the Ultimate Guide to... GETTING ON THE LADDER, NEW HOMES AND SHARED OWNERSHIP December 2023/ January 2024 firsttimebuyermag.com
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FREE SUPPLEMENT: NATIONAL HOME BUYING WEEK
WISHING YOU A SPARKLY CHRISTMAS
WIN!
SPIRALLING RENT? NOW IS THE TIME TO BUY
AN INSINKERATOR® M SERIES 46 FOOD WASTE DISPOSER WORTH £172
HOW TO CHOOSE A CONVEYANCER
YOUR DREAM HOME FOR 2024
THE LOWDOWN ON MORTGAGES
“Try to get ahead of the game and get a mortgage in principle in place” Lexie Carducci
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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 Accounts
accounts@ultimateguidecompany.com
Welcome This year seems to have flown by! It’s been interesting with rises in mortgage rates, rents spiralling out of control and the cost of living, making it very hard for first time buyers to save. But we always remain upbeat and positive. We know many of you are desperate to get on to the property ladder and we truly believe this is still really possible. So, with Christmas just around the corner I hope you enjoy our festive features – decorations, the best Christmas fare from the supermarkets and some wonderful gift ideas for all the family. I also hope you enjoy our special National Home Buying Week supplement. We celebrated the week in early October and it was a huge success. This supplement is packed with information and affordable homes to help you on your homeownership journey. Do go to nationalhomebuyingweek.co.uk where you will be able to listen to podcasts with the experts, watch our educational videos and meet Lexie Carducci, content creator, who is passionate about all things property related. You can also read her fascinating story on pages 20-23 in the main magazine. The cost of renting nowadays is rocketing. We look at the current state of the UK rental market, and discover what options are out there to give first time buyers’ budgets a boost. Do turn to pages 24-28 as I think you will find it very interesting reading. I would like to wish you all a very happy Christmas and a prosperous and healthy New Year. 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
Managing Director SARAH GARRETT
sarahg@spmgroup.co.uk
@firsttimebuyer
Public Relations
firsttimebuyeronline
RACHEL COLGAN
rachel@building-relations.co.uk SUBSCRIPTIONS 020 3488 7754 SWITCHBOARD
EDITOR’S PICKS…
020 3488 7754
I always managed to save and every time I got paid I would always put something aside.
All advertising copy for February/March 2024 must be received before 17 January 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 2008-2023. 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.
You should look for a mortgage that suits your circumstances – talking to a mortgage broker is worth considering. Tim Leonard, Finance, page 86
Barking Riverside is up-and-coming and buying here has been a really good investment for my future. Jordan Bolton, Real Life, page 70
Rachel Gold, At home with, page 14
I am a huge advocate for shared ownership – it’s available to such a wide group.
We can imagine that this development is going to be really popular, so we‘re going to act as quickly as possible.
Simone Wolsey, House Hunter, page 16
Lisa Moran, 20 Questions, page 106
First Time Buyer December 2023/January 2024
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CONTENTS
Cover Photo © Monica Butnaru
DECEMBER 2023/JANUARY 2024 / ISSUE 104 / FIRSTTIMEBUYERMAG.CO.UK
What’s in… 71
For sale – the best FTB properties
70
Jordan Bolton, 26, was living at home with his parents in Bexley, the neighbourhood where he went to school and spent the first years of his 20s, before deciding it was the right time to take his first step on to the property ladder. After living with his parents he managed to save money towards a deposit and bought a shared ownership apartment through L&Q at Barking Riverside.
HOMEPAGE
12
FEATURED
18 Developer’s doctor Minnie Dando, Head of Sales and Marketing at Hyde New Homes, answers your property question.
20 The View: Lexie Carducci
9 FTB Loves... A round up of our favourite hot buys for the Christmas season.
12 Living Our selection of the best Christmas decorations to help make your home sparkle this holiday season.
14 At home with: Rachel Gold Rachel Gold is an interior designer with over 15 years of experience working on homes from luxury
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Chelsea Harbour apartments to opulent Surrey mansions. She also specialises in wardrobe decluttering and is a stylist to many celebrities for photo shoots. She talks to Lynda Clark about her first home, her fascinating career and gives some excellent advice for first time buyers.
state of the UK rental market, and what options are out there to give first time buyers’ budgets a boost. She also highlights affordable homes around the country.
Lexie Carducci is passionate about property! She is a property finder, developer and content creator with over 17,000 followers on Instagram. She talks to Lynda Clark about her very interesting life, her current projects and gives some expert advice to first time buyers.
16 House Hunter
24 Leave Rocketing Rents Behind
We go on the hunt with Simone Wolsey and Sean Hu who are looking for their new home in Brighton and Hove or the surrounding towns.
With rents spiralling and no sign of a crash, now is the perfect time to lose the landlord and launch your homeownership journey! Debbie Clark looks at the current
24
First Time Buyer December 2023/January 2024
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CONTENTS LEXIE CARDUCCI, PAGE 20
I’M A BIG ADVOCATE ON EDUCATION. WE SHOULD BE GOING INTO SCHOOLS AND STARTING AT THE GRASS ROOTS LEVEL ABOUT HOW TO MANAGE YOUR MONEY
20
Lexie Carducci
86 Finance
REGULARS
76
44 Hotspot
To fix or not to fix? After many years of being unpopular, variable rate mortgages are growing in popularity again as buyers worry about being locked in to high fixed rates for lengthy periods – but it’s an option that comes with risks, explains Kay Hill.
We look at Greenwich as a place to live.
88 Market
FTB’s Festive Food Eat, drink and be merry! First time buyer has scoured the supermarkets to find the tastiest and best value Christmas fare to enjoy with friends and family this festive season.
62 Hotspot Our second hotspot focuses on the borough of Lewisham.
With the cold weather now upon us, whether you have bought your first home or are renting and trying hard to save, winter fuel bills can be very expensive. But there are ways to cut costs, as Ginetta Vedrickas explains.
90 Agony Agent All your property questions answered by our panel of experts.
93 Buyer’s Guide
79
Competition Three lucky winners have the chance to win an INSINKERATOR® M SERIES 46 food waste disposer worth £172.
80 First home, first meal Create this veggie sharing wreath, perfect for when you are on hosting duties.
81 Know How
Check out FTB’s Buyer’s Guide, which walks you through the property process.
98 Common questions from a first time buyer about conveyancing
Hack Christmas with these moneysaving tips and discover clever ways to enjoy the festive season without breaking the bank.
Coralie Phelan Partner and Head of New Build Homes, at Prince Evans Solicitors LLP, looks at the common questions from a first time buyer about conveyancing.
82 Choosing a conveyancer
100 Directory
The start of a brand new series of legal features to help you understand the conveyancing process when buying your first home. Here Stephen Ward, Director of Strategy and External Relations at The Council for Licenced Conveyancers, explains how to choose your conveyancer.
Check which scheme is right for you, plus useful contacts.
106 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Lisa Moran, Sales and Marketing Director at Sovereign Network Homes, is in the spotlight.
First Time Buyer December 2023/January 2024
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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
CHOOSING A LOCATION I am in the fortunate position of not having to buy my first home in a particular location. Although this gives me many options, what are the key factors to look for when choosing a location to settle down in? William Raysford FTB says: When searching for your first home, consider several crucial factors. Start by establishing your budget and assessing affordability. Next, focus on accessibility, safety, and the quality of nearby schools if you have, or are thinking of having children in the future. Evaluate the availability of amenities, transport links and services, as well as the character of the neighbourhood. Investigate property appreciation trends, potential for future development, and environmental factors. Additionally, consider the sense of community, resale value, and property taxes. Ultimately, your choice should align with your personal preferences and longterm goals which should lead you to a happy homeownership experience.
This issue’s star letter prize wins a copy of Pub Kitchen The Ultimate Modern British Food Bible by Michelin star chef Tom Kerridge, worth £27, published by Bloomsbury Publishing. Tom has spent a lifetime perfecting next-level pub cooking and in Pub Kitchen he distils that know-how into 100 super-tasty recipes for home cooking. Taking inspiration from modern gastropubs, Tom’s recipes are simple, contemporary and delicious.
REPUTABLE ESTATE AGENTS As there are so many estate agents in the UK, how can I make sure that I am choosing a reputable company? Chloe Graves FTB says: To find a reputable estate agent in the UK, start by researching online and reading reviews. Seek recommendations from friends and check for accreditation with professional organisations like NAEA or RICS. Visit local
offices, speak to multiple agents and compare their fees and listings. Don’t forget to ask questions about their expertise and request references from previous clients. Trust your instincts and choose an agent with whom you feel comfortable and confident. Do also remember that for most new build properties, you can deal directly with the developer’s sales team, which may mean that you don’t need an estate agent at all.
LOAN TO VALUE I am hoping to buy my first home soon but I am really confused. What does Loan to Value ratio mean and is it important? Kerry Malik FTB says: Loan to Value (LTV) is a financial ratio that is commonly used in the context of mortgages and loans. It represents the percentage of the property’s value that is financed by a loan. LTV is typically expressed as a percentage and is calculated by dividing the loan amount by the appraised value or purchase price of the property. LTV is an essential factor for lenders when assessing the risk of a loan. A higher LTV indicates a larger loan amount relative to the property’s value, which can be riskier for lenders. Borrowers with lower LTV ratios often qualify for better interest rates and loan terms because they have more equity in the property, reducing the lender’s risk. In contrast, borrowers with higher LTV ratios may face higher interest rates to mitigate the lender’s risk.
TRACKER MORTGAGES I have recently read about tracker mortgages. What are they and are they worth me looking into? Amy Butcher FTB says: A tracker mortgage is a variable-rate mortgage that links its interest rate to an external benchmark like the Bank of England base rate or the lender’s standard variable rate (SVR). The interest rate on a tracker mortgage moves in direct response to changes in this benchmark rate. Whether a tracker mortgage is a wise choice depends on various factors. It can be advantageous when interest rates are low or expected to remain stable, potentially resulting in lower
monthly payments. However, it carries the risk of higher payments if interest rates rise, making it crucial for borrowers to assess their risk tolerance, financial stability, and longterm goals. Comparing tracker rates to fixed-rate options and considering factors like term length and flexibility is essential in determining whether this mortgage type aligns with individual financial circumstances. Consulting with an independent mortgage adviser can help make an informed decision.
VISIT OUR WEBSITE
For everything you need to know about buying for the first time, go to firsttimebuyermag.com
First Time Buyer December 2023/January 2024
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FTB LOVES
HAPPY HOSTING From cosy blankets and fancy dinner candles to Christmas crafts and family fun games, we have everything you need to make your festive gatherings extra special. Whether you’re planning a lavish dinner party this Christmas or a casual games night to bring in the new year, our hand-picked selection of products promises to elevate your festivities to new heights! Christmas mug, £8.99, Gisela Graham giselagraham.co.uk
Christmas bunting, £4.99, Sue Ryde r shop.suer
yder.org
Wreath cushion, £10, George direct.asda.com Herd Mentality game, £20, The Top Drawer thetopdraweruk.co.uk
Stags head bottle opener, £14, Marquis & Dawe marquisanddawe.co.uk Christmas tree napkin, £3.50, Talking Tables talkingtables.co.uk
Candy cane cushion, £8, George direct.asda.com Table linen, £26, Rebecca Pitcher rebe ccapitcher.co.uk
First Time Buyer December 2023/January 2024
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FTB LOVES
Finger twister game, £4.99, Ginger Ray gingerray.co.uk
Christmas crackers, £35, Rose & Grey roseandgrey.co.uk
Giant nutcracker, £10, Dobbies dobbies.com Guest towel set of 2, £6, George direct.asda.com Candles, £18, Talking Tables talkingtables.co.uk
Christmas craft kit, £6.49,Sue Ryder shop.sueryder.org
Name place card holders, £5.99, Ginger Ray gingerray.co.uk
Tea towel, £11, Rebecca Pitcher rebeccapitcher.co.uk
Christmas wreath, £22,Rockett St Geo rge rockettstgeorge.co.uk
Recent research from British pottery Denby reveals that Brits throw away a collective 70 million homeware items each year that could have been donated, sold, or repurposed and given a new lease of life. The research was commissioned by Denby as part of its Denby Reloved campaign, which is encouraging the nation to find ways to re-use, re-purpose and re-love its homewares, supported by presenter and sustainability advocate Miquita Oliver. As part of the campaign, the brand has also launched a partnership with Shelter, which is asking people to donate pre-loved tableware that no longer meets their needs to charity, instead of sending it to landfill. To find out more visit, denbypottery.com/reloved
First Time Buyer December 2023/January 2024
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Homepage LIVING
HAPPY HOLLY-DAYS Step into a wonderland with the timeless colours of Christmas – red and green. Our collection celebrates the spirit of the season with style and comfort for the winter months, while not breaking the bank!
Star light, £14.99; snowflake wind ow light, £24.99; light orbs, £39.99; Christmas wreath, £89.99, lights4fun
Noël poster, £5.45, Desenio
Christmas tree cushion, £12, George
Sherpa cushion, £10, George
Pinecone, berry & poinsettia wreath, £24.99, Dobbies
Stocking, £8, Habitat
wreath, £15; mistletoe Eucalyptus wreath, £25; white berry Lewis John , wreath, £20; knitted stocking, £20
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Christmas trees, pack of 3, £8.99, Little Big Party
First Time Buyer December 2023/January 2024
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Homepage LIVING
Ho ho ho mug, £3.50; mug with spoon, £4; merry mug, £3.50, B&M
Slogan cushion, £12; Christmas cushion, £10; Gonk cushion, £12, B&M
Hot chocolate bauble, £4, Habitat
Pack of 12 textured finish baubles, £12, Habitat
Light up cushion, £12, George
Red/gold bauble, £4.99, Gisela Graham
Star bauble, £1.50, Dunelm
Red bauble, £4, Habitat
Noel Noel lights print, £13, Ink & Drop
Gonk cushion, £11, George
Christmas dinner candles, pack of three, £7.95, ad&i
, ni game crackers pkin set, £18; mi Table runner & na is t wrap, £4, John Lew pack of 6, £8; gif
C ON TA C T S » ad&i adandishop.co.uk » B&M bmstores.co.uk » Desenio desenio.co.uk » Dobbies dobbies.com » Dunelm dunelm.com » Gisela Graham giselagraham.co.uk » George direct.asda.com » Habitat habitat.co.uk » Ink & Drop inkanddrop.com » John Lewis johnlewis.com » lights4fun lights4fun.co.uk » Little Big Party littlebigparty.co.uk
First Time Buyer December 2023/January 2024
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Homepage LIVING
At home with: Rachel Gold Rachel Gold is an interior designer with over 15 years’ experience working on luxury Chelsea Harbour apartments to opulent Surrey mansions. Her signature style is an eclectic, individualistic fusion of vibrant colours. She also specialises in wardrobe decluttering and is a stylist to many celebrities for photo shoots. She chats to Lynda Clark about her first home, her interesting career and gives some excellent advice for first time buyers Photo @howlingbasset FTB: Tell us about your first step on the property ladder? RG: I always managed to save and every time I got paid I would always put something aside. I lived a fairly frugal lifestyle but it was never a problem. So, at the age of 29, I managed to buy a huge Victorian apartment in St Leonards-on-Sea. My mother had a house there so I decided to buy near to her. Mortgages were much easier to come by then and I bought it for £32,000. It was really lovely and had large floor-to-ceiling windows and two bedrooms. I was a young single parent and lived and worked in London but I would come down every weekend and slowly renovated it – luckily there was no major building needed. My son adored it as it was by the sea and we really enjoyed living there. Eventually I sold it but we had some very happy times living there. FTB: Where do you live now? RG: I am now married and my husband and I lived in north west London, but during Covid we realised we wanted a bigger place with a larger garden as we have three dogs. So we bought a house in Sussex which is lovely. It was built 45 years ago and there is a woodland covenant on the homes there, which means we are not allowed to paint the outside of them in any other colours than brown, so they blend into the woodland and countryside. The houses remind me of a Swiss chalet and there is a real community feeling among the other people living here. We actually own the road and at night, even though it is pitch black, it is rather comforting to know other people are around you. We have five bedrooms and a large garden with 35 trees in it! The dogs love it and it’s so peaceful. FTB: Tell us about your career? RG: I am fortunate enough to have a very versatile mind and throughout my life I have always had ideas of what I wanted to do. I started as a singer and performer and I also designed all the outfits that the band wore. I then went to live in Switzerland and just came back to London for any singing work as you are not allowed to work in Switzerland unless you are a citizen or married to a Swiss person. I decided to do a correspondence interior design course, which sounds rather odd but it was
excellent. We were given homework and you could not go on to the next module unless you passed. As an interior designer you really do need to have a great deal of technical know-how when it comes to measurements and the structure of a building and you can’t afford to make costly mistakes. I have a team of experts, like plumbers, decorators and painters, who I work with so we get it exactly right and this ensures the price is accurate as well, which is very important. It is hard sometimes as many of the items we work with are sold online and clients often want to order themselves. This can cause problems, so I insist that everything we need has to be on site on time. Also, I really encourage people to move out while the work is being done as it’s very hard to work and live in a property with all the dust and upheaval. If they don’t want to move out we choose a room and put everything they need in there and seal it, but more often than not they want a sneaky preview of what I am doing and that can cause issues too! When I eventually came back to London I started work as an interior designer and worked mostly for friends, so I got most of my business through word of mouth. Often people had a home in the country and a little pied-a-terre in London – some were very wealthy. If they had a son or daughter they would ask me to help with their apartment which was usually advising on paint colours and sorting out soft furnishings and accessories. FTB: Tell us about your styling and wardrobe decluttering? RG: Basically I go round and empty out people’s wardrobes and they try everything on and the things that don’t fit or don’t work they donate or sell. We then go shopping and build on their wardrobe from there. Men are very different to women – they are not usually impulsive and when you go shopping you will ask if they like some jeans and if they do they will buy three pairs and some shirts etc to go with them and that is it. Women tend to buy a skirt because they like it but won’t have anything to team it with and then they will buy a top which doesn’t go with the skirt or sometimes it doesn’t go with anything else they have! I create a capsule wardrobe so
that everything will mix and match. Many women look at television or social media and want to look like the people they follow but they may not have the body shape, so I have to help them with what suits them too. I advise everyone to spend four hours one weekend and take everything out of the wardrobe and hang them on a rail. If it’s not in season then pack it away so the clothes that are left can be worn every day. If things don’t fit then get rid of them. People should declutter at the start of every season as it will really help and organise you too and it is a very good idea to really get to know your wardrobe and what works for you. These days there is so much colour on the market and you can buy some wonderful bold and bright colours which are such a change from 10 years ago when there was only black! I have styled many different celebrities including Gordon Ramsey, Rick Stein, Mary Berry, Lewis Hamilton, Fiona Bruce, Michael Ball and a host more. It’s always fun and occasionally challenging but it’s a great job! FTB: What plans do you have for the future? RG: I would really like to do some presenting work for television and I feel there could be a great show talking about the colours in the home and in the fashion world and what you should choose to suit your personality. I also teach meditation and mindfulness and enjoy developing different areas of how to become more confident, which is very rewarding. I do lots of voiceovers and they are great fun and I hope to continue doing those too. FTB: What advice have you got for first time buyers? RG: When you are buying for the first time consider the future and what will suit you in five years’ time. My son and his wife bought a two bedroom flat and had one child but they didn’t anticipate the speed at which they would have another so they had to move as they needed more space. Simply look back five years and remember what you were doing then, and then go forward five years and try to plan what you will need then. Instagram: rachelgoldstylist_
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Homepage LIVING
“WHEN YOU ARE BUYING FOR THE FIRST TIME CONSIDER THE FUTURE AND WHAT WILL SUIT YOU IN FIVE YEARS’ TIME”
“PEOPLE SHOULD DECLUTTER AT THE START OF EVERY SEASON AS IT WILL REALLY HELP AND ORGANISE YOU TOO AND IT IS A VERY GOOD IDEA TO REALLY GET TO KNOW YOUR WARDROBE AND WHAT WORKS FOR YOU”
First Time Buyer December 2023/January 2024
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE PRESTIGIOUS ADDRESS Grand Avenue Hove, West Sussex
FROM £101,250*
THE NEW ARRIVAL Home X Moulsecoomb, West Sussex
FROM £89,250*
This month FTB goes on the hunt with Simone Wolsey and Sean Hu who are seeking a new home in Brighton and Hove and the surrounding towns
PROFILE
Names Simone Wolsey 34 and Sean Hu 34 Occupations Programme manager, executive assistant Maximum budget £250,000 Requirements A one or two bedroom home in Brighton and Hove or the surrounding areas, with outside space and parking; a range of amenities close to home as well as good road and rail links
What they wanted… We met at university in Brighton and have lived in the area ever since – we love it. We have seen Brighton really flourish in the past 15 years, and we’ve also seen the property prices rise, too. We are long-term renters and would like to buy a place of our own so we can finally have a permanent home here or somewhere close. We are fairly open when it comes to location as we both drive and can get around easily. We’d like to consider the towns along the coast close to Brighton as well as towns further north, closer to the South Downs. Ideally, we’d like two bedrooms as we work from home a fair bit. We’d also like parking and some outdoor space. We’ve been lucky to have fairly low rent over the years that has allowed us to save for quite a healthy deposit.”
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Occupying a prime position on Hove’s seafront, these new one and two bedroom homes are a highly sought-after addition to the town. Some of Hove’s favourite sights lie within a few minutes’ walk, including Palmeira Square and the plethora of cafes, galleries, venues and fitness studios in the immediate vicinity. Shops are easy to come by, too, with Church Road and Brighton’s many options close by. The apartments are sleek and contemporary, with recessed balconies, storage space and en suites for the larger properties.
This new collection of one, two and three bedroom apartments is one of several new build developments in this area, one of which includes an innovative co-working space, Plus X, next door. Moulsecoomb lies just a mile north of Brighton, close to supermarkets, shops, and with very speedy direct bus and train links to Brighton (10 and six minutes respectively). The properties are well-sized, with bright, spacious living areas and en suite bathrooms in the two and three bedroom homes. Some have private outdoor space.
shnewhomes.co.uk
shnewhomes.co.uk
*Based on a 25% share of the full market value of £405,000
*Based on a 25% share of the full market value of £357,000
What they thought… We currently live fairly close to this new development but we had no idea it was being built! It’s in such a great spot – ideal for enjoying both Hove and Brighton’s town centres, as well as the seafront. It’s close enough to Brighton to enjoy the buzz, but also far enough away to get some breathing space when the crowds hit the town in the summer, which is what we’ve always loved about Hove. We are really keen on the styling – the dark wood floors and floor-to-ceiling windows are very appealing.”
Ahh, we lived in Moulsecoomb for a couple of years at university and we have some fond memories of the area. We didn’t drive back then, and we know that there are great bus and train links. The co-working space next door could be great for us, as it could offer fresh space to work or hold meetings. What we like about this location is that you’re halfway between the town and the Downs. We love exploring the South Downs and the surrounding villages, so it could be nice to be a little closer.”
First Time Buyer December 2023/January 2024
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Homepage FIRST RUNG
THE WILDCARD Fontwell Meadows Fontwell, West Sussex
THE NATURAL SETTING FROM £239,950
FROM £81,000 *
Bluebell Heights Falmer, West Sussex
First choice! THE SEAFRONT VIEWS
FROM £93,800*
Wharf Twenty One Sussex Shoreham-by-Sea, West
Lovers of coast and country are in for a treat at this new collection of homes in Fontwell, at the foot of the South Downs. The coast is around five miles south, while the city of Chichester and historic Arundel are both a 10-minute drive, as well as plenty of pretty West Sussex towns and villages. There is a range of one and two bedroom apartments, as well as two and three bedroom houses available at Fontwell Meadows, which is two miles from Barnham station, making it a perfect option for young professionals, families and downsizers alike.
