First Time Buyer - April/May 2024 by The Ultimate Guide Company

the Ultimate Guide to... GETTING ON THE LADDER, NEW HOMES AND SHARED OWNERSHIP April/May 2024 £4.99 firsttimebuyermag.com

WIN!

A DENBY KILN DINNER SET FOR FOUR WORTH £276

HAPPY EASTER!

SAVE ON ENERGY COSTS

UP-AND-COMING REGENERATION SPOTS

HOW TO PLAN THE INTERIORS OF YOUR FIRST DREAM HOME

AFFORDABLE HOMES AROUND THE COUNTRY

“Keep a spreadsheet of your income and outgoings – it helps you forecast how much you can save” Rosaline Darlington Florist and content creator

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EDITOR’S LETTER

E D I T O R I A L – 020 3488 7754 Editor-in-Chief SARAH GARRETT

sarahg@spmgroup.co.uk Editor LYNDA CLARK

lynda@firsttimebuyermag.co.uk Editorial Assistant and Head of Special Events KATIE WRIGHT Editorial and Special Events Assistant SOPHIE MUNNERY Creative Director RYAN BEAL Sub Editor KAY HILL Social Media KATIE WRIGHT, SOPHIE MUNNERY Contributors CHRIS CLARK, DEBBIE CLARK, KAY HILL, SOPHIE MUNNERY, LAURA DEANOSGOOD, CORALIE PHELAN, GINETTA VEDRICKAS, STEPHEN WARD, KATIE WRIGHT A D V E RT I S I N G 020 3488 7754 Director of Advertising/Exhibition Sales LYNDA CLARK

lynda@firsttimebuyermag.co.uk Special Events KATIE WRIGHT

– National Home Buying Week – First Time Buyer Readers’ Awards katie@firsttimebuyermag.co.uk

Welcome At this time of the year it is always uplifting to look forward to the new season, the warmer days ahead and the Easter break. It is also the time that many first time buyers make the big decision to get on to the property ladder. We are always advising first timers to consider the location of where they would like to move to. Looking at regeneration areas where money has been spent on the infrastructure of the town or city is always interesting, as buying in an up-andcoming area has many advantages. Do go to pages 24-28 where we discover some real first time buyer hotspots in areas which have been regenerated and we highlight some homes that are really affordable too. Who can’t resist chocolate? With Easter approaching we have a roundup of the best Easter eggs available in the supermarkets (pages 78-79), which will certainly cater for any chocoholics – enjoy! The cost of living and the rise in energy prices has affected everyone – I think the feature on pages 34-35 which shows that new build homes are far more energy efficient will be of great interest. Anything to save money in these hard times! I hope you enjoy this issue which is packed with information and help when buying your first home – enjoy! Until next time, happy house hunting. I am sure that many of you have heard about the sad new of TV presenter Jonnie Irwin’s passing. He was a great friend of mine and FTB – I have written a small piece in memory of him on page 9 and I do hope you will take the time to read it – thank you.

Accounts

@firsttimebuyermag

accounts@ultimateguidecompany.com

firsttimebuyeronline

Managing Director SARAH GARRETT

sarahg@spmgroup.co.uk SUBSCRIPTIONS 020 3488 7754 SWITCHBOARD 020 3488 7754

EDITOR’S PICKS…

Interest rates are starting to fall again to a more comfortable level.

All advertising copy for June/July 2024 must be received before 3 May 2024. 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 2008-2024. 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.

One of the largest knock-on effects is that the longer the mortgage term, the older you will be when making the final repayment. Charlotte Nixon, Finance, page 86

Lisa Westerman, 20 Questions, page 106

Having done some research, it seems like a hidden north London gem, which we’re excited about. Kat Pilcher, House Hunter, page 16

There’s been a huge rise in demand for shared ownership mortgages.

Don’t whinge and moan but be positive in your outlook and definitely make a plan and stick to it. Melissa Porter, At home with, page 14

Phillip WellardHughes, Agony Agent, page 90

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CONTENTS

APRIL/MAY 2024 / ISSUE 106 / FIRSTTIMEBUYERMAG.CO.UK

What’s in… 71

For sale – the best FTB properties

After being stuck in the rental trap for a very long time, James Frater was trying to save for a deposit. He discovered Horlicks Quarter in Slough, which he fell in love with and bought a one bedroom apartment. Now he loves everything about his new first home.

HOMEPAGE

Country, Countryfile and Get A New Life on the BBC. She is also a trained counsellor and life coach and has recently published a book, Mastering the Single Parent Game. She talks to Lynda Clark about buying her first home, her interesting career and has some excellent advice for first time buyers.

16 House Hunter 10 FTB Loves... Celebrate Easter in style with our round-up of our favourite hot buys.

12 Living Supermarkets have branched out selling some gorgeous home accessories. So why not update your interiors when doing the weekly shop?

14 At home with: Melissa Porter Television presenter Melissa has been on numerous shows including Escape to the

We go on the hunt with Kat and Frankie Pilcher who are on the look out for their first home in north London, close to good public transport links.

FEATURED

18 Developer’s doctor Kevin Sims, Sales & Marketing Director at SO Resi, answers your property question.

20 The View: Rosaline Darlington Rosaline Darlington is best known for being on the most recent series of Married at First Sight on E4. She works as a florist and runs her own businesses, Rosaline’s Flowers and The Flower Paddock. She talks to Lynda Clark about her fascinating life, buying her first own home and gives some great advice for first time buyers.

24 Location Regeneration We always advise first time buyers to consider looking at regeneration areas which are “on the up”. Debbie Clark takes a look at some regeneration hotspots and highlights some ideal homes in these up-and-coming areas.

34 The new build effect Everyone has been affected by the high cost of energy bills, but did you know that buying a new build home could save you thousands of pounds a year in energy costs compared with owning an older property? We look at how it all adds up.

36 Watch this space Two entrepreneurs, Carla Longworth and her partner Tom Ingleton, have created an innovative and unique new product which will revolutionise bathrooms and make it easy to refurbish.

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CONTENTS

ROSALINE DARLINGTON, PAGE 20

I AM ALWAYS THINKING UP NEW WAYS TO GROW THE BUSINESS AND LOOKING AHEAD TO WHAT I CAN DO EACH SEASON

Rosaline Darlington

REGULARS

48 Hotspot We look at Bethnal Green as a place to live.

90 Agony Agent 56 Hotspot We look at Bermondsey as a place to live.

78 The bunny is back!

All your property questions answered by our panel of experts.

93 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property buying process.

Something for all the family – our choice of the best Easter eggs in the supermarkets now.

80 First home, first meal

Competition Two lucky winners have the chance to win a Denby dinner set for four from the company’s Kiln Collection, worth £276

Chef and award-winning author Theo Michaels has created this recipe for a delicious all-in-one spaghetti and meatball traybake – perfect for all the family.

82 Jargon Busting The second part of what the jargon used when buying a home actually means. Stephen Ward, Director of Strategy and External Relations at The Council for Licensed Conveyancers, explains the terms you might come across.

98 The conveyancing process for staircasing and resales Coralie Phelan, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, explains how conveyancing works for resale purchases and staircasing.

86 Finance

100 Directory

Mortgage terms are getting longer in a bid to make buying a home more affordable, but what are the implications? Kay Hill investigates.

Check which scheme is right for you, plus useful contacts.

88 Market Ginetta Vedrickas looks at the extra costs there might be when buying your first home.

106 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Lisa Westerman, Director of Lisa Westerman Consultancy and LWC Sales & Lettings, is in the spotlight.

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LETTERS

Mailbox

WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. lynda@firsttimebuyermag.co.uk

LIFETIME ISA I am currently looking at the best way to save up for a deposit to buy my first property. I have seen the Lifetime ISAs being mentioned a few times, but what is it and will it benefit me in my quest to gather my deposit? Sarah Brambert FTB says: A Lifetime ISA (Individual Savings Account) helps first time buyers save for their initial home purchase by offering a 25% Government bonus on savings, up to £1,000 per year. It allows tax-free growth on savings, with a maximum annual contribution of £4,000. Funds can be used towards a property costing £450,000 or less, as long as it’s purchased with a mortgage. While withdrawals are allowed at any time, penalties apply if not used for a qualifying reason, such as buying a first home. It’s a valuable option for those aiming to get together a deposit, but consulting a financial adviser is recommended to ensure it aligns with individual financial goals. The Traitors took over our TVs earlier in the year; now this issue’s star letter prize winner can step into the gripping world of the popular BBC show in their own home with The Traitors Card Game. Absorb yourself in the ultimate test of trust and treachery! Each player is given a role, with one unlucky individual handed the poisoned chalice and tasked with secretly becoming The Traitor. Can you deceive your fellow players into believing that you are really one of the Faithful? Ideal for family gatherings, get-togethers and dinner parties, this entertaining game accommodates 4+ players aged eight and over. Traitors Card Game, £11.99, available on Amazon

EPC RATING While I know what an EPC rating is, I’m not sure as to why it is so important when considering buying my first property? I have been warned to keep away from any property with a low EPC rating, but why? Thomas Xi FTB says: An Energy Performance Certificate (EPC) rating is vital information when purchasing your first home as it indicates the property’s energy efficiency, affecting your future

running costs, environmental impact, and potential property value. A higher EPC rating (A or B for example) suggests the home will have lower energy bills, reduced carbon emissions and potentially increased property value. Understanding the EPC rating helps you budget accurately, minimises environmental impact, and may save you money on future energyefficient upgrades, making it an essential consideration in your homebuying process.

TWO YEARS OR FIVE YEARS? I am stuck between whether I should take out a two-year or a five-year mortgage on my first home. Do you have any advice about which to consider? Holly White FTB says: Deciding between a two-year or five-year mortgage really depends on factors like interest rate projections, budget stability and future plans. It isn’t something we can recommend either way as everyone needs to make their own choice based on their own judgement and advice. Two-year mortgages often offer lower initial rates, potentially saving money if rates are expected to rise, while five-year mortgages provide stability with fixed payments over a longer term. You also must consider any penalties for early repayment and how your future plans may impact your mortgage needs. Assessing your financial situation, risk tolerance and, probably most importantly, consulting with a mortgage adviser can help you make the right choice and, in this case, is the best thing you can do.

DISBURSEMENTS Having saved up a deposit I am now going through the conveyancing process. My conveyancer has mentioned something called disbursements but I’m not sure what they are or what they mean. Any help to save me the embarrassment of having to ask about them would be greatly appreciated! Mark Ruforch FTB says: Disbursements during the conveyancing process refer to the various expenses incurred by solicitors or conveyancers on behalf of their clients (in this case you) during the property transaction. These expenses are separate from the fees charged by the solicitor for their services

and typically include costs such as search fees, Land Registry fees, Stamp Duty, bank transfer fees and any other expenses related to obtaining information or documents necessary for completing the property transfer. Disbursements can vary depending on the specific requirements of the transaction and the location of the property. Even though it might seem embarrassing, do ask about the specifics of your deal. They should be more than happy to explain these costs to you.

VISIT OUR WEBSITE

For everything you need to know about buying for the first time, go to firsttimebuyermag.com

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IN MEMORY

IN MEMORY OF THE GREAT JONNIE IRWIN It is with great sadness that we have lost a legend – the wonderful Jonnie Irwin who passed away in February. He was a personal friend, part of the wider FTB team and loved by millions when he presented A Place in the Sun and Escape to the Country on television for so many years. Jonnie had such a spirit! He was incredibly brave and fought this horrible disease, cancer, until the end. He defied all the odds and amazed everyone when he bounced back time and time again. My memories of Jonnie are that we always laughed and had fun. I first met him when we did a feature about him way back then. I remember him sitting in the back of the photographer’s car as we drove to the location for the photoshoot and although we had never met before we just ‘clicked’. Some years later we visited his flat for another photo session and while making us a delicious cup of coffee he told us about how he was such a supporter of the Lord Taverners charity as he loved cricket but always fully supported their fund-raising events. Nothing fazed him – climbing mountains, skiing, trekking – he was up for it all! The lovely TV presenter Nicki Chapman had been the host of our Readers’ Awards for several years and we were coming up to the 2018 Awards when, a couple of weeks before the event, I received a call from Nicki to say she had a brain tumour (which thankfully she fully recovered from) and that she was unable to host. I sat there wondering what to do and decided to call Jonnie to see if, given the very short notice, he would step in. Of course Jonnie was there and what an incredible job he did. I will never forget the way he became a professional auctioneer when we raised money for our chosen charity. There was a BMX bike up for grabs and he happily rode it round the audience raising more and more money on the way. After that, Jonnie was most definitely part of the FTB dream team and from then on both Jonnie and Nicki hosted the Awards together, which was the perfect duo. On yet another occasion Jonnie was coming to do a Q&A session with me at one of our London Home Shows. Time was ticking on and I was getting very worried as to where he was. When he arrived with minutes to spare he was a very, very worried man. He had been scammed that morning and was beating himself up as to how stupid he had been. We told him it happens all the time and that these scammers are very, very clever. In typical Jonnie style he rose to the occasion and sat in front of the audience answering their questions and telling a few anecdotes along the way – brilliant as ever! Jonnie’s family were his world – he adored his incredible wife, Jess, and his three little boys more than anything. After Rex, his first son, they had twin boys, and I too, have twin boys, so we shared stories about their escapades and Jonnie’s face would always light up talking about them all. His passing has rocked the wider housing community who all loved him. Jonnie will always be in our hearts and our thoughts are with Jess, Rex, Rafa and Cormac and the rest of his family and friends at this very difficult time. RIP Jonnie

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FTB LOVES

EASTER EGGSTRAVAGANZA Easter decorations are fast becoming the norm, and after a dark winter, Easter is the perfect opportunity to introduce florals and pastels back into the home. Give the Easter bunny a run for their money with our top picks to make the fourday Easter weekend that bit egg-stra special!

Gingham Easter cake stand, £12, Talking Tables, talkingtables.co.uk

Bunny ears shape basket, £2.99, Home Bargains, home.bargains

Easter egg hunt party bundle, £18, Hobbycraft, hobbycraft.co.uk

Easter egg topiar y tree, £14; bunn y print Easter bunti bunny shape wrea ng, £5; th, £8; white twig tree, £8; natural print mug, £3.50, Easter Matalan, matalan .co.uk

, Lights4fun , £9.99, ts h lig g g aster e 10 LED E .co.uk n fu 4 ts h lig

Bunny egg dip plate, £2.99, Home Bargains, home.bargains

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FTB LOVES

ger Ray, £5.99, Gin ecorations, d b om yc ny hone Easter bun co.uk y. ra er ging

Wooden East gingerray. er bunny table con fetti, £3.9 co.uk 9. Ginger Ray,

Hello spring mug, £4.50, B&M, bmstores.co.uk

Easter chocolate poem, £4.99, Home Bargains, home.bargains

r& , £18.99, Cutte ownie box of 12 Easter mixed br ndsquidge.com Squidge, cuttera

Bunny glass jar, £9 .99; Easter food storage jar, £2.4 egg cups, £3.29; 9; Easter chick Easter egg tea tow els – pack of 3, £4 therange.co.uk .99, The Range,

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SUPERMARKET SWEEP Why not pick up a new mirror with your milk? Supermarkets are no longer just somewhere to go when fridge supplies run low. From M&S to Asda, supermarkets are upping their interiors game so it has never been easier to pop a few new homeware items into your basket during the weekly shop

Modern glass cylinder vase, £9; abstr act bedding set, from £17.50; striped outdoor bolster cushion, £17.50; Dome floor lamp, £45, Marks & Spencer

Green scalloped wave edge cushion, £10, George Home Coral outdoor cushions – set of 2, £25, Marks & Spencer

Shell vase, £12.50, Marks & Spencer

Jigsaw cushion, £12, George Home

Mint checkerboard mat, £10; blue harlequin towel range, from £4.50; mint green scalloped soap dispenser, £6; mint green scalloped tumbler, £4, George Home

Red strawberry rug, £12, George Home

La Vie est Belle bath mat, £10, George Home Mango wood star large wall hanging, £22, Habitat Monochrome checkerboard Sherpa throw, £12, George Home

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; Navajo reversible duvet set, from £10 Brown Prairie Cactus throw, £22; Sunset Cowboy reversible duvet set, from £10, George Home

Summer Resort picnic tray, £14; picnic dinner plates – set of 4, £15; table runner, £15; check cereal bowls – set of 4, £15, Marks and Spencer

Fish vase, £14, Marks & Spencer

Cone base gin glass – set of 2, £15, Marks & Spencer

French slogan plates – set of 3, £14, George Home

Terracotta shade, £16, Habitat Gold enamel tray, price TBC, Habitat

Geometric framed wall art, £30; man go wood large vase, £16; Eero floor lamp, £50, Morillo nest of 2 tables, £80, Habitat

Orange gloss table lamp, £20, Habitat

Luis rattan table lamp, £43, Habitat

Tortoiseshell vase, £18, Habitat CONTACTS » Habitat (at Sainsbury's) habitat.co.uk » Marks & Spencer marksandspencer.com » Asda george.com

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Homepage LIVING

At home with: Melissa Porter Melissa is a television presenter and has been on numerous shows including Escape to the Country, Countryfile and Get A New Life on the BBC and Britain’s Dream Homes on Channel 4. She is also a trained counsellor and life coach and has recently published a book, Mastering the Single Parent Game. She talks to Lynda Clark about buying her first home, her fascinating life and has some good advice for first time buyers Photos: Jonathan Farber

FTB: Tell us about your first step on the property ladder? MP: When I was 21 my father gave me £10,000 and told me to buy some new dresses. He was such a male chauvinist and very sexist too, so I decided to show him that I was made of stronger stuff than dresses and decided to invest the money in a house. I managed to get a mortgage and bought a three bedroom, mid-terrace house in Streatham Vale, south London,

which cost £137,000 and was all I could afford. I had watched my parents buy and sell properties all my life so I wasn’t afraid of being on a building site! I had to renovate it and I made some terrible mistakes along the way. It was a massive learning curve, especially when I knocked a wall down and the ceiling fell in because I hadn’t realised it needed an RSJ! I had a good job and a good salary and I paid for the renovations as and when I could afford

“IT IS FAR BETTER TO LOOK AT UP-ANDCOMING AREAS, WHERE THE PRICES ARE MORE AFFORDABLE, AND THEN ASPIRE TO MOVE ON AND UPWARDS”

it. After six months I decided to put it on the market and made £90,000 from the sale. I gave the money my dad had given me back to him, and his response was, “Where’s the interest?” Unbelievable! FTB: What work where you doing at that time? MP: I was working as a marketeer for Kodak. They had set me a project, which ended up not taking off, but they wanted to rebrand disposable cameras from the existing model to be used for weddings. I was so disheartened when they dropped the idea and I decided to leave and set up my own company doing exactly what they had planned – selling disposable cameras for weddings. It was a huge success and meant that I could buy more properties in Streatham and renovate them and sell

14 First Time Buyer April/May 2024

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Homepage LIVING

them on. Because of this, I had an excellent rapport with the local estate agents. I believe that if you are honest and ready to commit, they will treat you with respect and, instead of me calling them, they started to call me when a property came up that they thought I would be interested in. I had a great team of builders who I really looked after and it all worked very well. FTB: Where do you live now? MP: I live in my partner’s detached house, which he has lived in for 30 years. It is in the most beautiful location on a lake in Cheshire. It does need some TLC as it has been extended over the years and is rather higgledy-piggledy. We are going to make it a more cohesive home and make the rooms bigger and more open-plan. We have a formal dining room which we never use as I would rather be in the kitchen and chat to friends when they come over while I am cooking, so I use the room as a study. In fact, we really only use half of the house! I love doing renovations so it will be great fun. FTB: Tell us more about your career? MP: I worked as a marketeer for a property company in Knightsbridge called Home Search. I helped people relocate from abroad to live in London. It was a fun job and I pretty much had to do everything to settle them into their new lifestyle. My boss got a call from Brighter Pictures asking him if he knew anyone who could work on a new show they had lined up about helping people relocate to the UK. He told them he had the perfect girl and three weeks later I was filming for prime time TV on the show Get a New Life. That led on to many more shows, but eventually I really upset the directors because I seem to have a connection with people and they would tell me all their problems etc. The directors wanted to film these moments and I absolutely objected to this idea. It was very personal and I know they thought it would make great television seeing people upset, but it was very wrong. So I decided not to do any more TV work. I have always had a strong interest in counselling especially as I haven’t always had a very easy life. I left my partner and I brought up my son alone from the ages of two to 10 and my childhood was far from idyllic. I trained as a counsellor (BACP), as a life coach (CTI) and as a NLP practitioner. And I set up my counselling business to help people, which is amazing. FTB: What can you tell us about your new book? MP: Many people stay in relationships that aren’t working, but I left my partner and

“I MANAGED TO GET A MORTGAGE AND BOUGHT A THREE BEDROOM, MID-TERRACE HOUSE IN STREATHAM VALE, SOUTH LONDON, WHICH COST £137,000 AND WAS ALL I COULD AFFORD” brought up my son as a single parent. It was hard at times, but he is 13 now and my new partner has just adopted him, which is marvellous. So, the book really came from my own personal experiences. FTB: What advice do you have for first time buyers? MP: Mortgages are not like they used to be, so it is difficult and you have to be creative unless you have the Bank of Mum and Dad or use the Government scheme,

shared ownership. When I worked in central London I always wanted to live in Kensington or Chelsea, but this was just a dream – it is far better to look at up-andcoming areas, where the prices are more affordable, and then aspire to move on and upwards. Don’t whinge and moan but be positive in your outlook and definitely make a plan and stick to it. melissaportercoach.com @realandroarmelissaporter

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The

HOUSE HUNTER

What we found… THE LANDMARK PROJECT Brent Terrace Brent Cross, north London

FROM £113,750*

THE OUT-OF-TOWN FEEL Harrow and Wealdstone Heights, north west London

FROM £81,250*

This month FTB goes on the hunt with Kat and Frankie Pilcher who are on the lookout for their first home in north London

PROFILE

Names Kat Pilcher, 28, and Frankie Pilcher, 32 Occupations Shop manager, trainee audiologist Maximum budget £250,000 Requirements A one or two bedroom apartment in the north London area with good commuter links to central London. Proximity to green spaces, cafe culture and convenient shopping facilities would be ideal

What they wanted… Kat and I have been living in a shared house for a couple of years now, dreaming of – and saving towards – being able to buy our own place. We both work in central London, and love living in and going out in London, so we’d like to live within 30 minutes of the centre. Both of our families live north of London, so it makes sense to us to live in north London so they’re easier to get to. We’re pretty open to exactly whereabouts that may be, as we don’t have any particular ties to any area. We would like to be within walking distance of a tube or railway station. We also love getting out for a walk or run, and enjoying a long breakfast or lunch out, so having parks and good coffee shops and cafes close by would be ideal for us. We’ve saved hard and have a deposit of £30,000 which we believe will enable us to buy via shared ownership somewhere in the capital.”

