ADVICE
Olivia Moss, Brand & Strategic Marketing Director at L&Q, has extensive experience in the first time buyer sector, and is an expert on all things first time buyer related. Overseeing campaigns designed to increase understanding of shared ownership, she is a proud supporter of the homebuying scheme, and has seen first-hand how it has helped hundreds on to the property ladder
Q
I’m a young professional working in London and have always dreamed of owning my own property, but I’m worried I don’t have a large enough deposit or income to buy in the capital. I’ve looked into various schemes and I think shared ownership could be an option. How can I find out more?
A
A lot of first time buyers in London have concerns about getting on to the property ladder. The media are reporting that house price growth is continuing to outstrip wage inflation and, according to a recent report from Nutmeg, the average deposit for a first time buyer is now more than £50,000 in London and £27,000 elsewhere in England – so it’s no surprise buyers are feeling priced out of the market. Here at L&Q, we understand getting on to the ladder can be a difficult process. Sourcing finance for your first property is a huge commitment and can feel quite daunting. That’s where alternative routes on to the property ladder, such as shared ownership, come in. The average deposit of L&Q’s shared ownership buyer in 2021 was less than half that of the London-wide average, which makes it extremely popular – in 2021 alone, we helped 750 purchasers buy with shared ownership. To help buyers on their journey, we have launched Our Complete Guide to Shared Ownership – a dedicated manual providing complete transparency on all the ins-and-outs on the part-buy, part-rent process. A Government-backed homebuying scheme, shared ownership lowers some of the financial barriers to owning a property. It allows first time buyers to buy a percentage share of a property, while paying rent on the share they do not own. Deposits are often as low as 5-10% of the share price and buyers only need a mortgage for the purchased share. At L&Q at Hayes Village, in Hayes, west London, purchasers can buy a 25% share of a one bedroom apartment for £75,313, rather than the full market value of £301,250. With a minimum deposit of £7,594, purchasers have
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the option of buying one of 388 apartments, within walking distance of Hayes & Harlington station. As and when buyers can afford to, additional shares can be purchased through a process called staircasing. Once they have staircased to 100%, they’ll no longer pay rent. There is certain eligibility criteria designed to ensure shared ownership is available to buyers who need it most, including a maximum annual household income of £90,000 in London, and they must be a first time buyer, or in the process of selling a home. As one of the UK’s leading providers of
Olivia Moss, Brand & Strategic Marketing Director at L&Q
shared ownership homes, L&Q is extremely passionate about helping hopeful buyers on to the property ladder. Our first-hand experience of creating homes over the last 60 years has given us a unique insight into the queries of buyers surrounding the scheme. Our Complete Guide to Shared Ownership aims to clarify every element of the homebuying scheme, both the advantages and disadvantages, to help potential purchasers work out if it’s the right route for them. For more information and to view Our Complete Guide to Shared Ownership, please visit lqhomes.com
Delivering new shared ownership FROM homes within one of London’s most exciting regeneration spots, L&Q is currently marketing a range of one and two bedroom apartments at L&Q at The Silk District in Whitechapel. Offering luxurious city living, L&Q at The Silk District features top-of-the-range apartments with access to a residents’ gym and cinema – amenities that are rarely available on a first time buyer budget. A £300m regeneration masterplan is seeing this well-connected district revived with a new urban quarter of homes, commercial buildings and Whitechapel, public space. The Silk District A joint venture with Mount Anvil, L&Q at The Silk District is only moments from Whitechapel station, fast becoming a major transport hub in east London. Already connected to the District Line, Hammersmith & City Line and Overground, the launch of the Elizabeth Line will further improve connections. L&Q’s new homes are centred around an attractive communal area of open green space and planting, while every apartment has access to a private balcony or terrace. Apartments feature floorto-ceiling windows, while open-plan living spaces are fitted with modern kitchens that include fully integrated appliances as standard. The surrounding area benefits from a thriving nightlife, with traditional pubs and bars in abundance. Home to a vibrant array of global cuisines, nearby Brick Lane is a treasure trove of culture, while the Idea Store, London’s second most popular library, is perfect for literary fans. Prices start from £124,375 for a 25% share of a one bedroom apartment (full market value of £497,500).
£124,375*
Find out more at: lqhomes.com *Based on a 25% share with a full market value of £497,500
First Time Buyer April/May June/July 2018 2022
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08/03/2022 14:35