Nestled into beautiful, hilly surrounds in Stanmer, these one, two and three bedroom homes offer a best-of-both worlds location. The rolling hills of the South Downs are moments away, along with a school, library, pharmacy and shops, while Brighton is reached in around 15 minutes by car, or easily by direct bus or train. This attractive collection of apartments is set across six buildings, which sit in pretty communal grounds. Inside, the homes are stylish and spacious, with open-plan living areas that lead on to a private balcony or terrace.
dandara.com
hydenewhomes.co.uk *Based on a 30% share of the full market value of £270,000
This is obviously a lot more rural than we’re used to – and around a 40-minute drive from Brighton – but it’s still an option that we’d consider. We love West Sussex and have spent many a weekend walking the Downs. We’ve often considered moving to a semi-rural place like Fontwell, and this development looks like an ideal opportunity for doing just that. The homes are well designed and we could possibly afford a house here, which is very tempting indeed. Certainly something to consider.”
This looks like such a nice setting, we love how the apartment blocks are cut into the hills – I think you’d feel very connected with nature here. The apartments themselves look great – we love the wraparound balconies on the corner properties. Locationwise, it’s good! It’s definitely perfect for country and city – as Brighton really isn’t far at all, but you’d certainly feel fairly rural. Brighton is close enough to cycle to – only around 25 minutes – or of course a quick drive. It’s a really nice option.”
of the day ept vistas are the order Sea views and windsw apartments m roo bed two and one at this new collection of ond, the bey er Ardur and, just that overlook both the Riv of Brighton st we es – around five mil sea. Shoreham-by-Sea and the rs, yea ent rec in ularity – has seen a surge in pop nty in the ple and ory hist rich a t has former commercial por new se The shops and activities. way of local amenities, es hom The all. m d to enjoy the homes are ideally locate s, tion por pro usly ero gen ed, with are thoughtfully design g. kin par le ilab balconies and some ava shnewhomes.co.uk *Based on a 35% share of the full market value of £268,000
THE NEXT STEP
”We can imagine that this development is going to be really popular, so we‘re going to act as quickly as possible. We‘ve done the initial work of speaking with a mortgage broker and we know that we‘ll pass the affordability checks, so it‘s just a matter of getting ourselves registered and viewing as soon as possible.“
We can’t quite believe what an amazing location this development is in – right on the river and with incredible sea views. We know Shoreham fairly well, as some friends moved here a while ago and we’ve visited them lots, and have always liked the vibe. There are some really cool old pubs, a market and a really nice coffee shop. You’re still only a 20-minute drive from Brighton, which is ideal for us. We love the apartments, too – they are seriously spacious, with heaps of extra storage space and good-sized bedrooms. We can really see ourselves making the move further along the coast and making Shoreham our home.“
First Time Buyer December 2023/January 2024
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ADVICE
Making homeownership accessible is Minnie Dando’s priority. With 17 years of experience in property, her knowledge of the first time buyer market is second to none. During her career, her passion for supporting people to take a step on to the property ladder has forged a path in marketing, specialising in affordable homes. As Head of Marketing & Communications at Hyde New Homes she places the needs of buyers at the heart of every project and is committed to informing first time buyers about the benefits of shared ownership
Q
We’re ready to make the leap from renting and have started looking at buying our first home. After much research we’re planning to buy with shared ownership, to make our deposit stretch further. However, we’re a young couple planning a family so we’re keen to buy a house rather than an apartment. Outside space is really important to us and we need something we can grow into. However, it seems that houses available to buy with the scheme are hard to find. Please can you advise?
A
The first step to buying a home is to work out what you can afford and it sounds like you’re in a position to move forward and make homeownership a reality for you and your partner. Shared ownership is a scheme that will help you secure a home that will suit you for the long-term, so I can understand your thought process with searching for a house over an apartment. Firstly, please be reassured that you’re not restricted to apartments. There are plenty of houses available to buy with this Governmentbacked scheme. It may be worth considering broadening your search area to explore what neighbouring areas have on offer, particularly where new developments are springing up. This may enable you to buy a more spacious home, with a larger garden, or an additional room for home working which your family can grow into, still within your budget. Alternatively, you may also opt for a house with a lower share of purchase equity on offer, enabling you to buy a four bedroom home over a three bedroom, for example, and then buy more shares whenever your circumstances allow, and even own your home outright eventually. Our shared ownership homes at Hyde New Homes come in a selection of different designs to suit different buyers’ needs, including variations in architectural styles, a choice of sustainable features and also a broad selection of home types from studio apartments to detached houses. They’re all situated in
superb, family-friendly locations and prioritise community as well as comfort, connectivity and local amenities. For example, Whitstable Heights is perched proudly on the north coast of Kent, looking over the lovely town of Whitstable and the sea. Four bedroom houses here start at £128,750 for a 25% share, based on a full market value of £515,000 with a deposit of £12,872. Similarly, a deposit of £10,625 will secure a 25% share of a traditionally built four bedroom house at Spring Acres, just a 25-minute drive away, near the town of Sittingbourne. There are more options for you in the desirable village of Yapton, West Sussex, at Wildbridge, launching this autumn. Situated in a convenient village location, nestled between the South Downs and in close proximity to
Minnie Dando, Head of Marketing & Communications, Hyde New Homes
the coast, there is a range of two, three and four bedroom houses, all with private turfed gardens for families to enjoy time outdoors. Three bedroom houses here start from £91,250 for a 25% share based on a full market value of £365,000 and a deposit of £9,125. At all of our marketing suites, our expert in-house team of consultants will be able to show you around show homes which showcase our specification and quality so you can to visualise how available space can best be used. They will discuss options for your personal circumstances and if you do find your dream home, they will be on hand to guide you through the conveyancing process and welcome you into your new home. Wishing you the best of luck with your homeownership journey!
FROM A welcoming community in an idyllic country park setting awaits at Spring Acres by Hyde New Homes. Perfect for first time buyers, young families and downsizers, these shared ownership houses boast a high specification as standard. A range of contemporary kitchen units and integrated appliances are included, fitted wardrobes and en suites come as standard in the main bedrooms, along with quality flooring and turfed gardens at no extra cost. Excellent insulation, solar panels and electric vehicle charging points to many of the homes, provide welcome eco features and energy savings. Sittingbourne, Buyers at Spring Acres can choose between two, three Spring Acres and four bedroom homes in varying architectural styles. The development features wide open spaces for residents to enjoy, while individual homes have private gardens for spending time in the sunshine. Spring Acres sits at the outer fringe of Sittingbourne, on the edge of the semi-rural village of Bapchild. From there, rolling countryside stretches all the way to the beautiful Kent coastline just over a mile away. Buyers can enjoy the best of rural and coastal life, along with easy access to Sittingbourne’s vibrant town centre. Close to both Sittingbourne and Teynham stations, Spring Acres is ideal for those commuting to London or heading into the city to enjoy a spot of world-class entertainment. Closer to home, there are Ofsted-rated Good and Excellent schools in the local vicinity. Buyers keen to benefit from these beautiful new homes can view the fully dressed show home or register their interest today.
£98,750*
hydenewhomes.co.uk/spring-acres *Based on a 25% share with a full market value of £395,000
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THE VIEW
A PASSION FOR PROPERTY! Lexie Carducci is a property finder, developer and content creator with over 17,000 followers on Instagram. She talks to Lynda Clark about her fascinating life, her current projects and gives some expert advice to first time buyers Photos: Monica Butnaru
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THE VIEW
"DECIDE EXACTLY WHAT YOU REALLY NEED AND COMPARE AREA VERSUS PRICE VERSUS SPACE VERSUS SPECIFICATION" First Time Buyer December 2023/January 2024
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THE VIEW
L
exie is overflowing with enthusiasm and positivity and when I chat to her, her passion is infectious. She was brought up in Torquay, Devon, and explains, “I had a really fun childhood and loved every minute. I am an only child but I have cousins who lived locally and so did my grandparents, so we were one big happy family. Like a lot of people who live near the sea we had a beach hut, and we would go there every day during the summer holidays. It was idyllic and I don’t remember it ever raining! My father bought an inflatable raft and together with my cousins we would row over to Corbyn Head and go fishing in the rock pools. We felt so independent and grown-up.” She worked hard at school and passed her 11-plus and was due to go to a top grammar school in Torquay but sadly it was oversubscribed, and she didn’t get a place. “I felt very disappointed as all my family had gone there in the past. There wasn’t really another school like it, so my parents sent me to a private school called Tower House which I absolutely loved – it’s where I found my confidence and contributed so much to who I am today. I worked hard for five years and then got a place at the grammar school to do
my A-levels but I was used to a very small school and so it was really overwhelming. At Tower House I wanted to study media studies and it was the first year they offered it at GCSE which was amazing. So, I wanted to continue studying it at A-level and did very well. I got a place at the University of Southampton but two weeks before I was due to start, a friend went to drama school in London and asked me to join him in the City. So, I decided to go and went through the university clearing system where I got a place at South Thames College studying Production Arts for film, theatre and television plus hair, prosthetics and make-up. I really loved it, I had also always enjoyed musical theatre, so I signed up to a course at West End Stage on a Saturday and realised it was just what I wanted to do. From there I gained a place at Tech Music School to study a degree in Popular Music Practice. But it quickly opened my eyes to that world and realised it was not a career that I could follow as I just wasn’t as good as the others on the course.” While Lexie was at Tech Music School she had to rent privately as it was a small university with no halls of residence. “I roped in my friend, Lucy, to flat share with me and as we knew the rent would be very high Lucy asked another friend from Sweden to join forces with us. We went round to some estate agents to find a three bedroom rental property which was furnished but what we liked was an unfurnished four bedroom home that was over our budget, but we decided to take it! The estate agent who showed us round was a lovely guy and we started dating and we are still together 12 years later! I had a part-time job in a department store in Wimbledon; it was too far away, but I needed the money. So, I started working at the estate agents on a Saturday instead and answered the phones.” Lexie finished her foundation year and then decided to work at the estate agents full time and said, “I really thought it was going to be like Phil and Kirstie on
"I THOUGHT IT WAS GOING TO BE LIKE PHIL AND KIRSTIE ON LOCATION, LOCATION, LOCATION, AS I THOUGHT THE JOB OF AN ESTATE AGENT WAS TO WORK FOR THE HOUSE HUNTERS" 22
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THE VIEW Location, Location, Location as I thought the job of an estate agent was to work for the house hunters!’’ A part of what they did was working with large companies who were relocating their employees ‘‘I’m not a corporate person, but I really enjoyed this side of the business. "Eventually I met somebody who had started their own relocation company and needed to find homes for employees who were moving to a new area. It was such fun and one of the companies I worked with was a big social media company and we had to relocate hundreds of staff every month. It was really full-on but after three years I was a bit burnt-out and decided that I wanted to go freelance.” Work-life balance is very important to Lexie, and she was keen to get on the property ladder herself, but she knew that going freelance she would have problems getting a mortgage, so she stayed in fulltime employment for another six months. Getting a mortgage wasn’t without its hurdles though, and when the mortgage people called her to ask her questions and basically check her out, it didn’t go well. “I was driving at the time and wasn’t really expecting them to call. I was so blase – I got the address and postcode of the property wrong for starters and it went downhill after that. It was a big learning curve as I obviously got rejected for the mortgage. "Looking back, I should have definitely asked them to call back when I wasn’t driving and also get all my paperwork together. Eventually I went to a mortgage broker, and he was amazing, and I managed to buy a place in Acton. It was in an area that was being rejuvenated and would get the Elizabeth Line, which made it very commutable. I bought it for £275,000 and refinanced it a few years later, after turning it into a two bedroom, for £550,000, so it made me a very good profit. This gave me some cash to buy again, and I bought another place in Acton and turned it from a one bedroom to a two bedroom by just moving some internal walls and opening it all up.” Lexie is still a property finder, which she loves, but during lockdown people stopped relocating employees. “It was quiet during the pandemic although property was still high on everyone’s agendas. I started creating some fun content and gave lots of property-related tips which I put on Instagram. I am passionate about first time buyers, particularly, having a chance to get on the ladder and suddenly I was getting more and more popular, and my social media started to really grow. "I taught myself how to film and edit content by watching YouTube and even though I started with just basic equipment, whenever I had some spare cash I would upgrade it. There is such a lot of negativity
"I AM PASSIONATE ABOUT FIRST TIME BUYERS, PARTICULARLY, HAVING A CHANCE TO GET ON THE LADDER AND SUDDENLY I WAS GETTING MORE AND MORE POPULAR, AND MY SOCIAL MEDIA STARTED TO REALLY GROW" in the news about property and I try and give a lot of advice in a fun but practical way. I’m a big advocate on education and I think that we should be going into schools and be starting at the grass roots level about how to manage your money and saving for the future and giving some basic knowledge about homeownership.” Lexie and her partner Luke now live in a bungalow in Chiswick. She explained, “We knew the street very well as we had already bought a place here before. It’s definitely the worst house on the best street! We were very lucky to find it though, as the garden was so overgrown you could barely see the house. One day we were walking past and decided to take a peek. We wandered up the path and there was an estate agent's board lying hidden in the long grass, so we contacted the agent and found out that the lady who was living there had to go into a home and her brother was selling it. "It was under offer, but the vendors were waiting for planning permission, so we offered less and said it would be without planning permission and he decided to go with us. The home was in an awful state, and we spent around £15,000 just to get it in a liveable state. We were lucky in some respects though because it had the most awful green carpet which we took up and discovered some lovely parquet flooring. We are still living with an avocado bathroom, but I understand that’s back ontrend now!” They decided to take out a tracker mortgage but as the interest rates have rocketed, they are having to pay an extra £1,000 a month. Nothing fazes Lexie though and she took advantage of the upstairs dormer, which could be made into a self-contained studio. “It already had its own entrance and we created a bedroom and made a little kitchen and bathroom and we rent it out to cover the extra mortgage payments. “Now, finally, after five years we have planning permission to demolish the house completely. The plans went through six months ago after a trip to the planning committee as there were some objections, which we have resolved. So, we will have a new three bedroom house with a basement
for us and then build three flats on the other side. So, saying that, we might just decide to sell it now and start again if somebody came along with the right offer. We love a challenge and as we already have a flat on the same road, which is empty, we could move in there if need be.” Lexie has some excellent advice for first time buyers. Her five top tips are: 1. Get organised – it really will work in your favour to have all your ducks in a row and try to get ahead of the game and get a mortgage in principle in place. 2. Compromise is the key – decide exactly what you really need and compare area versus price versus space versus specification and then look at where you can compromise. 3. View, view, view – the more properties you look at the more you will understand your wants versus your needs, and you will be in a much better place to make an informed decision. 4. Call the agents – don’t reply on just emails or rely solely on the portals! Speak to the estate agent or development sales team as it will get things moving much quicker and may give you access to things before they come to the market. 5. Be nice – if you are friendly it will work in your favour as people will go out of their way for you. If, for example, you are buying on the open market, the sellers might look more favourably on you if you are a nice, friendly person. You really can’t take away Lexie’s passion and know-how and she obviously loves what she does. So, when asking her what she would like to do in the future, she quickly says, “Oh I have loads more to do but I would love to be a property presenter on television, and I do think there could be an opportunity for a new and different series. Working in this industry is such fun and I never get tired of it.” As we finish our conversation Lexie comments that she could chat all day, and I for one would be very happy to listen – she is a superstar in the making. Instagram: @lexiecarducci
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ROCKETING RENTS
LEAVE ROCKETING RENTS BEHIND
Rents are rocketing, with no sign of a crash, so now is the perfect time to lose the landlord and launch your homeownership journey! Debbie Clark looks at the current state of the UK rental market, and what options are out there to give first time buyers’ budgets a boost Zoopla’s latest quarterly Rental Market Report has revealed that rental affordability – defined as the proportion of gross earnings needed to cover the average rent – is now at its highest level for a decade. Now at 28.4%, the figure highlights that rental price rises are outpacing growth in wages. Shockingly, the average renter in the UK has seen costs rise by £2,800 in the last three years and can expect to continue to pay an extra £1,320 annually. Zero Deposit, the tenancy deposit alternative, has also been tracking rental costs over the past five years and its research found that rents have rocketed by as much as 41% in some areas, with an average of 13.7% across England. Sadly, the bad news for renters doesn’t end there. Rental supply is 30% below average for this time of year, despite demand for rented homes still 51% above the five-year average – a mismatch of supply and rental demand that is evident across all regions of the UK. Unaffordable rents and a shortage of supply are, of course, also exacerbated by the current cost-of-living crisis. As a result, many renters are being forced to rent smaller homes, move to cheaper areas or share a property with other renters to reduce costs. Sam Reynolds, CEO of Zero Deposit, says, “In the past few years the market has been rocked by rising energy costs and mortgage rates, while the lack of supply to meet demand is also serving to push up prices in previously affordable regions. This means that those reliant on the rental sector in order to live can face incredible competition when searching and an even larger financial barrier when it comes to placing a deposit and covering the asking rent on a monthly basis.” Will a new year bring fresh hope for renters? Unlikely.
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Commenting on its latest report, Richard Donnell, Executive Director at Zoopla, says, “The rented sector is stuck in a seemingly endless cycle of low supply and strong demand, which has kept rental growth in double digits for 18 months in a row. Rents continue to rise faster than earnings, worsening rental affordability for renters looking to move. More renters looking to share accommodation could well support rental growth into 2024 with no end in sight for the shortage of homes for rent.” Most first time buyers we speak to are looking for more space and increased security, something the rental market just isn’t able to offer at the moment. The appeal of homeownership is therefore stronger than ever. If increasing rental costs are eating into what savings you have, now is the time to sit down with a financial adviser and see if you could be paying off your own mortgage each month instead. There are numerous schemes available to help you get on the ladder and escape the rental market for good.
SHARED OWNERSHIP Shared ownership homes are offered by housing associations, local councils and other organisations. They are called providers or the landlord. Shared ownership allows buyers in the UK to buy a share of a leasehold home and pay rent on the remaining share. The aim is to make homeownership more affordable for those on lower incomes, or with small deposits. The shared ownership scheme is available on purpose-built new homes and pre-loved shared ownership homes, called resales. Buyers must meet the eligibility criteria, which covers household income (less than £80,000 or £90,000 in London) and housing status – first time buyers, existing shared ownership residents, or those finding themselves priced out of the market due to issues such as a relationship breakdown. It is important that the cost of rent, service charge and a mortgage does not generally exceed 45% of your net income. You will need to evidence your income and savings and having a good credit score will improve your mortgage choice and the interest you pay. Sometimes providers may also have their own eligibility criteria, for example that you live or work in a given area. Buyers undertake a financial assessment to determine the share they can afford to purchase – typically a minimum of 10% and maximum of 75%. In addition to mortgage repayments, they then pay rent on the remaining share, plus a service charge. Owners can go on to purchase additional shares as their situation allows, "staircasing" in increments of as little as 1% a year for the first 15 years or from 5% in a lump sum, and will benefit from a share of any increase in the property’s market value.
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ROCKETING RENTS
FROM £75,000*
HOMES AROUND THE COUNTRY *Average rent figures taken from home.co.uk
HOUNSLOW
Lampton Parkside’s Green Square
Delivered in partnership with Notting Hill Genesis, Hill has unveiled 150 new one, two and three bedroom apartments and two and three bedroom duplexes, set around beautifully landscaped gardens and available to purchase with Hill’s Deposit Unlock scheme. Residents of these high-specification, energy-efficient homes will benefit from access to their own private outdoor space in the form of a spacious balcony, terrace or garden, in addition to a shared sky garden, enjoying far-reaching views over Lampton Park and west London’s attractive skyline. Residents will also have access to an on-site meeting room and a dedicated concierge service. Hounslow Average rent Central station, a four-minute walk away, is served by the Piccadilly Line. Secure for area: bicycle storage is also available.
SOUTHALL, EALING Dover Court
£1,400 pcm
Offered by Home Reach, Dover Court is an exclusive development of one and two bedroom apartments, all designed with a focus on light and located within a buzzing community. The spacious apartments feature open-plan kitchens, complete with integrated Hotpoint appliances, alongside an abundance of built-in storage. Bathrooms are fitted with a Hansgrohe shower and feature grey matt tiled walls and floors. The homes also boast private outdoor space and additional access to the residents-only landscaped garden. The Elizabeth Line is just an 11-minute walk away at Southall station, providing a regular service into London and surrounding areas from Essex to Berkshire. homereach.org.uk/ development/dover-courtsouthall-greater-london 020 3744 0415
FROM £315,000
Average rent for area: £1,503 pcm
lamptonparkside.co.uk 020 3959 0900
FROM £98,125*
ACTON
Western Circus
L&Q has launched a collection of one and two bedroom shared ownership homes set around a landscaped podium garden. The contemporary homes, part of a wider development offering over 350 properties, feature Amtico flooring to hallways and living spaces, and carpets in bedrooms. Kitchens have fully integrated appliances, including a dishwasher and fridge-freezer. Every home has access to private outdoor space, communal gardens and cycle storage. Acton offers excellent Average rent transport links, including Central Line services from East Acton station, a short walk for area: away, and Elizabeth Line services from Acton Main Line direct to Paddington.
£1,950 pcm
lqhomes.com/westerncircus 020 8189 7505
*Based on a 25% share of the full market value of £300,000
*Based on a 25% share of the full market value of £392,500
RIGHT TO BUY
FIRST HOMES
The Right to Buy scheme helps eligible council tenants in England, and those who were living in a council home when it transferred to another landlord, such as a housing association, to buy their home at a significantly discounted price. Discount levels for houses and flats are worked out differently, and start at three years of eligible tenancy, increasing to a maximum of 70% of the property value depending how long you have been a tenant. For houses, tenants get a 35% discount if they’ve been a public sector tenant for between three and five years. After five years, the discount goes up 1% for every extra year, up to a maximum of 70% or £96,000 across England and £127,900 in London boroughs (whichever is lower). For flats, tenants get a 50% discount if they’ve been a public sector tenant for between three and five years. After five years, the discount goes up 2% for every extra year, again up to a maximum of 70% or £96,000 across England and £127,900 in London boroughs (whichever is lower). However, the discount will be less if the landlord has spent money building or maintaining the home in recent years. The Government’s Right to Buy Agent service offers free and impartial advice on the scheme, including a handy eligibility quiz at ownyourhome.gov.uk.
First Homes is a Government scheme enabling first time buyers in England to purchase a home for 30-50% less than its market value. This can be a new home built by a developer, or a home bought from someone who originally bought it through the scheme. Buyers must meet the eligibility criteria, which specify that you must be at least 18, be a first time buyer, are able to get a mortgage for at least half the price of the home and have an annual income of less than £80,000 (£90,000 in London). The local council may also set some eligibility conditions, for example giving priority to the First Homes scheme to essential workers, people who already live in the area or those on lower incomes. Homes will be specifically advertised as being part of the First Homes scheme and every home sold is valued by an independent surveyor to make sure the discount is based on its true market value. Homes cannot cost more than £250,000 (£420,000 in London) after the discount has been applied. To apply, buyers must contact the developer (or estate agent if buying from a previous First Homes buyer) who will help them to complete the application, then send it to the local council. There is a fee payable if buying a new build, which will be refunded if an application is unsuccessful.
