ADVICE
David Colley is Regeneration Manager at Ealing Council and has worked there for over 20 years. His main focus is to help provide high-quality, sustainable homes for people who might otherwise not be able to afford one. As part of his role, David also works with Broadway Living – Ealing Council’s development arm – to create high-quality homes and places in which local people are proud to live
Q
I moved back to live with my parents in west London to save for my deposit and am now ready to buy my first home. I want to stay in the area as I want easy access to the city so I can still see my friends and lots of green space where I can walk or cycle. Is this even going to be possible on an average first time buyer budget?
A
Firstly, congratulations! You’ve done the hardest part by setting a budget and saving your deposit. It isn’t easy to buy your first home in London, especially when you’re looking for a property that maximises your affordability while still ticking all the boxes for lifestyle and location. Affordability is typically the main concern when searching for a home – especially a first home – but there are opportunities to be had especially in the outer zones and in regeneration areas. In the past 12 months, the average price of an apartment in Zone 3 stood at £650,000 and £421,000 in Zone 4 according to Rightmove. Ealing, for example, in Zone 3 is an exciting proposition for first time buyers; it’s an up-and-coming area for young professionals thanks to the exciting, billionpound regeneration of the town centre and the pending arrival of Crossrail that will link Ealing with the West End, Square Mile and Canary Wharf. Broadway Living has launched a collection of one and two bedroom apartments which are priced from just £357,500; 58% and 16% lower than the average price in Zone 3 and 4 respectively. What’s more, you would benefit from living a 10-minute cycle ride from Ealing Broadway station, which sits at the end of the Central Line, as well as easy access to plenty of green space – there are 10 parks and four major nature conservation sites in and around Ealing. It is also worth considering some of the schemes available to help you on to the ladder, especially in London where prices are higher than other parts of the country.
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Help to Buy provides a good option and an alternative to the Government’s newly announced mortgage guarantee scheme. While both schemes can help first time buyers on to the ladder, the Government loan, of 40% of the home’s value, is interest free for five years. With Help to Buy you’ll
David Colley, Regeneration Manager, Ealing Council
only need a deposit of 5% and a mortgage of 55% – meaning this could be a cheaper option than the mortgage guarantee scheme. A smaller loan-to-value tends to attract better mortgage rates. Great value for money is achievable in London, you just have to know where to look.
FROM
£357,5
00 AVAILA BLE WIT H HELP TO BUY
The modern one and two bedroom apartments at Central Square, all available using the Help to Buy Central Square, West scheme, combine a prime location with a superb London specification that demonstrates exceptional value for money. Just minutes from on-site Castle Bar Park railway station, Central Square offers the best of outercity living. Apartments provide light, bright living spaces with plenty of room to balance relaxation, leisure and work. Every apartment comes with integrated Zanussi kitchen appliances, while other cost-saving benefits include flooring and large fitted wardrobes to the main bedrooms. Each home has its own balcony and there are fantastic views across the city from the upper floors. With on-site amenities including a community centre, a local shop and a landscaped garden square, the day-to-day essentials are never far away. Available now, the apartments are priced from £357,500 for a one bedroom apartment and £435,000 for a two bedroom apartment. With Help to Buy, you’ll only require a deposit of £17,875 or £21,750 respectively. For more information or to book a private appointment, call JLL on 020 7087 5111 or visit copleyhanwellw7.co.uk
First Time Buyer October/November June/July 2018 2021
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13/09/2021 16:32
