the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY October/ November 2020 £3.95 firsttimebuyermag.com
WIN!
AN EKO ECOCASA RECYCLING BIN WORTH £139.99
EVERYTHING YOU NEED TO KNOW ABOUT SHARED OWNERSHIP
SAVE ON STAMP DUTY
TOP TIPS ON HOW TO BUILD YOUR DEPOSIT
“With shared ownership needing low deposits, it really is possible to own your first home” Jacqueline Mercer
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EDITOR’S LETTER
E D I T O R I A L – 020 7258 0036
Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant DAWN HARKER Creative Director RYAN BEAL Sub Editor KAY HILL Social Media DAWN HARKER Contributors CHRIS CLARK, DEBBIE CLARK, ADAM CRAWFORD, DAWN HARKER, KAY HILL, RUPI HUNJAN, JONNIE IRWIN, NICK MORREY LAURA DEAN-OSGOOD, LESLEY PRICE, MIKE PRIOR, GINETTA VEDRICKAS A D V E RT I S I N G – 020 7258 0036
Director of Advertising/Exhibition Sales LYNDA CLARK
lynda@firsttimebuyermag.co.uk Special Events EILIDH MACLEOD – First Time Buyer Home Show – First Time Buyer Readers’ Awards boom@squarepegmedia.com Accounts accounts@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 0036 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787
Welcome I hope you have all had a lovely summer despite trying to get used to the “new world” we are living in. It has been very hard, but everyone is adapting and getting on with creating a new routine. I am happy to report that the housing market is thriving, especially since the Stamp Duty holiday was announced, which will help so many first time buyers get on the ladder. I am a great advocate of shared ownership, which is a very affordable way to buy your first home. It has been around for decades and is now more popular than ever. From 17 September to 23 September there is a very special Shared Ownership Week 2020, which is backed by the major housing associations and aims to help homebuyers understand how they could be eligible to secure a property through this affordable scheme. Do go to the dedicated website – sharedownershipweek.co.uk – where you can see the full line-up, from virtual events to live sessions where you can put any questions you have to the experts. We celebrate the Week on pages 32-55 where you can find some of the exciting developments and homes available using this pioneering scheme, some interesting case studies plus tips on ways to save for that all-important deposit, and financial and legal advice if you decide to use the scheme. There has also been some breaking news in the past week – the Affordable Homes Programme has announced it is supporting first time buyers across the country, with at least 50% of funding set to go towards affordable homeownership and in particular shared ownership. This is very welcome news and we will be looking at this in more depth in the next issue. I hope you find this issue packed full of useful information and advice to help you buy your first dream home. Until next time, happy house hunting @firsttimebuyer
! NEWSFLASH ! Do watch our weekly webinars when our expert panel answer all your property related questions – go to facebook.com/firsttimebuyeronline
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EDITOR’S PICKS…
In order to save for the deposit, I worked three jobs which was tough!
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I’m suddenly reminded of how it feels to be a first time buyer once more – desperate for my own space and for some added security Jonnie Irwin, Jonnie’s World, page 9
Maxine Brady, At home with, page 14
These homes are in a really lovely setting – close to both country and village life Paula Wilson, House Hunter, page 16
Shared ownership is a fantastic product to make homeownership more affordable if you have a smaller deposit
Shared ownership Markus Kendall-Young, was an opportunity 20 Questions, page 114 for us to invest in something of our own Terry Harvey, Get on the ladder with shared ownership, page 32
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CONTENTS
Cover Photo © Mike Prior
OCTOBER/NOVEMBER 2020 / ISSUE 85 / FIRSTTIMEBUYERMAG.CO.UK
What’s in…
76 77
First time buyers Georgina Goodwin, 26, and Ryan Harris, 25, who both work for the NHS, had been busily looking for a London apartment when coronavirus hit and they found themselves under lockdown in their tiny, one bedroom rented flat in Ealing. Finally, they were delighted that with Help to Buy they could afford a four bedroom house in Staplehurst, Kent from David Wilson Homes.
HOMEPAGE
FEATURED
For sale
9 Words from Jonnie
20 The View: Jacqueline Mercer
TV presenter and property expert Jonnie Irwin gives his views on the housing market.
11 FTB loves… A round up of our favourite hot buys.
12 Living Working from home? We round up some versatile and useful accessories to create the perfect office.
14 At home with… Secret Styling Club The Secret Styling Club is a home design studio set up by interior
stylists Maxine Brady and Laurie Davidson. With a following of around 39,000 fans on Instagram, their aim is to help their clients create a perfect home for as little as £75. They spoke to Lynda Clark about how it all came about, their first homes and give some good advice on how to get on the property ladder
16 House Hunter We try to find Paula Wilson a new one bedroom home within commuting distance of Southampton.
18 Developer’s doctor Jennifer Hickey, Sales Manager at Legal & General Affordable Homes, answers your property question.
Jacqueline is a footwear designer and home and lifestyle influencer with around 27,000 followers on Instagram. She loves interior design and gardening and is a great ambassador for shared ownership. She talks to Lynda Clark about her career, her home and has some great advice for first time buyers.
24 Sunak’s Stamp Duty savings The Chancellor of the Exchequer, Rishi Sunak, recently announced a Stamp Duty holiday until the
end of March 2021, where any purchase up to £500,000 will be exempt from paying any tax. This is great news for first time buyers and Debbie Clark looks at what homes are available based on the current average house prices across the UK.
52 Ways to save Clever ideas to help you save and build that all-important deposit for your first home.
54 Shared ownership mortgages – all you need to know Rupi Hunjan, CEO of Censeo Financial, explains how the shared ownership mortgage process works with this simple step-by-step guide.
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CONTENTS
SAVE, SAVE, SAVE AND SPEND YOUR MONEY WHERE IT NEEDS TO BE SPENT 32
Get on the ladder with shared ownership The annual Shared Ownership Week campaign returns from 17 to 23 September, aiming to help homebuyers understand how using the scheme can help them buy an affordable home. The week is backed by many major housing associations and we highlight some of the great properties you can buy with help from the scheme.
Photo © Ginger Cat Studios
JACQUELINE MERCER, PAGE 20
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Jacqueline Mercer REGULARS
92 Finance Kay Hill looks at the financial aspects to consider when looking at shared ownership as a way of getting on to the property ladder.
56 Hotspot We look at Chelmsford as a place to live.
94 Market
84 What is shared ownership? Lesley Price FCILEx, of CGM Solicitors, breaks down the complicated legal jargon and gives advice on some of the practical and legal aspects of buying a shared ownership home.
87
Competition Win a Eko Ecocasa 15+15+15l recycling bin, worth £139.99
Following lockdown, Ginetta Vedrickas looks at the current situation within the housing market and in particular what it looks like for first time buyers.
96 Agony Agent All your property questions answered by our panel of experts.
99 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process.
104 Stamp Duty Land Tax – temporary reduced rates 88 First home, first meal If you are working to a budget but still want a delicious and healthy meal then this simple pasta recipe from MOB Kitchen is the perfect choice and it can be made for just £3! Plus, enjoy your favourite film in the comfort of your own home with these fun accessories to create the perfect movie night.
90 Mortgage Clinic Nick Morrey, Mortgage Technical Manager at John Charcol, answers your financial related questions.
Adam Crawford, Partner and Head of New Build Homes at Prince Evans, explains what the Government’s Stamp Duty holiday means to the first time buyer.
106 Directory Where and how to contact your Help to Buy Agents or providers.
114 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Markus Kendall-Young, Group Head of Sales and Marketing at Catalyst, is in the spotlight.
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LETTERS
Mailbox CREDIT CHECKS
FTB: A credit search “footprint” is a mark left on your credit file, which states that a lender or credit company has looked at your file. This usually happens when you apply for credit, which includes a mortgage. An enquiry is known as a soft footprint whereas an application for credit such as a mortgage, credit card or loan is known as a hard footprint. Soft footprints are only visible to you, whereas hard footprints will be visible to any lender. Having a larger number of hard footprints in your recent credit history can lower your credit score, so avoid having too many in a short space of time.