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ROCKETING RENTS
CASE STUDY
HASLINGTON, CHESHIRE
FROM £54,000*
Hazelmere
The final phase of just seven homes is now available at this popular development. The collection of traditionally designed two bedroom semi-detached and terraced homes is available exclusively through shared ownership. Ideal for young professionals looking to commute to one of the major surrounding cities, downsizers after a quieter pace of life, or families looking to put down roots, Hazelmere offers everything from wildlife spaces and ponds through to play areas for a range of ages. First time buyer Tom has just bought a home at BoKlok on the Lake in Worthing, a new collection of sustainable one and two bedroom apartments. It was only when his landlord decided to sell, that Tom considered the possibility of buying his own home. Tom had a lot of family already living in Worthing, so searched online for new build homes in the area and discovered the development. The location of the apartments was a key attraction, and he was also pleasantly surprised by the reasonable prices. Talking of his initial property search, Tom said, “It wasn’t until my rented property went up for sale that I really considered buying a home of my own. BoKlok on the Lake really appealed to me. It’s located close to friends and family and its starting prices were within my reach. After registering my interest and speaking with the sales team, I got my mortgage in principle.” Tom was also impressed by the homes’ energy efficiency features. He says, “The fact that the apartments are so energy efficient was a major draw for me. With everything in the news about escalating costs, it’s really comforting to know that my home is actually designed to help me reduce my energy consumption, and as a result, my energy bills too. I moved in during February and the apartment is so well insulated, I haven’t even had to turn the heating on yet!” Tom is loving life in his new home. “It still feels very surreal that I own my own home. I still don’t think it has sunk in. I’m really happy with the flat. It’s finished to a really good standard and has everything you could need. I feel like I have so much space. The storage is fantastic – they really have thought of everything!” Block four – the final release of apartments at BoKlok on the Lake (boklok.co.uk/onthelake) – has just launched, with prices starting from £225,000 for a one bedroom home.
Average rent for area: £1,362 pcm
laurushomes.co.uk/new-homes/cheshire/hazelmere 0161 968 0300 *Based on a 25% share of the full market value of £216,000
BARNET
SO Resi Whetstone
FROM £100,000*
There are only a few homes left at this development of 17 one and two bedroom apartments. The development is built around an attractive, landscaped central courtyard with seating, and there are balconies or terraces to each apartment. Boasting Amtico flooring and chrome LED spotlights, these apartments feature luxury finishes as standard. In the kitchens, you’ll find an integrated fridge-freezer, oven and dishwasher by Zanussi, while the bathrooms have chrome thermostatic showers, heated chrome towel rails and shaver sockets built in.
Average rent for area: £1,450 pcm
soresi.co.uk/find-a-property/so-resi-whetstone *Based on a 25% share of the full market value of £400,000
RUGBY, WARWICKSHIRE
FROM £95,000*
Ashlawn Rise
L&Q is bringing 21 new two and three bedroom shared ownership houses to Ashlawn Rise. The houses offer spacious living areas filled with natural light, attractive kitchens fitted with fully integrated appliances, and practical bathrooms with chrome baths, showers and basin taps coupled with contemporary white sanitaryware. Generous main bedrooms are complete with built-in mirrored wardrobes with a shelf and hanging rail, offering plenty of storage space. Outside, every home at the development comes with allocated parking, a shed and a majority have a private turfed garden. The location is perfect for commuters – Rugby Average rent station offers frequent direct services to Coventry, Birmingham and London, and rail for area: travellers can reach Euston in less than an hour.
£1,047 pcm
lqhomes.com/ashlawnrise 0333 321 1778 *Based on a 40% share of the full market value of £237,500
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ROCKETING RENTS
CASE STUDY
FONTWELL, WEST SUSSEX
FROM £147,000*
Eastergate Park
This attractive selection of three bedroom homes is offered by Sovereign Living and is conveniently located just 1.4 miles from Barnham railway station, with connections to London Victoria, Brighton and Southampton. The development is close to local amenities, offers a good range of schools, and has excellent travel links to Chichester, Portsmouth and Worthing. There is plenty to do in the area, including Average rent Fontwell Park Racing, the South Downs National Park and the traditional seaside for area: town of Bognor Regis, a 15-minute drive away.
£1,417 pcm
sovereignliving.org.uk/developments/eastergate-park 0300 330 0718 *Based on a 35% share of the full market value of £420,000
WINCHESTER, HAMPSHIRE
FROM £68,750*
Knights Quarter
This stylish collection of energyefficient one and two bedroom apartments by Sovereign Living has been designed to maximise space, with all homes offering light-filled living rooms, contemporary kitchens and sleek modern bathrooms. The development is surrounded by the beautiful Hampshire countryside and is just a 10-minute walk from Winchester’s iconic city centre. Perfect for commuters, Winchester railway station – a 10-minute walk – offers services to London Waterloo, with a journey Average rent time of approximately one hour. Selected apartments also offer balconies and for area: parking is available with two bedroom homes.
£1,573 pcm
sovereignliving.org.uk/developments/knights-quarter-winchester 0300 330 0718 *Based on a 25% share of the full market value of £275,000
HAINE, RAMSGATE
FROM £188,000*
Spitfire Green
Barratt Homes is offering a selection of one, two and three bedroom homes at Spitfire Green. The development is surrounded by green open space with planned wildlife areas and a play park, and is just three miles from the Kent coast. Discount Market Value (DMV) apartments are available here for those who live and work in Thanet. Thanet Parkway railway station is now open, with highspeed services to Ashford and London.
Average rent for area: £1,190 pcm
barratthomes.co.uk/new-homes/dev-001134-spitfire-green 0330 057 2452
Lauren, 24, and her partner Logan, 27, were weeks away from moving into a new apartment in Bristol when everything fell through. Not to be deterred, they got straight back to searching and wasted no time in securing a spacious two bedroom conversion apartment at City & Country’s Factory No. 1 development in Bedminster, within Regent House. Consultant Lauren says, “We had previously been renting a two bedroom rural property outside Bath and were set to move into a new build home. When this didn’t happen, we visited Factory No. 1 the next day and immediately fell in love with one of the converted apartments they had available. It was so different to any apartment we had ever seen and so beautifully finished with stunning original features – we knew it was exactly the right place for us.” Situated in the former Grade II listed tobacco factory, City & Country’s development Factory No. 1 stood out to the couple for numerous reasons. Lauren says, “Our apartment has the most lovely and spacious open-plan kitchen and dining area, which is perfect for hosting, and we love the incredibly high-quality fixtures and fittings. The stone worktops and brass handles really add to the overall feel, and the finish is just outstanding! Their new home also had to be practical for Lauren’s hybrid working set-up. She says, “We were fortunate that our apartment came with a parking permit – something unusual in the city centre. This was extremely important for me as I work long hours and having a permit means that parking isn’t an issue when I get home.” Lauren continues, “Being able to turn the second bedroom into a home office was ideal for us. I think it’s valuable to create an environment you love to work from and I now have a comfortable workspace with excellent views over the city.” The couple also love the security and peace of mind of having a concierge at the development and the “friendly multi-generational community” feel. They are clearly impressed with the overall quality of their new home. Lauren says, “We always thought we’d be in our first place for a couple of years, but now we’re thinking we’ll definitely stay longer (and save up for our next, bigger City & Country property!)”
*For a DMV apartment
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RENT THEN BUY
TURNING RENTERS INTO BUYERS
At Barratt and David Wilson Homes we have just launched a new scheme to turn renters into buyers. It works by helping people build the deposit they need to buy, while allowing them to live in their dream new home The new scheme, called Rent then Buy, allows qualifying first time buyers to put down just a 2.5% deposit, exchange contracts and move into their new home straight away. It is being launched initially as a pilot in the Barratt and David Wilson Homes Southern Regions across the South East. Using the scheme, buyers can spend six months renting their chosen new home while their monthly payments build their deposit up to 5%. At the end of the six month rental period, the money they have paid in rent is counted as being the remaining 2.5% of their deposit, and they can then draw down a 95% mortgage and complete the purchase of their new home. First time buyers often tell us they can’t save for a deposit because they are already paying “their landlord’s mortgage”. This is why we are launching Rent then Buy to solve that problem for FTBs. The scheme offers an innovative way to speed up the saving process, allowing homebuyers to get started on their new life in one of our beautiful new homes across the South East. With saving for a deposit becoming increasingly difficult and with rents rising fast, Rent then Buy offers homebuyers a chance to seize the moment and lock in the home of their choice. Instead of paying private rent that eats up all their savings, they can put that money to good use as part of their deposit, all while they are enjoying living in their new home.
HOMES AVAILABLE WITH RENT THEN BUY FROM £ A TWO 369,995 FO R BEDRO OM AVAILA BLE WI HOME, T THEN B H RENT UY
Ecclesden Park
Located on the edge of the South Downs National Park and just a short drive from the beach, Ecclesden Park offers buyers the best of the rural lifestyle, with both country and coastal pursuits available. The development itself is located just a short walk from Angmering’s high street, which is home to amenities including a Post Office, convenience shop, butcher and a selection of pubs and cafes. Further afield is the Rustington Retail Park, and the nearby towns of Littlehampton and Worthing offer extended shopping and leisure activities, including yachting and sailing clubs. Ecclesden Park is located just over a mile away from Angmering station, which offers services to Brighton in 35 minutes and London Victoria in 95 minutes. dwh.co.uk/new-homes/dev001608ecclesden-park/
9,995 FROM £29 M B EE EDROO FOR A THR H IT ILABLE W HOME, AVA BUY RENT THEN
For more information about the scheme, and the homes that are available, visit barratthomes.co.uk or dwh.co.uk
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ANGMERING, WEST SUSSEX
WHITFIELD, DOVER, KENT Richmond Park
Having sprung up in the village of Whitfield, just outside of Dover, Richmond Park is the ideal location for first time buyers. There is a new primary school within walking distance, plus a number of easy-to-access amenities including a GP surgery and Post Office, and large supermarkets and retail parks are just a short drive away. Richmond Park is only 10 minutes away by car from the famous White Cliffs, while fast trains reach London St Pancras from Dover Priory in just over an hour. From the ferry port, residents can be in France within 90 minutes. barratthomes.co.uk/new-homes/ dev002468-barratt-homes-at-richmondpark/
First Time Buyer December 2023/January 2024
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NEW HOMES
MULTI-AWARD-WINNING UK HOUSEBUILDER DIRECTLY RESPONDS TO FIRST TIME BUYER NEEDS The obstacles facing first time buyers have been amplified over the past few months, which is why one UK housebuilder is responding with direct action to assist individuals with their specific needs and requirements Getting on to the property ladder is one step closer thanks to a unique approach from one of the UK’s leading housebuilders. Multi-award-winning Higgins Homes, renowned for quality building in London and the South East, is responding to the needs of customers by offering a range of incentives, tailored to suit a myriad of different scenarios. #HomesComfort is a campaign that has been specifically designed around the areas that create a barrier to homeownership for first time buyers. There is a range of bespoke, real-world incentives, with buyers encouraged to speak to advisers to discuss their particular needs to eliminate as many obstacles to homeownership as possible. In a challenging economic environment, the biggest difficulty for first time buyers is often saving a large enough deposit. Higgins Homes understands this challenge and has responded with a range of financial incentives including 5% deposit top up, potentially taking the deposit from 10% to 15%. Or buyers could take advantage of having the legal fees and Stamp Duty paid, which also adds up to a substantial expense. Recognising the unique financial requirements of each buyer, #HomesComfort empowers individuals to engage with the Higgins Homes team to tailor the ideal solution for their specific circumstances. Regardless of the financial pathway they select, this approach significantly lowers the initial expenses, widening the accessibility of ownership to a broader audience. One major additional expense when considering homeownership is furnishing. Higgins Homes wants buyers to move
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into the home of their dreams, which is why one of the incentives within the #HomesComfort opportunity is the option of a Furniture Pack with contemporary brand BoConcept, offering Danish-inspired furniture, accessories and lighting for the modern home. The pieces have been carefully selected by interior designers to give a seamless style, creating beautiful spaces and an easy one-stop solution for homebuyers. There is a range of packages available, with the design team taking customers through the whole process. “Listening to buyers and understanding their needs was the catalyst for launching #HomesComfort,” explains Chris Johnston, Head of New Homes. “The campaign puts the buyer at the centre of the incentive process and is tailored to their specific needs. It may be they want the financial offer of a 5% deposit top up, or it could be any one of the other lifestyle options that we offer. The important message is that we will listen and respond to their individual requests.” Due to Higgins Homes’ extensive expertise in catering to first time buyers, the
company possesses a deep understanding of their unique challenges. Through the #HomesComfort programme, Higgins Homes is adept at tailoring incentives that align perfectly with their requirements. These incentives encompass a wide range of offerings, from covering childcare expenses for six months to providing upfront payment for travel cards. “The #HomesComfort incentive helps first time buyers with their budgeting, for not just their property, but also for their lifestyle,” adds Chris Johnston. “Knowing that their transport costs are covered for a certain period or not having to worry about additional childcare expenses, will encourage more people to be able to take their first step on to the ladder and provide a future that offers more stability.” The #HomesComfort initiative is extending the opportunity of homeownership to a broader range of individuals and families, enabling them to acquire high-quality homes that grant them increased autonomy over their futures. higginshomes.co.uk
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AFFORDABLE HOMES
YOUNG COUPLE ACHIEVE HOMEOWNERSHIP THROUGH SHARED OWNERSHIP The London housing market is notoriously expensive and competitive, and acquiring a mortgage can be a difficult process, especially for those with lower incomes. Despite this, owning a home is still a dream for many people in London, including young couple and first time buyers Laura and George Looking to embark on the next stage of their relationship, the couple were in the market for their first home. With both wanting to live close to family, staying in Tolworth was important, and finding their first home at the right price became a priority. Nursery manager Laura Emmet and her partner, 28-year-old gardener George Cousins, were starting to give up on the idea of buying a home together in the area, “We have always been so concerned that the area is not affordable for us and the thought of moving away from family was very upsetting. “We’re at the stage of our relationship where we wanted to take the next step together, and have been looking for a house that will become our family home in the future. It was the right time in both of our lives to make the commitment and live together.” Looking for a modern home to call their own, as soon as the couple stepped into Guinness Home’s south London development at Signal Park, they knew it was the right decision. “Signal Park was the first development we viewed and we fell in love straight away,” said 29-year-old Laura. Signal Park’s shared ownership apartments offer individuals like Laura and George the perfect opportunity to begin their homeownership journey; without worrying about a high mortgage and expensive deposit. “We chose a shared ownership property as it was the most affordable way to get on the property ladder. It has allowed us to own a home in the right location, all while being affordable and manageable.” With spacious rooms, landscaped outdoor space, parking spaces for selected apartments and excellent transport links, Signal Park checked every requirement for the couple.
“Signal Park is close to both our families, which is important as those relationships mean a lot to us, and it will help in the future when we grow a family of our own. We were nervous to start the process of buying a house, but the Guinness Homes team were nothing but supportive; even down to helping us choose a mortgage broker and a solicitor that specialises in shared ownership. The whole process has been so straightforward and as a couple who both work full time, this has really suited our needs.” When purchasing a property outright, buyers can face costly deposits or even costlier monthly repayments. However, Guinness Homes’ shared ownership scheme meant that Laura and George were able to buy their first property in their ideal location. The couple were able to purchase
a 25% share of their two bedroom property at Signal Park. With a full market value of £485,000 for the whole property, their 25% share was £121,250, which meant they were able to pay a deposit of roughly 16%, equating to £20,000, to secure their home. With the apartments recently built, decorated and ready to move into, the couple are now settling into their home. George said, “Signal Park is everything we were looking for in a home. The development is visually beautiful, and our home comes with amenities such as a washing machine, fridge and dishwasher which helps us practically and financially.” The apartments at Signal Park are ready to move into now, so if you’re searching for your first home, visit signalpark.co.uk or call the Signal Park team today on 020 3824 9500 for more information
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AFFORDABLE HOMES
STYLISH LIVING WITH SHARED OWNERSHIP AT LEASIDE LOCK
Providing an opportunity for first time buyers to purchase a high-quality, contemporary home, Guinness Homes has unveiled The Signature Collection at Leaside Lock – a new collection of two and three bedroom shared ownership apartments set within Guinness’ flagship development in Bromleyby-Bow
Residents can enjoy the perfect balance between affordability and sophistication; the stylish apartments have been carefully designed to the highest specification. After exceptional demand for the three bedroom apartments – of which there are 10 remaining – 16 two bedroom apartments have been added to The Signature Collection to extend the quality offering to those seeking a lower entry point. The major new development will ultimately comprise 965 homes, and is already a new focal point for the area. Creating a lively new communityfocused neighbourhood, a broad range of unbeatable amenities is planned on site, including a cafe, a gym, a convenience store and co-working space. Every home within The Signature Collection offers stylish modern features, with all properties finished to an exceptionally high specification throughout. Kitchens are complete with fully integrated Bosch appliances, while private balconies offer beautiful views across the capital – the perfect place to watch the sun sink below the city’s skyline. London and South East Regional Sales Manager at Guinness Homes, Hellyn Fairbrother, discusses how pleased she is with the release of The Signature Collection apartments, “We are delighted to be delivering a unique collection of shared ownership homes at Leaside Lock, which offer aspirational buyers a taste of stylish and contemporary living without the hefty price tag.
Inset; David Sheehan, deputy head teacher, found his shared ownership home at Leaside Lock after 14 years of renting in London
“Apartments in The Signature Collection have been crafted to perfection, each designed to accommodate modern living. Combined with Leaside Lock’s flourishing east London location, situated on the banks of the River Lea, these apartments are perfect for buyers looking to elevate their lifestyle.” For those seeking open space and fresh air in the heart of the capital, Leaside Lock’s riverside location is ideal. Residents can easily access a network of footpaths and cycle paths, taking them all the way to the world-famous London Aquatics Centre in Stratford. In addition, just a short walk from Leaside Lock is Limehouse Cut, the oldest canal in London, which offers a range of outdoor physical activities, including kayaking, cycling and wildlife spotting. Leaside Lock is perfectly positioned to explore and embrace all that east London living has to offer. Situated within a bustling neighbourhood, Bromley-by-Bow has an exceptional selection of bars, buzzing
restaurants and independent cafes for residents to enjoy – all within walking distance. Located on the East Bank and International Quarter, sitting alongside the likes of the V&A, BBC Studios and Sadler’s Wells, residents can immerse themselves in east London culture. Ideal for commuters or weekend explorers, Leaside Lock is just a threeminute walk from Zone 2 Bromley-by-Bow underground 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 just a few minutes’ walk from the development, connecting to Canary Wharf in just seven minutes. Shared ownership prices start from £123,750 for a 25% share of a two bedroom apartment (full market value £495,000). For more details and to express your interest in a property, visit leasidelock.com Shared ownership terms and conditions apply.
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SUSTAINABLE HOMES
PUTTING SUSTAINABILITY FIRST We currently live in a changing world where we’re faced with extreme weather, natural disasters, food and water inequalities, rising sea levels and a cost-of-living crisis. These are the related challenges that climate change presents
Abri is investing to tackle these challenges head on, by becoming net zero for its direct emissions by 2030 and for its homes and supply chain by 2050. In 2022, Abri launched a bold environment and climate strategy and is busily implementing it. Ben Earl, Head of Partnerships and Sustainability at Abri, said, “We live in challenging times, as the cost-of-living crisis continues to put pressure on families and individuals. As the focus turns more to everyday financial priorities for our customers, the role of Abri as a proactive and responsible housing provider is as important as ever.”
MAKING ABRI HOMES SUSTAINABLE AND ENERGY EFFICIENT Ensuring that homes are cosy, energy efficient and cheap to run, Abri has partnered with four other housing associations to form the Greener Futures Partnership, representing over 600,000 customers in 300,000 homes across
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the UK. Together, they are taking a sectorleading approach to sustainability; joining efforts to improve the energy efficiency and affordability of housing, and importantly, to empower the lives of customers. Warm, secure and sustainable homes are key ingredients to creating happier and healthier communities. As well as building more sustainable homes, Abri is delivering energy efficiency upgrades to more than 7,000 homes to ensure all properties reach a minimum target rating of EPC C by 2030. Retrofitting involves the installation of more energy-related features in the home, like solar panels, air source heat pumps, energyefficient doors and windows, and insulation. When homes are energy efficient, they save money as they’re easier to keep warm and quicker to heat. An energy-efficient home also reduces condensation and the likelihood of damp and mould. Not only does retrofit save homeowners money in the long run, but it also reduces the carbon footprint of their home and has great health advantages too. Retrofitted homes benefit from improved air quality and
ventilation systems, reducing the likeliness of respiratory related illnesses.
GETTING CLOSER TO NATURE: INTEGRATING BIODIVERSITY INTO THE HEART OF COMMUNITIES Abri is also working on making more space for nature on its existing land, as well as delivering all new homes sustainably and helping customers understand the importance of green space. Biodiversity is the natural environment around us – natural ecosystems can improve mental health, reduce flooding, increase air quality and enhance communities. Making the world cleaner and greener will not only benefit Abri’s 100,000 customers, it’s also for the greater good. Abri is committed to making sustainability the heartbeat of everything it does; giving everyone in its communities an opportunity to flourish.
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SUSTAINABLE HOMES FROM £TBC
PORTSMOUTH Seafield View
Coming soon, these three and four bedroom homes in Portchester, nestled by Portsmouth Harbour, make for the ideal location to enjoy water activities or simply taking a walk on the beach in this stunning location, close to the South Downs National Park. Alongside abundant nature and green space, there are shops and cafes right on the doorstep. Commuters will have access to a railway station, while road links with both the A27 and M27 connect you to Southampton, London and Portsmouth. The high-specification homes include a Symphony kitchen with integrated appliances, plus a patio area and turfed garden, and double power socket and lighting in the garage. abrihomes.co.uk/properties/seafieldview
FROM £109,000*
TANGMERE, CHICHESTER The Yews
The Yews is a development of two and three bedroom homes in Tangmere, just three miles east of Chichester, which has recently been crowned the winner of the best place to live in the South East. Kitchens include Zanussi integrated appliances with space available for a dishwasher and washing machine. There is carpet to the living/dining room, stairs, landing and bedrooms and vinyl flooring everywhere else. Houses also include a patio area, turfed rear garden with an outside tap and a light in the back garden. abrihomes.co.uk/properties/theyews *Based on a 40% share of the full market value of £272,500
A B R I ’ S S U S TA I N A B L E H O M E S When homes are energy efficient, they save our customers money as they’re easier to keep warm, quicker to heat and more comfortable to live in. Building sustainable new homes reduces monthly bills, lowers carbon emissions and enhances communities.