The leafy borough of Barnet is home to this new collection of properties, which sits within what is set to become one of Europe’s largest regeneration projects. There will be around 7,000 homes here, plus open spaces, play areas, shops and health facilities, and great links into central London. These one, two and three bedroom apartments have been designed for modern living – the larger properties are arranged over two floors, with open-plan living areas opening to private gardens, two bathrooms and plenty of storage space.

Located in the heart of Harrow, with shops, restaurants, transport and parkland all within a few minutes’ walk, these new homes are all about convenience. The one and two bedroom apartments are set over 17 floors and are sleek and stylish, with smart, fitted kitchens with integrated appliances and floor-to-ceiling windows in the lounge for optimum natural light. Though you have everything you need right on the doorstep, more shopping can be found in nearby Wembley, while lovely open countryside can be reached quickly by car.

lqhomes.com

originhousingsales.co.uk

*Based on a 25% share of the full market value of £455,000

*Based on a 25% share of the full market value of £325,000

What they thought… We recently visited one of the brand new parks near Brent Cross, which had an amazing bakery and cafe, and we were really impressed with the regeneration in the area. This is a large project, with many community facilities. As well as health centres and shops, there seems to be a real focus on ensuring there’s enough green space for residents. The apartments look generously sized and the location is really good, with great access to roads and trains to the North. Very interesting food for thought.”

Harrow isn’t too far from where we live at the moment, and what we like about the area is that in some places it can feel like it’s not really in London at all. Harrow on the Hill has such a pleasant country-town feel about it, and there are some really lovely parks in the area that would be great for weekend walks. Kat is a great artist and loves to draw and paint in her spare time – so the natural light flooding in from those big windows would be a seriously big bonus for us.”

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THE BEST OF BOTH L&Q at Hayes Village Hillingdon, west London

THE CONVENIENCE KING FROM £TBC*

SO Resi Whetstone Whetstone, north London

FROM £100,000*

First choice! THE HIDDEN GEM

FROM £105,000*

Cassia Oakwood, N14

Occupying the site of the former Nestle chocolate factory in Hayes, these new homes offer a great chance for first time buyers to buy in a peaceful yet convenient location. The one, two and three bedroom apartments are just a 10-minute walk from Hayes & Harlington station, for tube services to central London in less than 30 minutes. The development will eventually house more than 1,300 new homes, providing extensive green space that will run alongside the canal and include communal gardens and children’s play areas.

Homes are selling fast at this popular development in the north London suburb of Whetstone. The one and two bedroom apartments are located on a tree-lined residential road and sit around a pretty, landscaped central courtyard. Inside, the properties feature open-plan living spaces that lead to a private balcony, contemporary kitchens, and large, floor-to-ceiling windows. The High Road, for cafes, shops and foodie pubs, is a short walk away, as is the Zone 4 underground station offering tube services to London Euston in 26 minutes.

lqhomes.com

soresi.co.uk *Shared ownership available

Hayes has never really been on our radar before – we have never even been there, but it certainly looks like it’s worth exploring. It seems like a great location for young professionals like us who are looking to work in the city but who also crave some green space. There’s an Elizabeth Line underground station close by, so the commute into central London would be super easy. There’s also the canal and some lovely leafy walks on the doorstep, which would be the first thing we’d like to check out!”

*Based on a 25% share of the full market value of £400,000

My aunt lived in Whetstone when I was growing up and I have many fond memories of this and the surrounding areas. The area has seen some big changes, with some lovely new developments. There’s also a lot of history and plenty of beautiful period properties in the area, along with some great places to visit in nearby Barnet and North Finchley. We love that the homes sit on a treelined, residential street – so a nice, peaceful escape from the bustling city, which is just what we’re after.”

Oakwood is don neighbourhood of The desirable north Lon bedroom collection of one and two the setting for this new red sha ge available through apartments, with a ran quality known for its leafy feel, is a are ownership. The location ul cef pea a rs s, and offe parks and good school . Chase Side don Lon tral cen from just a 30-minute tube ride is great ll, while nearby Barnet High Street is a short stro s. The erie eat of a good choice for theatre, cinema and and ish styl h wit ce uen orgian infl homes here have a Ge s feature ent rtm apa All s. rior inte contemporary open-plan private outdoor space. newlonliving.co.uk *Based on a 30% share of the full market value of £350,000

THE NEXT STEP

“We’re keen to take a good look around the area and the development. From what we’ve discovered so far, Cassia ticks all our boxes and we’re very excited to proceed. We have our mortgage offered in principle, so we’ll be speaking with Newlon next to have our affordability assessed.”

We hadn’t heard of Oakwood before – but we know some of the nearby areas such as Cockfosters and Southgate – and we really like them. Having done some research, it seems like a hidden north London gem, which we’re pretty excited about. The transport links to central London look great for us – there’s a choice of tube stations within walking distance. And there’s a lot of green space; Trent Park is huge and will be great for jogging and summer walks. The development itself is very stylish, and we like the landscaped gardens and off-street parking.”

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ADVICE

Kevin Sims is the Sales & Marketing Director at SO Resi and has over 35 years of experience in the property industry. SO Resi is one of the country’s leading shared ownership specialists with the aim of making homeownership possible through affordable housing. With such diverse experience in all things new build homes and now specialising in shared ownership, Kevin is on a journey to help as many people on to the property ladder as possible in 2024

My partner and I (both 24) are finally looking to move out this year. We currently both live with parents in London but are looking to avoid renting due to the rising costs and are afraid that once we start renting, we may never be able to get out of it. We really want to stay in the city as this is where we have grown up and both have all our friends, family and jobs here. Could you offer some advice on how we may be able to build a life here, despite the costs?

It is no secret that London has become a place where a range of buyers are being priced out – especially first time buyers. It does sound, however, as if you and your partner could benefit from shared ownership in London, and there are plenty of schemes

FROM

£158,750*

available across the capital at different price points. The scheme will allow you to buy a percentage share which you’ll pay a mortgage on, with the remainder being paid on belowmarket rent, and then service charges too. A lot of people are looking to avoid the rental trap with rents rising the fastest in London, but would never be able to afford to buy on the open market. One of the biggest benefits of shared ownership is that deposits are often considerably lower than buying on the open market. This is because you put a deposit down on the share that you’re buying (for example 25%), rather than the value of the whole property. As an example, at our SO Resi Hendon Waterside development, a 5% deposit of a 25% share of a one bedroom property could be as low as £4,129.

Kevin Sims, Sales & Marketing Director, SO Resi

If London is a place you aim to stay in the long term too, staircasing is a brilliant way to continue along the journey to full homeownership. It’s possible to buy shares at any time, but at SO Resi we offer the SO Resi Plus scheme, which was pioneered by us and has now been rolled out nationally. The SO Resi Plus scheme allows buyers to staircase at a gradual pace by purchasing an additional 1% share each year, which can be done at the touch of a button with no solicitors needed, making the ultimate goal of homeownership that little bit more achievable. Knowing this benefit is available to you throughout your journey should give you peace of mind, and a purchase of as little as 1% can make a world of difference in the long term!

Having launched in January 2024, SO Resi One Nine Elms offers 57 shared ownership homes in the heart of Wandsworth. This includes a range of one and two bedroom apartments with prices starting from £158,750 for a 25% share. Located in London’s tallest residential building, all apartments provide sleek and stylish living, with open-plan main rooms and some homes with river views and private winter gardens. Internally, each property comes complete with integrated Bosch appliances and carefully considered living areas to maximise space. All residents will also have access to the panoramic viewpoint on the 58th floor of the building, which offers stunning views over central London and the River Thames. on Nine Elms, Lond s Elm e Nin e On si SO Re

The surrounding area also offers a host of fun things to do for a range of buyers, with excellent transport links too, including:  The Grade II listed Battersea Power Station is a 10-minute walk away, boasting a range of shops and eateries.  Green open space is also plentiful, with residents spoilt for choice with Vauxhall Pleasure Gardens, Pedlar’s Park and Battersea Park.  Sandwiched between two Zone One underground stations of Vauxhall and Nine Elms serving the Northern Line and the Victoria Line, commuters are truly spoilt for choice with options to get into the City of London.  An excellent network of buses also serves the surrounding area, with a plethora of new cycle lanes and pedestrian footpaths for journeys on foot, including a new footbridge over the River Thames. For more information, please visit: soresi.co.uk *Based on a 25% share with a full market value of £635,000

First Time Buyer April/May June/July 2018 2024

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THE VIEW

A COUNTRY GIRL AT HEART Rosaline Darlington is best-known for being on the most recent series of Married at First Sight on E4. But away from the glitz and glamour of the show, she works as a florist and runs her own businesses, Rosaline’s Flowers and The Flower Paddock. She talks to Lynda Clark about her very interesting life, buying her own home at 21, and gives some sound advice for first time buyers Photos: iproductions

First Time Buyer December 2021/January 2022

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THE VIEW

"I HAVE ALWAYS BEEN A SAVER AS WELL SO IT MADE SENSE TO INVEST IN A HOME OF MY OWN"

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THE VIEW

"REALISTICALLY YOU NEED TO LIVE AND PAY THE BILLS AND I THINK A SPREADSHEET REALLY HELPS YOU FOCUS ON YOUR FINANCES"

"I AM ALWAYS THINKING UP NEW WAYS TO GROW THE BUSINESS AND LOOKING AHEAD TO WHAT I CAN DO EACH SEASON"

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THE VIEW

ozz, as she likes to be called, is very bubbly with a wonderful infectious attitude towards life and a great sense of humour. Talking to her I immediately felt I had known her all my life and I was carried away with her wonderful positive attitude towards everything. Her parents ran a dairy farm near Crewe and she is their middle daughter and all three girls are very close. She said, “I was so fortunate to grow up on a farm, I am very free spirited and loved running around the farm and being outside as much as possible. My passion is horse riding and my youngest sister, Millie, and I would spend hours riding together. We were lucky enough to have our own ponies and as we grew up we had horses. My absolute favourite horse was Tango who sadly died not long ago and we now have two Shetland ponies called Didi and Inka. We are having a little break from riding now as we are all so busy and Millie has a family, which takes up all her time, but it is my true passion. When I was about five, my dad decided to sell the farm and turn it into a business park so he sold all the livestock. They still live there though and all my family are nearby as we are very close.” At school Rozz wasn’t the most academic as she always enjoyed being outside and not in the classroom, but she passed her exams and went to college to study childcare. “I completed the course and then became a nanny, which I really enjoyed. It was fun and I was able to take the children out and about, which suited me very well as it wasn’t a job where I was sitting inside all day. I then realised that because I love nature and the outdoors, gardening and flowers were very important to me. The mother of the children I looked after, who was a doctor, used to teach me all the names of the flowers in the garden. It was nature and nurture I suppose and was like a little escape. My interest in flowers must be in my family as my grandmother has won awards for her flowers.” She completed her City and Guilds Level 3 Floristry at Reaseheath College and set up her business, Rosaline’s Flowers. “I sat with my family around the kitchen table and the idea came to me that I should start a business in the thing I loved, which is inspired by the colours and textures found in natural and floral landscapes.” She works out of a unit on the converted family farm and has a website offering everything from wedding bouquets and funeral tributes to Valentine's Day and birthday flowers and the now very trendy jam jar flowers. She also runs wreath-making courses that are very popular, and sells seed packets, which include three packs of seeds, instruction cards, compost and much more. There are also subscriptions people can take out to receive flowers regularly, which again is proving very popular. “I am always thinking up new ways to grow the business and looking ahead to what I can do each season. It’s always very exciting and it doesn’t feel like work!” During 2020 and 2021, when the UK was in the midst of the pandemic, Rozz decided to plant a flower paddock. “I love growing my own flowers from seeds and watching them flourish and then using them for Rosaline’s Flowers.” The Flower Paddock has been a real success story and she says, “I love delphiniums, dahlias, cosmos, peonies, sweetpeas and sunflowers

to name a few. I have learnt to grow the plants from seed, when to harvest the flowers and how to manage the plants in all types of weather conditions. I now run classes and open days there, which are great fun!” When she was just 21, her older sister Charlotte, who lives near to the family home, decided to sell her house as she was having a baby and needed more space. Rozz made the big decision to buy the house having been left some money from her grandfather which helped with her deposit. “I have always been a saver as well so it made sense to invest in a home of my own. It is a lovely house – detached on a corner plot so the garden goes all the way round the house. It has three bedrooms and I live there with my three dogs, Willow, Maple and Honey. I have had some work done on it to make it my own and I really love living here.” She decided to apply to go on the TV show Married at First Sight and explains, “I had broken up with my boyfriend and my wonderful horse, Tango, had died so I was at a rather low point of my life. It was probably an escape but I never imagined I would get chosen. I was probably a little naive but I quickly learnt that my skin was thicker than I thought and I had to be robust and believe in myself. “I had great support from the public and the rest of the cast and I actually gained thousands of followers and have a big fan base. I have about 181,000 personal followers and 13,000 on Rosaline’s Flowers and 6,000 on The Flower Paddock. I think the main thing is that when I was on the show I was always honest, respectful and transparent, which are all very important to me. I was away filming the series for three months and my parents were very supportive and looked after the dogs for me and my business, so I was very lucky.” At 28, Rozz has already done so much and has some exciting plans in the pipeline. She would like to do some more work in television but she is passionate about floristry and the great outdoors. “There is nothing I enjoy more than taking the dogs for a walk and meeting up with friends. I would like to get married one day and have children and build a family but I am living in the moment and I am free to go down whichever path I choose.” She has some great advice for first time buyers and said, “Keep a spreadsheet of your income and outgoings. It really helps and you can forecast how much you can save and what you can afford. Realistically you need to live and pay the bills and I think a spreadsheet really helps you focus on your finances. I am also always aware that things can sometimes suddenly go wrong – like the boiler needs attention – so I like to make sure I have a contingency fund to pay for any emergencies.” Rozz is a very special person and so full of enthusiasm and truly has a positive outlook on everything she does. It was time to take her dogs for a walk and I wished I could have joined her and spent some time in the beautiful countryside where she lives – in my opinion she has an idyllic life and one that I am rather jealous of! rosalines.co.uk theflowerpaddock.co.uk Instagram: @rozzdarlington

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REGENERATION

LOCATION REGENERATION When it comes to buying your first home, a desirable location takes priority for most. But what if your budget simply doesn’t stretch to the area you would love to live in? Should you compromise on square footage? Settle on a home in desperate need of modernisation? Or invest in an area of "regeneration"? Debbie Clark takes a look at what this buzzword means in reality, and takes a whistlestop tour of some current regeneration hotspots Regeneration typically involves the investment of public money, with the support of private investors, into areas identified as being in need of lasting improvement. Some of the best-known examples include the construction of the Millennium Dome and the creation of the 2012 Olympic Park, but the reality is that regeneration is all around us. Successful regeneration projects will always be designed with sustainability in mind, and will have positive economic, social and environmental impacts on an area, improving the quality of life for all residents. Local regeneration efforts typically include improving transport and infrastructure, providing access to high-quality facilities focused on health and wellbeing, and land renewal to

develop affordable homes and open green spaces. Investing in an “up-and-coming” area sounds like a no-brainer, but how can you be confident that those ambitious plans will come to fruition? We recommend taking a closer look at the regeneration plans for areas local to your preferred locations, which can typically be found though a quick internet search. These will give you a good idea as to the scale of investment. Next, visit and see for yourself what has already been achieved in the locality. Finally, take a look at who is already investing – developers with a proven track record for providing high-quality homes only put their resources into projects they are confident will deliver a return. All looking good? Take a leap of faith – then you can benefit from that return too!

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REGENERATION COLINDALE Colindale is one of the largest growth and regeneration areas in the Delivering for Barnet programme, offering substantial but sustainable housing growth and a new compact neighbourhood centre. The area will benefit from improved public transport services, with improved bus links and significant improvements to Colindale underground station, including the provision of step-free access. There will also be a new pedestrian/ cycle bridge linking Montrose Park to the hospital site and tube station and improvements to key junctions and roads. Colindale’s regeneration programme will deliver 10,170 new homes across various sites and a new Neighbourhood Hub comprising health, children's and community facilities. The project also promises high-quality public open spaces including a Youth Zone in Montrose Playing Field.

Barking Riverside

FROM £67,500*

L&Q has released a new collection of 15 one, two and three bedroom shared ownership apartments at the freshly transformed site of a former power station. Every home will be finished to a stylish, contemporary specification, with a garden, balcony or terrace. The development is well connected, served by Overground, underground and Thames Clipper services. The neighbourhood is home to an array of play spaces and outdoor areas, including a Wildlife and Wellbeing Trail, and was recognised at the Inside Housing Development Awards 2023, winning “Best Partnership – 100+ homes”. New launches coming soon.

FROM £88,125*

Heybourne Park There is an initial release of 149 shared ownership homes at this development, conveniently located just a 15-minute walk from Colindale underground station and surrounded by green, open spaces. Apartments include high-quality, contemporary interiors with versatile kitchen space, integrated appliances and wood-effect flooring through the spacious kitchen and living areas. All two bedroom homes at the development feature two bathrooms, including an en suite, and parking is also available on selected two bedroom properties. Residents will also benefit from the library, cafe and supermarket at Heybourne Park. nhghomes.com/developments/heybourne-park 020 4579 6251 *Based on a 25% share of the full market value of £352,500

lqhomes.com/barkingriverside 020 8617 1747 *Based on a 25% share of the full market value of £270,000

Abbey Quay

FROM £261,500*

Weston Homes presents this six-acre riverside urban village in Barking, with schemes including its Firsttime SecureBuy (FTSB) offer, which can be used with the Discount Market Sale (DMS) scheme. The collection of 1,089 one, two and three bedroom apartments, each with a private balcony or terrace, are set in contemporary buildings ranging from seven to 29 storeys. All homes offer a premium specification. The kitchens have quartz worktops and splashbacks, a range of integrated appliances and instant boiling and cold filtered water facility. Phase one is sold out, with this phase set to be as popular. weston-homes.com/abbey-quay/ 020 4502 3079

BARKING The area’s most significant development is Barking Riverside, a collaborative project of epic proportions. The infrastructure includes new homes, an Overground station and Uber Boat by Thames Clippers pier, seven new schools and a network of footpaths and cycleways. Residents will enjoy direct river access and plenty of open space and sports pitches. The Masterplan includes the creation of distinct neighbourhoods. Delivered by Barking Riverside Limited (BRL), a joint venture between L&Q and the Mayor of London, in partnership with stakeholders and local people, Barking Riverside is proud to be "Barking Made". Already recognised as one of the top 12 best places to buy a first home in the UK by The Times, it is set to be an area enjoyed for generations to come.

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REGENERATION

CASE STUDY

FROM £81,250*

Harrow and Wealdstone Heights

HARROW Maria, 53, who relocated to the UK from Cyprus, recently moved to Hyde New Homes’ Eastman Village in Harrow after moving to London from Manchester to be closer to her family. As part of a wider £1.75bn regeneration programme by Harrow Council, Eastman Village is on the way to becoming a complete new urban neighbourhood with over 2,000 homes, along with workspace, retail and leisure venues. The development also has a huge focus on sustainability, with an on-site carbon-efficient energy centre providing heating across the development, reducing carbon emissions by over 35%. Maria, a former Sales Executive at Cyprus television station Lumiere TV (LTV), chose a one bedroom apartment with spacious, bright and modern rooms and her most prized feature – the large veranda overlooking the rest of the development. “My veranda is my joy,” says Maria. “I can have my cappuccino freddo while sitting outside, surrounded by trees and green space. It reminds me of being back home and is so important for maintaining a healthy mindset.” Enjoying the outside space is not the only factor that reminds Maria of her home in Cyprus. “The community at Eastman Village is incredible,” she says. “I work part-time at a local fish and chip shop – the award-winning Barracuda – which is run by a fellow Cypriot and is located just a five-minute walk from my home. We both speak Greek, so it has been wonderful making friends with each other. I have also met other members of the community who are Greek.” Maria has found her home-from-home, and it seems she’s not the only one! “Residents at Eastman Village come from many different countries and cultures across the world,” Maria explains. “Everybody is so friendly, and it is lovely to chat with different people. It’s a bit like being back in Cyprus.” Minnie Dando, Head of Marketing and Communications at Hyde New Homes, adds, “Eastman Village serves as a testament to Hyde’s belief in establishing a warm and welcoming environment among its diverse residents, who have chosen to make this vibrant community their home.”

Harrow has been undergoing an era of regeneration, with further business plans just approved to deliver quality, affordable family sized homes. Revamped plans will deliver more family housing, sympathetic to the surroundings. The plans will transform the Council’s old headquarters at the Civic Centre on Station Road. This will be known as Poets Corner. Plans will also see redevelopment of an old driving school left empty for the past 20 years, next to the Leisure Centre. This area will be known as Byron Quarter. The proposals have been crafted with community needs and environmental considerations in mind and foster a community feel, incorporating new green spaces and community facilities.

Harrow and Wealdstone Heights is a new collection of 81 apartments, showcasing Origin’s exceptional standard of finish. Homes offer thoughtfully considered internal spaces designed for modern living, and are fitted with integrated appliances. Helping to further reduce costs for residents, the development features a number of eco-credentials including a ground source heat pump and solar panels used to power communal lighting. Shared owners can currently take advantage of “Origin Kickstart” – an exclusive opportunity being offered by Origin Housing for buyers to receive incentives worth £2,500. The offer can be redeemed to cover legal fees, rent and broker fees, reducing the costs required for buying a first home through shared ownership. originhousingsales.co.uk 0300 323 0325 *Based on a 25% share of the full market value of £325,000

ROYAL DOCKS Immediately east of Canary Wharf, in the London Borough of Newham, the Royal Docks cover over 500 hectares of land and 18.4km of waterfront. Working in partnership with a wide range of stakeholders, from local community groups to developers and local businesses, the Royal Docks Team is delivering an ambitious £314m investment programme over the next five years and beyond. Home to London’s only Enterprise Zone, this vast and unique destination is already one of the most significant regeneration projects in the UK, and is fast becoming one of the best examples of regeneration in the world.