This issue’s star letter wins an amazing AnySharp Pro knife sharpener worth £16.35. Perfect for anyone who cooks at home, the AnySharp Pro restores the super sharp cutting edge to any blunt knife blades that have dulled with use. The AnySharp Pro has a 10-year guarantee, and comes in a range of colours to suit any kitchen. amazon.co.uk anysharp.com
I am interested in a property and as a first time buyer I am not sure of how long things will take. I am trying to get an idea of the timeline so I can start planning. How long does the conveyancing take when buying a new home? Adrian Harrogate FTB: This is a common question. The average transaction takes between 12 to 14 weeks, but unfortunately, it is not something that can be guaranteed, as it depends on a variety of
Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. First Time Buyer Letters, 37 Ivor Place, London NW1 6EA lynda@firsttimebuyermag.co.uk
While applying for a mortgage I have often heard the term “footprint” being used. What does this mean and is it something I need to be wary of? Patrick Donnelly
THE CONVEYANCING PROCESS
WRITE TO US!
BUYING OFF-PLAN I have been told that buying off-plan would be a good move when buying my first property. What does this mean and what are the benefits of doing this? Isla Cookfield FTB: Buying off-plan means that you agree to purchase a property before it has actually been built. This can be scary as you will need to trust the developer’s floorplans, price lists and other related property documents to help you come to a final decision. Usually, buying an off-plan property involves signing a contract and paying a deposit to secure the plot. The deposit size can range between developers but often it can be up to 5% and higher. There are benefits when buying off-plan as you get to choose which plot you would like and you can often negotiate a little on the price. Of course, there are also many reasons why a new build is also a good choice as there are no decoration costs, and guarantees and insurances for the property such as the NHBC’s 10-year warranty will be included for peace of mind.
WHICH SURVEYS SHOULD I GET? factors. If you need a mortgage, for example, the lender will determine when the valuation is carried out and how quickly it can process the mortgage offer. Likewise, if there are several parties in your chain, their availability will impact on exchange and completion dates. The transaction doesn’t become legally binding until contracts are exchanged, at which point you will pay your deposit and the completion date will be fixed. This is the day you’re working towards – when you finally receive the keys. Patience is key.
I am a first time buyer and I have found a property that I really like. I am, however, rather confused about how I decide which surveys I will need? Mel Davis FTB: A survey is a bit like a general health check for the property you are looking to purchase. This process can highlight issues that might potentially cost significant sums of money in the future. If serious issues or defects are discovered, you could decide to reconsider your offer or negotiate a reduction in price to cover the cost of the work that would be required to fix the problem.
There are a variety of different surveys available and which one you select will ultimately be determined by the type of property you are interested in purchasing, how much detail you want the survey to go into and how much you are willing to pay. If, for example, you are hoping to obtain a new build mortgage, a RICS condition report might be the ideal option for you because the property should be covered by the Buildmark or NHBC Certificate.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
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OPINION
WORLD
TV presenter and property expert Jonnie Irwin gives his thoughts and views on first time buyers and the housing market
Tardiness is not something we admire in anyone. I’m usually just on time but if I’m honest it’s normally involved a run, two slammed doors and three to four robust swearwords in order to make it punctually. The reason for this? I try to fit too much in, but I’ve always been that way. Of course, we all spin plates to some extent and it just so happens that at the moment I seem to have an entire crockery set up in the air. Take the recent splashdown of my twin boys who have joined my 18-month-old lad Rex. That’s going to keep most working families busy but with me working away and planning an extension to our home I thought something had to give. So, I decided to pause the extension, move the family a few hundred miles north to be close to my wife’s folks just prior to the birth and rent a home for us. Best decision I made in ages. The shoe, however, is now very much on the other foot. I’m used to living in a property I own. My place. Don’t get me wrong, I pride myself on how I manage my tenanted properties – always keeping up to date with any tenants’ requests, so perhaps I naively assumed that I would enjoy having someone else take the strain of repairs for a property and I could just sit back and enjoy the space. Well I just can’t. I always knew it was short term, but the bathroom annoys me, the kitchen has been designed by someone who clearly only eats Pot Noodles, and I just can’t seem to settle into this place as a home. It’s not mine. What’s more, since the lifting of Stamp Duty payments for property purchases up to £500,000, the local market has lifted considerably, and the landlord has decided he wants to cash in; and I don’t blame him. That, however, means we are moving again. I’m suddenly reminded of how it feels to be a first time buyer once more – desperate for my own space and for some added security. Of course, one person’s price is another’s gain and the Stamp Duty holiday is a brilliant opportunity. For some first time buyers, particularly in London and the South East, they could be saving cash payments of around £15,000! Now in different times you might be expecting me to recommend you use that extra budget to expose yourself to a bigger property, especially as you will be holding it for a number of years, but I’m not sure that’s what I’d be doing right now. Of course, for many, this saving now finally makes the dream Photo © Mike Prior
simply achievable, but there might be others who are left with some substantial change in their budgets. I’d be using this cushion for just that – comfort. Make the transition from renting to homeownership as smooth as possible and stressfree in the short to medium term in regard to overheads. Admittedly, the financial investment is the major thing in play with this purchase of yours, but it doesn’t take a rocket scientist to realise that we are facing uncertain financial times ahead. You are already making a financial speculation, there’s no need to double down. Use this as an opportunity to get your long-held dream over the line, remembering all the positive things that will be coming about from owning your own home. And when you move in, think of me looking aghast upon one of Rex’s drawings on the landlord’s wall and wondering how much less of my deposit I’ll be getting back!
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FTB LOVES
What’s hot in the shops? Always on the lookout for exciting and innovative new ideas and accessories that will help create the perfect space, here are our favourites this issue
Leaf Envy
The gift that keeps on giving, Leaf Envy has launched a plant subscription box. Each subscriber will receive a trendy plant designed to add a burst of greenery into their home. Each houseplant comes with care instructions and you have access to a plant expert any time you have a question. We love how the subscription is flexible, and you can opt for the frequency and length that suits you, plus you can also pause the subscription at any time. Whether you’d like the plant only, or you want the plant and a stylish pot, there is an option for everyone. All the packaging is 100% recyclable and the company has partnered with a carbon-neutral delivery service, plus it invests in a green future by planting one tree for every 10 orders to aid global reforestation. Plant subscription box, box, from £20 a month, Leaf Envy leafenvy.co.uk
a bug s a g u n S ble and eco-friendly Snug is a brand new, afforda range starting the h Wit . ding bed of collection it’s a great ws, pillo of from just £10 for a pair are two ranges re The ers. buy time rst fi option for thicker tog option for to choose from, including a and cosy when they m war be to fer pre those who option for those tog ter sleep, as well as a ligh duvets and pillows the All l. coo be to fer who pre from recycled e mad ls are filled using materia packaging, ble aina sust in e com and products enic and erg oall hyp are plus all Snug products le. hab was machine Snug Just Right Pillow Pair, £9.99, uk .co. amazon
Kitchen in a Box
Buying a new house is expensive in itself and that’s not to mention all the furniture and accessories you have to buy too – everything from rugs to beds! This is why we love Wilko’s Kitchen in a Box, as it includes everything you need for your kitchen in one great affordable option. With everything from a frying pan to teaspoons included, all your kitchen essentials are covered. There’s even items we often forget when shopping for our kitchen such as scissors and a can and bottle opener. Kitchen in a Box, £45, Wilko wilko.com
Pac-Man: Rad and Retro
We all love a retro arcade game, and Pac-Man is undoubtedly a family favourite! He loved to chomp his way around the arcade, but now he’s good for a drink too. This set of five coasters is perfect for a splash of colour in your home and has all the characters from the original game included. So, whether you have an iced tea with Inky or prosecco with Pinky you will certainly be saved from making a mess of your table. Set of five Pac-Man coasters, £9.50, RedCandy redcandy.co.uk
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Homepage LIVING
Hot Desking
Wooden wall clock, £8, Wilko
