Traditionally, borrowers opted for

income; the length of the term didn’t

25-year terms, but this is no longer the

really matter. But the new mortgage

case, with 30, 35 or even 40-year terms

rules that came in during 2014 have an

becoming increasingly commonplace.

affordability rule that takes into account

The advantage of a longer term is that

disposable income after committed

you reduce your monthly mortgage

outgoings. It’s all done on the ability to

payments, because you have longer to

repay the monthly amount so, as a result,

pay back the debt. The disadvantage

we are starting to see terms extended.

is that the mortgage will cost you more

I wouldn’t see 30-year mortgages as a

in the long run. One solution may be to

last resort, they are simply a fact of the

overpay from time to time, if you can.

market because of the house prices and

Say you take a mortgage for 30 years

the way the regulations are. It depends

or more, there may be times during

where you are on the affordability

that period when you have more cash

spectrum, but if you are able to take a

available than others, and overpaying

variable rate mortgage over a slightly

on your mortgage will enable you to

longer term and find you have the ability

reduce the term and pay it back more

to overpay, it will bring down the debt

quickly. This will also reduce the interest

and reduce the term. These days, most

you pay. Longer terms are especially

products are flexible to some extent –

suitable for first time buyers as they will

even fixed rate mortgages often allow a

still have a fair chance of paying off their

10% a year overpayment – and, if you

mortgage before drawing their pension.

can repay a little extra each month, then

For example, a 30-year-old taking out

you will save a huge amount in the long

a mortgage with a 30-year term should

term. The best advice is to pay it off in

comfortably pay it back by retirement

the shortest term you can afford.

age, whereas a 40-year-old probably won’t, which many lenders will have an issue with.

Paul Broadhead

Mark Harris

Head of Mortgage

Chief Executive of

Policy at Building

mortgage broker SPF

Societies Association

Private Clients

first time buyers to get on to the property ladder.” Indeed, The Council of Mortgage Lenders notes that, in the past five years, the proportion of borrowers taking out loans in excess of 25 years has doubled, to about a third of all mortgages. More encouragingly, Strutt adds, “It’s quite common for first time buyers to initially sign up for a longer term but, when they come to remortgage in a couple of years’ time, they will have had a promotion or two and the term can be shorter.” While longer term mortgages help borrowers to cope with rising prices, they also enable continuing house price inflation, so it is an area that could see regulation. The Bank of England has said it is monitoring the rise in longer-term mortgages and could intervene if necessary and, when the Bank’s governor Mark Carney was in charge of the Bank of Canada, he did indeed take action to reduce maximum mortgage terms from 40 down to 30 years, to dampen the housing market. He told the Canadian House of Commons at the time, “If everyone has a 40-year amortisation mortgage, then you just have higher housing prices.”

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MARKET

2016: will you be renting or buying this year? For those still hoping to buy their own home, 2015 brought some interesting news. George Osborne’s Spending Review announced several initiatives intended to help people get on the property ladder – including doubling the housing budget to £2bn a year, funding 400,000 new affordable homes by the end of the decade

EXPERT COMMENT Whether someone is better off buying or renting is an issue that will be determined by their personal circumstances and the housing market. Home ownership

GOVERNMENT INITIATIVES There were other moves to promote home ownership, especially in the Capital where first timers face the biggest hurdle; spiralling prices. This year sees the start of the London Help to Buy scheme, with the Government increasing the upper limit for the equity loan it gives new buyers within Greater London from 20% to 40%. Londoners with just a 5% deposit will be able to get interest-free loans worth up to 40% of the value of a newly built home and will then need a mortgage of up to 55%. Other strategies included a new pilot scheme to extend ‘Right to Buy’, with tenants of five housing associations offered the chance to buy their rented homes. Restrictions on shared ownership are to be removed and the planning system will be reformed to deliver more homes. Changes to stamp duty were also announced, with a new 3% surcharge for buy-to-let properties and second homes from April 2016, which the Government says will raise almost £1bn by 2020.