Royal Albert Wharf

FROM £TBC

NHG Homes is launching the final phase of one, two and three bedroom homes at Royal Albert Wharf, available through private sale. Residents will have access to a landscaped open courtyard linking on to the Thames Path riverside walk, along with expansive children’s play areas. The development will also have a concierge, flexible workspace and secure cycle storage. The apartments are built to an exceptional standard with high-quality finishes and energy-efficient features. Homes feature integrated appliances and every home includes its own private balcony or terrace. nhghomes.com/developments/royal-albert-wharf 020 4579 6193

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REGENERATION

FROM £80,250*

CASE STUDY

BRACKNELL Bracknell is described as being in its most exciting period of transformation since the construction of the original New Town in 1949. The opening of The Lexicon shopping centre in 2017, including Fenwicks Department Store, a Cineworld cinema and a range of new high-quality shops and restaurants, rejuvenated the area and it is now experiencing a residential resurgence, with a series of new developments either complete or in the pipeline. Bracknell Town Centre Vision 2032 clearly demonstrates the council’s commitment to continued growth over the coming decade, promising to draw on the town’s 20th century New Town character and blend this with its deeper legacy as a historic town to “create a hybrid which captures the benefits of both worlds”.

SO Resi Bracknell Conveniently located near the newly regenerated high street, these one and two bedroom apartments are at the heart of Bracknell’s regeneration. Bracknell railway station is also just a two-minute walk away with direct links to London Waterloo and Reading. Each home benefits from private outdoor space, with parking available for all homes. soresi.co.uk/find-a-property/so-resi-bracknell *Based on a 30% share of the full market value of £267,500

FROM £300,000

The Grand Exchange Knight Frank has just launched the final phase of sales at The Grand Exchange – a flagship development offering 242 spacious and contemporary one and two bedroom apartments with floor-to-ceiling windows. Upscale finishes include stone countertops, and select penthouse apartments boast spacious terraces. There is an unmatched array of exclusive on-site amenities, including a 24-hour concierge, The Life-Club fitness and wellness centre, The Garden Room with indoor landscaping, and The Exchange Lab, a co-working space offering shared office amenities and collaboration areas. Additional highlights include a private dining and event space with picturesque views, and on-demand treatment rooms for booking beauty services. knightfrank.co.uk 020 4502 8066

BRENT One of the biggest regeneration projects in Europe, "Delivering for Barnet" will create a new centre, Brent Cross Cricklewood, incorporating: • Brent Cross London – a modernised and extended shopping centre • Brent Cross South – a new high street with 6,700 new homes, commercial development, community facilities and public spaces • Brent Cross Thameslink – a new station. Residents will benefit from 7,500 new homes built to sustainable standards, a new high street with shops, cafes and restaurants, new healthcare facilities and new and replacement schools. There will be a new leisure centre, a market square and a riverside park. The area will also benefit from economic growth, with up to 27,000 new jobs, 4.2 million square feet of office space and fresh employment opportunities provided by the shopping centre.

Briony Hughes and her partner bought a two bedroom apartment at SO Resi Bracknell, having reserved off-plan in December 2022 and completed in October 2023. They were previously renting an older property in a village, and since they moved into their new home the difference has been amazing. Briony said, ”Our old flat had just one bedroom, it was within a listed building which was cold and damp, and we had to drive everywhere. Now we’re living in a brand new two bedroom apartment in the centre of town, just a minute’s walk from the train station. We wouldn’t have been able to afford to buy our first home without using an affordable scheme, so shared ownership made homeownership possible for us. Buying a home has given us so many benefits – we now have an extra bedroom, which is perfect for guests, and we have a working from home set-up and plenty of room for my books as I’m an English Literature lecturer! “We were saving for a deposit while I was completing my PhD. Thankfully, I had a stipend which covered all of my living and research expenses, and then I did lots of teaching at a handful of universities on top of that to earn extra income, while my partner saved from her salary each month. It was hard work but it allowed us to build up a 15% deposit for our home. I finally feel secure in my home. Every home we’ve ever rented has been sold while we were living there, which meant we never felt settled, and we were always on the lookout for somewhere else to live in case we were served notice. That anxiety has completely gone.” Their new home came complete with flooring, blinds and fitted kitchen including good-quality integrated appliances. SO Resi Bracknell is perfectly located and is within walking distance of the shops, cinema, supermarket and railway station. Briony adds, “It’s much better for the planet and for my health, and we’re saving so much money on petrol. There’s a martial arts studio across the road so I’ve even picked up a new hobby which wouldn’t have been possible before! We both feel we can finally put down roots and create a permanent home in the community here. Without shared ownership we would never have been in this position.”

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REGENERATION

Brent Terrace

FROM £113,750*

L&Q presents this brand new collection of two and three bedroom apartments and three bedroom terraced houses. Homes feature modern bathrooms and kitchens with fully integrated appliances, and every property has access to private outdoor space in the form of a back garden or inset balcony. Outside, homes benefit from one allocated parking bay per household, plus cycle storage. Brent Terrace also features a green roof, offering numerous environmental benefits. The development has excellent transport links, including the brand new Brent Cross West station which is just a 10-minute walk. lqhomes.com/brentterrace *Based on a 25% share of the full market value of £455,000

HENDON The regeneration of the West Hendon estate, in the south west of the borough, aims to create a new mixed neighbourhood of social, private and affordable homes with a range of benefits, including a new school and community centre. The project is set for completion in 2027 and will deliver 2,194 new EcoHomes standard homes, sustainably built commercial buildings, a new two-form community school and a nursery. A new town centre will offer shops and restaurants, while two new bridges will provide a pedestrian thoroughfare from Hendon railway station to the rest of the estate, as well as offering new views of the area. There will also be significant improvements to roads and the creation of a green boulevard linking York Park with West Hendon Broadway.

SO Resi Hendon Waterside

FROM £84,375*

SLOUGH Slough Urban Renewal (SUR), a partnership between Slough Borough Council and Morgan Sindall Investments Ltd, is the driving force behind Slough’s current period of rejuvenation and renewal. SUR aims to create iconic buildings, open spaces and connectivity, enhance and improve local schools, and provide highquality new homes and leisure facilities. The ambitious project sees new homes being built across the borough, which has already benefited from the arrival of the Elizabeth Line. SUR has already delivered on The Curve, an iconic library and cultural centre right in the heart of the town, the Ice Arena, which was stripped back to the original steel and completely rebuilt, and The Centre, an £18m leisure facility.

Hendon Waterside is a new development comprising 42 studio, one and two bedroom apartments, as well as two and three bedroom duplex homes. The properties have an efficient design with fully fitted kitchens featuring Zanussi and Electrolux appliances. The development is located by the Welsh Harp Reservoir, which offers scenic trails, waterside footpaths and green sheltered woods for residents to enjoy. Allocated parking is available for selected plots.

FROM £100,625*

soresi.co.uk/find-a-property/hendon-waterside *Based on a 25% share of the full market value of £337,500

Square Roots Hendon

FROM £95,000*

Horlicks Quarter

Located close to the Welsh Harp reservoir and nature reserve, Square Roots Hendon is a stylish collection of studio, one, two and three bedroom high-quality apartments, the first of which will be ready to move into this summer. All apartments have high-specification interiors with open-plan living areas and private balconies or terraces, plus secure off-street parking and cycle storage. There are fast transport links from Hendon and Colindale underground stations, and National Rail links to King’s Cross St Pancras in just 19 minutes.

Located on the iconic grounds of the former Horlicks factory in Slough, Horlicks Quarter is a new collection of 75 high-specification one and two bedroom apartments. Facilities include a residents’ gym, concierge and cinema room, in addition to a shared rooftop garden and co-working space. Slough railway station is a seven-minute walk away with London Paddington just 19 minutes by rail.

squareroots.co.uk/developments/hendon 0333 666 4242

abrihomes.co.uk/properties/horlicksquarter 0800 145 6663 *Based on a 25% share of the full market value of £380,000

*Based on a 35% share of the full market value of £287,500

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INTERIORS

ASK THE DESIGNER: ALL YOU NEED TO KNOW TO CREATE INSPIRATIONAL INTERIORS AT HOME! Personalising your first home can be both exciting and daunting. How do you know where to start? We sat down with interior design expert Steve Hird from Edward Thomas Interiors to seek his advice on scrolling socials, styling and shopping... 1. Before moving in, what do you recommend first time buyers do from an interior design perspective? Start scrolling social media. Instagram and TikTok are great resources for trends and you can find plenty of home bloggers documenting their interior design journeys. Similarly, start following designers and companies with products you admire so you can start collating a mood board of furniture, fabrics and accessories – you can do this on Pinterest or in a scrapbook!

2. Conversely, is there anything you would recommend first time buyers shouldn’t do before moving? Don’t panic buy! Just because there’s a sofa sale or half price piece of furniture doesn’t mean you should go for it. Take your time, if you have the chance of a walkthrough at the property then take measurements, otherwise wait until you’ve moved in and can get a feel for the space and how you use it. Start by gathering essentials like utensils, crockery, cutlery, bed linen and towels.

3. When it comes to interior design, what should be first on the list after moving in? Focus on the key rooms, places you’ll spend the most time like your bedroom and living room. Knowing you have sanctuaries for sleeping and relaxing will help take the pressure off. Begin with flooring and window dressings (curtains, blinds, etc), these will immediately make a blank space more homely. Furniture and lighting should be considered next, followed by accessories and wall decorations.

First time buyer homes as designed and styled by Edward Thomas Interiors

4. Do you have any tips for measuring up or planning room layouts? Start by drawing or sketching out the footprint. Separately draw out pieces of furniture that you’re considering and move them around within the footprint to see how they might fit. Do this for any room where you’re unsure of the sizing. Apps like Room Planner and Floorplanner can help with this too. 5. In your opinion, what are the absolute basic essentials each room should have? Window dressings; carpets or floorcoverings; light fittings and furniture. So, if it’s a living room, a sofa and side or coffee table, a bedroom obviously needs a bed and bedside tables, kitchen/diner needs table and chairs. Accessories can all be added later. 6. How does a first time buyer know what their style is? The average age of a first time buyer is early 30s, so I would expect most people to have a good idea of their likes and dislikes even if they’re not sure how this translates to a home environment. My advice is to look everywhere, not just in other people’s

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homes but in hotels, bars, restaurants and shops. You’ll soon find yourself naturally gravitating towards a style. 7. Should one style be adopted throughout the home, or is mixing and matching OK? This is really a question of personal taste. The mixed up, maximalist, eclectic look can be really striking but you do have to work at it otherwise it can look inconsistent. For first time buyers new to home styling, I advise keeping a consistent base colour theme and injecting complementary accents, fabrics and materials into each room for individuality. 8. How is it best to use lighting around the home? Lighting is important and often overlooked. Good lighting helps a space feel bright and inviting, especially in rooms with fewer windows. Don’t just focus on ceiling

light fittings, consider uplighters, floor or wall lamps, table lamps, recessed or cabinet lighting. They also don’t have to be expensive, there are online and high street retailers with great options. 9. What about wallcoverings? Are feature walls still popular? When you first move in, it’s often easier to keep walls a neutral colour until you’ve finished furnishing. Feature walls are here to stay, in fact they are being expressed more creatively than ever. Think wallpapering, panelling, colour block panels, half-height painting, or a combination! These make a great focal point for living rooms and bedrooms, but if you’re new to decorating, start with somewhere small like a downstairs cloakroom. Feature walls can add drama to smaller spaces but are simpler to redecorate if you change your mind at a later date.

10. In terms of furniture, what should first time buyers splurge and save on? Going back to my earlier point about focusing on the rooms where you’ll likely spend the most time, it’s wise to invest in a good quality sofa and bed, you want these to last and be comfortable. For the rest of your furniture, divide into “must-haves” and “nice-to-haves”. You want pieces that are functional to start off with that can then be upgraded or replaced in time. 11. Finally, where would you recommend first time buyers shop for bargains? Check out TK Maxx, H&M, Dunelm, Matalan, Next Home or Zara Home as well as department stores like IKEA and John Lewis that have ranges to suit different budgets. Online retailers such as Wayfair and Etsy have excellent pieces too. Don’t forget supermarket homeware departments either! edwardthomasinteriors.com

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ENERGY EFFICIENCY

THE NEW BUILD EFFECT

Buying a new build home could save you thousands of pounds a year in energy bills compared to an older property – so with big savings and smaller carbon footprints, what’s not to like?

When starting out on your homebuying journey, one of the biggest decisions to make is whether to opt for an older property or a new build home. Some buyers prefer the look of an older home with period features, while others will want a brand new property with freshly installed kitchens and zero budget required for restoration works. One big deciding factor could be the huge savings you can make by living in an energy efficient new build compared to an older home. The recent Home Builders Federation (HBF) report shows that new builds are getting increasingly carbon efficient and could save homebuyers up to £184 a month in energy bills alone.

WHY THE BIG DIFFERENCE? Conversations in politics have been dominated by household energy usage in recent years, and we’ve seen big pushes by the Government to meet net zero targets. While owners of older properties face costly and sometimes intrusive measures to reduce the carbon emissions of their homes, new builds are built to everevolving standards. And this has had a big impact on homebuyers’ wallets. The HBF’s first Watt a Save report was published in 2022 and compared the energy efficiency of new builds compared

to older properties. That report found that the home building industry collectively reduced carbon emissions by 500,000 tonnes to help households save large amounts on their annual energy costs. The latest report, which gathered data up until the beginning of this year, details the difference in energy usage, energy bills, carbon emissions and EPC ratings across the different types of homes. Some of the key findings are highlighted below.

GREATER EFFICIENCY AND LOWER EMISSIONS The average new house emits just onethird of the carbon of typical older houses,

with each house saving 2.8 tonnes of carbon per year. Buyers of new build homes in 2023 reduced carbon emissions by 500,000 tonnes. The amount of greenhouse gas emissions that a property produces depends on several factors, including the way a home is powered (gas or electricity), the efficiency of items such as boilers and how well the property is insulated. When buying any home, the property’s energy performance certificate (EPC) must be made available for potential buyers to view. This indicates how efficiently a property runs – including in terms of energy and insulation – and helps buyers to make informed decisions.

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CASE STUDY

When they were looking for their forever home, saving time and energy on DIY was a priority for Ken and Michelle Apple-Perry – the fact that it was net zero was a bonus Although the couple are not first time buyers, their story applies to everyone who is buying a home and wants to save energy. The couple relocated from Maidenhead in Berkshire to a new build home from the Edenstone Group at St Mary’s Garden Village in Ross-on-Wye. In doing so, they’ve reduced their energy bills to just a fraction of what they were paying previously – despite moving to a larger property. Plus, they can earn from any surplus solar generation they export back to the National Grid. Michelle explained, “As recent newlyweds we wanted somewhere that would be our together, forever home. We had a tiny two bedroom maisonette so wanted something more spacious, and closer to where my daughter lives. We were specifically looking for a new build for the convenience. I’d bought a new build before and liked the idea of a 10-year warranty and didn’t want to spend a lot of time on repairs that an older property was likely to need.” They chose a three bedroom semi-detached Chepstow-style property which ticked all their boxes. “The fact that it was net zero was an added bonus. We liked the idea but didn’t realise we could get something as advanced as this within our price range. It has solar panels with a battery backup. Everything is electric. We have ceramic panels in the ceiling rather than radiators and a water tank that heats up between 3am and 6am, when electricity is cheaper.” Their home is part of Edenstone’s wider ambitions to move to net zero energy across all its developments by 2025, thereby reducing energy bills for its customers. Along with solar panels, the couple’s home also includes the Wondrwall home automation and energy management solution. Initial indications are that the system is already outperforming average predictions, generating more energy than it consumes. “The first month the solar panels were connected our energy bill was £20 and the last one was £50, but the weather hadn’t been so good. We know in the winter we’ll pay more but we don’t expect it to be more than £100 a month. On our previous property we were paying about £200 a month for gas and electricity and that was with solar panels too.” Edenstone Operations Director Chris Edge said, “We’re extremely proud of our green credentials. We built our first zero carbon home in the Vale of Glamorgan in 2019 and are working hard to realise a long-held ambition of leading the development of mainstream net zero energy homes at scale. As part of our commitment to creating sustainable communities, alongside new homes at St Mary’s Garden Village we’ve also built a net zero energy community hub. It should produce all the energy it requires and feedback any surplus into the grid.” There’s a range of properties at St Mary’s Garden Village, from two to four bedroom styles, available from the Edenstone Group’s two housing brands – Edenstone Homes and Bluebell Homes.

Homes are rated on a scale of A-G. In 2023, 85% of new builds had the highest EPC ratings – A or B. However, less than 5% of older properties have a rating of A or B, and it’s common for the EPCs to be much lower – indicating that a budget would be needed to replace costly features such as heating systems, or just to keep the home warm in general.

BIG, BIG SAVINGS Of course, the more energy efficient a home is, the cheaper it is to run – and this is evident in the huge savings recorded in the report. The average new build homebuyer saves £137 a month on energy bills – a

huge £1,640 a year, compared with purchasers of equivalent older properties. This saving rises to £184 per month for houses, rather than flats or bungalows, totaling £2,200 a year. Going forward, the newest homes, built to Part L regulations (from June 2023) will save even more, with an average saving of up to £2,600 for houses specifically. These differences in energy bills have significant implications for homeowners’ monthly outgoings, their subsequent quality of life and their savings pots.

THE FUTURE Even with energy prices beginning to fall after the peaks seen in recent years, new

build homeowners will still save thousands every year. The home building industry continues to work towards the Future Homes Standard. This means more properties being created to even higher energy efficiency standards. It is expected that from 2025, the average new build energy bill will be cut by 70% compared to that of older counterparts. Each person’s homebuying journey is unique and filled with personal preferences, including the preference in the style of home. These findings provide potential homebuyers with a wealth of information around the huge savings they can make – and the potentially surprising differences between the homes available.

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WATCH THIS SPACE! Carla Longworth and her partner Tom Ingleton have created an exciting and innovative new product which will revolutionise bathrooms, offering unique printed wall and bath panels that are cost effective, quick to install and will add a real designer touch to make your home look unique

Carla was in the property world for 20 years and worked for estate agent Spicerhaart. She began by selling older homes but in 2012 she became the New Builds Sales Manager for London and Essex working with developers and housing associations. Tom began his career as a contractor and eventually became a property developer. He said, “I eventually fell out of love with building homes – Covid and Brexit had a massive impact.” This led him to the decision to retire from development and concentrate more around his creative side and developing new products. They were lucky enough to have bought a 1 Euro home in Italy and Tom decided to spend his time renovating it, which he thoroughly enjoyed. “It was a great life, but then interest rates changed, the rental properties we had were not making us enough money and I had to go back to work to make ends meet. I hadn’t worked for anyone before and wasn’t sure what to do.” He always had a keen interest in interior design and building things, which led to

the creation of Acrypanel. He said, “I did a lot of research and was very interested in the concept of using panels instead of traditional tiles, but they were made of glass. This meant that when cutting them the measurements had to be absolutely precise and transporting glass is a major problem because they can easily shatter. So, I decided to make panels which were easy to work with, versatile, robust and quick to install and so Acrypanel and the concept of making them in acrylic was born!” Following the initial designs of the Acrypanel, Tom decided that he needed a bath panel to complement the wall panels, so set about designing a bath panel. He was interested in the concept of a metal frame bath panel system he had seen on the market and decided that making them magnetic was the way forward. To see how this all worked he contacted the manufacturer of the frame to present his idea to them. “I took a full-size bath with me, with the frame for our bath panel and the acrylic panel to demonstrate, when I demonstrated our bath panel with their

system I put it in the metal frame that they made and it literally fell apart as there was a flaw in their design. This then gave me the idea to produce our own frame, making the frame more secure. “QuickFix bath panels are the only bath panels that come with the independent metal frame included in the pack, and our system speeds up the installation process hugely and it literally takes minutes to install. Also, they are fully accessible in the event of leaks or maintenance and are removed without damage!” As true entrepreneurs they have formed a collaboration with well-known designer Becca Who, famous for her wallcoverings and upholstery. Carla continues, “Her designs are beautiful and we now have a licence to use them on our panels and furniture. We are also in the process of producing a vanity unit which is totally unique and features one of her designs on the inside of the drawers.” The QuickFix bath panel and Acrypanel can be made with any design and they also prevent any mould from forming, which is

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always a problem in wet and steamy areas. The panels can be put on existing tiles or on a brand new wall and take less than two hours to install. “They are so labour-saving, as in the past if you wanted to revamp your bathroom you would have to take off all the old tiles which makes lots of mess and takes a long time. You would be amazed at what a difference they make – using them on the walls or for a bath panel. If you want, you can keep your old bath but replace the taps and install a panel and it totally transforms the room.” Called Interior Art Design, Carla and Tom are hoping to attract developers, housing associations, contractors and even hotels. They have a 5,000 sq ft factory where they make and design everything on site. “We are so excited and have just got our first contract making 61 QuickFix bath panels for homes for a housing association’s development. We are forever refining the business and want to offer the absolute best.” There is never a dull moment for Tom,

who is also in the process of making revolutionary 3D Parametric wall art. The intricately designed masterpieces are created using state-of-the-art CNC technology, resulting in a stunning interplay of light and shadow that adds depth and dimension to any room. They range from designs inspired by nature to abstract patterns and geometric shapes, or can be custom-made to your own design. These stunning panels are easy to install and also offer excellent soundproofing and are simple to maintain. Carla and Tom thrive on hard work and their enthusiasm, creative ideas and entrepreneurship are quite something. As Tom quite rightly says, “Our design ethos is centred around bringing both beauty and functionality to people’s lives!” Follow them on Instagram @interiorartdesign2023, email info@interiorartdesign.co.uk or call 07584 050 950

GIVING BACK

Carla and Tom have long been fans of the late TV presenter Jonnie Irwin. They are making a donation to St Oswald’s Hospice, where Jonnie stayed for respite during his long fight with cancer, for every sale they make.