Ben Earl, Head of Partnerships and Sustainability, Abri
*Based on a 40% shar of the full market value of £272,500
BOTLEY
FROM £TBC
Sherecroft Meadows Expected in spring 2024, Sherecroft Meadows is a new collection of one, two, three, four and five bedroom sustainable homes located next to the River Hamble. Set in the picturesque village of Botley, you’ll have everything you need on your doorstep, with a range of schools, shops, pubs and restaurants close by. Within walking distance is a Post Office, pharmacy, dentist and convenience stores. Living at Sherecroft Meadows will involve lower average energy bills and enable zero carbon living. It also makes for a great commute. Botley railway station is only nine minutes from the development, with direct links to London Waterloo in just over an hour and a half, and there are bus links only three minutes away from the homes. Register you interest at abrihomes.co.uk/properties/sherecroftmeadows
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NEW HOMES
IF THERE’S A WAY YOU CAN BUY, WESTON HOMES WILL FIND IT Weston Homes’ fantastic range of ways to buy has enabled hundreds of people to buy a brand new home who didn’t think they could
One such couple are Annie and David who saved thousands using Discount Market Sale (DMS)*, a homeownership product designed to help eligible people get on the property ladder while still owning 100% of their new home. Annie met David when he walked into the hotel reception where she was working. One year later the couple bought their first home together at The Venue, Hayes, and qualified for Discount Market Sale, saving 20% of the market value. DMS is currently available on selected Weston Homes’ properties at The Venue, Hayes; Abbey Quay, Barking and Dylon Riverside, Sydenham. Eligibility criteria apply and there are additional restrictions around your earnings and your locality to the area which vary. Contact the sales team to see if you qualify. Eligible buyers can buy a DMS property with a discount of 20% off the purchase price (30% at Dylon Riverside, Sydenham) and the saving remains in place for the
lifetime of the property so when you come to sell, future purchasers can benefit from it too. You can get a normal mortgage and need between a 5% and 10% deposit depending on your choice of lender. You still benefit from house price increases, and as you pay down your mortgage your equity stake will increase as normal. Annie and David’s purchase also came in below the first time buyer Stamp Duty threshold. Until March 2025, first time buyers won’t pay any Stamp Duty on homes up to £425,000. Weston Homes is helping to support first time buyers step on the property ladder by giving savings of up to £20,000**. The company takes the stress out of every phase of the buying process, so you won’t have to worry, and its fully inclusive premium specification is fitted to every home at no extra cost. Annie said, “The spec included everything – a large fitted kitchen, branded white goods, little things like a hidden soap dispenser, under-cupboard lighting, a boiling water tap, high-tech water-saving taps, the fabulous bathrooms and a big wardrobe with mirror doors and carpet in our bedroom. This was a package we never found anywhere else.” This allowed the young couple to simply move in and avoid any of the costly maintenance required in an older home, “Fresh, clean and new, that’s
me. David works hard all week and neither of us needed the hassle.”
OTHER WAYS WESTON HOMES CAN HELP YOU BUY First-time SecureBuy – Weston Homes’ unique scheme – enables first time buyers to reserve a new home of their choice, offplan with a £500 reservation fee and a 5% deposit. No matter how much the property valuation goes up, you will only pay the price agreed on the day you reserved your dream home.** Deposit Unlock – reserve a brand new home with a 5% deposit and own 100% of your new home. First time buyers and existing homeowners can benefit from competitive 95% mortgage products, exclusively available to selected developers including Weston Homes.**
FAMILY ASSISTANCE TO BUY There are lots of other ways that your family could help that don’t involve gifting you any money, including interest earning gifts, income boosters, tax savings, lifetime mortgage and using their own property as security.
ASK WESTON HOMES FOR MORE DETAILS ON ANY OF THESE HOMEBUYING SCHEMES! Its sales consultants can help to put you in touch with an independent financial adviser who can provide you with free, no-obligation advice and more information regarding these options. Weston Homes is an award-winning developer building new and converted one to four bedroom luxurious homes across London and the South East from £235,000. Every development is in a commuter hotspot, just a 15-minute walk to a tube or railway station with direct connections into London. To book your private viewing visit weston-homes.com. Marketing suites and show homes are open daily from 10am to 5pm. *Displayed purchase prices include the saving
Annie used Discount Market Sale at The Venue, Hayes
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**Terms and conditions apply, incentive and sales schemes vary by development
First Time Buyer December 2023/January 2024
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AFFORDABLE HOMES
SAY “HY” TO LIFE IN LOUGHBOROUGH JUNCTION WITH NEW HOMES AT HIGGS YARD
Nestled between the eclectic eateries and trendy hangouts of Brixton and the leafy open space of Herne Hill, Loughborough Junction is a hidden gem for the capital’s homebuyers. With its thriving community and exceptional transport links, the Zone 2 neighbourhood is starting to flourish with something new to discover around every corner
Now, for buyers looking to call Loughborough Junction home, Peabody New Homes has launched Higgs Yard, a collection of one, two and three bedroom homes offering residents exceptional views of London. The landmark development comprises one, two and three bedroom private sale, as well as one and two bedroom shared ownership homes with high specifications and private outdoor space to all apartments. Each home is pet-friendly and all residents can access the generous podium garden and roof terrace for stunning views of the city and beyond. For added convenience, Higgs Yard also hosts safe cycle storage, and convenient access to the car club.
Higgs Yard is located a mere two-minute walk from Loughborough Junction station, offering regular Thameslink services towards Blackfriars and St Pancras in just nine minutes and 18 minutes respectively. Providing further routes into the city, Brixton underground station is just a five-minute cycle away and offers regular connections to Vauxhall (four minutes) or Victoria (seven minutes). For a morning wake-up, Four Boroughs is just a four-minute walk away and serves proper coffee, delicious pastries and sourdough bread, while independent bars and breweries Friendship Adventure and Craft Metropolis are perfect for an evening out with friends. In addition to the greenery
being established at Higgs Yard, residents can enjoy the beauty of all the green space already available locally. Just a short walk away, Ruskin Park is a stunning Edwardian park complete with sports pitches, ornamental pond and outdoor gym. Popular in the area, Brockwell Park is perfect for a day in the sun, and combines the charm of an old English flower garden and 19thcentury clock tower with the excitement of a BMX track and outdoor lido. Discover Higgs Yard today at peabodynewhomes.co.uk/Higgs-Yard or call 020 4587 2117
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SHARED OWNERSHIP
YOUR OWN FRONT DOOR FOR 2024 WITH SHARED OWNERSHIP
As the days grow short and the festive season sets in, thoughts turn to celebrating with family and friends. After that, it’s about rest, reset and launching into the new year with renewed vigour. All this – the celebrating and equally the rest – is made easier with the peace of mind and stability that come with your own place to call home In the current economic climate, homeownership can sometimes feel like a goal too far. With shared ownership, it need not be. Legal & General Affordable Homes can help you get on the property ladder and achieve that goal of your very own front door over the festive period via the Government-backed shared ownership scheme. With shared ownership, you buy an initial share of a home’s full value and pay a subsidised rent on the remainder. The deposit required is typically much smaller, because it is calculated against the percentage of the share you purchase. Through a process called staircasing, you can incrementally increase your share of the property to 100% over time should you wish to. Whether you choose to buy 25%, 40% or 70% of a shared ownership home, you can’t beat that feeling of unlocking your new front door, walking into your own home and best of all, closing the door to the world and revelling in the comfort and safety of a place that is now all yours. Given that Legal & General Affordable Homes has property options across England, you can choose to have your new front door in the heart of the capital, or escape the hustle and bustle of city life, or opt for a bit of both. The Moorings, Brentford, London TW8 8FU A stone’s throw from the River Brent, two bedroom homes at The Moorings will serve you the great outdoors in spades, including the glorious Syon Park and the historic Brentford Gauging Lock. Brentford high street is on its doorstep. It’s a 15-minute walk away from Brentford’s railway station and a 15-minute bus journey from Boston Manor underground station to make for easy commuting. Heathrow airport can be reached within half an hour, allowing for convenient international air travel. Prices start at £131,250 for a 25% minimum share. Trent Park, Enfield, north London EN4 0PS Set amid 413 acres of parkland in the charming north London triangle of Oakwood, Cockfosters, and Hadley, homes at Trent Park are surrounded by plenty of open space but still keeping the big city location. Trent Park’s remarkable mix of natural and purpose-built landscaping lets you escape from the hustle and bustle of the city, while its properties are well-equipped for the demands of modern life. Prices start at £110,625 for a 25% minimum share.
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Acer Apartments, White City, London W12 7RQ For those looking to move into a vibrant community in the heart of the action, Acer Apartments’ studio and one bedroom homes at White City tick the box without costing a premium. It offers the best of city living – shopping, entertainment, and places to unwind, and is within walking distance of many farmers’ markets and beautiful parks. Its central location means you can connect easily to other places by tube, rail, bicycle, or even by stretching your legs. Prices start at £126,250 for a 25% minimum share.
Carter Meadows, Latchingdon, Essex CM3 6JR Surrounded by some of Essex’s finest countryside, Carter Meadows is perfect if you prefer to have the city at a safe distance! It is situated in the village of Latchingdon with the charming market town of Maldon close by and the cities of Chelmsford, Southend-on-Sea and London within easy reach when you want to top up on the city buzz. All houses at Carter Meadows offer open-plan living areas full of natural light and come with a private garden. Prices start at £142,000 for a minimum 40% share.
First Time Buyer December 2023/January 2024
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LOCATION
HOTspot Greenwich
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REASONS WE LOVE… GREENWICH
1 The area’s rich history 2 Unrivalled range of transport 3 Exploring the Thames and green spaces 4 Vast range of leisure facilities 5 Shops and restaurants to suit all tastes and budgets
Greenwich’s reputation as one of the most desirable places to live in the capital is well-earned – the town has been home to royalty since the 15th century. Thankfully, there is also an ongoing commitment to building affordable housing, making this culturally and historically rich area accessible to all
UNDER THE SPOTLIGHT
OUT AND ABOUT
The market town of Greenwich, located just six miles south east of central London, is home to some incredible architecture including Sir Christopher Wren’s Royal Naval College, the Royal Observatory and the National Maritime Museum in the former buildings of the Royal Hospital School. Enviably located on the river Thames, Greenwich also has some of the city’s most beautiful parklands. The town’s strong maritime history is celebrated, with the famous clipper ship, The Cutty Sark, proudly exhibited. This idyllic area could be a world away from the hustle and bustle of the city were it not for its incredible transport links. Docklands Light Railway (DLR) offers services to Canary Wharf and beyond on the Lewisham Line, from both Greenwich and Cutty Sark stations, and there are regular trains from Greenwich and Maze Hill to London Bridge, Blackfriars and Cannon Street. Most of Greenwich is in Zone 2. By road, the M25 South is around 15 minutes away and the M25 North around 35 minutes. The Blackwall tunnel links the Greenwich Peninsula with the Isle of Dogs, Canary Wharf and the rest of east London north of the Thames. Buses are plentiful and the Thames Path cycle route is convenient for cyclists. You can easily travel along – or across – the Thames with Uber Boats (by Thames Clippers), which call at 24 piers across London, or the IFS Cloud Cable Car
which takes you from Greenwich Peninsula to the Royal Docks. Greenwich is perfect for commuters, but also exceptionally appealing to families. In addition to the attractive local amenities, the state schools in the area are fantastic – many are rated Outstanding by Ofsted. There are also a number of reputable independent schools in neighbouring Blackheath and Greenwich Steiner School, which promises an artistic and creative curriculum for students at primary and secondary level. As a bonus, the borough offers some of the cheapest council tax prices in London. Wherever you choose to live in Greenwich, you’ll find a range of homes from stunning new build developments to charming period properties. Views of Greenwich Park and the Thames come at a premium and West Greenwich is more expensive than East, but there are still plenty of affordable homes. Greenwich Peninsula is home to a particularly impressive collection of new homes for first time buyers.
Whatever the weather, 183-acre Greenwich Park is a sensation – and also a UNESCO World Heritage Site. You’ll find the Royal Observatory and National Maritime Museum here, in addition to a flower garden, deer park, and cafe. From November to January, it is also home to the Queen’s House Ice Rink – a magical open-air ice-skating rink with a festive backdrop of some of the best views in London. For more culture, head to Greenwich Palace or the Naval College. A Royal Museums Greenwich Day Pass will give you discounted entry to the Royal Observatory and Cutty Sark, where the brave can experience a unique rig climb experience! Adrenaline junkies will also enjoy iFLY indoor skydiving at the O2 and climbing over the iconic dome with Up at the O2. The Arena at Peninsula Square is a short bus journey from North Greenwich and hosts live music and sporting events. Fancy a movie? You’re spoilt for choice, with Odeon IMAX, Cineworld and the Greenwich Picturehouse nearby. Greenwich Theatre is another local gem. Greenwich lends itself well to an active lifestyle. Rowers have The Trafalgar Rowing Centre on the doorstep, and what better inspiration to get running than the
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LOCATION
FA C T F I L E
Average property price in Greenwich (August 2023) – £440,716 Property breakdown* Detached – £954,552 Semi-detached – £675,680 Terraced – £502,334 Flat – £367,510
HOMES ON THE MARKET...
FROM £434,995
*According to the Land Registry House Price Index
FAMOUS RESIDENTS • Actor Sir Daniel Day-Lewis • Weightlifter Zoe Smith • Actor Dame Vanessa Redgrave • Musician Jools Holland • Actor Dominic Cooper
London Marathon coming past your door each year. The Thames Path and Greenwich Park are perfect training grounds! Foodies can sample cuisine from across the globe without even hopping on the tube! The Prince of Greenwich Museum pub retains its Victorian ambience, but the menu makes you feel as if you are in a small Italian village. The North Pole doesn’t serve what you’d expect either – established over 100 years ago, it was then on North Pole Road, named due to the Victorians' obsession with expeditions. You’ll now find modern Turkish food, bottomless brunches and shisha! Another firm favourite with the locals is Pho City for a truly immersive Vietnamese dining experience. If you fancy something traditional, head to Goddard’s for pie and mash, served here since 1890 – or The Golden Chippy, which was deservedly voted as London’s number one restaurant on Tripadvisor in 2016! Greenwich Market is also fab for food, with an abundance of mouth-watering street food. The market is open daily with undercover shops and stalls packed with everything you would expect to find in a traditional market, from art to clothes to antiques. The Greenwich Vintage Market is also open Friday to Sunday with its eclectic mix of vintage books, jewellery, music, antiques and homewares. Independent stores surround the medieval town square, so you will find it easy to fill your new home with quirky treasures. For more practical purchases, Greenwich also boasts inner London’s first IKEA!
GREENWICH
Greenwich Millennium Village For those wanting to get on the property ladder in one of the capital’s most popular addresses, Greenwich Millennium Village, a joint venture between Countryside Partnerships and Taylor Wimpey Central London, in partnership with the Greater London Authority, is the perfect choice. These one and two bedroom apartments are designed to be more sustainable; they are 39% more energy efficient, meaning buyers can expect to pay less for their heating bills while reducing their impact on the environment. This thriving, growing community is ideal for putting down roots, socialising and raising a family. With regular transport services to Canary Wharf (taking two minutes by tube from North Greenwich underground station) and central London, you can enjoy all that the capital has to offer. In addition, this lovely development is set in four acres of ecological park to explore and there are 50 acres of parkland on Greenwich Peninsula alongside the Thames ready to be discovered. Homes have a very high specification with integrated appliances in the kitchen including a microwave, dishwasher and fridge-freezer, plus a washer-dryer located in a storage cupboard in the hall. There are fitted wardrobes to the main bedroom and underfloor heating throughout. The development is close to shops, a health centre, school and play areas, but the real hub is the Village Square which includes an on-site cafe, pharmacy, health and beauty spa, dry cleaners and convenience store. The homes are ready to move into, and there is a 5% contribution towards your deposit on every home. greenwichmillenniumvillage.co.uk
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NEW HOMES
THE PERFECT BLEND OF CONVERSION AND NEW HOMES AT FACTORY NO. 1
Situated in the vibrant Bedminster area of Bristol, City & Country’s award-winning development, Factory No. 1, winner of the 2023 First Time Buyer Readers’ Best Large Development Award, offers first time buyers the perfect opportunity to step on to the property ladder Offering a range of stylish new build and classic conversion apartments in an affordable yet central location, first time buyers in Bristol are spoilt for choice when it comes to enjoying the benefits of homeownership. Once the site of the Imperial Tobacco Company’s headquarters, a total of 284 converted and new build apartments have been meticulously crafted from the former factory’s historic buildings, alongside five new apartment buildings. Figures show that this exceptional development is proving a popular option for those seeking to buy their first home, as nearly two thirds of sales so far have been made to this market. Its appeal is due to a range of factors, including the high-quality finish, value for money, central location, and wide range of amenities, including shared gardens, parking and a concierge service. Michael Burt, Head of Sales at City & Country, says, “The allure of Factory No. 1 lies not just in bricks and mortar, but in the living spaces created in the unique transformation of this fabulous landmark Bristol building. As well as beautiful apartments – both converted and brand new – buyers here can enjoy the fantastic range of facilities available to them as well as the friendly community now forming here.” City & Country has two show homes available at Factory No. 1 for potential buyers to visit and discover what life at the development offers. The Cutting Room is a two bedroom new build duplex show home that combines an excellent specification with stylish interiors and a flexible layout. With a double-height ceiling in the living area and floor-to-ceiling windows maximising sunlight, as well as a spacious terrace, this apartment is impressive on every level.
Located in the former factory building itself, the conversion show home is a magnificent two bedroom, 879 sq ft apartment situated on the first floor of Regent House. It boasts an abundance of restored heritage features including an ornate Jacobean-style ceiling, French polished oak panelling and feature fireplaces. Michael adds, “The unique blend of exceptionally high-quality new build homes and carefully restored conversion apartments is what makes Factory No. 1 so special. Our diverse product range means we have something that appeals to everyone.” The individually designed homes at Factory No. 1 also benefit from ultrafast broadband and a high specification, including smart thermostats. Many apartments also include balconies or terraces, as well as communal landscaped gardens. The securely gated development boasts a concierge service, secure undercroft parking with some properties offering electric charging points and 400 cycle spaces. Prices start from £250,000* to £735,000 for
a conversion apartment in Regent House or £320,000* to £445,000 for a new build home in The Cutting Room, with tailored incentives available on selected properties.** The Factory No. 1 sales suite and show homes are open daily from 10am to 5pm, located at East Street, Bedminster, Bristol BS3 4HH. For more information, call 0117 453 5135 or visit cityandcountry.co.uk *Prices correct at time of publication and subject to change **Terms and conditions apply – see cityandcountry.co.uk for full details
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AFFORDABLE HOMES
FIVE REASONS TO LOVE APARTMENT LIVING As a first time buyer, you’ve probably spent hours searching property portals to find your dream home. While owning a house is a aspiration for many, apartments offer a compelling lifestyle that should not be overlooked. We have taken a deep dive into the benefits of living in an apartment, shedding light on why it might be the perfect choice for your first home CONVENIENCE Often located in the heart of our towns and cities, the convenience of apartment living is hard to beat – whether it’s a trip to the supermarket for your weekly shop, a stroll through one of the local parks, or visiting one of your favourite bars or restaurants, you typically have everything you need on your doorstep. Due to this they also benefit from quick access to public transport – this simplifies daily commutes and helps reduce your reliance on a car, with some saying goodbye to the rising costs of car ownership entirely. Plus, the surrounding towns and suburbs will also be within easy reach, improving your retail, leisure, and employment opportunities.
FEWER CARS, LESS TRAFFIC Over the past couple of decades, there’s been a dramatic increase in traffic levels on residential roads across the UK, causing a variety of health and wellbeing issues. In response, low-car and car-free streets are quickly rising in popularity, with apartments frequently proving to be one of the most popular choices for escaping high traffic areas. Properties in pedestrianised areas support health and wellbeing in many ways – they provide safe spaces for walking and cycling, encouraging an active lifestyle, while simultaneously reducing exposure to air and noise pollution, greatly improving overall quality of life.
Horlicks Quarter, Slough
STRONG COMMUNITIES Residents living in apartment buildings tend to form strong communities. With shared amenities typically including communal gardens, workspaces and on-site shops, residents often become part of a welcoming, interconnected neighbourhood. These communal spaces, along with social events and community activities, encourage social interaction and help develop a sense of belonging.
UNIQUE LOCATIONS Developers are becoming increasingly innovative in their approach to building new homes, with some breathing new life into previously disused commercial and industrial buildings through bold regeneration schemes. The end results are normally spectacular, with distinctive landmarks and architecture being reimagined alongside contemporary designs to create vibrant, welcoming environments that are packed with character and interest.
AFFORDABILITY In a market where property prices remain daunting for first time buyers and the costs of living continue to rise, apartments certainly present a more budget-friendly option for a first home. In most cases, they will come with a lower purchase price and deposit, making them an ideal way
Horlicks Quarter, Slough
to take the first step on to the property ladder. Your average monthly utility bills should also be cheaper – with the Greener, Cleaner, Cheaper report from the Home Builders Federation showing that new build apartments are up to 46% cheaper to heat than their older equivalents, providing significant savings as gas and electricity prices continue to soar. Plus, with many employers now moving towards hybrid working, demand for welllocated apartments will remain high for years to come. This demand could translate into appreciation of your property’s value over time, making it a valuable asset for your financial future. Unlock your homebuying potential with our selection of one and two bedroom shared ownership apartments for sale in Slough and Winchester. To find out more visit sovereignliving.org.uk
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AFFORDABLE HOMES
A BEAUTIFUL VILLAGE SETTING CLOSE TO THE COAST IS A BREATH OF FRESH AIR FOR FTBS
Nestled in the heart of the village of Yapton in Sussex, Wildbridge emerges as a brand new development of 158 new homes, offering families an opportunity to embrace a life of serenity and security. Available to buy with shared ownership, Wildbridge features a diverse range of homes to suit families of all shapes and sizes, placing buyers in an outstanding position close to the South Coast and sought-after locations including the cathedral city of Chichester and the historic market town of Arundel primary school in just 19 minutes. For older children, Ormiston Six Villages Academy and St Philip Howard Catholic School are also close by.
DISCOVER STUNNING COASTAL LANDSCAPES, HISTORIC CASTLES AND QUAINT TOWNS
AFFORDABLE PRICES, ATTAINABLE FIRST HOME DREAMS An exceptional choice for those seeking family-centric living in a unique community setting, The Hobbs Collection is the first release in this diverse collection of homes. Featuring 39 two, three and four bedroom houses and four one bedroom apartments, surrounded by beautiful countryside, Wildbridge residents will enjoy a premium country and coast location. With its picturesque surroundings and accessible price points, Wildbridge presents an attractive opportunity for buyers to take a step on to the property ladder in an idyllic pocket of West Sussex. Style and comfort have also been prioritised at Wildbridge. Each home features stylish finishing touches including a selection of contemporary kitchen units, integrated appliances and fitted flooring as standard, along with fitted wardrobes in selected homes. Practical features like allocated parking for every home, en suites, and turfed gardens already equipped with water butts and sheds, have also been included. An Energy Performance
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Certificate Rating A, coupled with modern insulation, ensure low monthly bills for residents here. A realistic and affordable route to homeownership, one of the major benefits of shared ownership is the lower deposits required to secure a home. The scheme allows you to buy a share of the property, for which you pay a mortgage, and pay a subsidised rent to Hyde for the remaining share.