HOUSEBUILDERS REACTIONS Reactions to the initiatives have been mixed. Housebuilders are ‘broadly in favour’ say the Home Builders Federation (HBF), who believe that Help to Buy has driven demand for new homes, with housing output having risen at the steepest rate for decades. Latest figures show the number of new homes delivered in 2014/15 was up 25% year-on-year to 171,000 homes a year, up from around 124,000 just a few years ago. However, the HBF warn that a lack of land is currently the biggest constraint on supply and they want the public sector – the biggest owner of land – to find a way of releasing more land, more quickly, for development. An additional

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£2.3bn has been earmarked to fund 60,000 Starter Homes, with plans to expand brownfield sites, but the HBF say that much more detail is needed before the industry can build the projected 200,000 homes over the next five years. Developers also want the planning system to be reformed, so that planning permission applications are processed faster.

remains the aspiration for the majority, but many, especially young people, remain excluded. The many government schemes all aim to lower the barrier to entry, by reducing the deposit required compared to a typical market sale. Both Help to Buy and the new Starter Homes scheme offer favourable terms to eligible buyers of newbuilds, but the minimum

HOME OWNERSHIP The last 10 years has seen home ownership levels drop from 71% of households in 2003 to less than 63% today and under 50% in London. The picture worsens for 25-34 yearolds, with only 36% on the property ladder. Some property experts believe that the latest government initiatives are diverting funds away from providing affordable rented housing, to subsidising home ownership, at a time when demand for rented accommodation is rising. Savills say an extra 350,000 households in England will be unable to get either subsidised, or market-rate housing to rent in the next five years – even London families, with annual incomes of up to £60,000.

deposits required may still be out of reach for some.

Neal Hudson Savills

EXPERT COMMENT For the thousands of UK households that can’t afford to buy, even with assistance, there is the danger that, with investors shunning the UK, this latest tax on landlords may leave tenants with fewer options. Creating this higher demand

AFFORDABILITY

will in turn push the rental rates higher

According to statistics, an average first time buyer has a deposit of around 70% of their income compared to only 35% in 2005. Deposit affordability is even more extreme in London where the average deposit needed is 127% of their income – that’s even higher than the 110% which was needed in 2009.

supply… all sound a little familiar? The

– high prices, demand outstripping last thing we want to see happen is the popping of one housing bubble, and the creation of another!

Adam Male

HELP TO BUY: ISA

urban.co.uk

The Government’s Help to Buy: ISA is intended to help buyers save for a deposit. First time

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MARKET EXPERT COMMENT The Chancellor always faces a delicate balancing act, and he’s clearly chosen to champion homeownership – but many others may lose out as a result. First time buyers of the future are tenants now. So, with rents rising at generally the same speed as house prices, it’s not clear how hitting landlords will help

Buy?

Rent?

homeownership in the long run. If the additional budget for these 200,000 starter homes and 135,000 Help to Buy affordable properties come at the expense of new homes to rent, then this will have a knock-on effect on rents for tenants, and will stunt the pipeline of future homeowners. Levying an additional 3% stamp duty on buy-to-let purchases has introduced a massive stumbling block to supply in the private rented sector. The Government is essentially giving with one hand, while taking from another further down the line.

Adrian Gill Reeds Rains and Your Move

EXPERT COMMENT The Government claims that it is addressing the housing crisis but, judging by their results, they are making little headway. The Help to Buy scheme has failed miserably, helping just 70,000 homeowners in the last two years, not even 4% of the 2.4million property transactions by British buyers over the same period. The new London Help to Buy is unlikely to help first time buyers either, as a 5% deposit requirement may sound manageable, but on the average London house price that still equates to £25,000. I believe these so-called boosters

buyers will receive a government bonus of 25% of the amount saved so, for the maximum monthly saving of £200, the Government will contribute an extra £50, with a maximum contribution of £3,000 on £12,000 of savings. The bonus will be calculated and paid on the purchase of a starter home.

PRIVATE RENTED SECTOR Research from Savills suggests that, by 2019, demand for private rented housing will account for almost one in four of all households, at 6.04m, up from 4.86m at the end of 2014. And it’s not hard to see why the sector currently appeals. Rising house prices, plus a shortage of affordable

homes, are set to swell the ranks of ‘generation rent’ over the next decade. A recent report by PwC suggests that, by 2025, more than half of under 40s will live in private rented homes, a quarter of all households. The private rented sector has now overtaken social housing as the UK’s second largest tenure and ‘build to rent’ is being touted as the answer to the housing shortage. Earlier this year, developers, pension funds and housing associations launched a campaign to promote the delivery of housing for long-term rent, offering a potential £30bn to build over 150,000 homes around the UK, which will offer flexible and more secure tenancies. There are also schemes in the pipeline for families.

are just tokenism and first time buyers need a more realistic hand to help them on to the property ladder. In order to encourage first time buyers, we need to address the issue of housing supply, or the lack of it, to help quell the enormous demand and stabilise house price growth.