As working from home becomes the "new normal", it is important to create a space that you can work in comfortably but that also works for you. We’ve pulled together some of our favourite pieces so you can design your perfect space for working from home
Anton leaning desk, £179, John Lewis and Partners
Liquorice Allsorts pillow, £16.23, Charley Zollinger on Redbubble
Happy Place print, £4; bee vase, £10; woven rainbow, £6; fox ornament, £6; Home bulb light, £10; orb table lamp, £25; bear calendar block, £6; set of three house tealights, £12; New York framed print, £6; multi check knitted throw, £18; Scandi bird cushion, £6; linear Berber rug, from £40, George Home
Amalyn green office chair, £149, MADE.COM XL faux fern, £20, Primark
Rae table lamp, £20, Next
EKET wall-mounted shelving unit, £25; KVISSLE letter tray, £19; EKBY ALEX shelf with drawers, £35; NILSERIK standing support, £50; HEKTAR work lamp with wireless charging, £50; BEKANT storage unit on castors, £200, IKEA
Metal wooden shelf, £25, Matalan
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Homepage LIVING
Storage Colourblock drawers, £16; mugs, £2.50 each; desk lamp, £15; faux cheeseplant, £10; box frame, from £3; geo wire and wood shelf, £10, Matalan
Drawers, £16, Matalan
Rose gold desk tray, £3, Wilko Flin table lamp, £59, Furniture Village
Teal shell office chair, £179, John Lewis and Partners
Rose gold pen pot, £2, Wilko
Wire tealight holder, £4, George Home
Coasters, £4, Matalan
Box desk, £59, John Lewis and Partners
Aloe in yellow planter, £9, George Home CONTACTS » Furniture Village furniturevillage.co.uk » George Home asda.com » IKEA ikea.com » John Lewis and Partners johnlewis.com » MADE.COM made.com » Matalan matalan.co.uk » Next next.co.uk » Primark primark.com » Wilko wilko.com
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Homepage LIVING
At home with:
Secret Styling Club
Founded in 2018, Secret Styling Club is a home design studio set up by interior stylist Maxine Brady and Laurie Davidson. Their mission is to help their clients create a home they love from as little as £75, and they have 39,000 followers on Instagram. The pair spoke to Lynda Clark about their first homes, what they do and give some great advice on how to get on the property ladder FTB: Tell us about your first home? MB: I was renting in London but longed to live by the sea and nearer to my parents. My first home was a one bedroom apartment in Shoreham-by-Sea. In order to save for the deposit, I worked three jobs, which was pretty tough! The longer I looked for my first home, the higher the house prices seemed to creep up. I finally settled on a flat that had been “done” but after living there for a few months I could see how poor quality the renovations were and I had to undo a lot of damage. I lived there for 10 years. I now live in a gorgeous peppermintcoloured terraced house in Brighton with my Maltese dog, Teddy. When I moved in, my house was a “fixer-upper”. I had to rip everything out and start again, which was hard work but great fun. I did the majority of the work myself and charted my DIY through my interior blog We Love Home. LD: I was renting and when I was about 28 I realised I was never going to be able to save up for a deposit, so I moved back home with my parents. I was so busy working in London on magazines that I had to buy somewhere which was commutable. Eventually I found a one bedroom period property in South Croydon. I had looked at loads of places but they never seemed quite right. I wasn’t keen on a new build as I wanted somewhere with character and lots of space. The apartment I eventually bought had lovely high ceilings and the rooms were huge. It had been owned by a guy who lived there on his own and it did need some work – one of the things I had to do fairly quickly was to replace the windows. I made a list of things that needed doing and tried to do it all on a budget. I used it for photographic shoots through my work, so I managed to get a lot of the work done, which really helped with the finances. I stayed there for a couple of years before my boyfriend moved in with me so we could save for a
Maxine Brady and Laurie Davidson
“SAVE, SAVE, SAVE TO GET THAT FIRST STEP ON THE LADDER. THAT CAN INVOLVE WORKING A COUPLE OF JOBS OR MOVING BACK HOME WITH FAMILY. IT WILL BE HARD BUT IT’S A SHORT-TERM HEARTACHE FOR A LONG-TERM GOAL” house – we sold it to the first person who came to view it! We went on to buy an (almost) derelict 1930s house in Ewell, Surrey – it even had a hole in the roof! FTB: How did you meet and start your business? MB: Secret Styling Club was formed in 2018, after we met over a cocktail at an event and we just clicked. We have over 40 years combined experience in the world of
interiors. My work has appeared in leading magazines, billboards, newspapers and I’ve been an art director and set designer for TV shows. We are very different but we are style sisters and share a joint passion for interiors that inspire, rejuvenate and uplift you – and we believe home design should make you happy. We message all day, every day and it’s usually about some paint colour we love, or wallpaper or getting ideas together for the project we are working on.
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Homepage LIVING
At Secret Styling Club we take the stress out of the interior design process – from a single room or an entire home, to home staging for property developers. Our prices start at £75 for a room consultation because we wanted it to be affordable for all. We can create you a mood board with suggestions for colour, style, upholstery, walls and floors and produce 3D floorplans. We cater for whatever our client needs. FTB: Can you tell us about your workshops? LD: As we both have so much experience with interiors we decided to pass on some of our key tips and tricks with a series of exclusive workshops, which will inspire anyone who either wants to try their hand at being a budding stylist or just wants some advice on how to transform their home. You get expert advice about how to put a scheme together, and you also get the opportunity to flex your styling skills with an interactive challenge, so you can actually experience magazine styling for yourself. And, of course, there are some treats and prizes, and you get a super goodie bag at the end of the session. The workshops are proving extremely popular and we both love running them as it’s so good to meet such passionate people who love interiors and want to learn new skills. FTB: You are both very busy ladies; do you have time to do anything else? MB: Yes, we are! We are the hosts of a new online video series on the Evening Standard Homes & Property website where we do room tours of houses and share expert advice. We have just worked with Fearne Cotton at her Happy Place Festival, producing mindful workshops. We are also both very keen Instagrammers and are also on Facebook and Pinterest. My blog is called We Love Home and Laurie’s is called The
“WHEN YOU EVENTUALLY DO BUY, YOU WILL FIND THAT YOUR HOME STYLE WILL EVOLVE ONCE YOU ARE LIVING THERE, SO TAKE YOUR TIME AND DO YOUR RESEARCH TO AVOID MAKING ANY COSTLY MISTAKES” Fix. On a personal note, I work for TV shows including This Morning, George Clarke’s Amazing Spaces and Gok Wan’s Fill Your House For Free. Our work has allowed us to collaborate with well-known interior brands including Farrow & Ball, John Lewis, West Elm, Dunelm and IKEA. FTB: Do you have any advice for first time buyers? MB/LD: Save, save, save to get that first step on the ladder. That can involve working a couple of jobs or moving back home with family. It will be hard but it’s a
short-term heartache for a long-term goal. It will be worth the sacrifice. When you are ready to buy, hustle hard over the price. If you really can’t afford to buy on your own then maybe team up with a friend and buy together, as it’s a step on the property ladder. When you eventually do buy, you will find that your home style will evolve once you are living there, so take your time and do your research to avoid making any costly mistakes. secretstylingclub.com @secretstylingclub
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE RIVERSIDE VIEWS Meridian Waterside Radcliffe Road, Southampton
FROM £190,000
THE WATERSIDE WONDER Chapel Riverside Endle Street, Southampton
FROM £190,000
This month FTB goes on the hunt with Paula Wilson who is after a one bedroom home in or close to Southampton
PROFILE
Name Paula Wilson, 32 Occupation UX designer Maximum budget £200,000 Requirements A one bedroom home within commuting distance of Southampton city centre. Some outdoor space is a must, along with good transport links and local facilities including shops and places to eat
What she wanted… I moved to Southampton for work last year and have been renting in the city centre. I really love living here and I’d like to make things more permanent. I would like a one or two bedroom place, ideally with some outdoor space, such as a balcony or terrace. I am originally from a rural area, and as much as I’ve enjoyed urban life, it’s important to me to be able to get to fresh air and countryside very quickly. But I would also like to be close to shops, cafes and bars if possible. I work remotely a few days a week and prefer to go and work in a cafe some days, so it would be good to have some nice options close to home. I’m using savings as well as a gift from a relative to make up my deposit of just over £20,000, which gives me a budget of around £200,000.”
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Located along the River Itchen, the stylish one and two bedroom apartments at Meridian Waterside boast spectacular views over Southampton Harbour and marina. Inside, the homes feature bright, open-plan living areas, and spacious bedrooms with en suites. Residents can enjoy the courtyard gardens, new riverside walkway and parkland moments from the door. Southampton Central station is a short drive away, connecting residents to central London in just over an hour. Portsmouth, Winchester and Bournemouth are easy to reach by road.