A GATEWAY TO TRANQUIL VILLAGE LIFE Residents at Wildbridge will reap the benefits of local living. Proximity to schools, easy access to a plethora of amenities and beautiful countryside on the doorstep will enhance everyday living. A Co-op, Post Office, butcher and GP surgery provide everything from friendly chats to everyday essentials, and no village would be complete without a character pub. The Maypole Inn, an 18th century free house with a cosy lounge, offers regular live music nights that can be followed with freshly cooked fish from popular Yapton Chippy. Young families can walk to Potters House pre-school and Yapton Church of England
With so many outdoor activities and fantastic places to visit within easy reach, there are endless possibilities for weekend adventures. Just a 10-minute drive away, residents can enjoy the stunning landscape of the South Downs National Park and the glorious West Sussex coastline, which is interspersed with sand dunes, marshlands and long sandy beaches. A local hidden gem, Climping Beach is just an eightminute drive away, while Littlehampton, a further five minutes, offers a trendy promenade and large picnic greens popular with groups and families. It’s also an easy drive from Yapton to Chichester, Arundel and Brighton, Bognor Regis and Portsmouth can be reached via the coastal bus service, which passes through Yapton. While the location itself ensures an active outdoor lifestyle, new play areas and open public green spaces at Wildbridge – where biodiversity is carefully protected – offer great opportunities for neighbours to get together. Prices at Wildbridge start from £80,000 for a 40% share of a one bedroom apartment, based on a market value of £200,000. To visit the marketing suite, view the fully dressed show home or for more information, please visit hydenewhomes.co.uk/wildbridge or contact Hyde New Homes on info@hydenewhomes.com or 01243 956 959
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AFFORDABLE HOMES
THERE’S NO PLACE LIKE SNUGG HOMES Buying your dream home doesn’t have to be a fantasy. With shared ownership specialist Snugg Homes, you can find the perfect place to call your own without breaking your budget Millers Walk in Kirkby-in-Ashfield, Nottingham, is the latest development from Snugg Homes and helps to showcase exactly what shared ownership can be.
HOME SWEET HOME This exciting new scheme offers a range of detached and semi-detached homes; perfect to enjoy the quiet life with lots of room to grow in to. Each house boasts a large lounge and dining room – an ideal family-sized space to entertain guests or spend time with
Rowan Wood
BUT DON’T JUST TAKE OUR WORD FOR IT… “The higher interest rates and deposits are making it virtually impossible for first time buyers, but we were determined to move out. We really loved the affordability and support you get with shared ownership. “We absolutely love our home, we couldn’t have asked for anything better. We are so grateful to be able to live here. “The Snugg Homes service was great! It was so smooth and quick. We are so grateful to the people involved in helping us achieve our dream and we are so lucky to have found shared ownership and the perfect home.” New shared owners, Bethany and Owen, Gedling, Nottinghamshire
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loved ones. Plus, the stylish fitted kitchen is amazing if you love cooking and creating tasty new recipes. The cosy bedrooms also offer a relaxing place to wind down, and inside Millers Walk’s detached properties, the main bedroom comes complete with its very own en suite bathroom.
Derby and Leicester. Several bus services regularly run to Nottingham, or you can reach this lively city, along with Sheffield, Lincoln and Doncaster, all within a 60-minute drive from your home via the A38 and M1.
INCREDIBLE LOCATION
Buying a shared ownership property is the perfect alternative if you can’t quite afford the mortgage on 100% of a home; instead, you can buy a share of your home and pay rent on the remaining share. You are eligible for shared ownership if your household earns £80,000 a year or less, you are a first time buyer or have now sold your property and can’t afford to buy a new one without assistance or you are an existing shared owner looking to move.
Kirkby-in-Ashfield is nestled between the rolling green hills of the Derbyshire Dales and is perfectly placed to accommodate city and countryside living. Nottingham city centre is just 17 miles away, giving easy access to the city centre’s bustling shopping district, with a mix of big brands, independent shops, celebrated restaurants and dynamic nightlife. You can also enjoy Nottingham’s stunning countryside views, woven with rich history and culture. Nearby is Newstead Abbey, the breathtaking ancestral home of renowned romantic poet Lord Byron, which allows for an exciting day out exploring this historical house steeped in over 800 years of history.
TRAVEL WITH EASE Kirkby-in-Ashfield also acts as an excellent commuter town, with the nearby Mansfield station lying on the East Midlands Railway line and serving connections to Nottingham, Manchester,
WHAT IS SHARED OWNERSHIP?
HERE TO HELP The Snugg Homes team is on hand to answer any questions and support you every step of the way as you take the road to homeownership, whether that’s at Millers Walk or any of our other stunning schemes across the North West or Nottinghamshire. To register your interest, please visit our website snugghomes.co.uk. You can also follow us on @SnuggHomes on Twitter or @snugghomes on Instagram and TikTok
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AFFORDABLE HOMES
DREAMING OF A BRAND NEW HOME IN 2024?
Our spacious and thoughtfully designed homes are the perfect choice for contemporary, flexible living – and with shared ownership, you could be moving sooner than you think Places for People started more than 50 years ago and today we’re building happy, healthy and inclusive communities right across the country. Our high-specification new homes offer generous and light-filled living spaces together with efficient heating systems and energy-saving technology to help keep running costs to a minimum. Plus the option to buy through the Governmentbacked shared ownership scheme means you can step on to the property ladder sooner, rather than later.
ATTLEBOROUGH – THE IDEAL BACKDROP TO MODERN COUNTRY LIVING Few places can compete with the spectacular Norfolk countryside in terms of a place to call home. And when you buy a brand new home at either our White House Park or Carvers Meadow development, you can enjoy the dual benefit of having spectacular amenities on your doorstep in the historic market town of Attleborough. Living here means you will be close to handy amenities such as shops, a Post Office, GP, pharmacy, schools, and a good choice of pubs and restaurants. There is also a weekly market which has been popular for over a 100 years. Further afield, you will be able to explore Norfolk’s beautiful, unspoiled rural landscape – the ideal backdrop to modern country living. Attleborough is also ideally located for commuting, with Norwich, Cambridge and London all easily accessible by car or rail.
SPACIOUS AND WELL-APPOINTED NEW HOMES Our White House Park development offers spacious and well-appointed shared ownership homes, with prices starting from £80,625 for a 25% share of a three bedroom end-terrace, for which you’ll need just a £4,031 deposit.* These lovely homes have been built to a high specification and feature a statement Lemongrass kitchen fitted with energy-efficient appliances
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White House Park
along with a sizeable lounge/ diner leading out to a private turfed rear garden. For your added convenience, they also include a downstairs WC and separate store room. More thoughtfully designed homes will soon be available at a second phase of our popular Carvers Meadow development, all of which can be purchased through shared ownership. With generous living space so you can live life your way, these attractive two to four bedroom homes benefit from a contemporary layout and a highquality finish.
BRING YOUR HOMEBUYING PLANS TO LIFE The Government-backed shared ownership scheme is an achievable way to bring your homebuying plans to life. The scheme works by enabling you to
purchase an affordable share (usually between 25% and 75%) of your new home and pay a subsidised rent on the remaining share. Your deposit starts from just 5% of the share you buy (not the full property price) so it’s smaller and easier to save up. Your monthly mortgage payments will also be smaller. Shared ownership is a simple and costeffective way of buying new and you have the option to buy more shares in your home later, as finances allow.
DISCOVER MORE Plan to buy your perfect first home with shared ownership? Our friendly, experienced team will guide you step by step through your entire homebuying journey. placesforpeople.co.uk.sharedownership *T&Cs apply – please see our website for details.
COMING SOON – BRAND NEW CHICHESTER HOMES Step into a stylish home that benefits from a modern, well-appointed kitchen with private garden and stunning lakeside views. At our Shopwyke View development in Chichester, West Sussex, you can choose from a fantastic selection of contemporary one, two and three bedroom homes. Recently named Best Place to Live in the South East by the Sunday Times Best Places to Live Guide, Chichester is the ideal place to put down roots.
First Time Buyer December 2023/January 2024
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SHARED OWNERSHIP
WHAT WILL THE NEW YEAR BRING?
As another year comes to a close, Kevin Sims of SO Resi takes the time to reflect on the shared ownership and wider housing market during 2023, as well as what we can expect from 2024… This year has posed many challenges for first time buyers, including unstable mortgage rates, house prices remaining high, and the wider cost-of-living crisis meaning it is harder for people to save. However, there have been many key takeaways which suggest the first time buyer market will stay resilient during 2024, says Kevin Sims, Director of Sales and Marketing at SO Resi. The delivery of affordable homes will be key for the housing market this year, and, with the political landscape becoming more fractious as we approach a General Election, there will certainly be debates and new policies to help people on to the allimportant property ladder. We are committed to debunking the myth that shared ownership is for first time buyers looking for a one bedroom apartment in London. This is certainly not the case and the scheme is available to a range of buyers looking to kickstart their dream of homeownership. We offer a range of homes that break the mould, including three and four bedroom houses at SO Resi
Cambourne, where many of our buyers are growing families who have been stuck in the rental trap for too long. At the end of September, we launched 42 homes at SO Resi Hendon Waterside. This included a mixture of homes, including two and three bedroom duplexes, which will offer families and young professionals the unique chance to have a spacious home at a more accessible price point in the capital. Also at this development is a wealth of open space, including the Welsh Harp Reservoir, which offers scenic trails, waterside footpaths and green sheltered woods. With Homes England on course to exceed its target of 130,000 shared ownership and affordable homes for 2023, we are on track to ensure all types of buyers are catered for heading into the new year.¹ This year, we also ventured into another affordable housing sector, Rent to Buy. During the summer, we launched 55 one and two bedroom homes at SO Flexi Slough. These homes are available at 80% of local market value rent, and can be purchased after a two-year tenancy using shared
SO Resi Hendon Waterside: An array of 42 studio, one and two bedroom apartments, and two and three bedroom duplex homes all available with shared ownership, with prices from £84,375 for a 25% share. This development forms part of the wider £9.6bn north west London regeneration scheme by Barnet and Brent borough councils, and sits by the heart of the Welsh Harp Reservoir, which offers scenic trails, waterside footpaths and green sheltered woods. soresi.co.uk/find-a-property/hendon-waterside/
SO Resi Farnham: A collection of one and two bedroom apartments in the heart of Surrey, each with an allocated parking spot and within walking distance of the town centre. Brightwells Yard, a 25-unit shopping centre with a six-screen cinema, is right on the doorstep too. Prices start from £67,500 for a 25% share of a one bedroom apartment with a full market value of £270,000 and a deposit of just £6,750. New homeowners will also benefit from their service charge paid for 12 months, on selected plots. soresi.co.uk/find-a-property/so-resi-farnham/
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ownership. As data by Zoopla confirms, renters have seen costs go up by £2,800 over the past three years, making it much harder to escape the rental trap.² It’s no surprise that we saw unprecedented demand in the weeks following the scheme’s launch, receiving over 400 enquiries, and the first phase of the site has been fully reserved. This is a testament to the need for affordable housing in Slough, and demonstrates the value of adapting housing product to meet market needs. The first time buyer market has proven to be resilient in 2023, and we believe that with the support of affordable schemes including shared ownership and Rent to Buy, hope remains on the cards for anyone looking to purchase their first home in 2024. 1 gov.uk/government/news/new-homes-england-202223-housebuilding-statistics-revealed--2#:~:text=The%20 Shared%20Ownership%20and%20Affordable,to%20 deliver%20in%202023%2D24. 2 zoopla.co.uk/discover/property-news/rental-marketreport/
SO Flexi Slough: A selection of one and two bedroom apartments available with Rent to Buy, monthly rents start from £880 with no service charge. All brand new apartments at SO Flexi Slough will be available to rent on a two-year fixed contract, with monthly rent capped at 80% of local market value. Prices start from £880 per month for a one bedroom apartment, and tenants will be encouraged to use the savings from the discounted rent to save up a 5% deposit to buy the home using shared ownership at the end of the rental term. soflexi.co.uk
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LONDON LIVING RENT
LONDON LIVING RENT: YOUR KEY TO AFFORDABLE CITY LIVING Diam was renting privately in Walthamstow, living in a two bedroom apartment with her daughters Nala, 12, and Kimya, six, when she came across London Living Rent “I was looking to move because I was hoping to leave the renting market – I was wanting to buy. I’ve had problems with landlords increasing rents or wanting to sell the apartment we were living in, so they would ask us to leave which was really unsettling,” she said. Diam isn’t alone – in the capital, finding an affordable home has long been a challenge for many. In recent years especially, soaring property prices and rental rates have placed increased pressure on Londoners, forcing them to make tough choices between housing costs and other essential aspects of life. However, the London Living Rent (LLR) scheme has emerged as a ray of hope for those who are looking for an alternative solution. Funded by the Mayor of London, London Living Rent is a Government-backed scheme that enables tenants to rent a home at a discounted rate. The rent for LLR homes is set at one-third of the average local household income in the borough where the property is located, which ensures monthly costs stay manageable and don’t cost more than you can afford. As a result, the scheme offers a genuine stepping stone to homeownership, as the extra saving made each month on rent can be put towards a deposit for your first home, either through shared ownership or on the open market. Crucially, the main benefit to renting an LLR home is that it is possible to go on to buy the home that you already live
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L&Q at Beam Park
in – so no need to spend extra time and money moving again! Having discovered LLR, siblings Jemima and Aaron were able to move out of their parents’ house and move into their new apartment in L&Q at Beam Park in east London. “It’s great knowing that we’ll be here for at least a few years, and we can make it really feel like home! The LLR scheme has enabled us to leave home, but it also allows us time to save money each month towards a deposit, which we’ll hopefully be able to use towards shared ownership in the future.” The scheme also emphasises long-term security for tenants. It typically offers tenancies of three to 10 years, providing renters with the stability they need to plan their futures. Speaking about the scheme, Diam comments, “I know I’ve got up to 10 years
to buy at least 25% of this home and I am already saving so much. I hope to be able to put down a deposit within three to four years and stay in this home with my girls. This apartment and scheme is just amazing – it’s so perfect, I couldn’t ask for more. This feels so much more secure.” With nearly 60 years’ experience in the rental market, L&Q offers London Living Rent homes across the capital – from Croydon in the south, Park Royal in the west, right through to Nine Elms in Zone 1 and Barking to the east. Customers have a broad range of LLR homes to choose from in some of London’s most exciting new neighbourhoods. By providing affordable rents, predictable increases and long-term security, the London Living Rent scheme can provide much-needed stability for Londoners in the challenging landscape of the city’s housing market. Ready to find your LLR home with L&Q? To find out more and to register your interest, visit lqhomes.com/LLR
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AFFORDABLE HOMES
LIVING IN HARMONY: WHERE MUSIC HISTORY MEETS NEW HOMES
With vinyl records a staple of 20th-century culture, the west London town of Hayes made a name for itself as the home of EMI records and HMV. From The Beatles and Queen to The Rolling Stones and Pink Floyd, an array of iconic records were pressed at the UK’s first commercial record production facility in Hayes until its closure in 1978. Now, breathing a fresh lease of life into the former EMI pressing plant, Sovereign Network Group’s One Vinyl Square development is cleverly reimagining the site for London’s homebuyers For those looking to be surrounded by this rich cultural history, One Vinyl Square will be a new 11-storey building. Comprising 58 shared ownership homes, One Vinyl Square provides a route on to the property ladder for the capital’s first time buyers. Overlooking the vibrant public space in Vinyl Square, buyers will have the choice of one, two and three bedroom apartments and three bedroom maisonettes, each with a beautiful specification and carefully considered layout. For further space to enjoy, all homes will feature outdoor space in the form of a balcony or terrace. Most homes will also benefit from a car parking space, perfect for getting out and about. Part of the impressive Old Vinyl Factory redevelopment, One Vinyl Square will be at the heart of an extensive new 18-acre community alongside office buildings, retail space, and a climbing gym. The regeneration will blend the original art deco buildings with new and modern properties. In keeping with the site’s musical legacy, public art pieces create a truly memorable place to live, work and play and include a series of gramophone sculptures and a 20ft statue of HMV’s famous dog, Nipper. Homes at One Vinyl Square place you within easy reach of everything Hayes has to offer. For a night of theatrics, comedy or music, Beck Theatre is a 600-seat venue with a varied calendar of events all year round. For a spot of lunch or an evening out with friends, Hayes boasts a variety of pubs and restaurants. Takaa Tak, for example, is a popular Indian fusion restaurant and is just an 11-minute walk away. Whether looking
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to relax in the pool and sauna or to enjoy a full body workout at the gym, Botwell Green Sports and Leisure Centre provides an extensive range of facilities designed to promote better health and wellbeing. As a pet-friendly development, One Vinyl Square caters for both its human residents and their four-legged friends. For a peaceful waterside dog walk, residents can stroll along the Grand Union Canal towpath only minutes from home. Just a 12-minute walk away, Lake Farm Country Park is the perfect spot to work on your fitness goals, with bridleway routes perfect for walking, running and cycling, as well as an outdoor gym. Combining 88 acres of gorgeous green spaces with more than 20 forward-thinking businesses, Stockley Park is also nearby, providing further options to explore.
Residents at One Vinyl Square are less than a mile from Elizabeth Line services from Hayes & Harlington station. For those looking to explore the city, direct services can propel commuters and leisureseekers towards Paddington in 21 minutes, Farringdon in 30 minutes, and Canary Wharf in 39 minutes. Heathrow airport is easily accessible by rail and road, perfect for holidays in the sun. Priority for these homes will be given to people who live or work in the London Borough of Hillingdon. To “disc”-over more about life at One Vinyl Square visit networkhomessales.co.uk/find-yournew-home/one-vinyl-square/
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LOCATION
HOTspot Lewisham
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REASONS WE LOVE… LEWISHAM
1 Fantastic Zone 2 & 3 travel links 2 25 square miles of parks 3 Vibrant neighbourhoods 4 Rich history and cultural offerings 5 Bustling markets and high streets
The London borough of Lewisham is one of the city’s most sought-after places to live as well as a diverse and creative population, and with so much offer, it’s plain to see why it’s such a big hit for homebuyers
UNDER THE SPOTLIGHT
OUT AND ABOUT
Before becoming part of London in 1965, the south east borough of Lewisham sat within the borders of the county of Kent – known as England’s Garden County for its beautiful rolling hills and fertile land. And despite the borough boasting some of the city’s coolest urban areas, its green roots remain evident, with 25 square miles of open space across 45 parks. Today, Lewisham is one of the most ethnically diverse parts of the country, with large Caribbean and African communities, and more than 170 mother-tongue languages spoken by pupils in schools. This diverse population makes it an interesting corner of the city, with many different cultures evident in the vast array of shops, restaurants and events throughout the borough. The popular neighbourhoods of Deptford, Brockley and Catford have all but transformed into trendy hotspots within the last decade, attracting young professionals, creatives and families to the areas – as well as new businesses and housing developments. Lewisham town centre sits at the heart of the borough, itself on a transformation journey, with sparkling new housing and regeneration projects underway. The excellent transport links in Lewisham have made it a popular home for those working in Canary Wharf as well as central London. From Lewisham station, the DLR reaches Canary Wharf in 20 minutes, while trains run in to London
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Bridge, Charing Cross and Victoria – or out towards Dartford and Sevenoaks in Kent. Of course, the direct Overground links to Shoreditch and Dalston from stations including Forest Hill and Brockley increase the commuter appeal even further. Buses are many and frequent, with several routes originating from or passing through Lewisham and serving local areas, as well as into central London, Croydon and Bromley throughout the night. A southern extension of the Bakerloo Line to Lewisham, which currently ends at Elephant and Castle, is under consideration. The proposed new route would provide the area with direct links to north west London, and consultations for the proposed extension have been met positively. Property in the area varies wildly stylistically – from glass-fronted new builds to beautiful period properties. Several new developments have been created, providing thousands of new homes – many of them in the heart of or planned for Lewisham town centre. Away from Lewisham centre, and in the backstreets of Brockley, Catford and New Cross, you’ll find wide, tree-lined residential roads, while in Blackheath vast mansion-style homes are not uncommon.
From renowned museums and galleries, to innovative venues and destination dining, Lewisham and the neighbouring towns within the borough can cater for all needs. Starting with food, visit Lewisham town centre’s local institution Something Fishy, which serves locally renowned fish and chips from breakfast time onwards. Everest Curry King is beloved by locals and endorsed by food critic Jay Rayner (who recommends the beetroot curry and sweet chilli prawns). Browns of Brockley and Joyce (a few moments down the road) are both excellent laid-back brunch spots. In Deptford, Tila is a new favourite for roasts and special occasions, while Ladywell is home to a small collection of good options including Le Delice and Mamma Dough. For days out, Lewisham Lanes (bowling) and the town centre leisure centre, Glass Mill, are perfect for indoor sporty fun. In Deptford, you can combine a visit to the historic market with a trip to trendy
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LOCATION
FA C T F I L E
Average property price in Lewisham (August 2023) – £466,920 Property breakdown* Detached – £990,623 Semi-detached – £803,695 Terraced – £580,057 Flat – £371,900
HOMES ON THE MARKET...
FROM £111,250*
*According to the Land Registry House Price Index
FAMOUS RESIDENTS • Comedian Fern Brady • Musician Kate Bush • Actor Jason Statham • Musician Jools Holland • Illustrator Axel Scheffler
Market Yard – home to vibrant young businesses – see theatre productions at The Albany Theatre, walk a stretch of the Thames path and wander into Greenwich. With renowned Goldsmiths University in New Cross, arts and innovation is big in the area. Galleries to visit include Lewisham Arthouse, A.P.T Gallery and Goldsmiths Centre for Contemporary Art. In Forest Hill, lovely Horniman Museum & Gardens is a family friendly and widely reputed attraction, with pretty green space and fantastic views out over the city. Here you can pursue the gardens and enjoy the aquarium, butterfly house, museum and event space. At Catford Mews, independent cinema blends with comedy nights and carefully crafted pizza for fun afternoons and evenings out. When it comes to shopping, the options are wide and eclectic. For larger shopping centres and facilities, it’s easy to get to Croydon or Oxford Street by train or bus, while Kent’s sprawling Bluewater is a 30-minute drive from Lewisham town centre, or Stratford’s Westfield a 40-minute direct DLR ride. Closer to home, each town in the borough has its own offering, with good supermarkets, high streets and markets easy to come by. In Lewisham, you’ll find a huge Primark and a good selection of high street chains and independents, and everything in between. Over in Blackheath there’s a more upmarket high street offering – with the likes of Jigsaw, Oliver Bonas and speciality gift shops.