Russell Quirk eMoov

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experts

Agony agent Our readers put their property questions to our guest panel of experts; solicitors, mortgage advisers, property gurus and Help to Buy providers THIS MONTH’S PA N E L O F E X P E R T S

Tony Harker Director of sales and Marketing, east thames

Becky Munday Managing Director, Munday’s estate Agents

Simon Scott Head of sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)

T E S T T H E PA N E L

We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from our panel to give the advice you need. Send your questions to: First Time Buyer 37 Ivor Place, London NW1 6EA

or email lynda@firsttimebuyermag.co.uk

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Service charges

I’ve been looking at shared ownership properties and I am ﬁnding that the service charges vary dramatically from £78 to £160 per month – why is this? Mason Metcalfe, Reading

Service charges will vary according to the development and the location. Service charges apply to all apartments, to cover the maintenance cost of shared areas such as hallways, lifts and communal gardens. With shared ownership, some properties are built for housing associations, whereas others are sold to housing associations by large house builders as a result of planning obligations. If the property is built for the housing association, the service charge will usually be fully managed by the housing association. However, if the properties form part of a larger development, the services provided on the

scheme maybe managed by a private managing agent appointed by the house builder. Often on these developments, the house builder will include additional services – i.e. reception/concierge services – to meet with the high-end specification of the scheme. On such developments, service charges will be higher, as to provide a 24-hour concierge service will require at least four staff. The salaries of the staff will be covered within the service charge. This is one example and there are many variations, so it is important you review what the service charge covers and the services you would be happy to pay for, and then find a scheme which meets your requirements. Service charges are set by the landlord to recover costs they incur in providing services to the building in which your ﬂat is situated. Service charge is a monthly expense which will be taken into account when assessing your affordability and ability to secure a mortgage for a property. Remember, service charges may (and usually will) rise in future years. Tony Harker

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experts

Do we sit and wait?

My girlfriend and I have found a flat and have had our offer accepted. But we’re no further forward than that – four months in. The agent tells us our sellers keep losing out as they are not chain-free like some people are, and we are really worried that they won’t get an offer accepted anywhere, or will put the price of their flat up – so they can offer more on places, or as so much time has gone by. We are keeping an eye on other properties but there’s nothing we like half as much. Luckily, we’re staying with family so we’re not stuck regarding accomodation, but is there anything we can do apart from sit and wait? Harry Leeson, Greenwich

Good question. This is a really frustrating, but very common situation to be in, especially in a competitive market, where you are one of many buyers, and so are your sellers. You are all left feeling hamstrung, immobile and powerless. You may need to simply continue to sit tight as you are doing, but there is another solution you can put forward (which even if turned down, will demonstrate your commitment to the purchase at the least): If your seller is offering on, but finding it difficult to secure an onward purchase, and it is unlikely they will opt to stay put, a great suggestion – in my experience – is to offer them a speedy exchange (securing the transaction for all) and what is commonly termed a ‘longstop completion date’ (say, three months from the exchange date, but it could be longer), with an

Relocating

I’ve been offered a promotion at work that will mean relocating to London – I’d like to avoid high rent prices, but I’m not sure I can afford to buy. I’m considering shared ownership, but I’m confused as to how the numbers add up – can you tell me more about how my monthly costs will work out and what eligibly criteria I will have to meet? Tara Newlands, Brighton