This new landmark development on the west bank of the River Itchen is ideally located for enjoying urban life in peaceful surrounds. The one and two bedroom apartments optimise space and light, with open-plan living areas that lead to private balconies. As well as landscaped courtyards, residents have direct access to Southampton’s Ocean Village marina complex. The city centre can be reached in minutes, while Southampton Central station connects to London Waterloo and Victoria in just over an hour, and Bournemouth in under half an hour.
inlandhomes.co.uk
inlandhomes.co.uk
What she thought… Wow, I never dreamt that a waterside apartment would be within my budget! These homes are very impressive and I would enjoy being so close to the water and those beautiful views. It’s really nice that the homes are designed around communal gardens – that would be great for socialising and getting to know the neighbours. Travel-wise, this is a good location for commuting to work. I think there are some local options for working remotely, too, and I’m sure the waterside pathway would inspire a lunchtime run or two!”
These new developments along the riverside are really appealing. I like that Chapel Riverside is so close to the city centre, but by having such a serene setting it provides the perfect escape from working life. The design and interiors in general are great – they’re modern and clean, and I just love those living rooms that open out to the balcony. I can really see myself enjoying a coffee in the morning while looking out over the water. Being close to the city centre would be good for work, as well as my social life!”
First Time Buyer October/November 2020
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Homepage FIRST RUNG
THE RURAL RETREAT Pembers Hill Park Fair Oak, Hampshire
THE PARADISE ISLAND FROM £122,000*
St George’s Gate Newport, Isle of Wight
FROM £212,000
First choice! ITY
THE VIBRANT COMMUN Daedalus Village Gosport, Hampshire
This collection of one, two and three bedroom apartments and houses enjoys a charming rural location in the village of Fair Oak. The homes are beautifully finished, with contemporary kitchens with Indesit appliances and crisp white sanitaryware. Some homes have rear gardens. Residents will find a selection of shops and a local pub in the village, while Knowle Park is a five-minute drive away. Further amenities are accessible in nearby Eastleigh, where rail services run to Southampton and its airport, Portsmouth, Salisbury and into London Waterloo.
Surrounded by rolling hills and countryside, and with great access to local facilities, these three and four bedroom homes occupy an enviable location at the heart of the island. The properties have been beautifully designed, with modern living and comfort in mind. French doors open from the spacious dining areas to private rear gardens, while kitchens are sleek and stylish. Newport is an easy drive or walk away for shops and amenities, while many local historic sights are calling to be explored. Travel to the mainland takes around 25 minutes by ferry.
radianhomes.co.uk
dwh.co.uk
*Based on a 40% share of the full market value of £305,000
These homes are in a lovely setting – close to both country and village life. I do really like the idea of going back to living in a rural area, which is what I grew up with. I’d make the most of the countryside at the weekends, and seek out long walks with my friends. Getting to Southampton is easy from here, and there’s loads of options for shopping and going out in places like Eastleigh and Bishop’s Waltham. The apartments are beautiful, too, and the allocated parking spaces makes it super convenient.“
Living on the Isle of Wight is certainly an option I hadn’t considered before. I have been once since I’ve been in Southampton, and I really loved it. It is a very beautiful place, with lots of lovely beaches and towns. The idea of being able to buy a house here is really exciting. The properties are gorgeous and so spacious and I would enjoy inviting family and friends to stay. I would also have room to set up an office, and would only need to travel to the mainland a few days a week for work.”
FROM £63,000*
val Air site of a former Royal Na A new community on the es. The hom new 0 20 es pris com Station, Daedalus Village ents rtm apa and two bedroom properties range from one und aro lt bui , room houses to two, three and four bed shire ect the surrounding Hamp refl t tha ces spa open green and ks explore the country par countryside. Residents can d hea or , ws across The Solent take in the panoramic vie and ps sho et stre h Fareham for hig to nearby Gosport and s and link ay torw mo d goo served by restaurants. The area is ute -min a 30 Southampton Airport is public transport, while drive away. radianhomes.co.uk *Based on a 30% share of the full market value of £210,000
THE NEXT STEP
“My parents have really been helping with my property search and have arranged a visit to Southampton to come and view this property and get to know the area around the development. They both worked in property for many years so their opinion is always really important to me and I’m sure they’ll love it.”
I have a friend who lives quite close by and I know there is lots of beautiful nature around here. I love the countryside and sea views, and it would feel like home to have rural life right on my doorstep. The properties themselves are well thought out, with lots of natural light, which is really important to me. There’s also quite a lot to do in the vicinity, including watersports – which is exciting – and some great waterfront bistros, perfect for getting work done while taking in the views. What I’m excited about is that I’d be moving into and joining a growing community, which is something that really appeals to me.”
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ADVICE
Having started her career in the prime central London new build market for the likes of Berkeley Homes and Knight Frank, Jennifer Hickey joined the newly formed Legal & General Affordable Homes to build a sales team and manage an ever-growing pipeline after gaining valuable experience in the affordable sector managing transactions at Heylo Housing and more recently building a successful sales team at L&Q
Q
Since the lockdown I have realised it’s time to move out and find a place I can call my own. My parents will assist me with the deposit as long as I don’t move too far away from the family home in Cockfosters. I’ve been reading up on shared ownership but the information is a little confusing – how does it work and can my parents help me with the deposit?
time you buy your further share. Of course, this sometimes means you could be paying more for the last 25% than the first 25% of your investment. To buy using shared ownership you must be aged over 18, and not already own a property (or be in the process of selling your existing home). You must earn under £90,000 within London and £80,000 outside
Jennifer Hickey Sales Manager, Legal & General Affordable Homes
of London and if you live with your partner then the sum of your incomes must be under this figure. You will need to have a good credit history and have minimum savings of £5,000 to cover the costs of moving, in addition to your deposit. Does this sound like you? Then Trent Park might be your perfect new home.