LEWISHAM
Square Roots Lewisham Square Roots Lewisham is a stylish new development offering the opportunity to buy an affordable home of the highest quality – just eight minutes from London Bridge by national rail. Square Roots Lewisham is the second collection of shared ownership homes by registered housing provider Square Roots, which scooped top prize in the First Time Buyer Awards and the ES New Homes Awards this year for its first scheme in Kingston. Square Roots was established two years ago by award-winning developer London Square. Setting new standards in shared ownership living, the collection of 141 one, two and three bedroom apartments and duplexes is a short walk from Lewisham station, with excellent links to Canary Wharf and the City. Every apartment has a private balcony or terrace, with outstanding views across the London skyline from the upper floors. The apartments are high specification with open-plan living areas, beautifully designed kitchens and bathrooms, plus space for working from home. The development will include riverside walks, relaxing areas, play spaces, landscaped gardens and a stylish communal rooftop podium. Residents will be able to move in from spring 2024. Lewisham has lots of green spaces across many local parks in and around the town centre with its thriving food and drinks scene, food markets, cultural attractions and independent theatres and cinemas. Within a 15-minute cycle ride is Greenwich Park, the royal park with beautiful gardens, woodlands and stunning landscapes and views, plus the historic Royal Observatory. With rents soaring in London, recent research by Square Roots revealed that it could be more affordable to buy a shared ownership home than rent a similar property in the area near Lewisham station, where rents for a one bedroom flat could be around £1,850 pcm or £2,000 pcm at Deptford Bridge1. Starting monthly costs for shared ownership at Square Roots Lewisham are from £1,418 pcm – with the added security of owning a share in your new home and without the fear of a tenancy agreement being ended. Prices start at £111,250 for a one bedroom apartment, for a minimum 25% share, with a deposit as low as £5,563. To find out more or view our newly launched show home, call the new sales suite at Square Roots Lewisham on 0333 666 4747 or visit squareroots.co.uk 1rightmove.co.uk *Based on a 25% share with a full market value of £445,000
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NEW HOMES
FIRST TIME BUYER HOMES THAT TICK ALL THE BOXES
When searching for your first home, it can sometimes seem impossible to find something that meets all of the criteria on your wish list. A good location, accessible transport links, close proximity to local amenities, high standard of finish, new kitchen and bathroom, parking, outside space, energy efficient (to keep your bills down), the list goes on… One first time buyer couple, who have recently purchased a new apartment at BoKlok on the Lake in Worthing, have found themselves a brand new home that ticks all of their boxes! Edwin and Patrycja (and their dog Pablo!) comment,“We moved over to the UK from Poland five years ago and we had been renting locally. We knew we wanted to buy a home of our own. We started looking for new builds in the area and we found BoKlok on the Lake. The apartments here really appealed – they were spacious, energy efficient and had all of the appliances included. Having rented older apartments previously, that were really cold and costly to heat, it has been fantastic to secure a new home that is safe, warm and so energy efficient. “We are really happy with the apartment. We love the aspect, as we can see the lake from our balcony, and we get to enjoy the sunshine for most of the day. We would certainly recommend a BoKlok home to others.”
WHY WORTHING? If you are seeking a new home that offers access to the seafront and green open spaces, while still remaining within easy reach of a lively city centre, Worthing could be for you! With its award-winning beaches, abundance of leisure clubs and its proximity to the South Downs National Park, there are lots of opportunities to get active in this seaside resort. Meanwhile, its iconic pier and independent shopping provide the perfect way to while away a leisurely weekend. For those occasions when you are looking for city centre vibes, then Brighton’s trendy nightlife and its eclectic shopping and cultural scene is just half an hour away by train.
LOVE LITTLEHAMPTON Or… why not consider nearby Littlehampton? BoKlok has recently
Patrycja, Edwin and Pablo
launched a new collection of homes in this vibrant town. Just a short walk from the beach, residents here can enjoy everything from rooftop yoga and fitness classes to paddleboarding and kite surfing – all on the doorstep.
SO WHO IS BOKLOK? BoKlok is a partnership between leading construction company Skanska and the global home furnishing brand IKEA. With over 25 years of experience across the Nordics, BoKlok launched in the UK in 2020. Following a sell-out success at its first scheme in Bristol, BoKlok has gone on to deliver new developments in both Littlehampton and Worthing. Drawing on their Scandinavian heritage, BoKlok homes are light and spacious, with flexible living spaces and carefully planned layouts, to meet the everchanging needs of today’s homebuyers. BoKlok’s homes are not only built more sustainably, but they are designed to assist their future owners to live more sustainably too, helping to reduce your energy consumption and your
BoKlok on the Lake
fuel bills. From air source heat pumps and water-saving features, to triple glazing in the apartments and electric vehicle charging points (or the provision for them), all of this comes as standard in a new BoKlok home. BoKlok on the Lake in Worthing comprises a collection of one and two bedroom apartments, all with parking and their own private balcony. The final release of homes here is now selling, with prices from £225,000. BoKlok by the Park in Littlehampton offers a collection of two and three bedroom homes, currently selling off-plan. The show homes are open daily, 10am to 5pm. Prices from £350,000. To find out more visit boklok.co.uk
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AFFORDABLE HOMES
INTRODUCING CASSIA – OAKWOOD, N14 Set in the desirable neighbourhood of Oakwood, Cassia offers a collection of one and two bedroom apartments available through Newlon Living as part of its shared ownership scheme Sitting alongside established houses, Cassia has been created to bring you community-style homes in a peaceful location. Architecturally inspired by the Georgian era but reimagined for 21st century living, each apartment benefits from its own outdoor space, highspecification fixtures and fittings and top environmental credentials. Oakwood, which is known for its highly rated schools, leafy streets, clean parks and diverse shopping and recreational facilities, is a charming place to live. So why not take advantage of purchasing an affordable home within this affluent, wellconnected area?
SHOPS Just a short stroll takes you to Chase Side high street, where you’ll find cafes and brasseries alongside patisseries and restaurants. There are also homeware stores, health food shops and a large superstore for that weekly grocery run. Further afield you can explore Barnet’s shopping centre, sample village life in Winchmore Hill or visit Cockfosters, another leafy suburb that has a very Hampstead vibe.
ENTERTAINMENT For an evening’s entertainment, the Chickenshed theatre, whose cast recently appeared on Britain’s Got Talent, is close by. Or you can take a trip to the Everyman cinema in Barnet and enjoy the latest Hollywood blockbusters while having delicious food delivered to you as you relax on a comfy sofa.
OUTDOOR PURSUITS AND SPORT For lovers of the great outdoors, Cassia is surrounded by a myriad of natural spaces. This pretty area offers endless cycling, running and sporting pursuits.
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Close by you’ll find Trent Park with its 413 acres of parkland, walkways, lakes and woodland. If activities are more your thing, you can make use of the equestrian centre, golf course, running club or even brave the treetops as you “Go Ape”. Take a short trip to Southgate Leisure Centre and you’ll be spoilt for choice with a gym, swimming pool and over 150 fitness classes a week.
SCHOOLS Cassia’s location means it is well positioned to take advantage of the excellent schooling close by. From early years provision, right through to A-levels and beyond, there is a large selection of quality community-based and independently-run nurseries, schools and colleges.
TRANSPORT Whether travelling by road or by rail, convenience is key. Cassia affords
its residents this luxury with simple accessibility to a number of major roads. Both Oakwood and Southgate underground stations are close by and offer direct routes into central London via the Piccadilly Line, meaning you can get to the West End in only 30 minutes. With Oakleigh Park and New Southgate Overground stations also a short distance away, you have plenty of transport options available.
APARTMENTS So, if you are looking for affordable north London living in high-quality apartments, look no further than Cassia from Newlon Living. Every home has been carefully designed to be energy efficient, meeting the highest safety standards while providing the ultimate comfort. You’ll find a spacious open-plan living area and your own outside space, along with a stylish fitted kitchen complete with integrated appliances, a plush bathroom suite and luxurious carpets in each bedroom. Isn’t it time you enjoyed life the Cassia way? To register your interest in Cassia, or for more information about the range of homes and services available from Newlon Living, please visit newlonliving.co.uk
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SHARED OWNERSHIP
UNLOCK YOUR DREAM HOME AT HARROW AND WEALDSTONE HEIGHTS IN 2024!
Are you ready to embark on your homeownership journey and discover the perfect home in a thriving new community? Harrow and Wealdstone Heights by Origin Housing offers an affordable path to homeownership in north west London. Kickstart the new year with your dream home, with deposits starting at just £8,125. Here are five reasons why Harrow and Wealdstone Heights should be your top choice for 2024:
1. TAILORED LIVING Harrow and Wealdstone Heights caters to all lifestyles. Whether you’re a young professional, a growing family, or a couple searching for your first home, Origin’s contemporary apartments provide spacious living areas. Each home offers generous bedrooms, well-appointed bathrooms and private outdoor spaces. A communal roof terrace offers breathtaking views of London’s skyline, and as a pet-friendly development, furry friends are welcomed.
2. PREMIER AMENITIES Nestled in the heart of Harrow, you’ll have access to outstanding schools, a vibrant shopping district and an array of leisure activities. A new central public realm is developing, featuring lush green spaces, play areas and mature landscaping for residents to enjoy.
3. SEAMLESS CITY ACCESS Harrow, in Zone 4, boasts excellent transport links. Harrow & Wealdstone on the Bakerloo Line connects you to iconic London destinations like Elephant and Castle, Paddington, Marylebone, Baker Street, Oxford Circus, Piccadilly and Waterloo. The Metropolitan Line from Harrow-on-the-Hill stops at Wembley and King’s Cross. Kenton station provides direct links to the West End and Oxford Circus, reaching Marylebone in just 17 minutes. Exclusive car club offers in partnership with Enterprise Cars are also available for residents.
4. SUSTAINABLE DESIGN Embrace eco-friendliness at Harrow and Wealdstone Heights. With energy-efficient designs and eco-credentials, including a ground source heat pump and solar panels for communal power lighting, this
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development is your chance to contribute to a greener future.
5. FUTURE-PROOF REGENERATION A multi-million-pound regeneration scheme will breathe new life into Harrow over the next decade, offering cultural facilities, commercial spaces, and green havens. Origin’s shared ownership apartments provide an affordable entry into Harrow’s property market amid this transformation. Don’t miss out on the opportunity to make 2024 the year you secure your dream home. Contact us today to start your journey toward homeownership! Shared ownership prices start from £81,250 for a 25% share of a one bedroom apartment, full market value of £325,000. To learn more, connect with our 5-star Trustpilotrated sales team. Visit originhousingsales.co.uk for additional information
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REAL LIFE Jordan Bolton, 26, was living at home with his parents in Bexley, the neighbourhood where he went to school and spent the first years of his 20s, before deciding it was the perfect time to take his first step on to the property ladder
FA C T F I L E
Property: One bedroom apartment Full market value: £255,000 Share: £63,750 for a 25% share Deposit: £17,000 Monthly rent and mortgage repayments: £830 Service charge: £170
E
ager to leave home and begin living his independent life, Jordan began his property search in November 2022, having saved some money towards a deposit while living with his parents. He explains, “I was ready to find a place of my own, but buying in London is ridiculous – the property prices are so high and you get a lot less compared to areas outside of London. However, I was keen to stay close to my family in Bexley so started exploring my options for homeownership and how I could make my budget go further.” Using the Share to Buy property portal to search for first time buyer homes in east London, Jordan put in his postcode to discover the new build developments nearby. “I wanted to find somewhere which was in a more central borough and was better connected than Bexley,” Jordan explains, “and I wanted a new build home – a blank canvas which I could put my stamp on. I had my mum and stepdad helping me search for developments. They actually first found Barking Riverside and sent me the link. The homes looked like just what I was looking for – spacious and modern apartments in a development with good transport links.” Having registered his interest and been approved for shared ownership, Jordan arranged his first viewing of the homes at Barking Riverside. He recalls, “I could really envisage myself in the apartment. A balcony was high on my priorities list, and it ticked that box, as well as being really spacious and offering integrated appliances which came at no extra cost. I really liked the riverside location – even though I’ve moved north of the river, I can still see the south side and it feels like I’m closer to home! On a second visit, I took a walk around the area with my mum and stepdad and got a really good feel for the development. I was impressed to see how close both the riverboat pier and train station were to L&Q’s homes, which would significantly shorten my
Shared ownership: Barking commute. I also liked that there were lots of green spaces and walking routes along the river.” Jordan purchased a 25% share of a one bedroom apartment at Barking Riverside with a full market value of £255,000. Already home to an array of on-site amenities and facilities, including the award-winning community, ecology and events space The Wilds, which hosts locally run cafe GROUNDED and hot desking spaces, Barking Riverside is a growing new neighbourhood. As London’s only “Healthy New Town”, the development will soon welcome a new health hub as well as a new commercial zone that will become a destination point for community facilities, cultural events and business opportunities in the area. Speaking about his new life in east London, Jordan says, “Barking Riverside is up-and-coming and buying here has been a really good investment for my future. It feels like a really exciting time to be moving here and I’m looking forward to
"I INITIALLY PURCHASED A 25% SHARE OF MY APARTMENT, AND THE GREAT THING IS THAT WHEN I’M EARNING MORE, I’LL BE ABLE TO BUY MORE SHARES”
seeing all the infrastructure, restaurants, shops and facilities that will be coming to the site in the future. The whole riverfront area is going to be transformed and that was one of the main things that attracted me to the development initially. “I’m already benefiting from the new transport links that are here. From my new home, I now commute to my job in Woolwich by boat, and the novelty still hasn’t worn off! It takes just 35 minutes door to door, which is much faster than when I was living in Bexley, and the boat runs all week. We also have the Overground station which means I can get into central London really easily – I can reach Liverpool Street in just 37 minutes from the development.” Designed as a scheme for first time buyers to own more of their home as and when they can afford to, Jordan is looking forward to making the most of the shared ownership process. He comments, “I initially purchased a 25% share of my apartment, and the great thing is that when I’m earning more, I’ll be able to buy more shares. The more I own the better it is and it’s great that shared ownership enables me to do that at my own pace.” Prices start from £66,250 for a 25% share of a one bedroom apartment with a full market value of £265,000. lqhomes.com/barkingriverside
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FOR SALE
FOR SALE
THE CREAM OF THE CROP Each month, FTB scours the market for the best starter homes for first time buyers. So, whether you’re looking for an affordable start on the property ladder, or a base in a thriving city, we hope you will enjoy our selection.
REAL LIFE
Shared ownership p70 S I D C U P, S O U T H E A S T L O N D O N
FIRST C
HOICE
ICONIC
DE★S★IG★ N Affordable homes p72-73
CAMBRIDGE, CAMBRIDGESHIRE
FIRST C
HOICE
THE RAINGCHE T BA★L ★ ★
City life p74-75
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FOR SALE
AFFORDABLE HOMES S I D C U P, S O U T H E A S T L O N D O N
FIRST C
FROM £325,000
HOICE
ICONIC DESIGN ★★★
Urban Picturehouse This new collection of homes in south east London started life in 1935 as an Odeon cinema, and today’s stunning building reflects its art deco heritage – with an emerald-glaze brick facade and large windows, bringing plenty of natural light. Inside, the studio, one, two and three bedroom apartments are bright and contemporary, with sleek modern kitchens, wooden flooring and floor-to-ceiling windows. Residents will also have a range of quality amenities on the ground floor. Nearby Sidcup offers a choice of retailers, cafes and bars, while trains into London take just 21 minutes from Sidcup railway station. Montreaux Homes 020 8092 1279 montreauxhomes.co.uk
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FOR SALE WIXAM, BEDFORDSHIRE
FROM £123,000* LUDGERSHALL, WILTSHIRE
FROM £280,500
L&Q at Willow Grove L&Q has launched a collection of two bedroom shared ownership homes at L&Q at Willow Grove. Homes are surrounded by local shops, schools, a playground, ponds and a green, and it's a 10-minute drive to Bedford. Properties have allocated parking spaces and a garden with a shed. Downstairs spaces feature open-
plan living rooms, while bedrooms are spacious, light and airy and the main bedroom has built-in wardrobes. The Chilterns and Dunstable Downs are close by and London St Pancras can be reached by train in under 40 minutes, L&Q 0300 234 1178 lqhomes.com/willowgrove/
*Based on a 40% share with a full market value of £307,500
HYTHE, KENT
FROM £249,995
Martello Lakes These beautiful new homes sit in a pretty spot on the Kent coast, 15 miles from the White Cliffs of Dover. The properties range from two bedroom apartments to four bedroom detached houses, all with outdoor space, and many with views over lakes. The apartments feature open-plan living/dining areas with French
doors leading to a private terrace. The bedrooms are well sized, with the main also featuring an en suite. Fast travel into London is aided by speedy services from Ashford International (38 minutes), a 20-minute drive away. Barratt Homes 0844 854 9936 barratthomes.co.uk
Drummond Park Nestled at the foot of the North Wessex Downs, residents at this new development in Ludgershall will not be short of natural beauty. The two, three and four bedroom homes have been created in a range of styles to suit the location. The four bedroom detached houses are bright and spacious, with separate kitchen, living
and dining rooms, store and WC downstairs, and well-sized bedrooms, family bathroom and en suite upstairs. There's a medical centre, schools and shops within walking distance, with Andover a 14-minute drive away. Lovell Homes 01264 280 154 lovell.co.uk
FROM £365,000
BRAINTREE, ESSEX
Towerlands Park With market towns, countryside and great transport links on the doorstep, these homes are ideally located. The collection of three, four and five bedroom family homes lies just two miles north of Braintree, for all you need for everyday life, while Colchester and Chelmsford are both under 30 minutes by car. The homes feature separate living and dining
rooms along with a downstairs WC. Upstairs, the main bedrooms have an en suite, and many homes enjoy extra storage space. There’s a great deal to enjoy nearby, and for commuters, direct trains reach London Liverpool Street in 80 minutes. Dandara 01376 748 127 dandara.com
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FOR SALE
CITY LIFE CAMBRIDGE, CAMBRIDGESHIRE
FIRST C
FROM £112,500*
HOICE
THE RINGCHET BALA
★★★
L&Q at Marleigh Located three miles east of Cambridge, this major new development is providing hundreds of new homes along with great on-site amenities, including a primary school, supermarket and deli. The properties available range from one to three bedroom apartments to two, three and four bedroom houses. The two bedroom terraced houses feature a separate kitchen and dining room downstairs, as well as a downstairs WC, with the bedrooms, bathroom and storage upstairs. Residents will love the green space and meadows that surround it, and with Cambridge city centre around 20 minutes by car, it’s a true best-ofboth-worlds location for those seeking a balanced lifestyle. L&Q 0333 003 2367 lqhomes.co.uk *Based on a 25% share of the full market value of £450,000
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FOR SALE BRISTOL HARBOURSIDE, BRISTOL
FROM £89,250* CAMBRIDGE, CAMBRIDGESHIRE
FROM £87,500*
McArthur’s Yard Sitting alongside Bristol’s famous Harbourside, these new one and two bedroom apartments are the epitome of cool. McArthur’s Yard occupies the site of a former warehouse, and many recycled materials have been used in the build to retain historical detail. The apartments feature open-plan living areas, large balconies, well-
sized bedrooms and utility rooms. The Harbourside is a thriving community with bars, cafes and venues to explore, while the city’s shopping, markets, restaurants, theatres, museums and vibrant culture is there for the taking. Guinness Homes 0117 453 213 mcarthursyard.co.uk
*Based on a 25% share of the full market value of £357,000
HARROW, NORTH WEST LONDON
FROM £342,000
L&Q at Darwin Green The name of this new collection of homes in Cambridge honours one of the city’s most famous former residents, Charles Darwin. And with the city centre within walking distance, a plethora of interesting, historic and cultural delights lie well within easy reach. The one, two, three and four bedroom apartments and houses here are
ideal for a range of buyers, who can enjoy the on-site facilities, which will include a 15-acre central park, schools, shops and health centre. From Cambridge, trains reach London King's Cross in under 60 minutes. L&Q 0333 999 8387 lqhomes.co.uk
* Based on a 25% share of the full market value of £350,000
CHELMSFORD, ESSEX
FROM £123,000*
The Robertson Apartments at Eastman Village When completed in 2025, this development will feature more than 2,000 new homes, as well as local facilities including a supermarket, school, gym and restaurants. The one, two and three bedroom apartments will be available from spring 2024, and are housed within landmark buildings, some offering fantastic
views. All apartments feature open-plan living areas that lead to a well-sized balcony, along with high-quality kitchens, fixtures and fittings. Trains, tube and Overground services reach central London in 30 minutes. Barratt London 0330 828 7386 barratthomes.co.uk
The Arbour at Beaulieu Set within the former parkland of the Tudor palace of Beaulieu, this major new development has created thousands of new homes just outside Chelmsford. Homes range from one bedroom apartments to five bedroom family houses – with the latest phase of one and two bedroom homes at The Arbour recently launched.
The properties are surrounded by landscaped gardens, and the new community will eventually include new schools, transport links and amenities. The city lies just 30 miles east of London, while the coast is a 40-minute drive. L&Q 0333 003 3710 lqhomes.co.uk
*Based on a 30% share of the full market value of £410,000
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TRIED AND TESTED
FTB’S FESTIVE FAST FOOD SAINSBURY'S
TOP FTB'S MAS T CHRISCK PI
Taste the Difference Home for Christmas; £12 This idyllic country village
We uncover the top Christmas foods that will make your holiday celebrations even more special. From traditional roasts and holiday favourites to contemporary twists which will put a smile on your face – the choices are as diverse as the traditions
ALTEBEST RNA MAINTIVE
will make a fabulous centre piece on any Christmas table. Enjoy this Belgian chocolate mousse, which is beautifully crafted into a snowy, nostalgic village.
CO-OP
MORRISONS
Irresistible Toffee & Pecan Roulade; £6.50
The Best British Beef Fillet Wellington; £40
Yum, yum! This slow-
is the ultimate foodie pick. Tender beef fillet is encased in a rich
baked brown sugar
mushroom duxelle, then hand-wrapped in delicious puff pastry for
meringue is baked with
ultimate party perfection.
If you’re looking to impress this festive season, then this Fillet Wellington
hand-scattered pecan nuts and filled with British
OXING BEST BUDDING P DAY WAITROSE
Jolly Jack the Jack Russell; £8.50 Jolly Jack the Jack Russell
whipped cream and buttery toffee sauce.
BEST S HARER
BEST FOR TREAT KIDS
is here to spread joy this Christmas! Made from chocolate cake rolled with chocolate buttercream, finished with a milk
MORRISONS
chocolate coat and sweet
The Best Sausage Roll Wreath; £6
decorations. Pawfect for the
Christmas is all about sharing and this sausage wreath is perfect for
festive season.
family and friends to enjoy together.
MORRISONS
Wensleydale & Cranberry Star; £3.50 Shine bright with
HEESE BEST C
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BEST F R FROM EE MORRISONS
Free From 4 Mince Pies; £2
this delicious
A gluten-free spin on
Wensleydale and
the much-loved festive
cranberry star.
mince pie. Rich and
Combine two classic
fruity mincemeat fills
British flavours in a
a sweet pastry shell,
sweet festive shape.
finished with a light dusting of sugar.
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TRIED AND TESTED
SAINSBURY'S
Taste the Difference Berry Bramble, Blackcurrant & Raspberries Gin and Mandarin Gin Liqueurs; £15
BEST TIPP LE
Entertain your guests with these fruity gin flavours.
BEST NE TO PANET MORRISONS
The Best Tiramisu Panettone; £7.50
BEST VEG AN
A traditional Panettone studded with dark chocolate chunks and mascarpone cream filling and topped with crunchy amaretti biscuits.
SAINSBURY'S
Taste the Difference Nut Roast with spiced Orange and Cranberry glaze; £7.25
BEST C ANAPÉ
This tasty vegan nut roast is loaded with cashews, mushrooms, spinach and squash. Topped with pistachios, almonds and tangy whole cranberries... that’s why you can taste the difference. WAITROSE
Shimmering Salmon Mousse; £7 This dinner time spectacle will have all the
BEST S ALMO N
guests wanting more! A poached salmon
SAINSBURY'S
sharing mousse with a striking shimmering
Taste the Difference Bao’s of Holly; £6
bronze finish.
A Christmas party showstopper! Add festive colour to your table with these tasty steamed buns filled with mixed vegetables and decorated with coloured dough pieces.
CHRIS T PUDD MAS ING
BE CHAM ST PAGNE
CO-OP
WAITROSE
Sicilian Orange & Whisky Christmas Pudding; £15
Les Pionniers NonVintage Champagne; £21.50
A Christmas pud with a difference. This rich pudding is laced with whisky and bursting with cherries and almonds,
Celebrate with
topped with an orange Sicilian sauce.
bubbles with this award-winning Champagne blended by a world-renowned producer
BEST TEATIME TREAT
CO-OP
exclusively
S’mores Chocolate Brownies; £2.65
for the Co-op.