It sounds like shared ownership is the scheme for you, Tara. In reality, when it comes to shared ownership, your monthly outgoings will often be far less than if you were paying rent to a private landlord. Payments will be made up of mortgage repayments, a service charge and rent – however, you will only pay rent on the percentage of your home that you don’t own, and this rent is at a

subsidised level. In addition to this, of course, the amount you pay out on the mortgage each month is only on the percentage of the property that you do own. Remember, to qualify for shared ownership, you will need to register with a housing association that operates in the area in which you are interested in buying. Eligibility criteria includes minimum and maximum income levels, and priority is given to those who already live, or work within the borough. However, the Government has announced that, from this spring, eligibility will be opened up. Some restrictions regarding profession and living or working locations will be relaxed, and maximum income levels will be increased on selected shared ownership schemes. This means that more people will be eligible for shared ownership. For more information about shared ownership homes available near you, visit the Share to Buy portal at sharetobuy.com. Simon Scott

option to bring that date forward, as mutually agreeable. This will put your seller/s ahead as buyers as, once they have exchanged contracts with you, they become effectively chain-free and on a level as buyers with no related sales, when bidding against other buyers. Of course, your agent should be delighted to pitch this solution to your seller as they then secure the exchange and sale, and are one step closer to their commission payment. I recently suggested this option to my sister and it worked out very well for her, her husband and their sellers, and she was in her property in time to have my nephew. I hope it works for you! Becky Munday

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Buyers’ guide FTB explains all the options to help first time buyers

Your options What are your funding options if you want to get on the housing ladder?

Funding options

jargon explained

g o v e r n m e n t- b a c k e d schemes

Equity Loan

help to buy The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.

Newbuy First steps

ARE YOU ELIGIBLE FOR A GOVERNMENT-BACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 99.

BUYING ON THE OPEN MARKET Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.

Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000. Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.

New Build HomeBuy, also known as Shared Ownership or Part-Buy, Part-Rent

Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.

Homes and Communities Agency This is a government organisation that funds affordable homes including those under Help to Buy.

Staircasing This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.

This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’. Funding options

Rent to HomeBuy PRIVATE INITIATIVES

This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).

With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.

Buying on the open m a r k e t & p r i va t e i n i t i at i v e s

To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.

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BUYERS’ GUIDE

The ftb process F

tips

aPPLiCation you will need to have at least three months of bank statements, payslips or tax returns, a valid passport and information on any outstanding loans. Banks will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better the mortgage rate you’ll be offered.

BudgEt Work out how much you can afford to repay each month. look at your income and outgoings, including bills, council tax, food, insurance and travel. If you are buying a leasehold flat, you’ll also have to budget for service charges, so find out how much they will be.

Unless you have enough money to buy a property inance outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is normally repayable over 25 years. The loan is ‘secured’ on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason it’s vital only to buy a property you can realistically afford. Before you start, find out how much money you can borrow. A mortgage adviser at a bank will need details of your income, outgoings, savings and credit history – they will then be able to give you an ‘agreement in principle’, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the bank, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally at least 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.

mortgagE BroKErs Vs BanKs CrEdit sCorE Get a credit report from experian or equifax, and make sure there are no default accounts, CCJs (county court judgements) or missed payments. If you are making lots of enquiries to find the best deal, make sure the lenders log your enquiry as a ‘quotation’ (soft) search rather than an ‘application’ (hard) search. Too many applications will leave ‘footprints’ on your credit score and can affect your rating. To improve your credit score, make sure you’re on the electoral roll, and pay your bills and any loan repayments on time.

You can apply for a mortgage via a mortgage broker (or financial adviser) or direct from a lender. A broker can look at the deals available and advise you which one would be best for your circumstances. Some mortgage products are only sold through brokers, not directly to customers. A broker will help you with the paperwork and deal with the lender on your behalf up until completion. You may have to pay them a fee or they may earn commission from the lender – find out how they are paid before committing to anything. Mortgage advisers in banks will only be able to sell you products offered by that particular bank, so it’s unlikely they will be able to offer you the very best deal for your circumstances. It’s important to shop around. You can compare mortgage deals yourself using websites such as

SET A BUDGET

Finance

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Work out how much money you have for fees, deposit and the monthly mortgage you can afford.

CREDIT SCORE

Make sure your credit rating is sound, and pay off any debts you can.

Buying your ﬁrst property can be a daunting experience. It’s a big decision, so it’s important to get it right. We take you through all the steps involved

moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.

FiXEd-ratEs Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).

VariaBLE-ratE mortgagEs Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to fluctuate, so you need to be sure you could afford higher repayments if rates rise.

rEPaymEnt or intErEst-onLy You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interest-only mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.

SHOP AROUND

Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.

research

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BUYERS’ GUIDE

tips

rEsEarCH an arEa

Buying a home is a big investment. You need to buy a home you can afford and one you’ll be happy living in.

horough research

LoCation is KEy The first step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.

floor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.