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AFFORDABLE HOMES

GREENERY AND GREAT CONNECTIONS DELIGHT FIRST TIME BUYERS AT EASTMAN VILLAGE

At Eastman Village by Hyde New Homes, the ideal combination of greenery, great connections and pristine homes awaits, along with the opportunity to be part of an exciting £1.75bn regeneration project which is reshaping Harrow This exciting new residential quarter already has a growing community and once complete will harbour over 2,000 homes, along with a supermarket, a residents’ gym, cafes, a restaurant and a stunning landscaped park that will deliver a new green link in the heart of this auspicious north west London location. Buyers at Eastman Village can purchase homes in a thriving, established community. And when purchasing through Hyde New Homes, they can do so at a fraction of the usual cost. The key to this is shared ownership. This route to homeownership means that the buyer purchases a share of equity in their home and pays a subsidised rent to Hyde New Homes for the unpurchased share. The buyer can then purchase additional shares, at any time convenient to them, all the way up to full ownership. The great thing about this Governmentbacked scheme is that one can buy with a smaller deposit, enabling buyers to get on the property ladder more easily or afford to move into a larger home. A 25% share of a one bedroom apartment with podium garden views at Eastman Village, for example, costs £84,250. To purchase it, a buyer would need a minimum 10% deposit of just £8,425. The full market value of this home is £337,000. It would require £33,700 deposit if one were to buy the same home outright. Owning a home at Eastman Village through shared ownership means buyers don’t have to compromise on quality, location or anything else. Offering outstanding transport connections, the current phase of homes is known as The Focus Collection in a nod to the site’s location, which was home to the UK’s Kodak factory for over a century. Direct rail services from nearby Harrow & Wealdstone station take commuters to Euston in as little as 12 minutes on the newly named Lioness Line, with around 143 trains running daily.* Underground services also run from Harrow & Wealdstone, with

Bakerloo Line services to Paddington and Oxford Circus taking 28 minutes and 36 minutes respectively. The transport options make travelling into London incredibly easy, whether as a daily commute or simply to enjoy some downtime in the capital. The Focus Collection at Eastman Village currently offers a range of one bedroom apartments. Every home comes with its own outdoor space in the form of a private terrace or balcony, along with access to impressive communal landscaped gardens. Cycle storage is provided for those who prefer to explore London by bike. Internally, the homes feature a high specification as standard including contemporary kitchen units with integrated appliances. Thoughtful practical touches, such as the inclusion of a fitted wardrobe in the bedroom and stylish flooring throughout, are

also incorporated and buyers benefit from three months’ free Hyperoptic broadband. Minnie Dando, Head of Marketing & Communications at Hyde New Homes, comments, “Londoners shouldn’t have to make compromises when purchasing their home – and at Eastman Village, they don’t have to. They can enjoy decorating and personalising their brand new home to their taste, and will relish their own outdoor space, all within an attractive location at the heart of a bustling new community with outstanding connectivity.” hydenewhomes.co.uk/shared-ownership-byeastman-village *londonnorthwesternrailway.co.uk/train-times/harrow-andwealdstone-to-london-euston

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AFFORDABLE HOMES

DEMAND FOR HOMEOWNERSHIP PEAKS AS POPULARITY SOARS FOR HOMES AT LEASIDE LOCK

It’s no secret that house hunters have faced many obstacles over the past year, battling increasing interest rates and the cost-of-living crisis. However, a recent survey from Savills has revealed that commitment to moving home is at “its strongest in over a year”, with 30% of respondents determined to move house in the next six months.* This increased motivation among hopeful buyers is expected to significantly drive demand for affordable developments across London in the first quarter of 2024 Proving hugely popular with first time buyers, Leaside Lock has already seen a staggering 85% of apartments reserved since launching. Now, with all one and three bedroom homes snapped up at the Bromley-by-Bow development, just one final collection of two bedroom apartments remains in the current phase. London and South East Regional Sales Manager at Guinness Homes, Hellyn Fairbrother, comments, “We are seeing first hand how committed hopeful buyers are to moving home in 2024, with demand for our shared ownership apartments at Leaside Lock soaring. “The overwhelming popularity of our homes at Leaside Lock since launching in 2021 has been fantastic to see, and we are excited to now be offering a final collection of two bedroom apartments in the current phase. We’re expecting to see high levels of interest for these new homes, as buyers move quickly to secure their space at our hugely popular east London development.” The major new development will ultimately comprise 965 homes, forming a new focal point for the area. Creating a lively new community-focused neighbourhood, a broad range of soughtafter amenities are planned on site, including a cafe, a gym, a convenience store and a co-working space set to open in 2025. Providing an opportunity for first time buyers to step on to the property ladder in a high-quality, contemporary home, Leaside Lock offers the perfect balance between affordability and premium living. Kitchens are complete with fully integrated Bosch appliances, while private balconies offer an extension of the living space – the perfect spot to host springtime gatherings with family and friends.

Leaside Lock is ideally positioned for residents to enjoy all that east London living has to offer. Situated in a vibrant community, the apartments are located close to a plethora of local shops, restaurants, and green spaces. A short walk from the development is Roman Road, a historic street lined with independent cafes, boutiques and bakeries, where three times a week a 150-year-old market brings fashion stalls, fresh produce and delicious street food to both locals and visitors. Ideal for families, London’s tallest sculpture, ArcelorMittal Orbit, is less than a 10-minute cycle ride away from Leaside Lock, and is home to the world’s longest tunnel slide – perfect for an exciting afternoon out. For those in search of a space to unwind from the buzz of the city, Leaside Lock offers a great waterside location – Stratford and Olympic Park, where residents can find stretches of vast outdoor space, can be reached along the river towpath. Victoria Park is close by and is ideal for outdoor

sports with its running trails, tennis courts and sports ground. Also nearby, Three Mills Island hosts local events and has plenty of green space to enjoy including an outdoor children’s play area. Perfect for daily commuters and weekend explorers alike, the apartments are just a three-minute walk from Zone 2 Bromley-by-Bow tube station, which connects to central London and out towards Stratford on the District Line and the Hammersmith and City Line. Devons Road DLR station is also a few minutes’ walk from the development, connecting to Canary Wharf in just seven minutes.** Shared ownership prices start from £116,875 for a 25% share of a two bedroom home (full market value £467,500). Call our sales team on 020 8131 7495 or visit leasidelock.com to book an appointment Shared ownership terms and conditions apply * Savills, January 2024 ** Distance taken from google.co.uk/maps

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NEW HOMES

BUYING A NEW BUILD IS A GREAT WAY TO INVEST “All millennials should be acutely aware of the benefits of buying a new home. Any romantic ideas about buying an old home and pouring time, money and effort into it with the hope of making a huge profit should be banished from their minds”

These are the collective words of so many buyers interviewed by money expert and journalist Sara Yates. “Young buyers dream of converting an old Victorian flat, with a big fireplace, and tall sash windows. Once they do their homework and learn of all the rules and regulations needed to make that home sustainable, they realise that they just cannot afford it. And they do not want to devote every precious weekend and evening to a project that still generates high energy bills and endless problems,” says Sara. Weston Homes is a new build specialist and has devoted years to the ongoing research and development of its products. Family-led Weston Homes invested £40m in its second high-tech, robotically controlled factory to reach the high standards of sustainability used to build premium new homes. The aim is to offer buyers an affordably priced property designed with top class fixtures and fittings, and a quality build that has earned the company gold medals and praise throughout the industry. New homes are not just energy efficient; their high-performance design is finely tuned with materials that are made to last. To ensure peace of mind, every Weston Homes property comes with a building warranty and insurance – the most common being Buildmark from the National House Building Council (NHBC). The cover provides deposit protection after contracts have been exchanged, a developer’s warranty for two years after legal completion, and then insurance against any unlikely structural defects for another eight years. And the new quality kitchen appliances all come with warranties as well. The must-have Energy Performance Certificate is a doddle with a new build as they are typically rated B and above.

For older properties this can cost thousands of pounds to achieve in renovating old boilers and insulating walls and windows to the right standards of efficiency. Weston Homes offers buyers an instant feel-good factor and a hassle-free lifestyle, with luxurious extras, high-tech appliances and designer kitchens all included in the price. Buyers of old homes soon realise the enormous costs of buying a fitted double wardrobe but Weston Homes provides them in fully fitted carpeted bedrooms with an en suite bathroom* “which looks like something out of a fivestar hotel”, buyers say repeatedly. And it is not until you have to make the hard choice between buying a fantastic weekend away or six door handles that you realise the cost of accessories. In a new Weston Homes property you can choose from a wide range of accessories and colour choices for floors, fitted kitchens, bathroom joinery and tiles. And when buyers decide to move on to bigger things, their new build home is photo-perfect for renting. High standard new homes command a premium and are snapped up by renters.

Weston Homes’ developments are always built within walking distance of transport links which appeals to buyers with busy lives. So, travel costs are at a minimum and bikes are encouraged. Low bills and sustainable living near a keep-fit bike route are what millennials are looking for. Old homes are for rich romantics. Weston Homes is an award-winning developer building new and converted one to four bedroom luxurious homes across London and the South East from £250,000. For more information contact Weston Homes on 01279 873 300, or visit weston-homes.com. Marketing suites and show homes are open daily from 10am to 5pm *Speak to a sales consultant for plot-specific details

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AFFORDABLE HOMES

A HIGH-QUALITY, AFFORDABLE FIRST HOME WITH PLACES FOR PEOPLE Places for People’s Laconia Place development in Milton Keynes is a shining example of how first time buyers can have it all… If you’re keen to step on to the property ladder, with Places for People you’re in safe hands. For over 50 years, this awardwinning developer has been creating attractive and sustainable communities as well as high-quality homes with enough flexible living space to suit every lifestyle. And thanks to a range of buying options, it’s now easier than ever to secure your dream new home.

LACONIA PLACE – A COMPLETE LIVING EXPERIENCE One such community is Laconia Place in Milton Keynes, the final phase of Places for People’s popular Brooklands development of 2,500 mixed-tenure homes. Located just 10 minutes from the centre of one of the UK’s newest cities, the development couldn’t be better situated – with London only 50 miles away and easily reachable within 30 minutes by train. Given that Brooklands was begun in 2006, Laconia Place is part of a wellestablished community that offers lots of local amenities such as schools, shops and restaurants and the ideal meeting place at bustling Brooklands Square. Plus, the community also benefits from a wellplanned and vast green space, adorned with more than 100,000 trees, beautiful nature trails, walks, ponds, play parks and a 14-hectare public park.

PERFECT FIRST HOMES Of the 31 one and two bedroom modern apartments completed as part of this final phase, all were reserved off-plan. And it’s not difficult to see why. Perfect for first time buyers, these contemporary homes offer spacious, open-plan living with plenty of room for relaxing, entertaining or working. Highspecification kitchens and bathrooms, together with plenty of storage and

A CGI of a street scene at Laconia Place, Milton Keynes

balconies to some of the homes, have only added to their appeal. Here, customers will be able to enjoy the absolute best of modern living and benefit from all the amenities of a thriving local community, while also having easy access to attractive green space for that all-round feeling of wellbeing.

SHARED OWNERSHIP – A SIMPLE WAY TO BUY NEW All the homes were available to buy with shared ownership, the Government-backed scheme designed to help people step on to the property ladder sooner. It works by enabling eligible applicants to purchase an affordable share of their new home (usually between 25% and 75%) and pay a subsidised rent on the remainder. Importantly, your deposit starts from just 5% of the share you buy – not the full property price – so it’s smaller and therefore quicker to save up. It’s a simple and costeffective way of buying new and you have the option to buy more shares in your home later, as finances allow.

OTHER LOCATIONS The exceptional demand for homes at Laconia Place means that the development

is now sold out, with customers already settling into this popular community. Happily, Places for People has several developments across the South East, all offering that winning combination of a high-quality, affordable home in a soughtafter community. Our Carvers Meadow and White House Park developments are located close to the bustling market town of Attleborough in Norfolk, with its handy amenities and good local schools. Choose from two, three and four bedroom modern country homes, all available to buy through the shared ownership scheme.* If coastal living appeals, our stylish one, two and three bedroom shared ownership homes at Shopwyke View in Chichester come with an exquisite finish and the chance to put down roots in the South East’s “Best Place to Live”, as voted by The Sunday Times.

MAKE YOUR MOVE Why wait to make your dream first move? Discover our new homes and developments today. Visit placesforpeople.co.uk/new-homes *T&Cs apply – please see our website for details

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AFFORDABLE HOMES

THE SKY IS THE LIMIT AT ASPECT CROYDON

At a time when buying a home remains a challenging prospect, Aspect Croydon by NHG Homes is bringing first time buyers a combination of quality, style, and affordability in this up-and-coming south London neighbourhood Rising 25 storeys above the streets of Croydon, the development’s unique Skyline Collection offers buyers a taste of luxury with rooftop apartments that provide views of London from sunrise to sunset. Across the development, all one, two and three bedroom apartments are available to purchase with shared ownership, giving buyers the chance to get on the property ladder at a more accessible price point than when buying outright. With an increasing number of people choosing to start their homeownership journey in Croydon, new residents at Aspect Croydon will join a flourishing and vibrant community, which is well connected to some of London’s hidden gems. Residents can enjoy Croydon’s bustling hub of restaurants, bars and shops just around the corner. At the historic Surrey Street market, which dates back to the 13th century, locals can shop for everything from crafts to clothing, and be entertained by interactive street theatre or musical acts. Nearby Boxpark also offers plentiful options for food and drink, and an event space hosting film screenings, live music, comedy nights and much more. For those who enjoy time outdoors on a morning dog-walk or weekend run, there is ample green space within close reach at leafy Wandle Park, Lloyd Park and Coombe Wood.

The development’s well-connected location is ideal for first time buyers looking to explore all that London has to offer. A tram stop on the doorstep provides quick routes throughout south London, and with East Croydon station only five minutes away by foot, residents can easily reach central London, with London Bridge station only a 15 minute journey. For those seeking an adventure further away, residents can make use of fast links to Gatwick airport, which can be reached in 25 minutes by train from East Croydon. The contemporary apartments at Aspect Croydon come fully equipped with many sought-after features for first time buyers, including integrated appliances such as a dishwasher, fridge-freezer and washerdryer. Homes have also been designed to support efficient living with underfloor heating, ample storage space and energysaving technology used throughout. A highlight of the homes are the private winter gardens – multi-functional, sunlit spaces offering far-reaching views of the London skyline through fully enclosed sliding glass screens. Floor-to-ceiling windows fill the open-plan apartments with natural light, creating welcoming spaces for entertaining or relaxing. Residents at Aspect Croydon also benefit from a dedicated concierge

service and on-the-doorstep local shops for grabbing the essentials – convenient amenities for urban living. Amie Triphook-Cole, Head of Marketing and Digital at NHG Homes, said, “We’ve designed homes at Aspect Croydon with first time buyers in mind; bringing together high-quality interiors and contemporary architecture in a central location with a dynamic local community. For shared ownership buyers, the Skyline Collection really is a rare opportunity, with fantastic views in all directions that elevate the sense of luxury these apartments provide.” Homes at Aspect Croydon start from £87,500 for a one bedroom, £108,750 for a two bedroom and £127,500 for a three bedroom apartment, each for a 25% share. For more information on the properties available, visit nhgsales.com/sales-developments/aspectcroydon or speak to the sales team on 020 3815 2222

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LOCATION

HOTspot Bethnal Green

REASONS WE LOVE… BETHNAL GREEN

1 The traditional East End markets 2 York Hall – not your average leisure centre! 3 A strong sense of identity and community 4 Incredible food to suit all tastes 5 Eclectic culture and nightlife on the doorstep

Nestled at the heart of the London Borough of Tower Hamlets, Bethnal Green is the epitome of the East End. This diverse, multicultural neighbourhood has successfully branched out, while staying unapologetically true to its deeply embedded roots. A warm and welcoming community awaits!

UNDER THE SPOTLIGHT

OUT AND ABOUT

The earliest form of Bethnal Green – Blithehale – translates as "Happy Corner" and locals attest that the area remains true to its name. With Hackney to the north, Bow to the east, Whitechapel to the south and Shoreditch to the west, Bethnal Green’s location is hard to beat for anyone looking to be immersed in "proper" London life. Just three miles from Charing Cross, Bethnal Green is now unrecognisable from the farming hamlet it evolved from. Over time, produce gave way to weaving, dock and building work, and later commuters would come to live in the tightly packed terraces. Sadly, it was heavily bombed during the Blitz and saw the second world war's single worst loss of civilian life when the Bethnal Green tube disaster left 173 dead; an event now commemorated by a beautiful memorial at Bethnal Green tube station in the form of an upturned staircase bearing their names – the Stairway to Heaven. Bethnal Green is extremely well connected. The Zone 2 underground station means you can be in Holborn in just 15 minutes. You also have Bethnal Green and Cambridge Heath stations on the London Overground between Liverpool Street station and Cheshunt/Enfield Town. Handily, Liverpool Street and the City of London are both within walking distance. Bus

services are also plentiful. Driving? The speed limit in the area is 20mph so public transport is often quicker, but good to know that you are just 20 minutes by car from London City airport. Bethnal Green has an increasingly diverse demographic. Historically, old school eastenders and a large Bangladeshi community made up the majority of the population, but more recently there has been an influx of young professionals; city workers and creatives priced out of trendy Shoreditch and Hackney. You can certainly get a lot more for your money here – the area is also growing in popularity with young families who are able to upsize from flats to larger properties thanks to the relatively low property prices. Homes on offer in the area range from period properties and apartments in converted factories, to listed tower blocks and everything in between! Somehow, they seem to all seamlessly blend in with the eclectic vibe that gives this unique area its charm.

Bethnal Green has some very cool places to visit right on the doorstep, not least the Young V&A, the world’s largest museum dedicated to childhood, which boasts an incredible collection of 150 doll's houses. York Hall is another local gem – not many local leisure centres are home to one of London’s last remaining Turkish Baths, or host international boxing competitions and concerts! You can also embrace the arts at Rich Mix, a multipurpose arts centre with a three-screen cinema and a programme covering live music, spoken word, theatre, dance, talks and visual art. Into the evening, you will be surprised at what Bethnal Green has to offer – it is widely recognised as home to some of the best nightlife in London. There are numerous small music venues to enjoy, in addition to the Backyard Comedy Club; the largest professional, purpose-built comedy club in London. You will also find a great selection of pubs and bars. The railway arches are great for trendy evening dining – Arepa & Co, serving Venezuelan fare, and Boom Bap Burger are two favourites. However, the longer standing eateries should most definitely not be overlooked! There are some fantastic curry houses to

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LOCATION

FA C T F I L E

Average property price in Bethnal Green (December 2023) – £453,376 Property breakdown* Detached − £808,724 Semi-detached − £700,727 Terraced − £631,060 Flat − £440,693

HOMES ON THE MARKET...

FROM £118,750* (SHARED OWNERSHIP) FROM FROM £500,000 (OPEN MARKET SALE)

*According to the Land Registry House Price Index

FAMOUS RESIDENTS • Libertines Pete Doherty and Carl Barât • Singer and presenter Cheryl Baker • Actor Ralph Fiennes • Comedian Micky Flanagan • Actor Felicity Jones

tantalise your taste buds, but food doesn’t get much better than Pellicci’s – run by the same family for over a century and serving full English breakfasts alongside classic Italian dishes. Alternatively, for a true taste of the East End, try G Kelly’s eel and pie shop. Fancy something out of the ordinary? Head to Lady Dinah’s Cat Emporium, London’s original cat cafe! Bethnal Green is a treasure trove of delights for shopping too. Where Shoreditch runs into Bethnal Green, the shops reflect the hip customers – vintage clothing, trainers and vinyl record shops are plentiful! Head further into Bethnal Green to find traditional Bangladeshi shops, independent retailers and high street stores. Bethnall Green Market runs 8am to 6pm Monday to Saturday and sells everything from fresh produce to clothing. The famous Columbia Road Flower Market is packed out on a Sunday so arrive early, or try your luck at the end of the day for bargain blooms for your new home! Green spaces are plentiful. Museum Gardens and Bethnal Green Gardens are popular with families, and the latter includes play areas, a football pitch and basketball area, while Weavers Field is the larger park with three full-size football pitches. However, Victoria Park is the real jewel in most locals’ books – it has a lake with rowing boats for hire and the adjacent Regent’s Canal to enjoy.

BETHNAL GREEN Corner Place

These beautiful apartments from Southern Housing offer one, two and three bedroom homes available through shared ownership and open market sale. Exactly the same high specification has been used across the homes for shared ownership and open market sale, including kitchens designed by Champion with integrated appliances, a 4-in-1 instant boiling chrome kitchen sink mixer tap and a massage shower set over the bath. The open-plan living space features large windows to let in lots of natural light and there are LED downlighters to the hallway, living room, kitchen and bathrooms and underfloor heating. Each home also comes with a spacious balcony, terrace or a winter garden.