A
Shared ownership is a great way for first time buyers and people who do not own their home to get on to the property ladder. It normally means you don’t have to find such a large deposit, you’ll pay a subsidised rent and you have security of tenure. So, if you want to own a property but don’t think you can afford to buy on the open market, this is a great way to get on to the ladder. Shared ownership means that the property is shared by you and the housing association or developer. It’s a part buy, part rent scheme where you purchase somewhere between 25% and 75% of the property while the housing association or registered provider retains the rest and you pay rent for the part you don’t own. However, the rent is normally significantly lower than you would pay on the open market. Your deposit could be as low as 5% of the value of your share, so you’ll be dipping less into your savings than if buying outright (that should please mum and dad if they’re helping with the deposit). In most cases, you’ll be able to defer Stamp Duty until later on, or make the most of the recent Government cuts in Stamp Duty. You are basically buying a leasehold on your new home and most shared ownership schemes offer you the flexibility to increase the share you are leasing and even buy your property outright. This is called staircasing and the price you will be asked to pay for the remaining share of your home will depend on an independent valuation at the
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DISCOVER TRENT PARK, ENFIELD Ready to move into this year, Trent Park is a development in the charming north London triangle of Oakwood, Cockfosters and Hadley Wood. Set within a large estate, it can trace its pedigree back to the 12th century when the Earl of Essex created a hunting park here. Henry VIII, Queen Elizabeth I, James I and Charles I all visited, and the estate played an important role during the Second World War. Now is the time for you to create your own part in the history of this distinguished area. Today, new homes mingle with the historic buildings in a secure parkland setting with 24-hour security. You can choose between one, two and three bedroom apartments, all available on a shared ownership basis, and all offering access to the surrounding mix of natural and purposebuilt landscapes, including a delightful laburnum arch and extensive cycle paths. Located at the point where urban London meets the open fields of the countryside, Trent Park really does offer the best of all worlds. You are within 26 minutes of King’s Cross by tube, yet also close to the M25 with its handy connections to the rest of the country. Built in a bold, confident style to reflect the majesty of the estate, every apartment offers an outdoor space to enjoy the summer, large windows to enable the natural light, and open-plan design to create a sense of space. To find out more, visit landgah.com/trentpark
First Time Buyer October/November June/July 2018 2020
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THE VIEW
e l y t S h t i w n g i s De
With around 27,000 followers on Instagram, Jacqueline Mercer, otherwise known as Tiny and the House, is a freelance footwear designer and influencer who simply adores interior design and gardening. She renovated her London home from a complete wreck and is a great advocate of shared ownership. She talks to Lynda Clark about her career, the work that went into making her house habitable and has some great advice for first time buyers
Photos Mike Prior
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THE VIEW
"WE FOUND A HOUSE WHICH I AM SURE MOST PEOPLE WOULD HAVE LOOKED IN HORROR AT! IT WAS A COMPLETE WRECK AND OUR BUILDER SAID IT WAS PROBABLY IN THE WORST STATE HE HAD EVER SEEN IN 25 YEARS"
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J
acqueline absolutely adores interior design, gardening and fashion – in fact she embraces all aspects of life including shopping, travel, beauty, the places she eats and how to create a stylish home on a budget. She shares her stories with her 27,000 Instagram followers, which is increasing all the time. Originally from Northern Ireland, Jacqueline wanted to be a fine artist but when it came to crunch time she panicked as she felt she might never earn enough money and opted instead to study footwear design. She moved to Leicester and got her degree and has since been a freelance footwear designer working for all the top high street names including ASOS and Top Shop. “After I got my degree I decided to move to London, which was a little daunting but I was lucky as my mum’s cousin and her family lived there and so I moved in and stayed for a couple of months while I was job hunting. They were a real lifesaver and it gave me time to sort myself out and get a job. I then became a renter in north London and like a lot of people who rent, I moved around from rental home to rental home. I then met my husband-to-be and we decided to save up to buy our first home. "We liked Crouch End but thought that we would only be able to afford to buy a flat, but after searching we found a lovely little two bedroom Victorian cottage for about the same price as the flats we had been looking at. It was in Wood Green and we were so happy to have a garden and our own little place – we were very happy. We lived there for a few years and then house prices went insane, especially in London. We decided to sell and we thought we would like to buy a fixer-upper maybe in South Tottenham. “We found a house which I am sure most people would have looked in horror at! It was a complete wreck and our builder said it was probably in the worst state he had ever seen in 25 years. It had originally been built in 1911 and there was terrible damp, sagging ceilings, the roof had fallen in and all the windows were boarded up so it was so dark we could hardly see inside the rooms. The house next door had suffered a flood, which had actually also flooded the kitchen – it was in such a state! The people
who had lived there had owned a pet shop and in every room it was piled high with tanks which were filled with snakes and tarantulas. The tanks were so heavy the ceiling was creaking as the joists had rotted and it was very near to falling down. They were also hoarders too, and the roof space was full to the rafters and it took four men, four days and four skips to clear it. The garden was so overgrown that you couldn’t see beyond about a metre – we had no idea where the end of the garden was! "The family that lived there had obviously never done anything much to it except they did their own electrics and the builder said he had never seen so many live wires – it was very dangerous. But, we saw beyond all this and I could see the potential with the proportion of the rooms and the high ceiling heights, plus it had off-street parking and was in a lovely street, so we grasped at all the positives.” Jacqueline and her husband Joe knew it was way beyond what they could do themselves, so they got a team of builders in and three months later they had made the top floor habitable and they were able to live there while the rest of the house was being worked on. They had to install new windows, heating, plastering, a new kitchen and bathroom and sort out the roof. “Anyone else would have quite literally run away, but it was very exciting and starting from scratch meant we could do everything we really wanted to it. It wasn’t cheap, of course, and one of the most expensive purchases were Crittall steel doors, which were something I had always wanted.” Because she has a very special eye when it comes to interiors, Jacqueline bought a lot of accessories and furniture from eBay and vintage markets. “I am not crazily extravagant and quite considered when I am buying something. I have bought some amazing furniture and I have a dresser in my bedroom which I paid £60 for on eBay and it’s wonderful. I have also bought chests of drawers and armchairs, which are in very good condition. You have to be patient when searching but it’s so much cheaper than buying in a department store. I love being eclectic and it makes the home so unique.’ Jacqueline is also an influencer with a
" I AM NOT CRAZILY EXTRAVAGANT AND QUITE CONSIDERED WHEN I AM BUYING SOMETHING. I HAVE BOUGHT SOME AMAZING FURNITURE AND I HAVE A DRESSER IN MY BEDROOM WHICH I PAID £60 FOR ON EBAY AND IT’S WONDERFUL"
very large following on Instagram. It all started when she and Joe were going to make an offer on another house before they bought the wreck, which didn’t go through in the end. The estate agent was a rather boutique agent and they really liked the beautiful photos of the house Jacqueline was selling. She said, “They asked me if I did interior design as The Sunday Times was very interested in featuring it. It did appear in the paper and I have also had features in Hello Fashion, Modern Garden magazine, Real Homes and House & Home. I was rather shocked that anyone was interested, but I started putting photos up on Instagram and it sort of grew from there. It is a lot of work and I have to reply to messages and queries but I really enjoy it. "I will see where it all goes and I put up lifestyle photos and interior and garden designs that I work on. I am really enjoying the gardening side and I love styling a garden and may go on a gardening course to learn some more. My Instagram account is called after our cat, Tiny. I had no idea at the time that it would be so popular but I can’t change it now so Tiny has become quite famous!” Jacqueline is a great advocate of shared ownership and has recently partnered with housing association Peabody to showcase how buyers can transform their outside space on a budget. The patio of The Pomeroy, one of Peabody’s developments, has been totally transformed thanks to the use of galvanised planters and flowers with long flowering periods to create an oasis of calm in bustling New Cross. The next 10 buyers to reserve at The Pomeroy will receive a garden consultation with Jacqueline herself. She said, “We did look at shared ownership as an option when we decided to buy our first home and I have friends who have bought through the scheme as well. It is a very affordable way to get a foot on the housing ladder and there are some lovely developments in some great locations too. "I would advise any first time buyer to find out about the scheme. It is really hard to get on the property ladder in such a competitive market, but with shared ownership it really is possible, with low deposits needed and a chance to buy more shares over time if you want to, which will lead to owning the home outright." When it comes to first time buyers, Jacqueline advises, “Save, save, save and spend your money where it needs to be spent." Now Jacqueline and Joe have their beautiful little girl, Martha, to enjoy the home they have created. And, of course, not forgetting Tiny, the cat! tinyandthehouse@tinyandthehouse
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"WE DID LOOK AT SHARED OWNERSHIP AS AN OPTION WHEN WE DECIDED TO BUY OUR FIRST HOME AND I HAVE FRIENDS WHO HAVE BOUGHT THROUGH THE SCHEME AS WELL. IT IS A VERY AFFORDABLE WAY TO GET A FOOT ON THE HOUSING LADDER AND THERE ARE SOME LOVELY DEVELOPMENTS IN SOME GREAT LOCATIONS TOO"
Photo © Mike Prior
THE VIEW
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STAMP DUTY
s g n i v a S y t u D p m Sunak’s Sta
When Chancellor of the Exchequer Rishi Sunak announced a Stamp Duty holiday for homebuyers there was much excitement in the industry. This means that any purchase up to £500,000 will be exempt from paying any tax. Estate agent Barrows and Forrester has looked at what this means for homebuyers across the nation based on current average house prices. Debbie Clark reports on its findings
EXPERT COMMENT We welcome the Chancellor’s announcement of an immediate Stamp Duty holiday. The Stamp Duty break will make a huge difference to a large proportion of people, extending affordability, particularly for first time buyers who may have felt locked out of the market following the removal of 90% mortgages by many high street banks. This initiative will be a key element in helping to get the industry
SENSATIONAL SAVINGS A staggering 96% of areas across England and Northern Ireland will now see the average homebuyer pay no Stamp Duty at all based on the current average house price there; equating to a saving of £2,465 for the average buyer in England and £312 in Northern Ireland. However, for some, savings are substantially larger. Unsurprisingly, Londoners are set to save the most regionally, with previous Stamp Duty tax owed on the average London home (£485,794) coming in at £14,290. The saving also exceeds £14,000 in St Albans (£14,694), Windsor and Maidenhead (£14,525), Southwark (£14,430) and Mole Valley (£14,422), with homebuyers in Tower Hamlets, Guildford, Epsom and Ewell, Harrow, Sevenoaks, Ealing, Epping Forest, Brent, Waverly, Winchester and Tandridge all set to save more than £12,000 in Stamp Duty costs.