If you like a property, aerial shots of the area can be viewed at earth. google.com

ViEwing Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.

ProPErty sEarCH

EstatE agEnts

Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as findaproperty.com or propertyfinder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have a

It’s a buyers’ market, so make use of agents’ legwork in finding properties that fit your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell.

DECIDE ON A LOCATION

Be practical. Think about the commuting time and if you can afford to buy in the area.

RESEARCH THE AREA

Check out crime rates, future regeneration or new transport links.

Check online for prices of sold properties in the area, and make sure properties you like fit your budget. you can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year.

VIEWINGS

Look at several properties, and visit ones you like more than once and with someone else.

Before you put in an offer, visit the street at different times to make sure it’s safe. ask neighbours and local shop owners about the area.

BEForE you Buy When looking at buying apartments, check exactly what is included in the service charge and how much it is. also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.

OFFER

When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.

SURVEY

buying

Make sure you get a survey done – it could save you money in the long run.

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BUYERS’ GUIDE

BUYERS’ COSTS SOLICITOR’S/CONVEYANCING COSTS £500-£1,500

MORTGAGE FEE

uying process

£0-£1,000

surVEys and VaLuations

Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.

tips

push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price. use a recommended solicitor who you know to be reliable and can move fast.

english property law is different to scottish law: in england, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in scotland, an agreed price is binding.

Compare quotes from solicitors, and ask your friends if they can recommend someone. A good solicitor can make a big difference to a purchase completing or falling through.

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SURVEY £300-£500 (depending on the type of survey you have done)

LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)

£50-£920

After the offer is accepted, you will also need to appoint a solicitor or conveyancer who will oversee the contract, deal with the finances and exchange the deeds. Your solicitor will carry out searches, check the terms of any lease and tell you how much stamp duty you have to pay. The seller will also appoint a solicitor, and the two legal teams will be in regular contact to make sure the purchase goes as smoothly as possible.

(depending on the property’s value, e.g., £200 on a property costing between £100,000 and £200,000).

MORTGAGE BROKER’S FEE 0-1%

STAMP DUTY 0% for properties costing up to £125,000

EXCHangE and ComPLEtion

Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs.

SOLICITORS

£0-£300 (depending on your mortgage deal)

LAND REGISTRY FEES

soLiCitors a quiCK saLE

VALUATION

Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. On exchange of contracts, you pay a deposit, and a completion date is set. At this point, there’s no going back – the seller could sue you if you pull out, and you could lose your deposit. The exchange can be on the same date as the completion, but they are usually a week to 10 days apart. On completion, the final paperwork is done, and the property is legally yours.

timE sCaLE From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.

SEARCHES

Look at the results of searches your solicitor has done. They will tell you, for example, if a main road is about to be built at the end of your garden.

INSURANCE

After you’ve exchanged contracts, arrange buildings insurance – this will be a condition of your mortgage offer.

REMOVALS

Shop around for a removals firm, and find one that can move your possessions on completion day.

for properties costing between £125,000 and £250,000

3% for properties costing between £250,00 and £500,000

4% for properties costing between £500,000 and £1,000,000

BUILDINGS INSURANCE £300 per year, payable monthly or in advance. Buildings insurance can cost a lot more if your property is at risk of flooding.

SERVICE CHARGES AND GROUND RENT ON LEASEHOLD FLATS £100-£4,000

COMPLETION

Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).

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GLOSSARY

Home buying glossary Confused by ﬁnancial acronyms and industry terminology? Buying your ﬁrst house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand

agrEEmEnt in PrinCiPLE

disBursEmEnts

The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.

These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.

aPr APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.

arrEars This is a term used to describe payments that haven’t been made on time.

BasE ratE The interest rate set by the Bank of England. Lenders use the Bank of England base rate to set their own charges.

BroKEr A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.

BuiLding surVEy A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.

CoLLatEraL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.

EarLy rEPaymEnt CHargE This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.

Equity The difference between the value of the property and the value of the mortgage you have secured.

EXCHangE oF ContraCts This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.

because the more money you borrow the more of a risk the lender is taking.

Land rEgistry FEEs This is a fee you have to pay in order to register your ownership of the property with the Land Registry.

LEasE A type of contract where you buy the right to occupy the property for a fixed period of time. You usually have to pay annual ground rent each year.