THE LOCAL AREA Nestled between Bethnal Green and Spitalfields, Corner Place offers residents sublime London living in the heart of the city’s vibrant and bustling East End. Everything’s right on your doorstep, with convenient access to central London, and an eclectic mix of upscale bars, restaurants, amenities and nightlife in the local area. Old Spitalfields Market, Brick Lane and Bethnal Green Gardens are just a stone’s throw away, while the calming open spaces of Weavers Fields and Victoria Park are just a short distance from the development. The apartments are also close to several schools and various supermarkets. shnewhomes.co.uk/properties/Corner-place *Based on a 25% share with a full market value of £475,000

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NEW HOMES

FALL IN LOVE WITH A HOME IN ONE OF THE SOUTH’S MOST AFFORDABLE COUNTIES

Known as the “Garden of England”’ with its beautiful rolling hills, 350-mile stretch of sandy beaches and chalky cliffs, it may come as a surprise to house hunters that Kent is one of the most affordable places to live in the South East. For buyers keen on moving into the area and making the most of unrivalled scenery and accompanying house prices, Elivia Homes has recently unveiled a new show home at Lanthorne Place. Situated just moments from the coastline in Broadstairs, a selection of properties at Lanthorne Place also fall under the Stamp Duty threshold, making a new home in the picturesque county even more affordable

Designed by leading company Blocc Interiors, the new three bedroom show home, The Appledore, will give customers the opportunity to see Elivia Homes’ signature specification first hand, while being able to visualise themselves living in a home at Lanthorne Place. Highlighting the true affordability of homes in Kent, the one bedroom apartments at Lanthorne Place are priced at the Stamp Duty threshold at £250,000, meaning buyers can save on the additional fees that come with buying a home. Lanthorne Place is also the perfect choice for a first home, as a selection of two bedroom homes start from £320,000 and three bedroom homes are priced from £395,000, all falling under the £425,000 Stamp Duty threshold for first time buyers. Philip Brown, Sales and Marketing Director at Elivia Homes, comments, “Kent has always been a desirable place to live. As one of the home counties, its proximity to London has meant that it’s a popular place to settle down for commuters, but it also appeals to those who want to live a slower pace of life. At Lanthorne Place we cater to all of these different buyer profiles,

from two bedroom houses that make the ideal first home, to larger family houses and smaller apartments for downsizers, there truly is something for everyone.” Nestled on a quiet residential road, Lanthorne Place is home to 53 beautifully designed properties ranging from one to four bedrooms. The Appledore is a shining example of the exceptional quality available to buyers. On the ground floor of the property, an entrance hallway leads into an open-plan living/dining room with French doors on to the private garden. A separate kitchen, complete with an integrated fridgefreezer, washer-dryer and dishwasher, offers a stylish, functional space to prepare meals. Upstairs, the landing leads into a large main bedroom with fitted wardrobes and an en suite shower room. Two further bedrooms and a sizeable family bathroom with contemporary white sanitaryware complete the first floor. Externally, The Appledore also comes with a managed car barn and separate car parking space. Broadstairs’ eclectic town centre is just a 20-minute walk from Lanthorne Place, where residents will find a selection of shops, restaurants, bars and leisure

amenities. No matter the season, the Charles Dickens pub, Thirty-Nine Steps Brewhouse and Bessie’s Tea Parlour are delightfully inviting, as is the fine dining on offer at Stark. The local area is home to a wealth of Outstanding-rated educational establishments, including eight within a three-mile radius of the development. St Mildred’s Primary Infant School, Upton Junior School, Dane Court Grammar School and Broadstairs College between them cater for children at all stages of their educational journey. Homebuyers at Lanthorne Place are conveniently located for commuting, and travel across the South East and beyond. The popular seaside town of Ramsgate is a 12-minute drive away, while Broadstairs station – a four-minute drive – provides direct train services to London St Pancras (in 80 minutes) and London Victoria (two hours). Elivia Homes is currently offering £5,000 towards moving fees and Stamp Duty on homes under £425,000 at Lanthorne Place. Prices start from £250,000. For further information, visit eliviahomes.co.uk/developments/lanthorne-place

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NEW HOMES

SPACE TO BREATHE

Green spaces, great travel connections and beautifully finished homes – Countryside has just what you are looking for in London One of the greatest things about living in the capital is the combination of exciting city life and green open spaces. Add in convenient public transport, fantastic shopping, fascinating attractions and restaurants from around the world wherever you look, then London is definitely the place to set up home. Offering a wide range of properties in and around the capital, Countryside is a five-star housebuilder, rated by the Home Builders Federation for the high quality of its customer service, with more than 90% of buyers happy to recommend it. Countryside’s speciality is designing places people love and helping to build successful communities, using high-quality design and construction to create a positive legacy for future generations. Its latest London developments may be in different areas of the capital, but they both share the same features that have helped to make Countryside so popular with customers – spacious homes with private outdoor space, well designed openplan living areas and good-quality finishes, set in convenient, well-connected locations with plenty of access to superb open spaces. For those looking for a central location, Greenwich Millennium Village is perfectly located in The Royal Borough Greenwich, just a stone’s throw from the O2 with its wealth of leisure and entertainment opportunities. North Greenwich station, Zone 2/3, is a few minutes’ walk away, with services to the business capital of Canary Wharf taking just two minutes, Stratford nine minutes and London City airport 15 minutes. From Canary Wharf, the Elizabeth Line opens up transport right across London, whisking commuters to Liverpool Street in six minutes, Paddington in 17 minutes and Heathrow airport in three quarters of an hour. The latest release of homes at Countryside Greenwich Millennium Village is The Galleria, a collection of superb apartments and maisonettes with river and city views in a stunning setting alongside the green expanse of the Southern Park, leading to the four-acre ecology park. This wildlife-rich area is home to 85 different species of bird and 20 different types of butterfly, making the most of the lakes, marshes, meadows and woodland that make up this picture-perfect spot. Greenwich Millennium Village will eventually have 2,800 new homes, and

Greenwich Millennium Village

is already a thriving community, with a primary school rated as Outstanding by Ofsted, a nursery, convenience store, cafe and pharmacy. The Millennium Leisure Park a few steps away offers a multiplex cinema, IKEA and a variety of restaurants. The one and two bedroom Countryside apartments currently available overlook either the park or the podium garden and feature a balcony or terrace, contemporary kitchen with stone worktops, Bosch integrated appliances, fitted wardrobes to the main bedroom, engineered timber, ceramic tile and carpet throughout, underfloor heating and a concierge service. Prices start from £449,995. Slightly further from the centre of London, Edge, Hainault in the London Borough of Redbridge is less than a mile away from Hainault and Grange Hill stations, which offer services to London Liverpool Street in half an hour via the Central Line. Close to the green belt, residents of Edge can walk to the beautiful Fairlop Water Country Park in just half an hour, with open-air bouldering, a fishing lake and wide open spaces to enjoy, or head in the other

Edge, Hainault

direction to explore the ancient trees, lake and cafe at Hainault Forest. Homes at Edge, Hainault range from one to three bedrooms and include a balcony or terrace, open-plan kitchen, living and dining area and main bedroom with a fitted mirrored wardrobe. Some of the larger homes also feature an en suite to the main bedroom and the option to buy a parking space. A range of appliances is included, along with flooring throughout. Prices from £294,995. Countryside is currently offering a 5% deposit contribution at both developments (T&Cs apply). For more information visit countrysidehomes.com

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AFFORDABLE HOMES

BEGIN YOUR BUYING JOURNEY WITH HOME REACH AT DOVER COURT, SOUTHALL

Navigating the housing market as a first time buyer can feel daunting at the best of times – and the constant changes in interest rates certainly haven’t helped calm the nerves of many house hunters, particularly in the capital where prices are often much higher Hoping to reassure buyers is Home Reach, a shared ownership provider with a wide range of part-buy, part-rent developments available across the whole of the country – including Dover Court, located in well-connected Southall. An exclusive development of one and two bedroom shared ownership apartments offering spaces fit for modern living, Dover Court is ideal for prospective purchasers in search of the ultimate city base. Featuring contemporary, open-plan kitchens complete with integrated Hotpoint appliances and quartz worktops – ideal for hosting friends and family – and spacious bathrooms complete with Hansgrohe showers and underfloor heating, the apartments also offer access to a balcony or terrace, as well as a residents’ landscaped garden. Dover Court’s excellent west London location offers a regular service into the capital – ideal for commuters and weekend explorers alike. Residents can easily access central London via the Elizabeth Line at Southall station, an 11-minute walk from Dover Court, which reaches Paddington in just 18 minutes – ideal for a quick trip into town, and beyond. For those looking to stay closer to home, Southall’s buzzing neighbourhood has a fantastic range of amenities close by, with residents spoilt for choice. From a range of Indian and South Asian restaurants, supermarkets and stalls, to jewellery stores and boutique shops, Southall’s high street is within easy walking distance. With an impressive array of green spaces including Osterley Park, walkable in 30 minutes, buyers at Dover Court can enjoy space to relax and unwind away from the buzz of the city. There are also two conveniently located gyms, The Gym Group and Featherstone Sports Centre, along with the nearby West Middlesex Golf Club – ideally situated to elevate the lifestyle of Dover Court residents.

As one of the largest homeownership programmes in the UK, Home Reach aims to make housing across the UK more affordable and accessible for aspiring homeowners. This Government-backed shared ownership scheme is available to eligible first time buyers. With shares starting from 25% and minimum deposits of 5%, Home Reach is giving first time buyers the opportunity to step on to the property ladder for a fraction of the price compared to the open market. As a guide of how this would work with Home Reach’s Dover Court development, it means that for a property which has a

full market value of £300,000 with shares beginning from 25%, a mortgage of just £71,250 is needed. With 5% deposits starting from £3,750, buyers require a much smaller deposit than when buying on the open market. Shared owners pay a mortgage on the share they own, and pay rent to a housing provider, such as Home Reach, on the portion they do not own. Prices for a one bedroom apartment at Dover Court start from £75,000 for a 25% share (full market value of £300,000), and deposits from £3,750. For more information, visit homereach.org.uk

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LOCATION

HOTspot Bermondsey

REASONS WE LOVE… BERMONDSEY

1 The River Thames, of course! 2 Incredible community spirit 3 The Bermondsey Beer Mile 4 Green spaces to retreat to 5 The food – from street food to upmarket restaurants

Bermondsey was hailed by The Times in 2018 as London’s Best Place to Live. Don’t worry, you haven’t missed the boat – this broad stretch of south east London still has plenty on offer for first time buyers looking to be at the centre of the action

UNDER THE SPOTLIGHT

OUT AND ABOUT

Located south of the river, in the London Borough of Southwark, Bermondsey is a busy and bustling part of town, stretching from Tower Bridge to the Old Kent Road. Described for a long time as "up-and-coming", it is fair to say that Bermondsey has now well and truly arrived. Bermondsey is a living museum, showcasing the area’s rich history with pride. From St Mary Magdalen Church in Bermondsey Street (completed in 1690), to the wharves of the 20th century, to modern developments in regenerated warehouses. The result is a visual cacophony, an assault on the senses almost, but somehow it all comes together to create a cohesive – and thriving – urban community. Bermondsey is perfectly positioned for easy travel in and around the capital and the South East. Bermondsey tube station, on the Jubilee Line, is in Zone 2, while nearby London Bridge and Borough stations are in Zone 1. The commute to Canary Wharf is less than 10 minutes, making this a particularly popular spot for city workers to reside. On the Overground, South Bermondsey railway station is also local and links to London

Bridge in minutes. Numerous bus services, including night buses, serve the area or, for a scenic alternative, you can travel by river on the Uber Thames Clipper service. London is known as a melting-pot of ethnicity and culture, and Bermondsey certainly reflects this. The diverse population gives the location a cosmopolitan feel. Homes in the area are highly sought-after by young professionals and families alike, and all are catered to. There are beautiful period properties, comfortable terraced homes and contemporary apartments in abundance. The regeneration of the riverside has brought some particularly impressive developments, many with enviable amenities including concierge services and handy residents’ gyms.

Bermondsey’s cultural and historical attractions draw tourists to the area in their droves and regeneration has brought with it further popular attractions including the Design Museum and Fashion and Textile Museum. The area is also famous for its antique dealers and for Friday’s antiques market in Bermondsey Square. Into art? Head to the White Cube Gallery on Bermondsey Street; Europe’s largest commercial gallery space. Locals eagerly anticipate annual community events including Bermondsey Carnival and Bermondsey Street Festival, which attracts over 20,000 people. A strong community spirit is evident here, and at the countless seasonal markets and pop-up events hosted and enjoyed by residents. Bermondsey lends itself to an active lifestyle, from strolling, jogging or cycling by the Thames, working out in one of the numerous gyms or joining a sports team. Southwark Park boasts an athletics track, tennis court, football pitches and bowls club, in addition to a summer boating lake. Tanner Street Park, Burgess Park and Paterson Park are also local, and you can’t beat Bermondsey Spa Gardens for a true city haven. Stave Hill Ecological Park in Rotherhithe is also well worth a visit. Run by volunteers, it has been designed and managed to

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LOCATION

FA C T F I L E

Average property price in Bermondsey (December 2023) – £535,918 Property breakdown* Detached − £1,813,538 Semi-detached − £1,076,173 Terraced − £798,074 Flat − £456,598

HOMES ON THE MARKET...

FROM £450,000

*According to the Land Registry House Price Index

FAMOUS RESIDENTS • Boxer David Haye • Eastenders actor Gillian Wright • YouTuber Joshua Bradley, aka Zerkaa • Footballer Katie Chapman • Actor Jamie Foreman

form a mosaic of grassland, woodland, scrub and wetland habitats. Bermondsey has a selection of shopping locales, including the charming Bermondsey Street, but the one that best epitomises the area is The Blue; locals often talk of “going down The Blue” to do their shopping, and the area is known for its independent stores and personal service. Old Kent Road is home to Lidl, Asda, Tesco, Argos and B&Q. Bermondsey is known for its array of places to eat. Donnelly’s Restaurant is a fine example, serving fresh, UK-grown produce in the form of delicious sharing plates. José Tapas Bar on Bermondsey Street is another favourite. More informal eateries are also plentiful with an abundance of cafes to enjoy a relaxed brunch, or pubs to tuck into a Sunday roast. On the subject of pubs, there are far too many to list! Many believe the best way to sample the local offerings is on the Bermondsey Beer Mile. Now closer to two miles, the journey will take you to more than 20 bars and breweries, from Southwark Brewing Co and Kanpai Taproom & Kitchen on Druid Street, via It Ain’t Much if it Ain’t Dutch on Enid Street, through to Fourpure on Bermondsey Trading Estate. If you make it through to the evening, Bermondsey Bar and Hide Bar come highly recommended and both offer live music.

BERMONDSEY école

Right in the heart of Bermondsey, this new collection of properties from Higgins Homes is inspirational. There is a studio, one and two bedroom apartments and duplexes, in one of the city’s most vibrant neighbourhoods. Built on the site of a relocated school, the name école is perfect. What makes these homes stand out from the crowd is the attention to detail and very high specification. ROK kitchens include Bosch integrated appliances, with an electric oven, induction hob, fridge-freezer, dishwasher and integrated microwave – there’s even a Hafele pull-out wastebin and a washer-dryer in the utility cupboard. Luxurious bathrooms and en suites are spacious and equipped with a full-height fitted mirror, recessed towel box and a large chrome shower head plus a secondary handset to the shower enclosure in the en suites. Nothing has been forgotten here, including your safety, with a video entry system, smoke detector and a fire sprinkler system. Apartments and duplexes offer gardens or balconies with inspiring views of central London and beyond. For those who want some green space, Southwark Park is nearby and Stave Hill Ecological Park will enthral nature lovers with meadows, streams and wetlands. école is a 10-minute walk to Bermondsey underground station where you can reach Waterloo in 14 minutes and Stratford in 24 minutes. If cycling is your preferred form of travel then it’s only nine minutes to London Bridge and 12 minutes to Elephant & Castle. Food and drink is on hand with a wealth of cafes, restaurants, pubs and, of course, the famous Borough Market. Southwark has seen many changes in recent years and Bermondsey topped the 2018 Sunday Times survey as the best place to call home – école is a gem in the heart of south London and this development is not one to miss ecolelondon.co.uk 020 8498 6112

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AFFORDABLE HOMES

FROM RENTER’S RUT TO BUYER’S BLISS Did you know renters in London are splashing out an additional £1,200 per year, equivalent to an extra month’s rent annually¹? For aspiring homeowners, finding a readyto-move-into property is an attractive prospect to get out of the renting rut. But with first time buyers putting down an average deposit of £53,414 in 2023², many may fear that desirable London Zone 1 hotspots like Oval, Islington and Battersea are out of reach. However, with Peabody New Homes’ range of shared ownership apartments, renters can take their first steps on to the property ladder in 2024 with deposits from as little as £6,813* Lisa Crush, Sales Director at Peabody New Homes, explains why now is the right time for renters to take their first steps on to the property ladder, “For many renters, increasing costs can be a real challenge when looking to save a deposit for a new home. Shared ownership could be the solution for those hoping to get on to the property ladder with a lower deposit. Through shared ownership, you only need to put down a deposit based on the share you buy – typically between 25% and 75% of the property’s full value – which can be significantly more achievable, meaning you may be able to buy a great quality home without having to compromise on location!”

Olivia, New Mansion Square homeowner

Rented: Balham – Bought: Battersea With the lease ending on her shared rental home in Balham, Olivia, 26, decided to fly solo and purchase a place of her own at New Mansion Square. “I was determined to have my own space, but when I looked at one bedroom rental properties in the area a lot of them were really expensive and I can imagine that I’d be looking at a minimum of £3,000 to rent somewhere nice in the area. Buying through shared ownership at New Mansion Square means I am investing in a space of my own, in a location I love.” Deposits at New Mansion Square start from £14,125*

City Angel Wi-Fi enabled garden.

Tabby, Zone at Oval Village homeowner

Rented: Wapping – Bought: Oval, Vauxhall Tabby, 29, was co-renting a three bedroom maisonette in Wapping when she discovered she could afford to buy in Zone 1 through shared ownership. “I saw an advert for Zone at Oval Village on social media, and I was shocked to see that the price being advertised was within my budget.” Now I can call it my home, the biggest surprise for me was the incredible roof garden. It has 360° views across London and you can see every single one of the typical London tourist attractions, from Canary Wharf, round to Big Ben and the London Eye and then towards the Battersea towers.” Like many young professionals, Tabby enjoys meeting friends at the weekend, and her new home has made this even easier: “Every time I go into central London I’m shocked at just how close I am.” As well as three underground stations close by, Vauxhall is just an eight-minute walk away and river boat services can be accessed from St George Wharf. Deposits at Zone at Oval Village start from £6,813*

City Angel, Islington EC1 – Deposits from £11,750* For buyers looking to make themselves at home in one of Islington’s most exciting neighbourhoods, City Angel ticks a lot of boxes. Residents at City Angel can enjoy more than just a home, with access to a variety of on-site amenities opening soon including a gym and residents’ lounge. Buyers can also explore the development’s extensive green space, from tree-lined parkland to intimate garden squares. With average monthly costs for those buying a one bedroom apartment through shared ownership at City Angel £964 below the average rental costs for similar properties in the area³, buying a property could be more affordable than people think. All the homes mentioned here are ready to move into now, so discover shared ownership and a more affordable way to own your own home with Peabody New Homes at peabodynewhomes.co.uk/deposits 1zoopla.co.uk/discover/property-news/renters-paying-anextra-months-rent-per-year-january-2024/ 2lloydsbankinggroup.com/media/press-releases/2024/ halifax-2024/almost-two-thirds-of-first-time-buyers-teamingup.html 3Average monthly cost of a one bedroom apartment at City Angel compared to average rental prices of a one bedroom new build apartment within a half-mile range of City Angel. Data: Rightmove Rental Private Data, September 2023 *Deposits subject to availability of selected shared ownership homes. See development details and webpages for further details and T&Cs. Figures accurate as of 19 February 2024 Computer generated image for guidance purposes only

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AFFORDABLE HOMES

Galloways Reach

EMBRACE A LANCASHIRE WARM WELCOME WITH SNUGG HOMES From the countryside to the coastal waterways lies Lancashire, a friendly county in the North West of England with a rich history, heaps of Northern charm and treasures lying in every corner. And with shared ownership specialist Snugg Homes, you can find a home of your own in this slice of paradise for as little as £50,000 LOVE LIFE IN PRESTON AND BEYOND Nestled within the rolling hills of Lancashire sits the charming city of Preston, named as one of the best places to live for families in the UK. It is home to a bustling shopping scene with a mix of high street and independent shops. The city is rich in trendy bars, restaurants, traditional pubs and a thriving cafe culture, meaning you’ll be inundated with new spots to try out.

D’urton Heights

It’s also the perfect transport hub for those commuting in and around the North West. With Preston train station on the West Coast railway line and the M6 close by, you can travel with ease around Lancashire and visit the vibrant cities of Manchester and Liverpool, both less than 30 miles away. The surrounding countryside is also not to be missed, with the remarkable Fylde coastline a 30-minute drive away and several walking trails, quaint villages and nature reserves waiting for you to explore.

FIND YOUR DREAM PLACE WITH SNUGG HOMES Snugg Homes has a wide range of spectacular shared ownership developments available across Lancashire and Preston that are ideal for first time buyers to settle down into.

D’URTON HEIGHTS, BROUGHTON, PRESTON Located in the village of Broughton, D’urton Heights offers an elegant collection of two

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AFFORDABLE HOMES bedroom mews and semi-detached homes with contemporary living at their core. Here you can truly enjoy the best of both worlds as you’ll be just five miles from Preston and the city’s vibrant culture and close enough to explore the rolling hills of Lancashire’s expansive countryside. Prices are TBC.

RIVERSIDE WALK, GARSTANG, WYRE Riverside Walk’s high-spec two and three bedroom homes ensure you can enjoy quality living in these modern, energyefficient properties. With a large lounge and a fully fitted kitchen/dining area, this is the perfect place for those looking for a contemporary space. Riverside Walk’s location in the ancient market town of Garstang means you can enjoy the very best that Lancashire has to offer – from scenic walking routes to traditional pub fayre and excellent public transport links across the North West. Prices start from as little as £50,500.

GALLOWAYS REACH, GALGATE, LANCASHIRE A stone’s throw from one of the UK’s only coastal waterways lies Galloways Reach, a stunning development in Galgate village with a range of two and three bedroom semi-detached homes, mews-style homes

Bowland Rise

and bungalows. These charming properties have been designed to complement the natural beauty of the surrounding area, with winding riverside walks, a peaceful marina and Lancashire’s impressive countryside all within close proximity. Prices are TBC.

BOWLAND RISE, DOLPHINHOLME, LANCASHIRE Positioned on the Wyre Way walking trail sits Bowland Rise, a stylish collection of three bedroom semi-detached homes perfect for first time buyers or growing families. While you can relax with plenty of surrounding tranquil green spaces, Dolphinholme ensures you’ll stay in

touching distance of Preston, Liverpool and Manchester, which are well connected by road, making this the ideal location for commuters. Prices here start from as little as £66,313.