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Not all property transactions will escape Stamp Duty altogether, but those still looking at a Stamp Duty bill are actually set to save even more. Of the 16 local authorities with an average house price above £500,000, the reduction in Stamp Duty costs on the first £500,000 of their property purchase means a saving of £15,000. As expected, the move had an immediate impact on the housing market and properties are shifting fast. Managing Director of Barrows and Forrester, James Forrester, commented, “The only criticism is, perhaps, that the Government has once again focused on fuelling demand rather than addressing the more pressing issue of housing supply. While this will help boost house prices, it will do little to address the supply and demand imbalance and the problem of affordability that many are already facing.” Of course, increased demand does not come without consequences. Sellers who may have
and economy moving as it provides some financial incentive for hundreds of homebuyers. At a time when high street lenders have removed mortgage products at high loan-to-value, we would also urge the Government to retain and extend the current Help to Buy scheme. These initiatives will increase confidence in both the potential homebuyers to commit to purchase and the industry to continue to invest in new projects and the wider economy. Tom Nicholson Chief Operating Officer, Crest Nicholson
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STAMP DUTY
Previous Stamp Duty Land Tax: 2% on the part from £125,00 to £250,000, 5% on £250,000 to £925,000, 10% on £925,000 to £1.5m and 12% over £1.5m New Stamp Duty Land Tax: 5% on the part from £500,000 to £925,000, 10% on £925,000 to £1.5m and 12% over £1.5m
IF THE ADDED INCENTIVE OF STAMP DUTY SAVINGS MEANS YOU ARE NOW READY TO TAKE THE PLUNGE AND PURCHASE YOUR FIRST HOME, WE HAVE FOUND AN EXCELLENT SELECTION OF NEW BUILD HOMES FOR YOU TO CONSIDER IN YOUR SEARCH
seen the value of their property slump due to the effects of the recent pandemic will increase their asking price by that little bit extra, and buyers desperate to get a foot on the ladder may be tempted to offer more than the asking price to secure a property. It is therefore more important than ever to know your market and aim to keep your "savings"as exactly that!
WHERE TO BUY The latest research by Benham and Reeves has looked at which of the UK’s major cities is home to the highest level of property stock under the new £500,000 Stamp Duty threshold as well as which is home to the highest level as a percentage of all property stock. Director of Benham and Reeves, Marc von Grundherr said, “Breaking down the current property stock available on the market really gives us a good idea as to just how many people are due to benefit from the changes to Stamp Duty. The figures show that the vast majority of homebuyers will be better off as a result. Even in London, there will be a considerable saving for a vast number of those transacting across almost every borough.” The research found that London (42,422), Manchester (7,365) and Birmingham (7,011) are home to the highest levels of property stock currently for sale at £500,000 or less. Liverpool, Bristol, Nottingham and Glasgow also ranked among the highest. In contrast, Belfast, Aberdeen and Swansea are home to the lowest total numbers of properties for sale at the £500,000 or below price threshold, but are home to the highest proportion of homes under £500,000 as a percentage of all properties listed for sale. London ranked as the city where homebuyers were due to see the most immediate benefit; of the 42,422 homes listed for sale when the move was announced, 16,409 were already sold subject to contract or under offer, with Croydon, Bromley and Havering due to see the most immediate benefit. They were also the boroughs set to benefit most in the coming months. In Croydon, there were 3,492 homes listed for sale at or below the £500,000 threshold, with 2,370 in Bromley and 2,218 in Havering. Manchester (3,498) and Bristol (3,475) also ranked high in this respect.
FROM £106,250*
SOUTHWARK Peckham Place
Peckham Place is an exciting new community with apartments from one to three bedrooms, to suit a range of buyers and lifestyles. The apartments are set around a landscaped podium courtyard garden and also benefit from generous balconies and terraces. Living areas offer flexible space over one or two levels, with features including sleek kitchens with integrated appliances, low energy recessed lighting and an en suite bathroom and fitted wardrobes in the master bedrooms. Peckham Place is just a five-minute walk from Queens Road station and 10 minutes from Peckham Rye; from both of these Zone 2 stations it takes less than 10 minutes to London Bridge. peckhamplace.com 020 3813 7388
*Based on a 25% share of the full market value of £425,000
CROYDON
FROM £TBC
Addiscombe Grove There are 41 two and three bedroom apartments available at this new development, just moments from East Croydon station. Ideal for couples and young families, they offer contemporary specifications and light, spacious living spaces. The development also boasts three rooftop terraces offering stunning views across south London. optivosales.co.uk 0800 0121 442
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CASE STUDY
FROM £TBC
OLDHAM
Radclyffe Gardens, Chadderton This collection of two to four bedroom homes is expected to launch this winter. The development boasts excellent transport links with good motorway connections and public transport options. Chadderton is becoming a popular place to settle down; beyond the standard conveniences, it features several local parks and beautiful woodland walks, perfect for a family day out. The area will be further enhanced by the completion of the £100m Broadway Green regeneration scheme, which will provide more than 600,000 sq ft of employment space and up to 500 new homes once complete. plumlife.co.uk/development/radclyffe-gardens 0161 447 5050
WITNEY
Colwell Green
FROM £359,950*
FROM £127,475*
*
This stylish development, featuring a collection of two bedroom apartments and two, three, four and five bedroom houses, is perfectly situated on the edge of the Cotswolds. The homes at Colwell Green have been thoughtfully designed using locally inspired materials, with many including limestone exterior features. Around 30 minutes from Oxford, residents will benefit from excellent road links to the A34, A40 and M40 plus rail links via Hanborough or Charlbury. Award-winning housebuilder Crest Nicholson has recently announced the introduction of Home Reach, its first part-buy, part-rent ownership option, available on two bedroom apartments at the development. This option provides the security of homeownership with a lower initial financial commitment – as little as a £6,373 deposit – making it a more affordable way on to the housing ladder. It allows users to access all the benefits of owning a home, from the ability to decorate and personalise their home, to the flexibility to sell and move at any point. crestnicholson.com/developments/colwell-green *Help to Buy available
After moving to London from India and renting in the West London suburb of Southall, Janice, 52, wanted to find a place for her family to call their own. Knowing that they would be unable to purchase a home outright, she researched the property market extensively until she came across the Government’s shared ownership scheme. “When we first came to the UK, my husband and I agreed that after three years of renting we would start searching for a place to buy. It didn’t make sense to continue paying such a huge chunk of our pay cheques on rent as that was just money going down the drain. On our budget, buying a property in full was not an option, so we were thrilled when we came across the shared ownership scheme.” Janice, a library manager, and her husband Francisco, an immigration worker, saw several developments across west London before discovering their dream home was right on their doorstep – a two bedroom apartment in Octavia’s Witley Wharf scheme. “As soon as I walked in, it met all my expectations and requirements. I had this gut feeling, the type you get when you step into a home and you know it’s the right one for you. The layout was perfect, and I could immediately picture us living there. We had seen seven or eight places by this point and none of them quite matched what we were looking for. This flat changed everything.” With many local friends and connections in the neighbourhood, Janice and her family were keen to settle down in an area that had grown familiar to them. Valuing Southall’s vibrant character, they appreciate its sense of community and rich mix of local amenities. “My husband came to the UK five years ago and initially rented a place right next to Witley Wharf. The rest of the family and I moved here four years ago, and we have been renting in Southall, five minutes from our new home, ever since. When I first found this development, I thought to myself – this is it, this is what we have been searching for. By this point, we had looked at places in Hayes, Hounslow and everywhere in between, but we always knew that staying in Southall was the ideal outcome for us. We’ve got to know the area really well and it has everything we need – great independent shops, an active church, a GP surgery and, most importantly, a good network of local friends. We didn’t want to have to start afresh in an area we had never lived in.” With Crossrail closing the gap between Southall and central London, this western suburb is set to become a commuter-friendly transport hub. Janice looks forward to her family reaping the benefits of these great connections. “My husband works in Hounslow and my sons go to university at Brunel and Goldsmiths, so these new transport links will be very convenient for them. It’s great to know that once they graduate, they will be able to look at any job in the city without having to worry about distance. “I’m absolutely elated with our new home, particularly with the layout. The open-plan living area is spacious and opens out on to a small terrace that is perfect for my plants. Having a second bathroom is also great – I don’t miss us fighting over our old one! "It was an amazing feeling to have dinner in our new home for the first time. In our previous place, we had a separate sitting room and kitchen which led to a feeling of disconnection between the family. I work long hours and when I arrive home, I’m always rushing to cook dinner for everyone. It makes a real difference being able to prepare a meal in our kitchen and chat to my husband or children. I’m also enjoying having my evening tea on the balcony while I watch the clouds float by – it’s perfect.” octavia.org.uk