Add some sparkle with these tasty brownies; chocolate cups filled with vanilla frosting, marshmallows, Belgian chocolate drizzle and a gold sugar shimmer, delicious!
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COMPETITION
UPGRADE YOUR KITCHEN WIN AN INSINKERATOR WIN ! M SERIES 46 FOOD WASTE DISPOSER ®
AN INSI NKE SERI RATO ES 4 6 FO R® M OD W DIS AST E WO POSER RTH £17 2
When welcoming friends and family to your new home, you wouldn’t want gone-off food odours lingering in the kitchen. If you’re not a keen composter, but want to keep your kitchen clean, tidy and smelling fresh, then this is the competition for you HOW TO ENTER Answer the following question:
How many years ago did InSinkErator® invent the food waste disposer? Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag.co.uk Closing date: 9 January 2024
We’ve teamed up with InSinkErator® to offer three lucky first time buyers the chance to upgrade their kitchen with modern but discreet technology. Enter today to win an InSinkErator® M Series 46 food waste disposer, a convenient, concealed solution for the kitchen. It reduces food waste in the bin, especially where home composting is not possible. Did you know, UK households produce 6.6 million tonnes of food waste each year, of which 4.5 million tonnes could have been eaten?1 This can result in a huge strain on landfill sites. Despite our best efforts, when cooking from scratch some inedible food waste is inevitable. An InSinkErator® food waste disposer offers a safe and hygienic method to dispose of inedible food waste in seconds. The M Series 46 safely grinds food waste into minute-sized particles, thanks to the innovative, blade-free system of stainless steel grinding rings. It is then simply dispatched, and rinsed away down the drain through the standard plumbing. The InSinkErator® M Series 46 food waste disposer is compact and fits neatly under the sink, without compromising the overall
look of your kitchen. Therefore, no matter what style you prefer, traditional or modern, Barbiecore or cottagecore, the InSinkErator® food waste disposer is discreetly hidden away. It is designed to be maintenance-free and the best way to keep it in good condition is simply to use it regularly. Keep it clean with a moderate stream of cold water after use. To freshen up the food waste disposer, simply grind half a lemon in the disposer and rinse with water. InSinkErator® invented the food waste disposer over 90 years ago, and today, has a range of models to suit different family sizes and home cooking needs. For more information on food waste disposers from InSinkErator®, visit the website: insinkerator.co.uk. Follow InSinkErator® on Instagram and TikTok for recipes, product advice, kitchen inspiration and more. Enter now and reduce the food waste in your kitchen bin with the InSinkErator® M Series 46 food waste disposer! 1 wrap.org.uk/media-centre/press-releases/wasting-foodfeeds-climate-change-food-waste-action-week-launches-help
THE PRIZE… THREE LUCKY WINNERS HAVE THE CHANCE TO WIN AN INSINKERATOR ® M SERIES 46 FOOD WASTE DISPOSER WORTH £172 T&Cs • The prizes will be delivered to UK mainland addresses only • Three InSinkErator® M Series 46 food waste disposers are available to win • Dimensions: H318 x W159 x D159mm • InSinkErator® is not responsible for any kitchen alterations should the prize not fit • Installation is NOT included in the prize • The promoter of this competition is InSinkErator® • The promoter of the competition may use the data supplied by entrants to process the competition, inform the winning participant of their winning entry and arrange delivery of the prize • By entering this competition, you agree to the terms and conditions listed above.
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FIRST MEAL
FIRST HOME, FIRST MEAL Celebrity chef Jamie Oliver shares his perfect recipe for the festive season, in collaboration with Tesco. This veggie roll sharer can be made ahead of time and baked from frozen. It's the ideal time-saver for when you are on hosting duties, and with it being only 43p per serving, we think it is the perfect showstopper for veggies and non-veggies alike
METHOD 1
2
3
4
Halve, wash and finely slice the leeks, then peel and finely slice the garlic. Place a large pan over a medium heat with 1tbsp olive oil and fry the garlic and leeks, stirring regularly, for 15 mins or until softened. Add the spinach, with a few good gratings of nutmeg, and cook for 15 mins until all the moisture has evaporated. Tip the mixture into a large bowl, then grate in the cheese. Roughly chop the hazelnuts, if using, adding most of them (or the sesame seeds) to the bowl. Gently mix until combined, season with black pepper and leave to cool. Separate the egg, then stir the egg white into the spinach mixture. Unroll the puff pastry (with the shortest side at the top) onto a flour-dusted surface and cut in half lengthways. Divide the filling down the centre of both pieces in a neat and tight line. Beat the egg yolk in a small bowl and brush over the exposed pastry, then fold it over the filling and gently press out any air with your thumb. Use a flour-dipped fork to crimp and seal, then cut one of the rolls into 8, the other into 16 (leaving you with 16 mini rolls and 8 larger rolls). Brush the pastry with the remaining egg yolk, scatter over the remaining hazelnuts or sesame seeds, and the red chilli slices and rosemary, if using. To make into a wreath, arrange the larger rolls in a circle, then add the smaller rolls on their ends to fill the gaps in between. When you’re ready to bake, preheat the oven to gas 4, 180°C, fan 160°C, and bake separate rolls for 1520 mins or for a whole wreath 25-30 mins or until golden. Alternatively, pop in the fridge for 24 hours, or freeze before baking. You’ll need to add on another 10 mins if baking from frozen.
INGREDIENTS
VEGGIE ROLL WREATH
Serves 12 15 mins to prepare and 45 mins to cook 2 leeks 2 garlic cloves Olive oil 450g frozen leaf spinach 1 nutmeg, for grating 80g extra-mature cheddar 60g sesame seeds and/or hazelnuts 1 free-range egg Flour, for dusting 275g pack of ready-rolled reduced-fat puff pastry Sliced red chilli & rosemary (optional)
Easy swap: Use chestnuts instead of hazelnuts. Best used within three months of freezing. realfood.tesco.com
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HOME TIPS
Hack Christmas... There is no doubt about it, Christmas is an expensive time of year. So hack Christmas with these money-saving tips without having to sacrifice the joy of giving! Discover creative ways to make the celebrations merrier while keeping your bank account happy!
HOW TO… Pounce on discounts when you see them Its always best to buy throughout the year, be savvy, before the Christmas rush starts. Look around for the best deals, compare prices online and in stores as there will always be a saving to be had somewhere.
HOW TO… Live by the list
HOW TO... Decorate Think about what you already have. As tempting as the Christmas aisles in B&M can be at this time of year, it’s important to remember that many decorations can be used year in, year out. So, before you hit the shops visit the loft or dust off the box from 2022! Grab a can of fake snow and spray on glass vases or old jam jars for an instantly wintery look. Collect twigs from the garden and spray to help bring the outdoors inside. There are so many creative ways to decorate and have fun too!
It’s not just Santa who needs to make sure they are checking the list twice!! Christmas shopping on impulse is dangerous. Make the list on your phone and don’t buy on a whim without comparisons. Also, be kind to yourself and remember that it really is the thought that counts – choose time over money and gifts.
HOW TO... Buy secondhand Buying secondhand is also a sustainable way of shopping so you can be proud that you are doing your bit for the planet, as well as for your bank balance. Look at Vinted and eBay.
HOW TO... Save on wrapping If, like us, you think the presentation and wrapping is almost as important as the actual gift itself, then you’ll want to dive into any gift wrapping aisle and buy all the pretty Christmas bows and ribbons. But, before you begin, ensure you organise your very own craft box – you will be surprised to find how much you already own and if it needs a little top-up then be sure to save the rest for next year.
HOW TO... Make Advent calendars Christmas is a time to enjoy chocolate and sweets, and opening that first advent chocolate on 1 December can be a real treat. If you have a young family, then creating your own advent calendar can start a memorable family tradition Why not opt for something that can be used each year instead of making waste? Purchase a canvas calendar with pockets that can hang on the door, or a wooden tree with boxes and fill them with something a little different to open each day during the run-up to Christmas.
HOW TO... Save on dinner. Christmas is all about celebrating with family and friends. If you are the ones lucky enough to host this year then ask friends and family to bring a dish – a plate to share, the starter or a dessert. It's an easy way to keep the costs down.
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LEGAL
Choosing a conveyancer The start of a brand new series of legal features to help you understand the conveyancing process when buying your first home. Here Stephen Ward, Director of Strategy and External Relations at The Council for Licenced Conveyancers, explains how to choose your conveyancer Buying your first property is one of life’s milestones. Congratulations to you if you’ve just had an offer accepted on your first property. You will now enter the legal process of buying your home. When buying or selling a house there is a lot of legal work involved. Once you have had an offer accepted you will need to engage the services of a legal professional to carry out this legal work – this is known as conveyancing. This can seem like just another annoying hurdle to clear before moving in, but it is an extremely important part of the process because your conveyancer’s role is to protect your interests and ensure that there is nothing that will get in the way of you using your new property just as you want to. At this stage you are free to research the legal professional who you think best suits your needs, which will be either a Licensed Conveyancer or a solicitor. Licensed Conveyancers are legal professionals who have qualified and specialised in conveyancing from the outset. Conveyancers enter the profession directly by way of taking specific conveyancing qualifications, such as the Council for Licensed Conveyancers (CLC) diploma in conveyancing law and practice. Once qualified they are Licensed Conveyancers. They have the same status and deliver the same service as solicitors, and often hold very specialist knowledge of various parts of the transaction process such as title searches and unusual land registry requests. Conveyancers are responsible for advising you on details of the contract, what searches will be required, deeds and timeframes. They will keep you updated through the sale or purchase process on how your transaction is progressing, any unusual clauses that you may need to be aware of or restrictive covenants. They will be responsible for liaising with the conveyancer or solicitor instructed by the other party in your transaction. Solicitors are regulated by the Solicitors Regulation Authority. Licensed
Conveyancers are regulated by the Council for Licensed Conveyancers (clc-uk.org). When you are instructing a legal professional to undertake your conveyancing, the choice is not between an individual conveyancer, but about finding the firm that offers the best service for your particular needs. We’ve created some guidance for you here (clc-uk.org/choosing-conveyancer). The best way to find the legal professional who is the right fit for you is to research online, speak to a few, and ask questions about the services they offer and what you can expect from them. Price and speed of service are often the factors people think of first, but you should consider others such as location, how and when they will correspond with you and what experience they have in dealing with the type of property you plan to buy.
In the interests of informed choice, conveyancers are required to display key information about price and services on their website, which should help you when shopping around. In order to help consumers have more information before choosing their legal professional, we went a step further and introduced a Customer Charter (clc-uk.org/ the-customer-charter). Our charter sets out what you can expect when instructing a specialist conveyancer, namely that your specialist conveyancer is subject to robust regulation and will only ever act in your best interests, that the fees you pay are clear and transparent, your money is held securely and if something goes wrong you are protected. To find a CLC regulated practitioner you can search clc-uk.org
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RENTPLUS
Rentplus turns renters into homeowners Rentplus-UK is a way for working people, unable to save large deposits, to get on to the housing ladder Rentplus is a national award-winning rent to buy scheme offering those who are working and who aspire to homeownership the real prospect of achieving their goal of buying their own home, without the need for any initial deposit. Rentplus tenants are 100% renters for fixed periods of five, 10, 15 or 20 years. Their rent is discounted to 80% of the local market rental, a figure set by the local authority, and it covers all repairs and service charges while the tenant rents. When they are ready to buy their home, Rentplus gifts tenants 10% of the sale price towards their deposit. And they are buying 100% of the home they are living in, unlike shared ownership. No staircasing, and no removal costs! So far, 95% of renters using Rentplus have successfully become homeowners at the planned point after just five years of renting. All moved in with no deposit, paid an affordable discounted rent which allowed them to save. After five years, Rentplus gifted them 10% of their home’s value towards their savings, which gave them between 10-25% deposit to put towards buying their home. Applicants are largely key and essential workers, on lower or middle incomes. Most pay private rent and find that this eats all their income, leaving them unable to save the large sums needed for deposits and fees when buying a home. “Before Rentplus we were living in a workers’ cottage in a great location but it was in very poor condition. We applied for Rentplus and it was a very easy process. The great thing was the rent was below the market rate which allowed us to save for the deposit and at the end of the five years we were actually in a position to purchase the property.” Homeowner Nicholas Plant, who bought his Rentplus home in 2021 “I had to downsize as I could not afford the new rent my landlord was asking, and so when I started looking for a smaller home, I found Rentplus. It’s a fantastic opportunity and helps people such as myself purchase their first home and I am
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so grateful to have found this opportunity. I’m loving living in my new home. It’s really quiet. The neighbours are lovely. It’s just 10 minutes from work and although the house is smaller than my last home, that’s fine because it’s mine.” Mental Health Nurse, Nicole, who will buy her home in 2024 “Rentplus offers great support for first time buyers. It is such a good thing. Owning the house feels different to being a renter. We’re very proud of what we have achieved. Rentplus helped us achieve our dream in just five years. And we also saved the upheaval of moving house: no changing address, no removal fees, no changing suppliers, less stress – that’s a big bonus. We
can stay here or we can sell and move to a bigger home because we now have equity.” Mary and Manoj, who bought their Sherborne home in 2021 Rentplus was founded in 2013 and was initially developed between Plymouth City Council, Tamar Housing Association and local developer Pillar Land Securities. Rentplus now works with more than 60 councils across England and is looking for more councils to work with so it can offer greater numbers of local people the chance to own their own home. Rentplus turns renters into homeowners. For more information visit rentplus-uk.com or email marketing@rentplus-uk.com, reference FTB
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FINANCE
To fix or not to fix...
EXPERT COMMENT Every pound usually counts for first time buyers, and right now the average rate available on two-year tracker rate deals is lower than on two-year fixed-rate mortgages. Anyone with an eye on mortgage rates may also have noticed that fixed rates have been falling in recent months. As a whole, this may lead to the temptation to opt for a lower tracker rate now and hope that fixed rates carry on dropping for you to lock into at some point in the future. However, the huge risk is that no one knows for certain
Variable rate mortgages are growing in popularity as buyers worry about being locked in to high fixed rates – but it’s an option that comes with risks, explains Kay Hill
what will happen to mortgage rates going forward. If you take out a tracker mortgage, which typically follows movements in the Bank of England base rate, there is always the possibility that your interest rate could go up, which would increase
For the past six years, first time buyers have overwhelmingly voted in favour of fixed-rate mortgages as they offer absolute certainty about monthly payments for a fixed period of time. Figures from UK Finance show that nine out of 10 first time buyers from 2017 to 2021 chose fixed-rate mortgages, with the figure increasing to 96% from 2019. In the first quarter of 2023, however, UK Finance noted that the number of new variable rate mortgages was the highest in a decade – at 13% of new mortgages. And an increasing number of would-be homeowners have been asking First Time Buyer whether they should be considering taking out a variable rate mortgage, where the amount due each month can change if the lender’s interest rate goes up or down. The reason that variable rates are
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becoming popular again is two-fold. Firstly, at the time of writing, they offer slightly cheaper monthly payments than a two-year fixed-rate mortgage – with the average twoyear tracker rate at 5.7% compared with the average two-year fixed-rate at 5.97% [better.co.uk]. Secondly, there is a perception that fixed rate mortgages are likely to become cheaper and borrowers are wary of getting stuck paying a “high” rate.
your monthly repayments as a result. If your budget is tight, this may not be a risk that you can afford to take. There are also no guarantees that the cost of fixed-rate mortgages will continue to fall, and that they won’t rise, either. Ultimately, you should look for a mortgage that suits your circumstances overall, which is why talking to a mortgage broker is usually worth considering.
ARE MORTGAGE RATES HIGH? In December 2021, the average five-year mortgage had an interest rate of 1.59%, which makes this autumn’s average rate for a five-year fix of 5.49% seem incredibly steep. But today’s figures are very similar to the decade leading up to 2008 – in reality, it is the long period of very low interest rates
Tim Leonard, Personal Finance Expert, NerdWallet
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FINANCE from 2008 to 2021 that was unusual. And, let’s not forget that in 1990 buyers were paying around 15% on their mortgages!
WILL RATES GO UP OR DOWN? This, of course, is the vital question, but even at First Time Buyer we don’t have a crystal ball. There are some encouraging signs, however, that rates may have peaked. Inflation has gone down from 11.1% in October 2022 to 6.7% in September 2023, meaning that the Bank of England’s strategy of raising interest rates to cut inflation appears to have worked The Bank’s Monetary Policy Committee decided by a majority of 6 to 3 not to raise interest on the Bank Rate from 5.25 in November Mortgage companies are beginning to cautiously lower rates and price competition is building to attract new customers Five-year fixes are currently cheaper than two-year fixes, which suggests that the lenders are expecting rates to go down slightly in that time. However, even the most optimistic experts are not predicting that rates will be dropping back to 2% in the next couple of years. There is also the chance of something unpredictable – another war or disastrous Budget, for example – that could suddenly change everything.
WEIGHING THE RISKS “Ultimately, the decision to fix a mortgage rate or not comes down to personal preference,” says Alice Haine, Personal Finance Analyst at Bestinvest. “A fixed-rate mortgage offers certainty, as the repayment on the mortgage remains the same for the full duration of the deal. This is ideal for people who like to budget, as they can plan their finances around the mortgage as they know exactly what they must repay. Someone who can only just afford their repayments would be unwise to take the risk on a variable deal. A borrower with spare cash above their mortgage repayment, however, could be less riskaverse and gamble on rates holding or falling in the future, which could work out cheaper over the long term.” Even those who decide to fix have a tricky decision to make – while longer fixes are currently cheaper than shorter fixes, and lock in a stable price for longer, they also increase the risks of paying over the odds if rates do drop. “Over a five-year period, rates could edge down further, meaning borrowers miss out on better deals with early repayment penalties to pay if you want to exit a fixed product early,” says Alice. “Instead, a two or three-year fix may be preferable for those who see mortgage rates dropping further in the next few years. That way they can then seek out a better deal in 24 or 36 months rather than waiting the full five years.”
EXPERT COMMENT To fix or not to fix? This isn’t the question you should be asking. Try these instead: What can I afford? And how resilient are my finances? After a very turbulent year, it’s understandable that first time buyers may feel torn between two apparently unattractive options. Should you lock in a longer-term fixed rate substantially higher than it would’ve been a few years ago or try out a variable or short-term
KEY DIFFERENCE BETWEEN FIXED AND VARIABLE
DON’T FORGET FEES
the next few years? There are a few
When interest rates go up, they only affect those on a fixed rate mortgage when the fixed rate period comes to an end, giving time to prepare for any increases. However, if interest rates fall during the course of the fixed term, borrowers won’t see any benefit, with early repayment charges meaning it is usually too costly to end a fixed-rate mortgage early. Those on a variable rate mortgage will be affected by interest rate changes much sooner – straight away with a tracker mortgage that’s directly linked to the official bank base rate, or within days or weeks for those on a discounted variable rate that is linked to a lender’s own standard variable rate (SVR). Lenders aren’t obliged to change their SVR with the base rate but usually do so shortly afterwards.
However, it’s also worth noting that product fees and charges can seriously skew calculations; if you have decided on a fixedrate mortgage, you could find that paying two lots of high fees for two short-term fixes rather than a single fee on a five-year fix can quickly lose any savings you might make from a small reduction in interest rates (not to mention causing considerable stress and paperwork). Equally, if you decide to choose a variable rate mortgage so you have the flexibility to move on to a fixed-rate deal if prices come down, it’s important to pick one with low fees and charges. Beware of product fees at the start, early redemption charges and lock-in periods, high property valuation fees and exit charges. Some lenders offer a low headline mortgage rate but make up for it with lots of fees and charges, which can quickly make it very expensive if you want to change lender. With so much to consider, Alice advises, “A good independent mortgage broker can offer guidance on the best scenario for each buyer’s situation.”
buy but know you’d struggle if rates
fixed option in hopes rates fall over things to consider. If you’re ready to increase further like they did earlier this year, and you value certainty in your monthly expenses, don’t gamble – lock in a fixed rate. However, if you could afford to pay those higher rates over an extended period of time until lower rates came in, you could consider variable options. But lower rates are not a guarantee – and very few people believe 2% rates will return any time soon. The best thing you can do is seek expert, tailored advice. Being able to afford your mortgage should never be a gamble that may or may not pay off – it should be rooted in what you need to prosper in your own home.
Pete Dockar, Chief Commercial Officer, Gen H
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MARKET
How to reduce energy bills this winter
Whether you’ve bought your first home or are renting and trying to save, winter fuel bills are a huge drain on finances. But there are ways to cut costs and stay snug, reports Ginetta Vedrickas but could also significantly impact energy bills. Draught-proofing windows and doors, including letterboxes, can reduce energy consumption by 10-20%, and sealing gaps in floorboards and ceilings can use an average of 10% less energy.
CLEAN BEHIND THE FRIDGE Few of us venture behind the fridge, but keeping coils and air vents dust-free helps your fridge run more efficiently so that it uses less energy to keep it cold. Coils dissipate heat generated by the compressor and condenser, but dust stops them working efficiently, meaning the fridge must work harder to maintain a consistent cool temperature. Day advises, “Locate the coils and vents, which are usually on the back or underneath, and unplug your fridge – it’s a quick job so you don’t need to worry about produce warming up – and use a brush attachment on your vacuum to gently remove dirt, dust, and debris, like pet hair. Dirty and dusty coils could be increasing the energy your fridge uses by as much as 25%.”
DON’T OVERLOAD FRIDGES BUT FILL YOUR FREEZER As we head into colder months, many of us are worried about rising fuel bills, with a recent study by Currys showing that 66% of Brits are concerned. Energy prices started to rise in late 2021 with multiple rises ever since. Most households have been affected, with many making home and lifestyle changes to cut costs. According to Currys, the biggest change Brits have made is using appliances less, a habit 66% have admitted to adopting post-price hike. In second place is washing clothes at lower temperatures with 62% reporting that they did so, and in third place 61% have turned down their thermostat. A worrying 18% of respondents planned on not using heating at all, which could impact their home’s condition and their health, with 65% blaming energy and heating costs as the biggest cause of financial anxiety. October saw the latest energy price cap begin, set at £1,923 for a typical dual fuel
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direct debit, but 2023’s bills will still be as much as 69% higher than they were in 2021. Google trend data shows that searches for “reduce energy consumption” rose by 4,100% in the last month alone, according to iheat’s expert Stephen Day who shares his tips for cutting energy consumption that save money and the planet.
LISTEN TO YOUR HOME Day says that listening to the noises your house makes can be key to reducing energy. “Creaking floor? There’s probably a draught coming through those gaps in between the floorboards, which will let heat out and cold air in. Clanging noise coming from the boiler? This could mean an issue with the water flow which will make it difficult to heat correctly and use more energy than necessary.” Day warns that ignoring noises not only leads to expensive repairs
Overloading your fridge can obstruct airflowmaking it less efficient – so leave space for air circulation to keep things cool. The freezer, however, is best kept full as frozen items act as a thermal mass, which maintains stable temperatures. An overly empty freezer means more air circulation, which can cause heat fluctuations, therefore more energy is needed to maintain the correct temperature. Make sure door seals are clean and free from food residue to maintain a proper seal, which prevents cold air from escaping, and keep your fridge and freezer at the recommended temperature as being too cold can increase the energy use by as much as 15%.