HERE TO HELP The Snugg Homes team is on hand to answer any of the questions you may have about shared ownership or any of our impressive developments and will support you every step of the way in your journey to homeownership. To register your interest, please visit our website snugghomes.co.uk. You can also follow us on @SnuggHomes on X/Twitter or @snugghomes on Instagram and TikTok

Riverside Walk

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AFFORDABLE HOMES

NATURE’S NEIGHBOUR

Thrive’s new shared ownership development in Hertfordshire is just steps away from a country park, bringing together the best of town and country

Parkside, in Garston, Watford, is a brand new community of one, two and three bedroom shared ownership apartments from Thrive, perfectly positioned with direct access into the 16-acre Garston Park right next door. Whether you fancy an early morning run, a walk with the dog or a place to keep the kids amused, Garston Park has everything you need, from a children’s playground with accessible equipment to an outdoor gym, a skate park, table tennis tables and a football pitch. For those who prefer to relax, half of the space is given over to wildlife, with a stream and woodland area perfect for a quiet summer picnic. As well as all that nature on the doorstep, residents at Parkside can also enjoy the spacious communal garden with areas to grow vegetables as well as sit and relax. Nature is encouraged here too, with insect hotels, bat boxes and log piles, all helping to increase the biodiversity of the area and provide a peaceful haven for everyone to enjoy. The new homes at Parkside feature light-filled open-plan living spaces, complete with their own private balcony or terrace, contemporary handleless kitchens with a range of integrated appliances, and good quality flooring throughout. All two and three bedroom homes also feature an en suite to the main bedroom and every apartment has an allocated parking space as well as free car club membership. The apartment options available include a stunning three bedroom duplex apartment with an L-shaped terrace, open-plan living,

dining and kitchen area, and WC on the lower floor, plus a main bedroom with en suite, two further bedrooms and a family bathroom upstairs. The new development on St Albans Road has plenty of amenities within a short stroll, including a bakery, pharmacy and convenience store, while the centre of Watford is a convenient 10-minute drive away. In Watford itself there is a wealth of entertainment possibilities including a multiscreen cinema, bowling and the latenight dance bar Popworld. Just up the road, Watford Leisure Centre features an Olympic-sized swimming pool, gym, squash court, athletics track and fitness classes, while Atria Watford is home to more than 140 shops, restaurants and leisure attractions, including Cineworld, Puttshack, Rock Up indoor climbing and Hollywood Bowl. Commuters will find that Parkside is in a very convenient location. Garston station is an 11-minute walk away, with rail services to Oxford Circus in 23 minutes and London Euston in 29 minutes. Alternatively, Watford underground station has Metropolitan Line services to King’s Cross in 49 minutes. Local buses run from St Albans Road to Luton, Harlow, Stevenage, Heathrow airport and St Albans among other routes. Garston is a fabulous location for families, with a good selection of local schools – the two nearest primaries, both a short walk away, are Coates Way School and St Catherine of Siena Catholic Primary School, both rated as Good by Ofsted. And

there’s plenty of space for the kids to burn off steam afterwards as Watford, with a grand total of 17 parks and open areas, is famous for the quality of its green spaces, with more Green Flag awards than any other district in Hertfordshire. As well as the adjacent Garston Park, Leavesden Country Park is also within easy walking distance and features a heritage trail, beautiful specimen trees, the brand new Woodlands Café, an exciting play area, cycle hub, inclusive sensory garden and new outdoor sports facilities. Shared ownership apartments at Parkside in Garston start from £124,000 for a 40% share on a full market value of £310,000. T&Cs apply. Thrive owns and manages more than 5,500 homes throughout Hertfordshire, Bedfordshire Buckinghamshire and Oxfordshire. For more information visit parksidewatford.co.uk

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AFFORDABLE HOMES

LIVE LIFE TO ITS FULL POTENTIAL WITH SHARED OWNERSHIP IN EDGWARE

A thriving, multicultural and well-connected north London community, Edgware includes everything from a wide selection of restaurants and shops to picturesque green spaces. For a bit of retail therapy, The Broadwalk Centre is a hotspot for everything from fashion to home essentials and hosts a range of popular high-street chains. Feast your way around the world as you explore Edgware’s tantalising eateries from Turkish treats at Izgara to comforting Italian classics at Di Loro When it’s time to step away from the excitement of city living, Edgware is filled with beautiful green spaces. With 45 acres to explore, the Green Flag Award-winning Canons Park is complete with a children’s play area, green gym and ponds for local wildlife. Edgwarebury Park, Lyndhurst Park and Stonegrove Park are also close by, ensuring variety for morning strolls. Whether commuting into the office or looking to enjoy a leisurely day exploring the capital, Edgware’s residents can enjoy easy travel around the city on the Northern Line from both Edgware and Burnt Oak underground stations. For more ways to get out and about, bus services provide easy links to destinations such as Harrow, Wembley and Brent Cross. With a new wave of regeneration now taking place across the borough, Edgware promises to be an exciting destination for London’s aspiring homebuyers. For those looking to call Edgware home, Sovereign Network Group’s latest collections of shared ownerships homes at Edgware Parade and ICON at Burnt Oak provide two inspiring opportunities.

ICONIC LONDON LIVING Positioned on Burnt Oak’s thriving high street, ICON is making a statement! A new landmark building, ICON has been Show home at ICON

Show home at Edgware Parade

PRIME POSITION

placed for those looking to make the most of the town’s assorted restaurants, cafes, shops and leisure facilities. Comprising a collection of one and two bedroom apartments and three bedroom duplexes, Edgware Parade is set across four distinct blocks. Ranging from four to 16 storeys high, this new development offers residents impressive views across London. Green space is at the core of the community here, with children’s play space and a landscaped podium garden for socialising with neighbours. Further enhancing the local amenities, Edgware Parade will also feature new office and retail space, while secure cycle storage will complement the exceptional public transport links.

Set in a prominent location on Edgware’s Station Road, Edgware Parade is ideally

Explore shared ownership in Edgware at networkhomessales.co.uk/find-your-new-home

designed to provide the very best in luxurious urban living. Every detail has been carefully considered from the brushed-steel-finish integrated appliances in the kitchen to the calming downlighting in the bedrooms. Spacious open-plan living areas are perfect for modern living, with the flexibility to entertain guests, create a work-at-home space or enjoy a quiet night on the sofa with your favourite movie. In addition to the sleek interiors, ICON has been created as an urban sanctuary with outdoor space a key focus in the design process. Providing an area for the residents to unwind and socialise, a communal landscaped garden is located at the heart of the development. Each home also benefits from a private balcony, perfect for a morning coffee.

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AFFORDABLE HOMES

LOVE WHERE YOU LIVE: THE IMPORTANCE OF LOCATION FOR HOUSE HUNTERS When it comes to buying a new home, many of us start with asking where? Do we want the hustle and bustle of a city centre or is the slower pace of rural life calling? Is being close to green spaces important or are local amenities at the top of the wish list? Read on to find out three features every prospective buyer should consider when choosing where to call home

Wapping Wharf

For those who commute by car, checking for congestion-free access to motorways should be a priority. When it comes to public transport, pay attention to:  Frequency of service  Coverage area  Connectivity to key destinations, such as:  Town and city centres  Employment hubs  Leisure facilities.

LOCAL AMENITIES AND LIFESTYLE For most buyers, having good-quality amenities nearby is high on the agenda. Factors such as the quality of schools, healthcare services, and green spaces can contribute to the long-term desirability and value of your home, while the variety of retail and leisure facilities in the area can help you decide if it complements your lifestyle. Looking through the new build developments available on housebuilders’ websites can be a great place to start your search, as housebuilders spend a significant amount of time finding up-and-coming areas to build their homes. Take our Wapping Wharf development for example. Launching later this year and situated on Bristol’s historic harbourside, this newly transformed neighbourhood of 43 one and two bedroom shared ownership apartments has a vibrant community hub on its doorstep. Home to an eclectic mix of independent small businesses, residents will be perfectly placed to enjoy some of the best bars, restaurants, cafes, and shopping the area has to offer.

Knights Quarter

Nobel Park

Lastly, if you enjoy an active lifestyle, it’s worth checking the network of walking and cycling paths available. Located in the stunning Oxfordshire countryside, our Nobel Park development in Didcot is a contemporary collection of two and three bedroom homes including houses, apartments and coach houses. For commuters, the A34 passes just outside of the town, offering easy access to both the M4 and M40. Didcot Parkway railway station is also well connected, providing regular services to Reading in 20 minutes and London Paddington in 40 minutes, as well as direct services to Bristol Temple Meads*. Prices for two bedroom houses start from £136,000 for a 40% share.

focus on areas where property prices match your financial capabilities. Speaking of property prices, the housing market looks set to recover throughout 2024, with Nationwide’s house price index showing property prices rising again since the turn of the year¹. Coupled with high, albeit falling, mortgage rates and the costof-living crisis, it’s no surprise many of us are feeling the pinch. For those finding it difficult to make their dream move, affordable homeownership schemes such as shared ownership provide much needed support. Buyers at Knights Quarter, SNG’s development in Winchester only need to put down a £3,438 deposit for a one bedroom apartment**, compared to an astounding £33,000 (10%) deposit required for the average apartment in Winchester according to Rightmove². Unlock your homebuying potential with shared ownership from SNG. To discover our full range of homes across the South and West visit sovereignliving.org.uk

TRAVEL LINKS AND PUBLIC TRANSPORT

AFFORDABILITY

approximate only.

Whether you’re looking to cut your commute time or escape a busy city centre, having access to reliable and convenient transport options is essential when looking for a new home.

Another crucial consideration is affordability, as it directly impacts your ability to purchase a home in your desired location. Assessing your finances and establishing a realistic budget can help you

market value of £275,000. T&Cs apply. Prices correct at

*Travel times are taken from google.co.uk/maps and are **5% deposit of a 25% share valued at £68,750, full time of going to print. 1nationwidehousepriceindex.co.uk/reports/house-pricesbegin-2024-on-a-more-upbeat-note 2rightmove.co.uk/house-prices/winchester.html

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REAL LIFE

Open Market: Slough

FA C T F I L E

Property: One bedroom apartment – £289,000 Deposit: £40,000 Monthly mortgage: £1,400 per month Service charge: Around £120 per month

James Frater has been stuck in the rental cycle for more than two decades. During this time, he has rented various properties in and around west London, including Putney, St Margarets, Richmond and most recently Twickenham, while trying to save for a deposit towards buying his first home

eliberating when would finally be the right time to bite the bullet, earlier this year his landlord unexpectedly raised his rent by a staggering 40%. This substantial increase proved to be the catalyst he needed to initiate his search for a property to buy. He said, “I was paying £750 a month for a double room in a shared three bedroom apartment. Then in February the managing agent informed us that the landlord wanted to put the rent up to £1,050 for my room. I’ve been thinking about moving out of London and as this was a 40% hike in rent, I decided it was time to buy. I understand that landlords have faced rising costs, but 40% is an awful lot.” Although he had some flexibility in terms of location, his ideal purchase would be within an hour’s commute of his workplace in Moorgate, where he is part of the broadcast events team for a large film and television company. However, his job requires him to frequently travel for work abroad, so great transport links and close proximity to Heathrow were also key. To commence the research process, James turned to Google Maps. He identified a range of commutable areas extending as far as Reading to the west. Beginning with properties in Reading, he gradually worked his way back along the M4, exploring various towns until he reached Slough. It was at this juncture that his search presented him with the Berkeley development Horlicks Quarter, where he found a number of apartments that were within his budget. Having considered a few older-style properties needing renovation, James was thrilled to discover what his budget would

buy in this vibrant new community being created on the site of the former and iconic Horlicks Factory. The Horlicks Factory has been the town’s most recognised and loved landmark for over a century. Today, this iconic building has been meticulously refurbished to create contemporary apartments taking inspiration from its industrial heritage. He explains, “I was astonished... I genuinely hadn’t expected to find something in the Horlicks Factory within my price range. I was first struck by the high-end kitchen and bathrooms being installed and the quality of the finish planned for each of the properties. “But it was everything else that the Horlicks Quarter development offered that really appealed! The amenities available to residents are truly remarkable. My front door will open on to a floating walkway over the internal atrium gardens, with a glass elevator going up to an amazing roof terrace. I will also have access to a concierge, residents’ lounge, games room, cinema room as well as a gym and secure cycle storage.

The real highlight for me though is the coworking space that will be a couple of floors up from my new apartment. “Like many people, since the pandemic I’ve had the option to work remotely. While I am really looking forward to working in my new living room/dining room, it will be great to have access to a purpose-built, shared workspace being created in the original clocktower. I’ll be able to nip upstairs where I can have a change of scenery and interact with my new neighbours. The location is also perfect in terms of commuting into the office as the transport connections in Slough are great. The station is less than 10 minutes’ walk away, with trains into central London taking just 15 minutes, the Elizabeth Line taking me all the way to the city and Heathrow is only a short drive away. He added, “I bought a one bedroom apartment for £289,000 and put down a £40,000 deposit. My mortgage will work out at £1,400 a month and my bills will be around £220. So while it is an overall increase, I am not paying someone else’s mortgage and I am happy to reduce the amount I save each month, as I was primarily saving to buy.” One two and three bedroom apartments are available from £279,950. For further information please visit: horlicksquarter.co.uk

"I WAS PAYING £750 A MONTH FOR A DOUBLE ROOM IN A SHARED THREE BEDROOM APARTMENT. THEN IN FEBRUARY THE MANAGING AGENT INFORMED US THAT THE LANDLORD WANTED TO PUT THE RENT UP TO £1,050 FOR MY ROOM"

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FOR SALE

THE CREAM OF THE CROP Each month, FTB scours the market for the best starter homes for first time buyers. So, whether you’re searching for your first home at a perfect price or an ideal commuter pad, we hope you will enjoy our selection

REAL LIFE

Open market p70 HIGH WYCOMBE, BUCKINGHAMSHIRE

FIRST C

HOICE

T THE PERFEC

ESHER, SURREY

FIRST C

HOICE

GREENENE

BL★E★N★D

AND★S★ER★

Affordable homes p72-73

Commuter's dream p74-75

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FOR SALE

AFFORDABLE HOMES HIGH WYCOMBE, BUCKINGHAMSHIRE

FIRST C

FROM £87,500*

HOICE

T THE PERFDEC BLEN ★★★

Old Works This new collection of homes incorporates the Victorian warehouse that sits at the centre of the site, and blends industrial and modern architecture perfectly. The studio, one and two bedroom apartments lie close to the centre of High Wycombe, which is ideally located for enjoying laid-back life within easy reach of the capital. Trains into London Marylebone take around 30 minutes, while the beautiful Chiltern Hills sit in sight, easily accessible by car. The apartments feature contemporary styling with open-plan living areas and private outdoor spaces. The comprehensive town centre is great for shopping and dining out, while Oxford, Reading and London are all easily reached by rail or road. Home Reach 020 3744 0415 homereach.org.uk Based on a 50% share of the full market value of £175,000

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FOR SALE WEST NORWOOD, SOUTH LONDON

FROM £128,750* GRIMSBY, LINCOLNSHIRE

FROM £73,500*

The Marziale This well-connected development is located in one of south London’s property hotspots, favoured by young professionals and families looking to be close to areas such as Brixton, Crystal Palace and Croydon. As well as an established community, West Norwood has a selection of cool new cafes and bars. There are just a few one, two

and three bedroom apartments here, with private balconies, fresh, spacious living areas and great access to the huge range of local amenities, as well as choice of three railway stations for 20-minute journeys into central London. Home Reach 020 3744 0415 homereach.org.uk

*Based on a 25% share of the full market value of £515,000

SOUTHVILLE, BRISTOL

FROM £TBC*

Old Brewery The historic Ashton Brewery site in Southville is home to this impressive new collection of properties south of Bristol’s city centre. The 107 one, two and three bedroom homes are set within landscaped gardens and will be accompanied by on-site facilities, including shops. The homes are bright and spacious, with high-quality fixtures

and fittings. This is an excellent spot for enjoying the best of Bristol: Harbourside, the Old Vic and Castle Park are a 10-minute cycle ride, while Southville was recently named as the second best place to live in the South West. Abri Homes 0800 145 6633 abrihomes.co.uk *Shared ownership available

Bishops Grange Located just outside the picturesque village of Lacey, this new collection of two and three bedroom homes is proving popular with families looking for more space in a well-connected area. The homes overlook the beautiful Lincolnshire Wolds countryside, while the bustling town of Grimsby, along with a stretch of Humberside

towns, lies a short drive away. The properties have been created with modern living in mind, with wellsized living areas, extra storage spaces, kitchens that open to back gardens and off-street parking. Platform Home Ownership 0333 200 7304 platformhomeownership

*Based on a 35% share of the full market value of £210,000

BLACKBURN, LANCASHIRE

FROM £267,000

Sunnybower Meadow The 132 new family homes at Sunnybower Meadow are located just two miles from Blackburn’s city centre. The houses range from two to five bedrooms and include detached and semi-detached options – perfect for growing families. The larger homes will feature separate living and dining spaces with downstairs WC, while all residents will enjoy well-sized

gardens and parking. The beautiful rural location enjoys easy access to the stunning Forest of Borland – an area of outstanding natural beauty. Meanwhile, Blackburn is a 10-minute drive away, with Manchester reached in around 50 minutes by car. Bovis Homes 01254 375 487 bovishomes.co.uk

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FOR SALE

COMMUTER’S DREAM FROM £360,000

ESHER, SURREY

FIRST C

HOICE

GREENENE

AND SER★ ★★

Luna Place Convenience is key at this new collection of homes in sought-after Esher. The new one and two bedroom homes lie just moments from the high street and village – which has a distinctly green and country feel to it – and includes a theatre, supermarket and country pub. The apartments have been created with a period feel architecturally, with stunning contemporary interiors. The beautiful Surrey Hills can be easily explored, offering plenty by way of scenic walks and pretty villages. From the nearby station, trains reach London Waterloo in just 23 minutes, while popular Kingston upon Thames and Heathrow airport are also an easy drive or train ride. Chancery Homes 020 8481 7588 chanceryhomes.co.uk

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FOR SALE H AT F I E L D , H E R T F O R D S H I R E

FROM £240,00 RAINWORTH, NOTTINGHAMSHIRE

FROM £274,995

Vista With the beauty of Hertfordshire on the doorstep and rail travel to Finsbury Park in 18 minutes, it’s easy to see why Hatfield is a top choice for commuters. The town offers an excellent range of primary and secondary schools, entertainment facilities, restaurants and historic sites. The one and two bedroom properties here sit at the

C L AV E R I N G , E S S E X

heart of the town centre, and enjoy a pretty courtyard and private balconies – and are very energy efficiency. As well as speedy transport into the capital, there are also excellent links to Cambridge and St Albans from the area. Lovell 01707 524 121 lovell.co.uk

FROM £135,000*

Elm Tree Park This pretty new collection of homes enjoys a great spot, nestled in the heart of the Nottinghamshire countryside, with easy commuter links to Mansfield and Nottingham. Nearby Rainworth, a two-minute drive, offers a good range of facilities, while the rolling hills, country parks and forests provide ample opportunity to explore.

B E A M PA R K , R A I N H A M

The houses range from two to five bedrooms and are ideal for modern living. The three bedroom homes feature a downstairs study, storage cupboards, and an en suite from the main bedroom. David Wilson Homes 0330 057 2222 dwh.co.uk

FROM £63,125*

Vassar’s Field Escape to the country at this boutique development of just 31 family homes in Clavering, Essex. The properties are just a 10-minute drive from popular Saffron Walden, a delightful market town with excellent links to both Cambridge and London. Residents can enjoy the abundance of green spaces and

beautiful countryside right on the doorstep (including a local castle), while a country pub, local supermarket and other facilities lie within walking distance – with commuter rail links from nearby Newport, a short drive away. St Arthur Homes 020 3859 7403 starthurhomes.com *Based on a 30% share of £450,000

L&Q Beam Park Beam Park forms part of a brand new neighbourhood in the recently regenerated suburb of Rainham, designed with community in mind. Amenities including schools, medical, faith and leisure facilities as well as purpose-built open spaces, all geared towards encouraging interaction between residents. London’s Fenchurch Street

can be reached in just 21 minutes from nearby Dagenham Dock station. The one and two bedroom apartments feature spacious living/ dining areas that lead to private balconies or terraces with views over the landscaped gardens. L&Q 020 8189 7502 lqhomes.com

*Based on a 25% share of the full market value of £252,500

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COMPETITION

Full terms and conditions can be found at firsttimebuyermag.com First Time Buyer April/May 2024 77

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TRIED AND TESTED

THE BUNNY IS BACK! Hop little bunnies, hop, hop, hop! If, like us, you weren’t upset to see Easter begin in stores before the end of Christmas, then you will love what we have for you...

M&S arksologist M e Th amel Coffee & Car tini Duo, ar M o ss re Egg-sp 0 £1 ramel and A yummy ca red milk ou coffee flav with a can g eg e at chocol ist Salted og ol of the Marks i presso Martin Caramel Es t ec rf pe a – l Cocktai match!

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WAI TR O SE Sam on Toast, £5 This delightful Easter treat will pu t a smile on anyone ’s face! With a cream y butterscotch flavou r.

M O RR IS O N S The Best 70% Dark Chocolate Egg with Pink Himalayan Salt, £5 For those with mo re mature tastes in chocolate! This 70% cocoa chocola te egg is seasoned with pink Himalayan salt for a mouthwatering flav our.

M&S Flossy the Highland Cow, £6 An udderly scrumptious egg with white and mi lk chocolate.

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TRIED AND TESTED

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CO -O P NEW Co-op Gro Fairtrade Salted Tof fee Crunch Egg, £4.50 Ahoy there! This mi lkfree vegan Easter egg is bursting with toffee flavour pieces and finishe d with a dash of Anglesey sea salt.

M& S Colin the Caterpillar Wiggle Hunt/Percy Pig Snuffle Hunt, £7 Who doesn’t love a bum bag?! Perfect for the egg hunt once you have eaten the milk chocolate and sweets inside the cute, soft pouch!

R Y 'S S A IN S B U ence er iff D e th Taste b Corn m co ey Belgian Hon £8 Crunch Egg, c Easter ate nostalgi tim ul e Th ed e ocolat mix treat! Milk ch d an rn co d te with roas ycomb to crunchy hone a sweet th bo provide and savoury flavour.

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FIRST MEAL

FIRST HOME, FIRST MEAL Here is a delicious traybake created by Theo Michaels, chef, presenter and award-winning author. Theo says, "It's the perfect first time meal – whack it in the oven, all raw, put your feet up on some unpacked boxes and enjoy your first meal in your first home! I created a version of this recipe during March 2020 when me and the kids started hosting our live ‘cook-alongs’ during lockdown. It’s become a firm favourite for families around the world; I hope you enjoy it as much as we do! What makes it special is everything is cooked in the oven from scratch (including the spaghetti from raw!)"

ALL-IN-ONE SPAGHETTI & MEATBALL TRAYBAKE

INGREDIENTS (Serves 4)

METHOD 1

 320g spaghetti  1 onion, diced  3 cloves garlic, sliced  60ml olive oil  1x 400g canned cherry

tomatoes  650ml hot chicken stock (1 bouillon cube)  1 tbsp tomato puree  Pinch chilli flakes  Few sprigs flat leaf parsley, chopped  400g beef mince  1 tbsp dried oregano  1 tsp smoked paprika

2 3

Select a high-sided roasting tin – just big enough for a snug fit for the pasta. (I use an 8x12inch Pyrex dish that's just big enough to fit the spaghetti in). Pre-heat the oven to 200°C (fan) or gas mark 7/425°F/220°C. Break up the mincemeat and season with a pinch of salt, pepper, dried oregano, a few pinches of chopped parsley and the smoked paprika. Roll the mixture into a dozen balls of equal size and reserve. Put the spaghetti into the highsided baking tray with all the remaining ingredients (make sure the chicken stock is hot) and use a fork to incorporate all the ingredients together. The spaghetti should be submerged about 1cm below the liquid. Dot the meatballs on top and place into pre-heated oven for 30 minutes, then rest for five minutes out of the oven (don’t skip this bit as it finishes the cooking). Garnish with chopped fresh parsley, lift the spaghetti with tongs to incorporate it all together and serve. Note – if it’s too thick add a splash of hot water, or if it's too loose place it back in the oven for five minutes.

Theo’s Family Kitchen by Theo Michaels, published by Ryland Peters & Small (£20). Photography by Mowie Kay © Ryland Peters & Small

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LEGAL

Jargon Busting Our last article on the most common terms used by professionals involved in the homebuying and selling process was hugely popular, so we’ve added some more of the most frequently used terms to ensure you don’t feel left out in the cold when buying or selling your home. Stephen Ward, Director for Strategy and External Relations at the Council for Licensed Conveyancers, explains WHAT ARE YOU BUYING?