** Part-buy, part-rent. Based on a 50% share of the full market value of £254,950
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CROYDON
FROM £TBC
Cairo Apartments First time buyer Carolyn Smith was able to reduce her daily commute by more than half, buying her first property through Notting Hill Genesis’ shared ownership scheme. Carolyn, 31, successfully purchased a one bedroom apartment at Manor Place Depot, in the sought-after and vibrant area of Elephant & Castle. Carolyn says, “The location and orientation of Manor Place really appealed to me, it is super central.” Carolyn had previously been renting a shared house in Hackney. She explains how the move has changed life for the better. “Having the extra time in the mornings and evenings has given me the freedom to pick up my hobbies again, which I had allowed to fall by the wayside because of the long commute. I have joined a rowing club, which I love, and I have also become a member of a nearby gym, which I can walk to from home, and I see my friends much more than I used to. I really enjoy hosting and cooking and I feel much more able to do this now, so I usually have people over two or three times a week.” Architectural Environmental Designer Carolyn continues, “Working in architecture, I have a keen eye for detail so I was quite fussy about which developments I chose to see.” Manor Place Depot appealed as she loved how the disused railway arches had been incorporated and opened up for small businesses, to build a sense of community, and she knew of the award-winning architects. “From looking at the floorplans, I recognised that the layouts of the properties had been designed to maximise the use of light, so I knew that the apartments would be very bright and airy. I had a gut feeling that I was really going to like the overall scheme.” Carolyn wasn’t disappointed, and particularly loves her balcony with its great views across London. Carolyn found the buying process to be really straightforward, “I put my offer in, it was accepted and after that everything moved very quickly – from offering to moving in it took around eight weeks.” She also shares her thoughts on shared ownership, saying, “The shared ownership scheme has allowed me to buy my own property in London; there is no way I would even be able to rent a one bedroom apartment in this area for the same money.” nhgsales.com
Studio, one, two and three bedroom apartments are available in this development situated in Croydon’s Old Town. Open-plan living areas have been designed to maximise space and light, providing interiors that are perfect for entertaining friends and family. There is a range of options, with some apartments boasting balconies while others enjoy panoramic views. All are within walking distance of major transport hubs, entertainment, shops and schools. East Croydon railway station is a 12-minute walk away, with trains taking around 16 minutes to London Victoria and 17 minutes to London Bridge. optivosales.co.uk 0800 0121 442
COLCHESTER
FROM £470,000
Nine Acres, Tiptree Nestled in a desirable village location, this collection of highspecification four bedroom homes is less than a mile from the village centre, with retained woodland and a fishing lake right on the doorstep. There is easy and convenient access to the A12 and, for commuters, Kelvedon station is just four miles away offering links to London Liverpool Street in around 50 minutes. crestnicholson.com/developments/nine-acres 01621 212 183
MANCHESTER
Piercy Street, New Islington This exclusive development of just four, four bedroom townhouses is set aside specifically for shared ownership. The beautiful canalside homes, which feature FROM 1,500 sq ft of living space, £155,750* overlook Ashton canal and are located just over a 10-minute walk from the trendy Northern Quarter. The area offers great transport links. including the New Islington Metrolink stop, just a few minutes’ walk away, and Piccadilly train station just a 10-minute stroll along the canal. Piercy Street is also within easy reach of the Manchester ring road, linking to the M60 which connects to all major motorway networks across the North and beyond. plumlife.co.uk/development/piercy-street 0161 447 5050
*Based on a 35% share of the full market value of £445,000
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SHARED OWNERSHIP
GET ON THE LADDER WITH
p i h s r e n w o d share
Confused about shared ownership? Think it means sharing with a stranger? Or that it’s just for key workers? Then think again! A week-long national campaign is raising awareness of this affordable gateway to homeownership For many of the UK’s would-be homebuyers, getting a foot on the property ladder feels out of reach. Hopeful bids to squirrel away money in an attempt to grow a savings pot large enough to form a deposit are often inconsequential. Even the savviest savers seem destined for a lifetime of renting and dealing with the pitfalls of sharing a home they don't own. However, a week of the year is dedicated to making the dream of owning a home into a reality. This year’s Shared Ownership Week event, from 17 September to 23 September, is more relevant than ever. Everyone has had to adapt to an enforced new way of being in 2020 and our habits and needs have evolved as a result. Consequently, we all have a new appreciation for "home" and have re-evaluated our spending priorities. A one-stop shop for potential homebuyers, Shared Ownership Week 2020 showcases the huge range of affordable properties available with the scheme and provides expert advice on how to make it work for buyers' individual needs. The week will also shine a spotlight on building up that all-important deposit, with exclusive advice and guidance from property influencer and blogger Jade Vanriel. Jade said, “With going out and shopping opportunities taken off the table, potential homebuyers have reviewed their spending. We want to encourage them to continue to benefit from the spending habits formed in lockdown, living well but still putting money aside each month. Watching your savings pot increase is such a brilliant feeling and these lifestyle changes, coupled with the benefits of shared ownership, make getting a foot on to the property ladder more achievable than ever.” Home hunters can check out daily webinars and find out all they need to know on the website and through the event’s social media channels. Equipping first time buyers and encouraging second steppers, the event
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spreads the word about the fantastic opportunities available and raises awareness about who could be eligible to secure a property using the scheme. The awareness week is backed by many of the major housing associations, including Hyde New Homes, L&Q, Network Homes, Newlon, Notting Hill Genesis, Peabody and SO Resi. Each will be showcasing its new build shared ownership developments around the country, sharing its expertise with potential buyers and providing information on how the scheme works and where it is available. Shared ownership has been available since the 1980s, but used to be restricted, with local councils dictating who should be a priority based on a wide of range of factors, from salary to profession to where the buyer comes from. Following a relaxation of the eligibility criteria in 2016, the scheme is open to people of any occupation, and to those who have previously owned but through a relationship breakdown find themselves unable to get back on the property ladder, as well as shared owners who need a larger home (providing they have sold the property or been removed from the mortgage). Furthermore, there is no longer a cap on the number of bedrooms an applicant can request, providing the
maximum household income is less than £80,000 a year, or £90,000 in London. The dedicated website sharedownershipweek.co.uk contains a wealth of information for prospective buyers, including case studies, videos and links to shared ownership homes that are currently available.
HOW IT WORKS Shared ownership enables buyers to purchase a share in a brand new home that they can afford – usually a minimum of 25% of its market value initially, up to a maximum of 75% – with as little as a 5% deposit. The buyers pay a subsidised rent, on the share that they don't own, split into 12 monthly payments, usually resulting in lower monthly costs than renting on the open market. They can buy further shares at any time, known as staircasing, right up to 100% and outright ownership of the property.
ELIGIBILITY You can buy a home through shared ownership if: 9 You are a first time buyer – applicants are primarily expected to be first time buyers, though some applicants who
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own or have previously owned a home may be eligible Your total household income is £80,000 a year or less, with the exception of London where the threshold is slightly higher at £90,000 a year You rent a council or housing association property Only military personnel will be given priority over other groups through Government-funded shared ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs To secure a mortgage you generally will need to have a good credit score You will be required to undertake an affordability assessment with an appointed Mortgage Broker to ensure the property you wish to buy is affordable. Generally, your debt (monthly mortgage payment, rent and service charge) should not exceed 45% of your net household income.