SPEEDY SHOWERS AND QUICK CUPPAS Most of us know that showers use less water and energy than long, luxurious baths, but cutting the time spent in the shower from 10
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EXPERT COMMENT Now is a great time to consider how
minutes to three uses up to 70% less energy. Having a “Navy shower”, a technique used by sailors, cuts water use even further. Turn on the shower quickly to wet your body, turn off while lathering up with soap and shampoo, then turn back on to rinse. Overfilling kettles also wastes energy. Fill your mug with water then pour into the kettle to make sure you’re only using the exact amount required.
EXTERNAL PAINTING Painting the outside of your house a darker colour can take advantage of passive solar heating and help reduce energy consumption in the winter months. After absorbing sunlight, the dark exterior reradiates some of that heat energy back into the surrounding environment, keeping exterior walls warmer than they would be if they were a lighter colour.
RADIATORS AND BOILERS Taking action in the autumn, before temperatures drop, pays off in the long run, explains Jonathan Daines, CEO of lettingaproperty.com, who has plenty of advice to help reduce energy bills, including servicing your boiler to save money over winter. “It ensures that boilers are operating efficiently and safely, minimising energy consumption. An autumn service also helps to prevent issues as the weather turns colder, avoiding costly callouts.” Bleeding radiators is another way to cut energy use as it rids them of trapped air, which causes inefficient heating and energy consumption. “It can also prevent heating systems going into overdrive in the cold weather. Giving radiators some TLC will really pay off over winter.” Other quick DIY tips include caulking (sealing) the inside and outside of windows to prevent air leaks and draughts and applying window film to trap heat indoors.
GETTING HELP WITH BILLS Many people, even if they are employed, are finding that financial help is available to top up their income, which could help them pay spiralling energy costs. Last year Christians Against Poverty (CAP), launched a free benefits calculator. The charity found that a year later over £90m of previously unclaimed income has been found at a time when millions are struggling with the cost of living. Since launching, over 150,000 people have completed the online calculations with
almost 14,000 finding extra income, with the average monthly amount of £513. CAP warns that nationally, around £19bn of annual income is still not being claimed – many don’t know what they’re entitled to, others find the process of applying too complex, and others lack digital access or local support. CAP’s Head of External Affairs, Gareth McNab, urges people, even if they are working, to visit capuk.org/calculator. “It’s an incredible, free tool that I’m passionate about because it’s helping thousands of people to find millions of pounds of vital extra money at a time when prices are through the roof and many are struggling to cope with the ever-increasing cost of living.” Love Energy Savings has plenty of advice on energy use in the home including tips for first time buyers setting up energy supply for the first time, loveenergysavings.com. The site points to data from The Energy Saving Trust energysavingtrust.org.uk which advises setting your home’s thermostat to the lowest comfortable temperature, typically between 18°C and 21°C. Pointing to evidence that temperatures outside this range cause health risks, in particular respiratory issues, their advice is to compare energy prices with multiple suppliers to ensure that you’re getting the best possible energy deal. Insulation installer Thrift Energy can advise on all types of insulation, including the best solutions for older properties, and it also advises on Government schemes to help people access funding for energy efficiency home improvements, such as ECO4 and the Great British Insulation Scheme, including insights on eligibility and how to apply for funding. Visit thriftenergy.co.uk.
you can improve your new home
CHOOSE APPLIANCES THAT ARE ENERGY EFFICIENT
EXPERT COMMENT
Creator of energy-saving mobile app HUGO, Ben Dhesi, advises using energy in the most efficient way, “When you replace old appliances, make sure to buy new ones with high energy efficiency ratings, because they will save you money in the long run. You can also replace blown bulbs with energy saving lightbulbs. Remember to switch off unused devices, and preferably turn them off at the plug too.” hugoenergyapp.co.uk. Ian Palmer-Smith, Appliance Expert at Domestic & General, says there are many ways to reduce energy consumption without having modern energy-efficient technologies, “The most important thing is to keep your appliances clean and well-maintained to ensure they operate efficiently.”
with insulation because there are two Government funding schemes which will fund all or part-fund the project, if you fit the criteria. For ECO4, you can apply for funding if you’re in receipt of certain benefits, and for GBIS, homes with an EPC rating of D-G, and within council tax bands A-D in England or A-E in Scotland and Wales are eligible. A TrustMarkapproved installer such as Thrift Energy can advise you on eligibility and help you to access funding. Josh Raffo, Commercial Director, Thrift Energy
EXPERT COMMENT We are calling on the Government to prioritise helping those in poverty and on low incomes by launching an urgent awareness campaign to ensure people know about the money they are entitled to. This will help relieve some of the financial pressure many are facing.
Gareth McNab,, Head of External Affairs, CAP
Using a washing-up bowl instead of a running tap can save £30 a year on energy bills. If you use a dishwasher, avoid pre-rinsing the dishes in hot water and wait until you can fill a full load. Instead of using the heat-drying feature, air dry your dishes. Fixing a dripping tap could save a small fortune in energy – it may not seem a lot but over a week or month the waste starts to add up. Ian PalmerSmith, Appliance Expert, Domestic & General
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Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers
THIS MONTH’S PA N E L O F E X P E R T S Jane Williams, Head of Sales, Southern Housing New Homes
Mike Luthra, Head of Sales, Marketing & Progression, Octavia
Lisa Moran, Sales and Marketing Director, Sovereign Network 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, Help to Buy, 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
Navigating the Homebuying Process
Q
I am a first time buyer and I have a lot of questions, which I hope you might be able to answer. Jonathan Ireland, Croydon
Q I’ve reserved a home, but there’s a delay in the handover date. What’s going on? A Owning your first home is a thrilling journey, but it can come with a few hiccups and some jargon that might be new to you. Let’s simplify things and address those potential bumps in the road. While not ideal, handover delays in newly built homes are relatively common. Various factors can cause these delays – waiting for utility connections, material hold-ups, or procedural steps in registration and sign-off. Rest assured, these are temporary and are often addressed promptly. We’re on it, and we’ll keep you informed every step of the way. Q How will this delay impact my mortgage? A Great question. First, review your mortgage offer to ensure it’s still valid. If its expiration is near, consult your independent financial adviser immediately. Many lenders will agree to extend a mortgage offer once. But it’s essential to address it promptly. Q I’m currently renting. Should I end my tenancy now? A Navigating notice periods can be tricky. Here’s a golden rule: Never end a tenancy without a confirmed completion date. You could risk not having a place to stay if your new home isn’t ready. Remember, some notice periods can stretch up to two months, potentially overlapping with your new home’s rent or mortgage payments. Always ensure you have adequate funds to cover both. And a pro-tip? Engage in open communication with your landlord. They might even agree to a shorter notice period if you approach the situation delicately. Q I’ve heard of “Practical Completion” and “Handover”. Are they the same thing? A They’re closely related but distinct. Practical Completion signifies that the homes are structurally ready, even though some warranty certificates might still be pending. On the other hand, Handover is the ceremonial baton pass. It’s when the developer transfers the legal reins of the property to the housing provider, and we’re all set to initiate the sale. Once we reach this stage, you’ll receive a notice to finalise your purchase. If you’ve already exchanged contracts, this is typically a 10-working-day notice. Starting a new chapter as a homeowner can be both exhilarating and overwhelming. But remember, at Southern Housing New Homes, we’re here to support you, ensuring you are well-informed every step of the way and that your journey is as smooth as possible. Jane Williams
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How do I get on the property ladder?
Q
I’m currently renting in Southall, but I’d love the chance to buy my own home. I can’t afford a property nearby as the housing market is so expensive, and I’ve only been able to save a small deposit of £4,500 due to my high monthly rental costs. I work in central London and must be in the office twice a week. I’m starting to worry that I’ll never be able to get on to the property ladder. What options do I have available to me? Kiran Patel, Southall
A
While London is of course an excellent place to live and work, the house prices certainly reflect that. The good news is that there are options available to help you get on the property ladder – one of which is shared ownership, a Government-backed scheme that allows you to buy a share of your home, typically 25% to 75%, and pay a reduced rent on the remaining share. One of the main advantages is that you’ll only need a deposit that is 5% of the value of your share. For example, buyers at Horlicks Quarter, our development in Slough, can take advantage of deposits from as low as £3,563*. Commutable towns in the home counties such as Reading and Slough also provide an attractive proposition at an affordable price. Slough, for instance, is undergoing a multi-million-pound investment plan, bringing a wide range of shops, leisure attractions and facilities to the town. It’s also the perfect base for office day commutes, with the quickest train services to central London taking just 20 minutes.
Horlicks Quarter
Plus, monthly costs to own a shared ownership apartment at Horlicks Quarter start from approximately £971 for a one bedroom and £1,276 for a two bedroom, compared to £1,760 and £2,000 respectively to rent similar sized properties in Southall**. If you’d like to find out more about shared ownership, the Sovereign Living website has plenty of useful information, guides, and stories from our previous shared owners to help you unlock your homebuying potential. All the best finding your new home. Lisa Moran *Prices and deposits correct at time of writing **Average rent for similar sized properties in Southall according to Home.co.uk
What are the options?
Q
What affordable housing options are available in London for homebuyers since Help to Buy is no longer an option? We are currently privately renting, and our rent has gone up substantially over the past year. We want to ideally move out of our rented accommodation, but with Help to Buy no longer available we are unsure as to what to do. Are there any other affordable options we should consider? My partner and I are on moderate incomes with a combined salary of £55,400. We have a good deposit of around £20,000. We are paying £1,680 a month to rent a one bedroom apartment in Wandsworth and want to start a family soon, so want something that has at least two bedrooms. Any advice would be helpful. Victoria Haynes, Wandsworth
A
I completely understand your situation. Finding affordable housing in London can be quite a daunting task, especially with rising rents. However, there are some options you can explore. One option is shared ownership. This is a Government-funded, low-cost homeownership programme that
is designed to help individuals who cannot afford to buy on the open market. Shared ownership enables you to buy a share of a property, usually from 25% to 75%, while also paying rent on the portion of the property that you do not own. You’ll need a deposit of 5% to 10% of the share you are purchasing. As your circumstances evolve, you have the flexibility to acquire more shares in your home to match your income and changing life circumstances. One key benefit is that the rent you pay on the un-owned part of your home is heavily subsidised so it is below the market rent. Many local authorities also collaborate with housing providers to ensure that a certain number of homes in new schemes remain affordable for local families with incomes up to a set limit. For instance, look at Octavia’s Earlsfield Green development of new apartments and houses in SW18, near your preferred area. By purchasing a 25% share, you could potentially have monthly costs as low as £1,216 for a two bedroom apartment. This includes your mortgage, service charge, and rent on the un-owned share. Several homes here have been allocated to accommodate local families with incomes of up to £56,200. The Earlsfield Green scheme launched in November, with prices for two bedroom
Earlsfield Green
apartments starting from £140,625 for a 25% share. To check eligibility and availability, call Octavia on 020 8354 5500, email sales@ octavia.org.uk or visit octavialiving.org.uk. It’s worth noting that shared ownership works well for many people entering the property market, but it may not be the right choice for everyone. I highly recommend consulting with an independent mortgage adviser and seeking legal advice to help you decide if it is the right path for you. For more information about shared ownership and other housing options, you can visit the official Government website gov.uk/affordable-home-ownershipschemes, or you can also find valuable information on sharetobuy.com. Mike Luthra
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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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BUYERS’ GUIDE
The ftb process
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TIPS
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.
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
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.
SET A BUDGET
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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.
APPLICATION
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
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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
Register with local estate agents, and use the internet to search for properties. Set up alerts.
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
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
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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.
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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.
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.
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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BUYERS’ GUIDE
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
Common questions from a first time buyer about conveyancing As a first time buyer you will no doubt have many questions regarding the conveyancing process. Coralie Phelan, Partner at Prince Evans Solicitors LLP, looks at the common questions asked by first time buyers during the process
Q
What is conveyancing and why do I need a conveyancer? Conveyancing is the legal process of transferring land from one party to another. You will need a conveyancer to act on your behalf and your lender’s behalf to check that you will acquire a good and marketable title to the property to enable you to sell and mortgage the property without difficulty in the future.
Q
How much should I budget for conveyancing fees? Every firm will charge differently and
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it is important to check any small print and to understand fully what the firm is charging. You should budget for between approximately £1,000 to £1,800 plus disbursements (payments to third parties such as the Land Registry) and Stamp Duty Land Tax.
Q
Who will be my point of contact throughout the process? It is worth considering whether you value a more personal service, where you deal with one conveyancer throughout, or whether you prefer a firm that has a more modern
approach, with different conveyancers dedicated to dealing with each stage of the transaction.
Q
Is there anything I can do to make sure the process runs smoothly? Keep in regular contact with your mortgage adviser and conveyancer and the sales office or estate agent to ensure you are fully abreast of all developments.
Q
How often will I receive updates? Most firms will update you via email or phone depending on your preferences. At
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LEGAL
Prince Evans we are one of a few firms who use an app to update our clients. It is worth enquiring regarding the frequency and method of updates at the quotation stage so you can ensure your appointed firm meets your expectations in this respect.
Q
When do I need to pay the conveyancing fees? Most firms will ask you to pay between £200 and £300 upfront to cover the cost of searches. The deposit (usually 10% of the purchase price) will be requested on exchange and the balance due on completion. The balance of legal fees is usually due for payment no later than one working day prior to completion. You will usually receive an invoice between exchange and completion setting out the balance due from you, otherwise known as the completion statement.
Q
How long does the conveyancing process take? If you are purchasing a new build the developer or seller will usually expect exchange of contracts (the point of legal commitment) to occur within 28 to 42 days. If you are purchasing a resale property then this could take anywhere from three to six months or sometimes even more depending on the position of all parties in the chain. It is impossible to be precise with conveyancing timeframes as there are so many different third party elements that could affect the timeframe.
Q
Is the conveyancer familiar with a case like this – for example affordable housing conveyancing? It’s crucial to ask this question and ensure your conveyancer is an expert in the area in which you are purchasing. For example you should consider instructing affordable homeownership experts if you are purchasing a shared ownership property.
Q
Is the conveyancer suitably qualified and experienced? A conveyancer could be a qualified solicitor, Licenced Conveyancer or a paralegal. You should check you are satisfied that your conveyancer has suitable experience before instructing them.
Q
Do I need to instruct a conveyancer in the local area? It isn’t necessary to instruct a solicitor in
the local area as all conveyancers in the UK can act on property purchases in England and Wales where the conveyancing process is the same. If you are instructing a solicitor who isn’t near to where you live or work do check with them it won’t be necessary to visit their offices to sign papers.
Q
I’m currently renting – when should I hand in my notice? It is crucial to time this right to avoid firstly handing notice in too early and making yourself homeless and secondly too late and paying rent and service charge on both properties. Generally your conveyancer will advise you to wait until exchange of contracts when a fixed completion date can be agreed before handing notice in and then negotiating a suitable period between exchange and completion to avoid having to pay double rent and service charge.
Q
Can a conveyancer act for both buyer and seller? This question is sometimes asked as it appears that this would be quicker and easier, but the answer is no. A conflict of interest could arise for example if the buyer’s solicitor has to act for both buyer and lender or if there was a title query. Each party needs to be independently advised to ensure a conflict of interest does not arise.
Q
What is the difference between exchange and completion? The exchange of contracts is the point when there is a legally binding contract between the parties. Completion is the day that monies are transferred between solicitors and you can collect your keys and move in. Generally there is about one to two weeks between exchange and completion.
Q
What are standard searches? Standard searches usually consist of a local search, which searches for matters in the local authority records such as planning and building regulation history, road adoption and adverse matters that might
affect the property such as compulsory purchase schemes. Your conveyancer may also recommend a drainage and water search and environmental search.
Q
Why do I need to provide proof of deposit if I have already provided this to my mortgage adviser and lender? The Proceeds of Crime Act and Anti Money Laundering legislation and conveyancing regulations hold your conveyancer to an often higher standard and more onerous obligations in terms of anti-money laundering checks than that of your mortgage adviser or lender. So you should ensure you have your bank statements and records of how you obtained your deposit funds readily available to supply to your conveyancer.
Q
When do I get the deeds to my property? The legal documents or deeds are held electronically at the Land Registry and physical deeds and documents are now largely obsolete. The title information document proving the ownership of land is a public document that is available to download. Your conveyancer will send your copy of the title following registration. The Land Registry has incredible backlogs at present and as a result it could take several months before the Land Registry confirms that your ownership has been registered. As this is largely an administrative process, this delay is nothing to be concerned about. There is no single best or most important question to ask during the conveyancing process. It is worth ensuring you ask any questions you have to enable you to understand the process properly before legally committing and embarking on your journey into homeownership. Your conveyancer will want to help you complete your purchase without any issue and will therefore be happy to answer any questions no matter how small.
Prince Evans specialise in all aspects of conveyancing. Please contact Prince Evans for all your conveyancing needs and for a friendly no obligation quote on 020 8567 3477 or nbh@prince-evans.co.uk
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Directory
INFORMATION PROVIDED BY OWNYOURHOME.GOV.UK
CHECK WHICH SCHEME IS RIGHT FOR YOU! With a range of Government schemes available to make buying a home more affordable, find out which scheme is right for you.
SHARED OWNERSHIP If you can’t quite afford to buy 100% of a home, you could buy a share of a home instead and pay rent on the rest.
FIRST HOMES
RIGHT TO BUY
A new scheme supporting local first time buyers, including key workers, on to the property ladder by offering new build homes with at least a 30% discount compared to market prices.
If you’re a council tenant in England, the Right to Buy scheme could help you buy the home you rent with a discount of up to £87,200 (£116,200 in London).
SHARED OWNERSHIP RESALES
RENT TO BUY/LONDON LIVING RENT
If you can’t afford to buy a whole home, you could buy the same share of a home bought by its current owner when they used a shared ownership scheme.
Rent to Buy gives tenants in England the chance to rent a home at Intermediate Rent, providing them with the opportunity to save for a deposit over time to purchase the home.
HOME OWNERSHIP FOR PEOPLE WITH LONG-TERM DISABILITIES (HOLD) If you have a long-term disability, the HOLD scheme in England could help you buy any home for sale on a shared ownership basis.
PRESERVED RIGHT TO BUY If you’re a housing association tenant in England you could be eligible to buy the home you rent with a discount of up to £87,200 (£116,200 in London).
The scheme is available in England, apart from London. Properties in London are covered by a separate scheme called London Living Rent.
STAMP DUTY LAND TAX RELIEF
THE MORTGAGE GUARANTEE SCHEME
Stamp Duty Land Tax (SDLT) is a tax on property purchases. First time buyers pay a reduced rate of zero SDLT on the first £425,000 and 5% on the amount between £425,001 and £625,000. No discount applies on homes over £625,000. The level of relief will be reduced from 1 April 2025.
A UK-wide Government scheme to help to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these products through a Government-backed guarantee on new 95% mortgages.
OLDER PEOPLE’S SHARED OWNERSHIP (OPSO) If you’re aged 55 or over, the OPSO scheme could help you own up to 75% of any home that’s for sale on a shared ownership basis.
FIND OUT MORE For a more detailed description of each scheme please visit ownyourhome.gov.uk
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USEFUL CONTACTS HOMEBUYING PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING SHARED OWNERSHIP AND RENT TO BUY PROPERTIES
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USEFUL CONTACTS HOMEBUYING PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING SHARED OWNERSHIP AND RENT TO BUY PROPERTIES
NORTH EAST
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0300 561 1111
0345 678 0555 Knowsley Housing Trust
0808 164 0111 Wakefield and District
Thirteen
0800 131 3348
North Jigsaw Homes
k-h-t.org
Longhurst Group
thirteengroup.co.uk
north.jigsawhomes.org.uk
0151 290 7000
longhurst-group.org.uk
0300 111 1000
0300 111 1133
0300 123 1745
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6 issues £25 (Free P&P) First Time Buyer December 2023/January 2024
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20 QUESTIONS Lisa Moran is the Sales and Marketing Director at Sovereign Network Homes and has worked in housing for over 20 years. She has experience in new homes, affordable housing, estate agency and management companies. Having worked for national housebuilders such as Barratt, David Wilson Homes, Redrow and Crest across the South and South West, Lisa brings a wealth of knowledge and sales experience to Sovereign Network Homes. She will deliver the biggest shared ownership pipeline in Sovereign’s history, along with a longterm strategy to grow full ownership sales
20 QUESTIONS W i t h Lisa Moran
What room at home is your favourite? My kitchen, as it's big enough to have a table and a sofa so whenever I have family or friends over, it’s where everyone sits and stays. What’s your favourite gadget or technology at home? Easy, my Roku streaming stick. What colour do you think everyone should have in their home? Navy blue, I am totally obsessed with it. Which three people would you invite over for a housewarming party if you could have any guests? Graham Norton – for his sense of humour and conversation, Elton John for the sheer magic of his music and Hugh Jackman, just because! What’s your favourite memory from your childhood home? I lived in Singapore for some of my childhood so I was blessed with the most amazing long weekends and casual holidays in locations that would now take you years to save for, if you wanted to visit. Obviously as a young child, I was totally indifferent and ungrateful for this amazing opportunity and just wanted to holiday back in Reading with my family. What is your favourite song and why? I don’t have one specific favourite, I’m not really that into music. Would you rather have a garden or a balcony? Garden for now, but I could be swayed. Do you prefer modern homes or period properties? I’ve had both, and both are amazing, but period properties can be very stressful, especially if they are haemorrhaging money on repairs and maintenance. After three period homes included a Grade II listed, I am now well and truly converted to new build. Would you rather have a library room or media room at home? Neither, I’d have a steam room or a sauna. Would you prefer your home to have a luxurious bathtub or a sumptuous shower? Sumptuous shower. Would you rather live in the bustling city or in the country? I currently live in the Devon countryside, but I think it's time to move back to somewhere with a bit more oomph – so city. If you were buying a property overseas, in what country would you buy a home? Spain – super easy for friends and family to visit and sunshine, sunshine, sunshine!
Would you rather have a bigger property or a better location? Better location, as I get older I need less but want to do more. What is one thing you couldn’t live without at home? My glasses. What’s your favourite way to unwind at home after work? I head to the gym or go for a run, or maybe pour a glass of wine – it’s a close call some days. What’s your favourite thing about your home? It’s got a south west facing kitchen and garden and that was something, at the time I bought the house, that I was not prepared to compromise on. I adore the sunshine and it was very important to me to have maximum sunlight in the areas I use the most. Where did you buy your first home? Chippenham, Wiltshire. With a deposit made up of a combination of savings, family gifted deposit and prize money from a work award. What advice would you give a first time buyer? Don’t go for the Instagram home, every home has potential, some just need longer and more imagination to get there. Opt for the home that fits your lifestyle and budget and be prepared to give up the odd luxury for a while. What are your views on shared ownership? I think it’s fantastic. I have family members and friends who have bought through shared ownership, two have staircased to full ownership and one sold as a part-owner and moved on. It changed their lives and it gave them security and the opportunity to really settle down in areas that they wanted to live and shape their families. What are your views on the housing market at the moment? I have three children, all at different stages of their homeownership journey, and as a parent, I do worry about the housing market enormously – house prices, interest rates, service charges, utility costs – they all contribute to an environment that puts homeowners under pressure. But I also see the extortionate cost of renting and the desperate scramble for properties as they become available. That’s why I am such a huge advocate for shared ownership – it’s available to such a wide group of people, be it individuals, couples, blended families, friends, siblings, colleagues; they can all buy together and share the cost of homeownership. sovereignliving.org.uk/
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