Ireland. The standard current threshold is £250,000 for residential properties but if all purchasers are first time buyers then the threshold becomes £425,000 on homes worth £625,000 or less. The rate of Stamp Duty is paid at different levels depending on the agreed sale price of the property. There is a different tax in Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax).

Boundaries: The physical limits of your property, often defined by hedges, fences and walls. The exact boundary between properties is not laid down anywhere, but there are various presumptions in law as to where it is and who is responsible for it should a dispute between neighbours arise. For example, the cost of putting up or repairing fences should normally be shared between both sides, but if it is supported by upright posts on one side, there is a presumption that it belongs to the owner on that side. Conservation area: This is an area of special architectural or historic interest where the local authority imposes extra planning controls to ensure that the look and character is preserved. So, for example, you may need planning consent to change the windows. There are over 10,000 conservation areas in England. Contaminated land: This is land that has been contaminated by hazardous material from its past use as, for example, a factory or petrol station. This will show up on the environmental search that your conveyancer will carry out on the property. The question then is the extent to which the contamination has been dealt with, something your conveyancer will advise you on as well as steps on how to proceed. Defect in title: A problem with the legal ownership of the property which means a third party may have some kind of claim on it and complicates its sale. You can insure against this risk. Easement: A right that one person has over another person’s piece of land, such as a right of way. A right of way is a legal right to use a particular route to pass across that land. Encumbrance: This means there is a burden on a property – such as an easement – that does not stop it being sold but may reduce its value.

Priority searches: These are searches carried out shortly before completion to ensure that nothing has changed since the initial searches were done.

EVERYTHING ELSE!

Private road: Most roads are maintained by local authorities and everyone can use them. Private roads (also called unadopted roads) are maintained by the property owners along that road at their expense, through a management company or a residents’ association, giving them control over what happens with the road. Public access can be limited too. Vacant possession: This means that the buyer is buying an empty property with no other people having any right to stay there, or any possessions left behind that could interfere with the new owner’s use of the property.

WHAT DO YOU NEED? Building insurance: Once contracts have been exchanged, meaning both sides have made a legal commitment to the deal, the buyer needs to take out insurance cover for the property. Your mortgage lender will most likely want to see proof of this. Stamp Duty: You must pay Stamp Duty Land Tax if you buy a property or land over a certain price in England and Northern

CHAPS transfer: On the day of completion, the outstanding money to buy the property is transferred electronically between the bank accounts of the buyer’s conveyancer and the seller’s conveyancer. The system used by the banks is called CHAPS: Clearing Houses Automated Payment System and there is usually a fee that is charged to use this service. Planning control: Planning control is the process of managing the development of land and buildings. The purpose of this process is to save what is best of our heritage and improve the infrastructure upon which we depend. Your local planning authority is responsible for deciding whether a development, anything from an extension on a house to a new shopping centre, should go ahead. The Government has a plain English guide giving an overview of how the planning system works in England. Remember! The important thing in any property transaction is to make sure you understand what you are signing for or being told. If you don’t understand, be sure to ask your conveyancer to explain it for you, it is their job to help you through the purchase of your property. For more information, please visit: clc-uk.org/consumers

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LEGAL

Why use a specialist solicitor when buying an affordable housing product? Walk down any high street and you will find a firm of solicitors offering conveyancing services. However, the vast majority of these will have little or no experience of affordable housing schemes, explains Andrew Theoff, Director, Shared Direction Conveyancing Although it has been around for many years, it is only in more recent years that shared ownership has become more prevalent. Likewise, in recent years, various equity loan and discount purchase price schemes have been introduced. However, affordable housing is still only a comparatively small proportion of the overall housing sector, and most solicitors still see affordable housing conveyancing as more complex than “ordinary” conveyancing. Indeed, those solicitors aren’t wrong, affordable housing conveyancing can be more complicated for a number of reasons: 9 Shared ownership leases contain many provisions that you will not find in other leases 9 Mortgages must be approved by the housing association the property is being purchased through, and lenders have more detailed requirements 9 The legal paperwork for new build properties is extensive. However, it tends to be similar for all plots, so it is more efficient for a solicitor to act for multiple buyers on a development. There are some mortgage lenders who only have a limited number of conveyancing firms on their panel that they trust to act for them on shared ownership cases. A buyer who instructs a firm of solicitors that doesn’t specialise in affordable housing may therefore end up paying two sets of legal fees – their own solicitor’s fees for the conveyancing and their lender’s legal fees too. Housing associations, and the mortgage brokers they work with, will also often have panels of solicitors that they recommend who specialise in affordable housing. Buyers can be distrustful of using a firm of solicitors that has been recommended, fearing that they won’t be sufficiently independent. Although this is a natural concern, and people may often wish to use a more local firm, buyers should understand that their solicitor is duty-bound to act in

their best interests and is acting for them not the seller. Buyers should also keep in mind that as not all regular high street solicitors are familiar with affordable housing products, that they will probably charge more for the conveyancing and generally take longer when dealing with such cases. Therefore, in conclusion, using a firm which specialises in affordable housing or one which is on a “panel” as explained above, means that you will be looked after by an expert who will most likely charge less and generally proceed quicker than if you used a conventional high street solicitor;

in keeping with the housing association or developer’s purchase timelines. Shared Direction Conveyancing is a niche firm with more than 25 years’ experience solely offering conveyancing for new build shared ownership purchases. Demerged from Direction Law (which was one of the largest specialist affordable housing solicitors in the country), we are a friendly, professional firm with over 50 members of staff who aim to communicate with our clients, clearly and concisely. For further information visit sdc-legal.co.uk or for an instant quotation call 0808 273 0273

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FINANCE

Prepare for a marathon

EXPERT COMMENT For some borrowers, particularly first time buyers, securing a mortgage with a 35+ year term could be the only way to afford a property due to the lower monthly repayments. However, it is important that the risks of such long mortgage terms are properly understood. One of the largest knock-on effects is that the longer the mortgage term, the older you will be when making the final repayment. This means that people are likely to be borrowing beyond their retirement age. Paying a mortgage in retirement can have

Mortgage terms are getting longer and longer in a bid to make buying a home more affordable, but short-term gains have long-term implications, says Kay Hill

a major impact on standard of living with many people becoming unable to comfortably afford the repayments. Additionally, you are likely to pay considerably more in interest over the course of your mortgage term. Certain mortgages

The standard mortgage term used to be 25 years, but today’s first time buyers are increasingly being offered terms of 30, 35 and even 40 years from high street lenders. When UK Finance first started collecting statistics in 2005, just 2% of first time buyers took a loan of 35 years or more. In 2023 that figure stood at 19%. With the average first time buyer getting the keys to their new home at around the age of 34, that means huge numbers of today’s buyers face paying their mortgage well past retirement age. The reason that terms are getting longer is simple – the monthly payments are significantly reduced, increasing affordability. For example, for a first time buyer purchasing a £280,000 home with a 10% deposit, the monthly payments on a market-leading 4.4% mortgage for the remaining £252,000 would cost £1,386 a

month over 25 years, but £1,117 a month spread over 40 years; saving £3,228 a year. So far, so good. The sting, however, is in the tail – the amount paid over the term for borrowing that £252,000 (assuming interest rates stay the same) would be £415,930 over 25 years but £536,040 for the same amount borrowed over 40 years, with the interest of £284,040 exceeding the original price of the home. There’s a handy calculator at landc.co.uk/ calculators/how-much-will-my-mortgagecost to help you work out your own individual figures. Statistics from the Financial Conduct Authority show that the number of 40-year mortgage sales (the longest term currently available in the UK) has increased by 29% from 2021/22 to 2022/23. Charles Incledon, Director at Bowmore Asset Management,

allow you to make overpayments which will reduce the amount of interest paid over the term length. Seeing a mortgage adviser is very important if you are looking to commit to a 35+ year term, as they can ensure a mortgage product has the flexibility to overpay without being penalised. Having this ability will allow you to pay more off your mortgage if you are in a position to do so and will ultimately reduce your term. Charlotte Nixon, Mortgage Expert, Quilter

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FINANCE

says, “The number of people opting for longer term mortgages has caused concern at the Financial Conduct Authority. The worry is that some borrowers haven’t fully understood the potential impact 30- to 40-year mortgages could have on their long-term finances. Not only will borrowers be paying much more in the long term, but they are also taking funds away from their retirements.” So, given the obvious drawback, are these marathon mortgages worth considering? If you are able to manage a standard term mortgage on a home suitable for your needs then there’s no reason to consider it – although it could be useful down the line if your financial circumstances deteriorated or interest rates rose to a level where you were struggling. In these circumstances most lenders would consider extending the term to make your repayments easier. If you are successfully saving and nearing your goal, while house prices are relatively stable it might be more sensible to keep saving for a few months more. However, if you are paying extortionate private rental costs that make it hard to save, then a longer-term mortgage might bring your own home within reach, without costing you much more a month.

WHAT IS AVAILABLE? The monthly interest rates on these longer terms are generally no higher than for a standard length, and 90% LTV mortgages are widely available. At the time of writing, some of the best rates for 90% LTV fiveyear fixes over 40 years were from Halifax (4.64%) Virgin Money (4.65%) and The Cumberland (4.67%). Most of the top deals have high fees (up to £1,595) but Halifax also offers a five-year fix with just a £100 fee at 4.75%. For those who want to borrow as much as they can, Perenna offers 40-year loans of up to six times income, with the interest rate fixed for the whole term – 90% LTV 5.99% with a fee or 6.13% without a fee. A smaller number of lenders offer 95% LTV over 40 years, starting from 4.79% with The Family Building Society, while for those who have parents who can help out, there are several 100% mortgages available over 40 years, with Mansfield Building Society topping the table at 5.89% and

Buckinghamshire Building Society at 6.29% for three-year discounted family assist mortgages.

REDUCING THE TERM

EXPERT COMMENT

While a 40-year term may help you get a foot on the ladder, and many mainstream lenders will allow you to take out a mortgage that you will still be repaying when you’re 75 or even older, it makes sense to see it as a temporary measure. Paying a mortgage into your 70s would mean either working well beyond retirement age (which may not be possible) or paying enough into a pension to fund it (probably not affordable). One of the best things you can do to reduce your mortgage term is to choose a mortgage with flexibility and overpay when you can. For example, Virgin Money’s online overpayment tool shows that if you paid a modest £100 extra a month, its 40-year mortgage would become a 33-year mortgage, with borrowers allowed to repay up to 10% of the outstanding balance each year without any charges. You could also consider putting money aside, so that in time you can remortgage for a shorter term.

Longer mortgage terms provide borrowers with a means to mitigate the impact of rising interest rates, offering them greater financial stability and affordability over time and reduced monthly expenses. In addition, homeownership is made more accessible for FTBs who may have lower incomes. Thus, a 40year mortgage can be a practical way to enter homeownership without overextending their finances. However, a longer mortgage term entails higher overall costs, as borrowers accrue interest on the loan for an extended duration. This can result in substantially higher interest expenses compared to shorter-term mortgages. In addition, the rate at which homeowners build equity in their property will be slower, making it less attractive for those who aim to build equity and wealth through property ownership.

EVEN LONGER?

Extending a mortgage into retirement

Now that 40-year mortgages are becoming mainstream, will terms extend yet further? Just before he left office in 2022, Boris Johnson was exploring the idea of allowing 50-year mortgages that could pass between generations, similar to the Japanese 100-year mortgages that became popular in the 1980s before Japan’s overheated housing market collapsed. In Sweden, 50-year terms are commonplace, although householders can take loans of up to 105 years (reduced from 140 years in 2016). In fact, The Guinness World Record for the longest mortgage ever taken goes to a Swedish couple who, in 2012, signed a mortgage agreement that would last 145 years. A spokesperson for Perenna told First Time Buyer, “We’ve found that 40 years is more than enough for people to secure the loan size they need to secure a house in the current market. If, however, a need arises for a 50-year product, consumers can rest assured that we will consider providing this.”

financial future. The longer the

can also significantly impact one’s mortgage commitment extends into retirement, the greater the potential risk to financial stability in later years. Whether a 40-year mortgage term is good for you depends on your specific financial circumstances, goals, and preferences. Use an online mortgage calculator to help you evaluate the trade-offs between lower monthly payments and higher overall interest costs and, more importantly, get in touch with a mortgage adviser. Nicola Schutrups, Managing Director, The Mortgage Hut

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What are the extra costs when buying your first home Buying your first home is an achievement but watch out for extra costs, reports Ginetta Vedrickas

We’re all only too aware of the current cost-of-living crisis, which makes affording your first home financially daunting. A recent survey by Uswitch mortgages investigated buying trends among first time buyers to identify exactly how they managed to afford it. The survey found that around half, 45%, of first time buyers got help from Government schemes. Over a third, 34%, received parental support from the bank of mum and dad to get on the property ladder, with around one in 10, 11%, of first time buyers who didn’t get any help. The survey also found that most first time buyers weren’t aware of the additional fees that come with buying a property, with less than one in 10, 7%, who knew how much admin fees cost on top of a mortgage.

Homes scheme, 36%, followed by a Lifetime ISA at 29%. Uswitch mortgage expert Kellie Steed says that when people think about first time buyer schemes their mind often jumps to Help to Buy, but she points out that this equity loan scheme is no longer available in England, Northern Ireland or Scotland, although anyone eligible in Wales can still apply. “For English homebuyers, one of the alternatives is the First Homes scheme, which was the most popular among survey respondents,” she says. “Offering a 30% to 50% discount on the market value of a property, it may help those struggling to make that leap on to the property ladder due to affordability. However, there are limitations on the type of properties you can purchase, and certain eligibility criteria apply.”

MOST COMMON FIRST TIME BUYER PURCHASE METHODS

MORTGAGES AND PARENTAL HELP

With around half, 45%, of first time buyers purchasing with help from a Government scheme, the survey looked at which schemes they used. The most common was the First

The survey found that the second most common purchase method was buying with a “traditional” mortgage at 44%, and that most first time buyers, 38%, who bought a

house with a mortgage opted for a standard variable-rate mortgage, with 32% opting for a fixed-rate mortgage. Of the 34% of first time buyers receiving help from parents, 24% got a loan for the deposit, with 10% of buyers’ parents gifting them money towards their purchase. In terms of ownership, the survey also revealed that almost half, 48%, of first time buyers are the sole property owners, while 33% bought with a partner.

EXTRA COSTS WHEN BUYING It’s all too easy for first time buyers to focus solely upon interest rates when looking at mortgage deals. But Steed warns that, while the rate is important in working out how expensive your monthly repayments will be, buyers should also consider the fees involved, as a mortgage deal with an attractive interest rate can end up being more expensive than higher rate deals when fees are factored in, “On average, the arrangement fee alone sets a first time buyer back around £345. But this is an average figure, in reality, some first time buyers may pay nothing while some may

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MARKET face a cost of over £2,000. That’s why it’s so important for prospective homeowners to be aware of the fees associated with a mortgage. It’s a similar situation for legal fees.”

STAMP DUTY COSTS The survey found that 79% of buyers were unaware of Stamp Duty costs. When you buy property or land, you typically pay tax, called Stamp Duty Land Tax, SDLT, in England and Northern Ireland, Land and Buildings Transaction Tax in Scotland and Land Transaction Tax in Wales. All parts of the UK now use a “progressive Stamp Duty rate system” which means that, instead of paying a single rate on the whole purchase price, you could end up paying one rate on a portion of the property and a different rate on another. Buyers in England and Northern Ireland pay no Stamp Duty on the first £250,000 of a residential property but the threshold rises to £425,000 for first time buyers. If a first time buyer is buying a home priced up to £625,000 they pay nothing up to £425,000 and 5% on the remainder. However, if the house is more than £625,000 they pay nothing up to £250,000 then 5% up to £925,000. Rates increase after this.

VALUATION FEES If you are getting a mortgage, lenders will want to establish if the property you are buying is worth what you are paying for it, so they charge a valuation fee, paid directly to them. They do this for their own security, so that they can be sure that – if things go wrong and you can’t afford to pay your mortgage and therefore default on payments – they can repossess the property and sell it for a decent amount. Sometimes this is also called a valuation survey, not to be confused with a regular survey, see below. Cost varies according to lender and purchase price but is typically around £300. You must pay this fee upfront, before you get your mortgage. Not all lenders charge for this and sometimes they are included at no extra cost.

purchase price on the strength of what a survey reveals or to ask the vendor to put right any defects. A survey should be able to tell you important things such as if there is any damp, structural issues or plumbing problems, plus any other potential snags. There are different levels of survey and fees vary depending on the level of detail requested and the size and value of the property you are considering buying. The HomeOwners Alliance hoa.org.uk has information and detail on what kind of survey you should commission, as different house types might need more investigation than others. For example, if you are buying a new build property that comes with a 10-year building guarantee, you may just decide upon a snagging valuation, or if you are buying an old or unusual property you may prefer to pay for a fuller more detailed survey. In 2021, the Royal Institution of Chartered Surveyors, RICS, launched new formats for home survey reports and renamed them according to three levels of survey. The HomeOwners Alliance give examples of survey cost. For example, if the property you’re buying is worth £200,000 and you want a RICS Home Survey Level 1 – the most basic type – it could cost around £400. But, if you’re buying a £1m home and you’re seeking a RICS Home Survey Level 3, also known as a full structural survey, you’re likely to be paying upwards of £1,500.

EXPERT COMMENT Before becoming a first time buyer you’ll need to assess whether you’re financially prepared, and what support you may need. Mortgages come with additional admin fees, and costs like surveying and Land Registry fees are unavoidable. There are also outgoings to account for once you’ve moved into the property, such as insurance, utilities and council tax. Factoring these into your budget early on will ensure you’re prepared and can afford to buy. Kellie Steed, Mortgage Expert Uswitch

EXPERT COMMENT Fees can add more than 10% to the total bill and owning a home also costs more than you might expect. Make your savings work for you. A Lifetime ISA gets you a 25% Government bonus, but be sure to read the T&Cs and get financial advice. If you have space, think about the rent-a-room scheme, even short-term or when you are away. Consider taking out Homebuyers Insurance. Over a third of property

MORTGAGE BROKER FEES

transactions fall through, this insurance

Some first time buyers use a mortgage broker for access to a wider range of mortgages. Some charge a fee while others receive their commission from a lender. If you do pay, fees vary widely, from fixed fees, often around £300, to up to 1% of the loan amount. Some brokers may reduce your fees if they are getting a commission from a lender, but it is sensible to establish what you will pay before appointing a broker. At moneysavingexpert. com you will find advice on whether to use a broker and the potential cost.

mortgage and legal costs if the sale

will reimburse you for your survey, falls through. Paula Higgins, CEO HomeOwners Alliance

EXPERT COMMENT London Square actively offers assistance to first time buyers, often tailored to individual circumstances.

SURVEY COSTS Surveys are not mandatory, but buyers usually arrange for one so that they know more about the property they intend buying. They are carried out by surveyors – not linked to your chosen lender – although it is possible to ask for a more detailed survey when arranging for the lender’s valuation. Surveys assess the condition of any property that you are buying and can also assess its current value. It can be useful to know what is potentially wrong with a property and how old costly items like roofs and boilers are and, when you have your survey’s results, you may decide to try to renegotiate the

CONVEYANCING AND LEGAL COSTS

It could range from help with legal

Conveyancing, the legal process of buying, can be carried out by either a conveyancer or a solicitor. Solicitors are registered with the Law Society and have a wider breadth of knowledge, making them able to deal with any complicated issues that may come up. Licensed conveyancers are lawyers specialising in property law who deal mainly with straightforward matters but typically, they are cheaper. The Uswitch survey found that only 40% of first time buyers were aware of conveyancing fees, which vary widely but which can cost between £800 and £2,000.

get a 10-year Building Warranty and

fees, providing furniture packs, to assisting with deposit boost. Buyers two-year London Square Customer Care Warranty. Our customer service team is exemplary, providing support at every stage of the buying journey to make the buying and moving in process seamless and hassle-free. Jo McDonagh, MD London Square North

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EXPERTS

Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and shared ownership providers

THIS MONTH’S PA N E L O F E X P E R T S Simon Scott, Assistant Director of Commercial & Property Marketing, Origin Housing

Becky Munday, Founder & Managing Director, Munday’s Estate Agents

What to look for when house hunting?

Phillip WellardHughes, Head of Sales, NHG Homes

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, shared ownership, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk

Q A

I’m looking for a new place in London, broadly within Zone 3. The task seems so big and I am keen to get the best value I can. What should I be concentrating on when looking for my new home? Zakia Palmer, Crystal Palace

I would say there are a few essential factors you need to consider, starting with how you will get to work if you need to commute into an office or elsewhere. Finding a place that’s near an easy route to work will definitely make your life less stressful. 1. Ideally you’ll be near a train or tube station. Bus routes shouldn’t be overlooked but trains/tubes will get you there fastest. If you are a cyclist, look for comfortable cycle routes. 2. How much space do you need? After a few viewings you will get a good feel for the size of place you are after. As a general rule, newer places will give you a cheaper price per square foot. Georgian/Victorian/Edwardian/1920s and 1930s places often carry a premium. 3. Is outside space important to you? Properties with gardens, terraces or shared spaces will be more expensive than those without. Buying near public outside spaces/commons/nature reserves can often be a smart move. 4. Ask yourself how important it is to you to be close to a high street/amenities? You will notice that properties are cheaper the further you are away from these. 5. How much appetite do you have for doing work? Although places that need work are cheaper, it is important to consider costs for what you will need to do once you have moved in. Many buyers decide that a turnkey property is the best option for them. 6. Is the property a good investment? This is of course difficult to answer, but a simple way to look at this is to consider issues around resale: for example, is it on a busy road or near a railway line? This might make a sale harder in a difficult sale climate. Ex-local authority properties are also harder to shift in a tough market (though they often offer good square footage and location). Also be mindful of high service charges and ground rents – ask for a breakdown from the estate agent or sales advisor and consider if they represent good value for money (it may also be a good idea to ask your conveyancer this question). Wishing you all the best in your property hunt! Becky Munday

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EXPERTS

Is now the right time to buy?