LtV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.

LumP-sum rEduCtion

FrEEHoLd

In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.

A freehold is when you fully own a property and the land it stands on.

rEdEmPtion

gaZumPing

Paying off your mortgage in full is known as redemption.

When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.

guarantor

rEPaymEnts The amount you have to pay back each month to your mortgage provider

stamP duty

The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.

A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.

ConVEyanCing

HigHEr LEnding CHargE

The legal process of transferring ownership of a property.

If you take out a large mortgage on a property, some lenders charge you an extra fee. This is

The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.

ComPLEtion

Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.

titLE dEEds

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buyers’ guide

Buying with friends Buying a home with a friend is something you should carefully consider – it means you’re financially committing yourself to each other, so you need to think of what you’ll do if things go wrong. Beaumont Legal has won First Time Buyer’s Best Law Firm for Conveyancing award for the past three years and here their Director of Conveyancing – Adele Barker – explains the things you should think about five Questions to agree together before you buy It’s worth asking each other a series of questions before you decide to buy together – if you find you can’t agree on them, you should think seriously about whether it’s the right thing to do and, if you can agree, then you’ll avoid potential stress later on. How long do you intend to live together and what if one wants to sell sooner? How long do you see yourselves living in this property, and what do you hope you’ll be doing with your life then? What if your job relocates and you want to buy a property somewhere else in the country? It doesn’t need to be complicated, but if you just agree some basics, like how much notice period you’ll give each other, it will help. What if your relationship status changes? If you’re both single, what would you like to happen if one of you finds someone special? If you’re an item, what if you fall out? You might think you’re never going to fall out, but if your relationship’s strong enough, you should still be able to discuss it. What if one of you becomes unable to pay the mortgage? The harsh truth is that one of you could lose your job, or become incapacitated, so you can’t earn a living. Buying together with a mortgage, you’re both liable for payments, so you could agree to take out some kind of insurance for this, or a plan of what you’ll do together. How will you pay for repairs or improvements to the home? Is one of you better at saving than the other – should you set up a monthly kitty you both pay into? If changes need to be made to the property, like a new kitchen, how will you decide whether you go for the budget or high-end option? This will often be harder to agree if you’re on very different incomes. Do you both want to own the property as Joint Tenants, or Tenants in Common? You have to legally own the property in one of these two ways. If you own as Joint Tenants, you

own the property equally and if one of you dies, the other person inherits the whole property. If you own a property as Tenants in Common, you can own it in unequal shares (eg 70/30) and if one of you dies, their share will be inherited in line with their will. If they have no will, then the laws of intestacy will apply, meaning their share goes to their relatives.

five things to do for yourself Once you’ve agreed on the points above, there are some key things you can do to make sure things happen the way YOU want. Decide whether you do want to be tied together financially Some say that buying a house together is a tougher partnership to get out of than getting married, so it should be treated seriously. You will be tied to this person, so their credit rating affects yours and if they lose their job, or become incapacitated and can’t pay their share of the mortgage, you’ll be equally liable. Decide what you will do WHEN things change Change happens. If you’re two single friends

buying together, one of you might find someone and want to move out, or share the property with them. Or one of you might want to leave and rent out your room. Agreeing what you’ll do, in advance, can make things much easier later on. Draw up a Declaration of Trust This should be done by a solicitor acting on your behalf, to ensure it reflects what you both agree and any obligations in relation to the property. Draw up a Will Sad as it may be, you also need to consider what happens if one of you dies. If you’re not married you could find that your friend’s or partner’s share is inherited by a relative who simply wants to sell, so you should both consider drawing up a will to avoid this. Choose a good solicitor who can cover all your needs You could choose two different legal firms – one to do the legal process for buying your home and another for your will and declaration of trust – but it’s much simpler if you can choose one that is able to do all these under one roof, making a stressful process much simpler.

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buyersâ&#x20AC;&#x2122; guide

beaumont legal is one of the uKâ&#x20AC;&#x2122;s largest providers of conveyancing and winner of first time buyerâ&#x20AC;&#x2122;s award for best law firm for Conveyancing in 2013, 2014 and 2015. for information on the services it provides, visit beaumont-legal.co.uk, call its new business team on 0345 122 8080 or email quote@beaumont-legal.co.uk

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