I’ve been thinking about buying a home through shared ownership in London, but I’m not sure if now’s the right time? There’s been a lot of challenges in the housing market recently so I’m weighing up whether to buy now, or to wait for the market to calm down. Felicity Blackstock, Sidcup

If you’re feeling overwhelmed by fluctuating house prices and mortgage rates as a first time buyer in London, you’re not alone. While there’s been some more optimism in the first few months of this year thanks to falling inflation and interest rates leading to lowering mortgage rates, house prices still remain relatively high and affordability will continue to be an issue. The good news is that shared ownership offers an accessible route to homeownership, even in a challenging market. With shared ownership, buyers purchase a percentage share of the property and pay a subsidised rent on the remaining share. This means you can buy a property in London with a much lower deposit than purchasing outright. So while house prices remain high, shared ownership deposits are relatively low – much lower than buying on the open market. If you have the deposit to buy with shared ownership, 2024 could be a great time. Several providers in the capital offer homes you can buy with a deposit of less than £5,000. According to leading affordable homeownership mortgage adviser Censeo, which NHG Homes works closely with, there’s been a huge rise in demand for shared ownership mortgages in recent months, with a greater number of lenders and products available. We’ve even seen a new lender enter the shared ownership market with others returning or reviewing their underwriting criteria in

favour of buyers. This means more options, allowing mortgage brokers like Censeo more choice to support buyers to find the mortgage that works best for them. As demand for shared ownership homes and mortgages remains strong, there’s no guarantee of purchase for buyers who are waiting for prices to fall. As buyers pay a subsidised rent on the share they don’t own, monthly costs (including rent, mortgage and service charge) are often cheaper than renting. For example, at NHG Homes’ Kidbrooke Square in the Royal Borough of Greenwich, a one bedroom apartment starts from £92,500 for a 25% share, with a minimum 5% deposit of £4,625 and estimated monthly costs of £1,344. That compares to average costs of £1,673 when renting a one bedroom locally. With parkside, cityside and waterside developments, NHG Homes is helping buyers on to the property ladder in London, with homes that make putting down roots more affordable and attainable. For more information, visit nhghomes.com. Phillip Wellard-Hughes

Can I decorate my shared ownership home?

I’m looking to purchase shares in my first shared ownership home, but I’m interested to know whether I’ll be able to add personal touches? I’m curious to find out what the guidelines are for decorating my home before I start the shared ownership application process. Daisy White, Shoreditch

Getting on to the property ladder is an exciting process for any first time buyer, and the prospect of making a home your own plays an integral part in the moving process. The good news is that with Origin, as with many shared ownership properties, you will be able to add those personal finishing touches that make a property really feel like home. Backed by the Government, shared ownership offers a fantastic pathway for aspiring homeowners to take their first step on to the property ladder. The scheme provides a unique opportunity to acquire shares in a property – usually between 25% to 75% initially – while paying rent for the remaining portion of your home. Typically, shared owners can secure their new home with a lower deposit, which can often be as

low as 10% of the share value – from just £4,469 at our flagship development, Harrow and Wealdstone Heights.* And with our latest incentive, buyers can get an extra helping hand to take that first step on to the property ladder. Origin Kickstart offers buyers a chance to receive incentives worth £2,500 for those who reserve a new home at Harrow and Wealdstone Heights.** Our new build homes are thoughtfully designed to cater for modern living, with large, light-filled living spaces, fully equipped kitchens and spacious zones for both entertaining and working from home requirements. The stylish, neutral specification of all our shared ownership homes maintains our exceptional standard of finish, while offering residents the opportunity to decorate and personalise their home to their own tastes. As a shared owner with Origin, you will have the freedom to redecorate your home as you wish. You will only need our permission if you want to make any structural alterations or significant changes. So, whether it’s repainting your walls or displaying your favourite artwork to bring colour and vibrancy to the space, a shared

ownership home grants you the flexibility to decorate as you please. It’s your personal canvas to customise. As with any home, there are some restrictions you should consider. Undertaking substantial projects like installing a new kitchen or extending your property may have implications on your home’s valuation, meaning you should always consult your housing provider before going ahead. Our key advice for any first time buyer would be to take your time and do your research into homes that fit your criteria so that you understand all the requirements and permissions that may apply. Visit our website for full details about making your adjustment to your Origin home: originhousingsales.co.uk/ help/#1632139978518-ceff6ace-b23e Simon Scott *Pricing starts from £81,250 for a 25% share of a one bedroom apartment (full market value: 325,000) with deposits from £4,469. **For more information about Origin Kickstart and Harrow and Wealdstone Heights, please visit our website originhousingsales.co.uk

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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? FIRST STEPS

ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED SCHEME? The Government backs several schemes to help people get on the property ladder. The best known is shared ownership which is open to people with a household income of up to £80,000 (£90,000 in London). More details are below.

BUYING ON THE OPEN MARKET Many people buy property on the open market. Homes are offered for sale by estate/sales agents or from private developers or housebuilders. On new build developments there is usually a show home you can look around and a sales adviser, based on site, to answer your questions. To buy on the open market, you will need a mortgage deposit of at least 5% to 10% of the full property value.

BUYING A NEW HOME OFF-PLAN Demand for new homes often outstrips supply; this means that new homes are often reserved before their construction is complete, sometimes several months before they are built and finished. This is called “buying off-plan”. Most providers market and sell their homes in this way. Do some careful research to make sure the home you reserve is the right one for you, especially as you may not have an opportunity to physically view inside it before your commitment to buy it becomes a legal obligation.

PRIVATE INITIATIVES Some builders offer incentives on new build homes such as cashback, legal fees or help with moving costs. You could also try to negotiate for upgrades to specification items like floorings or kitchen appliances.

FUNDING OPTIONS

S AV I N G O P T I O N

G O V E R N M E N T A N D P R I VAT E S C H E M E S

The Lifetime ISA (LISA) is a long-term savings product intended to support younger people aged between 18-39, resident in the UK, saving for their first home, or for later life. Up to £4,000 can be saved each year, attracting a government bonus of 25% on each new payment. Funds can be withdrawn without charge 12 months after opening the LISA, if used as a deposit for the account holder’s first home, subject to certain conditions. The property value must be under £450,000.

Help to Buy: Equity Loan/Deposit Unlock Equity loans through Help to Buy are no longer available; they ended in October 2022. The Home Builders Federation (HBF) together with some housebuilders and mortgage lenders are offering a new scheme called Deposit Unlock as an alternative. This helps first time buyers to buy a new home with a 5% mortgage deposit. More information is available at hbf.co.uk/deposit-unlock

Shared ownership/part-buy, part-rent The Government-supported shared ownership scheme is available for people with household incomes up to £80,000 (or £90,000 if buying in London.) Shared ownership homes are always leasehold. With this scheme, you buy a share in a property and pay rent on the rest. Rent is calculated at 2.75% (sometimes less), with annual increases of RPI + 0.5%. The amount of share that you buy is calculated based on your affordability. On many shared ownership homes the minimum is 25% (but could be higher). On some homes, you can buy a lower share starting from 10%, but these are not widely available at present. The mortgage deposit you’ll need to buy with shared ownership is calculated on the share value; this works out at a lot less than if you were buying outright. Shared ownership homes can be new build or resales, apartments or houses across many parts of England. If you buy a home with shared ownership, you will be given the right to buy more shares in the future. This is called staircasing. In most cases, you can buy shares up to 100% of the property and own it outright. When you buy more shares, these are valued at the market value at the time. Because house prices tend to rise over periods of time, it is a good idea to think about staircasing at an early date.

First Homes This scheme offers first time buyers discounts of 30-50% on certain new build homes. Local authorities may limit these to key workers or those who live or work in the area. When the home is sold it must be to another eligible first time buyer at the same percentage discount.

Rent to Buy

FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VAT 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

This scheme allows you to rent a new build property for up to five years and pay a redued rent while you save for a deposit. It is not widely available, however.

other mortgage lender. To do so you’ll need to save a deposit and meet the provider’s lending criteria.

Right to Buy The Right to Buy scheme helps eligible council and housing association tenants in England buy their home with a discount of up to £87,200 (£116,200 inside London). You probably have the Right to Buy if you’re a secure council tenant and have spent at least three years as a public sector tenant. Some properties are exempt.

Older People’s Shared Ownership (OPSO) This is designed for people aged 55 and over. Scheme specific details vary, so check with the housing association provider.

Home Ownership for People with Long Term Disabilities (HOLD) HOLD is a specialist option to help people with long term disabilities live independently in a shared ownership property where, in some cases, repairs and maintenance services are offered by the provider.

Other options There are a few less well-known Government-backed schemes; more details can be found at ownyourhome.gov.uk

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The ftb process TIPS

APPLICATION You will need at least three months of bank statements, payslips or tax returns, photo ID such as a passport or driving licence and details of any loans. Lenders 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 mortgage rate you’ll be offered.

BUDGET Work out how much you can afford to repay each month, taking into account your normal living expenses and the bills, insurance and council tax on your new home. Don’t forget there is likely to be a service/ estate management charge on a new home, plus ground rent for a leasehold property, so find out how much they will be.

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 soft search rather than a hard search as too many applications leave “footprints” on your credit score and can affect your rating. To improve your score, make sure you’re on the electoral roll, and pay your bills and any loan repayments on time.

moneysavingexpert.com, then apply directly to your chosen lender.

Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is repayable over a number of years (usually 25-35 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 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 lender, 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 around 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.

inance

FIXED-RATE MORTGAGES Some mortgages are fixed rate. This means you’ll pay the same rate of interest for a defined period of time, and your payments 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 (which is often quite expensive) or remortgage to another lender. Remortgaging to another lender can sometimes mean you have to pay a fee or early redemption charge (ERC).

VARIABLE-RATE MORTGAGES

MORTGAGE BROKERS VS LENDERS 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 or building societies can only sell you products offered by that company, 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 mortgages online at sites such as moneysupermarket.com or SET A BUDGET

FINANCE

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

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 there are no mistakes on your file, and pay off any debts you can.

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 are also variable, but they have repayment rates that are directly linked to the base rate so will go up and down with it. With variable-rate mortgages you need to be sure you could afford higher repayments if rates rise.

REPAYMENT OR INTEREST-ONLY Most mortgages available to first time buyers are on a repayment basis. With this type of mortgage, every monthly payment will pay off some interest and some capital (mainly interest in the early years). At the end of the term, you’ll own your home outright. If you have a larger (25% or more) deposit you may be offered an interest-only mortgage, where you only pay interest on the loan. The monthly repayments are lower but at the end of the term you’ll still owe the original mortgage sum. You’ll need to prove you have a plan in place (such as an investment) to pay off the capital. DECIDE ON A LOCATION

SHOP AROUND

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

RESEARCH

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

RESEARCH THE AREA

Check out crime statistics, transport links, regeneration and, if relevant, schools.

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TIPS

RESEARCH AN AREA

Buying a property is a big investment. horough You need to make research sure you buy a home that you can afford and one you will be happy living in.

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 look at local pubs, shops and leisure facilities. Visit the area at night, too.

Once you have found the right location, go online and check out what’s on offer. Most homes are listed on property portals such as rightmove.co.uk, onthemarket. co.uk, or zoopla.co.uk, plus estate agents’ websites. Properties featured have pictures, descriptions and a floor plan, and

VIEWINGS

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

sometimes a video. Also, sign up with as many local estate agents as you can. They should send you new properties that match your description, but it’s worth phoning them regularly. If you’re looking for a shared ownership property, search online at sharetobuy.com and propertybooking.co.uk.

Aerial shots of an area can be viewed at google.co.uk/maps; switch to “satellite view”.

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 decor 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.

Before you put in an offer, visit the street at different times of the day and night. You could also 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.

ESTATE AGENTS

PROPERTY SEARCH

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, and also on property portals like rightmove.co.uk/zoopla.co.uk.

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.

OFFER

If the market is slow, when making an offer, don’t be afraid to offer less than the asking price. If the property needs work done, you can use this as a negotiating tool.

SURVEY

BUYING

Make sure you have a survey – it could save you money in the long run by spotting any problems.

SOLICITORS

Compare quotes from solicitors, and ask your friends who they recommend. A good solicitor can make a big difference to whether a purchase completes or falls through. Online companies can be cheaper but are less personal.

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.

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SURVEYS AND VALUATIONS

uying process

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.

SOLICITORS

TIPS

A QUICK SALE 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 who can move fast. 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. 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.

INSURANCE

You must have buildings insurance in place for when you exchange contracts (not complete). 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. You could also look at van hire to do it yourself.

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 restrictive covenants 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.

EXCHANGE AND COMPLETION Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. You will sign the contract with your solicitor, and at the point of 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 completion date is usually around a week to 10 days after exchange, but can be done on the same day. 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.

BUYERS’COSTS SOLICITOR’S/CONVEYANCING COSTS (ESTIMATED) £1000-£1,800

LOCAL AUTHORITY SEARCH FEES (ESTIMATED) £150-£300

LAND REGISTRY FEES: Scale 1 fees relate to the registration of both new builds and resale properties for monetary consideration. Apply using the portal or Business Gateway, for transfers or surrenders which affect the whole of a registered title For a purchase of £0 - £80k £20.00 For a purchase of £80,001-£100k £40.00 For a purchase of £100,001 - £200k £100.00 For a purchase of £200,001 - £500k £150.00 For a purchase of £500,001 - £1,000,000 £295.00 For a purchase of £1,000,001 and over £500.00 Apply using the portal or Business Gateway, for registration of all leases and transfers or surrenders which affect part of a registered title For a purchase of £0 - £80k £45.00 For a purchase of £80,001-£100k £95.00 For a purchase of £100,001 - £200k £230.00 For a purchase of £200,001 - £500k £330.00 For a purchase of £500,001 - £1,000,000 £655.00 For a purchase of £1,000,001 and over £1,105.00

STAMP DUTY LAND TAX (SDLT) (UNTIL 31/09/2022): Up to £250,000 Zero The next £675,000 (the portion from £250,001 to £925,000) 5% The next £575,000 (the portion from £925,001 to £1.5 million) 10% The remaining amount (the portion above £1.5 million) 12% In October 2022 you buy a property for £295,000. The SDLT you owe will be calculated as follows: 0% on the first £250,000 = £0 5% on the final £45,000 = £2,250 Total SDLT = £2,250

OTHER FEES TO CONSIDER (ESTIMATED, DEPENDENT ON CIRCUMSTANCES): MORTGAGE ARRANGEMENT FEE Expect to pay a fee of at least £1,000 to secure an attractive rate. But some can be £2000+ The lender will usually offer you the option to pay the arrangement fee upfront, or you can add the fee to the mortgage. The disadvantage of adding the fee to the mortgage is you’ll pay interest on it, as well as the mortgage, for the life of the loan. But if you pay the fee upfront, there’s a chance you could lose it if anything went wrong with the purchase.

MORTGAGE VALUATION Typically, around £300-£600, but can be significantly more

MORTGAGE BROKER’S FEE £0-£500 usually paid at mortgage application

BUILDINGS INSURANCE Estimate £200-£300 annually – The price depends on the cover you require and your excess. The building insurance is calculated based on the cost of rebuilding your home is known as the ‘buildings sum insured’. It’s important to know that there’s likely to b a difference between your home’s market value and the cost of rebuilding your home.

GROUND RENT (LEASEHOLD ONLY) & SERVICE CHARGES £700-£4,000 annually If you own a long lease on a property in England and Wales you will normally have to pay rent to the freeholder or landlord of the property; this is known as Ground Rent. The lease will normally specify how much rent you have to pay and when it has to be paid. The ground rent can be a fixed sum for the length of the lease, or the lease can provide for the ground rent to increase over the course of the lease. Service charges vary based on the building and the services provided. A building with concierge service, numerous lifts can be very expensive. You should go through the service charge costs with your solicitor. These are audited and the price paid changes annually generally in April. New freehold homes may also have service/estate charges for maintenance of communal areas.

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).

REMOVALS (IF REQUIRED) £500-£2,500

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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 homebuying glossary is here to make the process a whole lot easier to understand AGREEMENT IN PRINCIPLE

DISBURSEMENTS

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

These are additional charges incurred during the homebuying 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.

EARLY REPAYMENT CHARGE

ARREARS

EQUITY

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

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

BASE RATE The interest rate set by the Bank of England. Lenders usually use the Bank of England base rate to set their own interest rates.

BROKER

This is an amount of money you may have to pay a lender if you decide to move mortgage provider or if you pay off your mortgage quicker than expected.

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.

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

FREEHOLD

BUILDING SURVEY

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

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.

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

CONVEYANCING The legal process of transferring ownership of a property.

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

GAZUMPING

GUARANTOR 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.

HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders may charge a one-off extra fee. This funds an insurance policy that protects the lender (not you) from the additional risk.

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

LEASEHOLD A type of tenure where you buy the right to occupy a 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 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.

REDEMPTION Paying off your mortgage in full is known as redemption.

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

STAMP DUTY Stamp Duty is a shortened name for Stamp Duty Land Tax, also called SDLT. This is a Government tax you may have to pay when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.

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

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LEGAL

The conveyancing process for staircasing and resales Shared ownership is a great option for those looking to take their first steps into homeownership. Coralie Phelan, Partner and Head of Resales and Staircasing at Prince Evans Solicitors, looks at the conveyancing process for Resale Purchase and Staircasing

BACKGROUND – WHAT IS SHARED OWNERSHIP?

9 You will be required to purchase the maximum share you can afford.

HOW DOES SHARED OWNERSHIP RESALE WORK?

Shared ownership allows you to buy a home through the shared ownership scheme if you meet the eligibility criteria. You buy a share of the property and pay rent on the part you do not own. The eligibility requirements for the scheme are as follows: 9 You must have a combined annual household income of under £80,000, or £90,000 in London 9 You must not own or part-own another property on completion 9 You cannot afford all of the deposit and mortgage payments for a home that meets your needs.

WHAT ARE THE ADVANTAGES?

9 You can purchase a share of the property, usually between 10% and 75% subject to eligibility criteria 9 You pay rent to the housing association on the percentage you do not own 9 You will have to a pay a service charge to cover any shared services or estate maintenance 9 You will not be able to rent out or sublet until you own 100% 9 Your lease will outline your repair and maintenance responsibilities 9 The lease will provide for annual upwards-only rent increases.

NEXT STEPS 9 You will need to meet the scheme’s affordability criteria 9 You need to apply for a mortgage (unless you are a cash buyer)

9 Low deposit – this could be 5% rather than the traditional 10% of the purchase price if agreed 9 Your landlord will be under an obligation to act responsibly and ensure it only allows you to purchase the property if you can afford to keep up with the repayments on your mortgage and the rent you pay it and other associated outgoings. This is due to the scheme being Government-backed with the associated reassurances that there are certain rules that your Landlord must abide by. You can then decide whether resale shared ownership is right for you. Resale shared ownership being a pre-loved property with the seller already in occupation.

WHAT ARE THE ADVANTAGES OF RESALES 9 Resale properties are often more affordable than new build 9 The rent may be less on a resale property than on a new one

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LEGAL

9 You will be moving into an already established neighbourhood 9 Older buildings may have original features that are appealing.

WHAT’S THE LEGAL PROCESS FOR A RESALE PURCHASE? The resale conveyancing process at a glance: 9 Instruct your conveyancer – you and the seller will need to instruct separate conveyancers. It’s advisable to obtain at least two or three quotes. Once instructed, your conveyancer will request certain information and you will need to fill out initial questionnaires and provide evidence of your identity and source of deposit by way of bank statements and other evidence. 9 Contract papers – your conveyancer will confirm instructions with the seller’s solicitor and request draft contract papers. The seller’s solicitor will supply the draft contract papers consisting of the draft contract, transaction or sales forms and other supporting documents such as the lease and planning consents or warranties relating to the original construction of the property. 9 Title investigation – once your conveyancer receives the draft contract pack, the papers will be reviewed and enquiries raised to ensure you receive a good and marketable title to the property. Your conveyancer will use the title plan to order searches, which usually consist of a local authority search, a drainage search, an environmental search and a chancel check. 9 Mortgage – your conveyancer acts for both you and your lender and will both review your mortgage offer and report to you on the terms. The title review is also for the benefit of your lender. 9 Report on title – your conveyancer will prepare your report on title once they have the results of your searches and replies to enquiries. This report is the most important document of all and will

explain the terms of the contract and lease and supporting documents. You will be invited to sign the contract once you have read the report. You will be asked to pay your deposit at this stage. 9 Exchange of contracts – once you have signed the contract, all parties in the chain can discuss a completion date and you will be asked to provide your authority or consent to exchange of contracts. Once exchanged, the contract becomes legally binding and the completion date fixed. 9 Completion – your conveyancer will send you a completion statement between exchange and completion and collect in the balance of funds due from you in order to complete your purchase. 9 After completion – your conveyancer will apply to the Land Registry to register your ownership. 9 You can then consider staircasing in the future.

WHAT IS STAIRCASING? Once you have owned your property for a certain period of time (as specified in your lease) you can consider purchasing additional shares or staircasing. Staircasing is the process of buying additional shares in the property you own with a corresponding reduction in specified rent. You are basically purchasing more equity in your home. There a number of advantages to staircasing as follows: 9 Most leases allow you to purchase 100% of your home 9 You may benefit from more mortgage choices as you are not limited to shared ownership products 9 It may be easier to sell the larger the percentage owned 9 You have increased security with more equity 9 You pay less rent 9 The greater the percentage owned, the more you benefit from any property price uplift

9 You can sell your property on the open market once you own 100%.

WHAT’S THE LEGAL PROCESS FOR STAIRCASING? First Stage – financial assessment. 9 You may wish to consider staircasing when your current mortgage deal comes to an end 9 You will need to have your finances assessed to see if you can afford to purchase additional shares. Second Stage – arrange a valuation. 9 Once it has been established that the transaction is affordable you can then liaise with the housing association to arrange a valuation 9 You usually have 12 weeks to complete before the valuation expires. Third Stage – instruct a solicitor. 9 Once the valuation has been arranged you should then instruct a conveyancer who specialises in staircasing such as Prince Evans Solicitors 9 The housing association’s solicitor will issue the draft memorandum of staircasing to your conveyancer. Fourth Stage – review the memorandum of staircasing. 9 The memorandum of staircasing is the document that records the purchase of the additional shares 9 Your conveyancer will check the terms of the memorandum and then report to you regarding the terms and enclose the memorandum to sign 9 If you are remortgaging, your solicitor will also deal with the remortgage element and ensure all your lender’s requirements are met. Fifth and Final Stage 9 Once you have signed the documents your solicitor can fix a completion date 9 Your solicitor will then produce your final invoice for payment before completion 9 Your solicitor will deal with the postcompletion requirements including registering the Memorandum at the Land Registry.

FINAL THOUGHTS

If you are interested in a quotation for Shared Ownership Conveyancing, the Resale and Staircasing team at Prince Evans are on hand to provide a friendly no obligation quotation at rst@prince-evans. co.uk or 020 8567 3477

In summary, the process for both resale purchase and staircasing can be successfully navigated with the correct advice from a conveyancer specialising in this area.

First Time Buyer April/May 2024

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