KEY FACTS 9 You will need to take out a mortgage to pay for your share of the home’s purchase price 9 You will require a smaller deposit, as you only need to find the deposit for the share you buy 9 You will need a smaller mortgage, as you are only buying the percentage that you can afford 9 There will also be a service charge on the property, so it is important to check what it is likely to be 9 Shared ownership homes are always leasehold 9 You can sell your home at any time. The housing provider will have eight weeks to find a buyer to buy the share you own. The buyer must meet the same eligibility criteria as when you bought. During this time you cannot sell your home privately or through an estate agent. If the housing association finds a buyer, it will usually charge you an administration fee, so you should ask whether this is a fixed price. If it cannot find a buyer after eight weeks you will be able to sell your home privately or through an estate agent 9 Housing associations offer resale properties, which have already been bought through shared ownership in the past, and where the owners are looking to sell their share and move on. You buy the share they own or if you can afford to, you can buy more and pay a subsidised rent on the remainder. You cannot buy fewer shares than the current owner has already bought.
Remember that these homes will obviously be older.
APPLYING FOR SHARED OWNERSHIP To buy a home through shared ownership you should contact the Help to Buy agent in the area where you want to live. See page 106 for details. In London, you will need to contact the housing association directly.
WHAT TO CONSIDER AND QUESTIONS TO ASK
will no longer have to pay any rent to the housing association. In order to staircase you will need to get an up-to-date independent RICS valuation and the cost of additional shares is based on the current market value determined by this. This may be higher or lower than when you first purchased the property. You will also have to cover all the legal fees as well as any Stamp Duty. It is advisable to talk to your conveyancer who will be able to explain what you need to pay and when. Buying more shares reduces the rent, but remember if you sell a property where you own a share, a buyer must be able to afford to buy your share and meet the eligibility requirements for shared ownership.
9 Can you staircase up to 100% if you wish to do so? 9 Can you start staircasing immediately? 9 What is the maximum number of times MOVING ON you can staircase? 9 What is the minimum share you can buy If you want to move on and sell your at any one time? home then you have the right to sell the 9 How well does the housing percentage you own. The housing association maintain the association has the option to The properties in its care? sell this to another shared dedicated website 9 Ask to see an estimate owner but if it doesn’t sharedownershipweek.co.uk of the service charge find a buyer within contains a wealth of information for 9 Look at your eight weeks you can prospective buyers, including case studies, finances to ensure then sell it on the videos and links to shared ownership homes you will keep open market. that are currently available. Home hunters on top of your When you decide can check out daily webinars and find out mortgage, rent and to sell your property, all they need to know on the website service charge you should contact and through the event’s social media 9 Think about your housing provider channels or follow #SOWeek2020 what you really and you will be asked for the latest news want. Is it location or to choose a surveyor to
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property size that is more important to you? Your rent and service charges are likely to increase with inflation so you should ask yourself if this fits into your budget long term How many years are on the lease (usually 125 years on a new build but on resales it will be the years remaining)? When and how does the rent increase? What does the service charge cover and what happens if there is a large repair needed – will the service charge cover it? Can I have pets? If you don’t understand anything about the lease then ask.
STAIRCASING Buying the rest of your home is fairly straightforward and is known as staircasing. You can buy an additional percentage of your property at any point. Normally the minimum extra percentage you can buy is 10% at a time. Most people try to buy in larger chunks as there are legal and valuation fees that you have to pay each time, so it can become quite expensive if you just buy 10% at a time. When you have staircased to 100% you
determine the current value of your property. The housing association should be able to give you a list of surveyors. You will have to pay a fee for the valuation, which will set the price at which the property can be sold. From this, the housing association will then be able to work out the value of your share.
ENERGY PERFORMANCE CERTIFICATE Before marketing a property, an Energy Performance Certificate is required. You will have been provided with this when you bought; if you haven’t got this ask the housing association or your solicitor who acted for you at the time if they have a copy. If not, you will need to instruct an EPC provider to produce an EPC. An EPC gives important information to purchasers about the energy efficiency of your home and it will also make recommendations on how the efficiency can be improved. The EPC must be provided within the first 28 days of marketing the property as it is a legal requirement. An EPC is valid for 10 years from the "date of certificate" figure, which is shown in the top left-hand corner of the EPC. For more details see epcregister.com.
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HOMES YOU CAN BUY THROUGH SHARED OWNERSHIP All information & prices correct at time of printing CASE STUDY
Helix, which is part of the RemixHelix development, is located just a short journey from Harlesden High Street, which is in the process of being FROM revamped, and from £8 5,000* the £5bn regeneration at Old Oak Park. The scheme offers one, two and three bedroom apartments and two and four bedroom maisonettes. All come with high-quality, fully fitted kitchens with integrated appliances, carpeted bedrooms and a 10-year NHBC warranty. The development is perfectly situated for residents to enjoy scenic greenery and a variety of amenities on their doorstep, including cafes, restaurants and shopping. Wembley Stadium is just a short train ride away. Central London is within easy reach as Harlesden station, a five-minute walk from the development, has lines into Oxford Circus and Euston taking just over 20 minutes. Helix is fully integrated into this brand new community, being close to the local amenities, communal gardens and the award-winning Fawood Nursery. A mixed-use community centre, health centre and Tesco Express, alongside sustainable housing, play parks and green spaces make this a highly desirable place to live.
Faye had been living in Kent for work as a property recruitment director and longed for her own London home in the heart of the action, as well as wanting to be closer to her family. But it wasn’t all about city streets and urban lifestyle. Energetic and sporty, Faye was keen to take part in outdoor pursuits, making use of city waterways and open spaces. “I’ve always loved it in the East End," she says. "I have family here and also have a pull towards the canal with its bank-side walks and opportunities for kayaking.” Nestled between the Bow Back River and the River Lea, Bridge East promised Faye the lifestyle she craved, with picturesque waterside walks and canal jogs, right in the middle of east London’s lively bustle. Close enough to enjoy all of the city’s advantages but with access to waterways and open spaces, she experiences the best of both worlds. Faye can also enjoy outdoor living from the comfort of her own home. All apartments at Bridge East benefit from generous terraces or balconies, as well as a communal courtyard garden square. The development also boasts an on-site private gym which can help residents stay motivated to achieve their fitness goals and a concierge service for further assistance. She particularly loves the buzz of activity around the development, explaining that “with the gym, the gardens and the roof terraces, you’re never alone”, adding that the community feel of the development really impressed her. Plus, she continues, “It’s modern, cleverly designed and safe, providing all the necessary amenities to make residents feel at home.” The location provided the biggest attraction for her, as well as the fact that the development, as she puts it, “was just so gorgeous”. And with Victoria Park Village and Hackney Wick on her doorstep, she has easy access to Westfield Shopping Centre, as well as a huge range of restaurants and cafes – all within arm’s reach of home. The chance to part-own the property and pay rent on the rest made Faye’s new apartment instantly more affordable. She says, “Though I was daunted, Peabody showed me how comfortably I could manage with shared ownership.” In fact, although Bridge East was the first development that she had visited in her home search, Faye was so reassured by the level of support available that she made an offer on Bridge East immediately after viewing it. “As soon as I saw it, I knew I didn’t need to see anything else. The communication was absolutely faultless and the show apartment was very impressive which wowed me from the start.” Now Faye intends to staircase as soon as possible, buying further shares in her property and reducing rent payments. Faye purchased the one bedroom apartment at Bridge East through the shared ownership scheme for £105,000 for a 30% share. Phase two is now sold out but phase three is due to launch this autumn offering one and three bedroom apartments.
hydenewhomes.co.uk/find-homes/developments/helix-91
peabodysales.co.uk/Bridge-East
FROM £105,000*
EALING
SO Resi Ealing Based in vibrant West Ealing, with Ealing Broadway around the corner, SO Resi Ealing offers a collection of high quality one, two and three bedroom apartments. There is a wide range of amenities, restaurants and shops nearby, as well as an abundance of scenic parks, offering everything you could possible need. Transport connections from nearby West Ealing Station are excellent – you can reach Paddington in just 12 minutes and Canary Wharf is only 29 minutes away. The arrival of Crossrail will further improve transport links once complete. All properties benefit from a private balcony, a contemporary bathroom and a fully fitted kitchen, as well as fitted blinds and three years' free car club membership. There is also an open communal area in the form of a spacious rooftop garden for residents to enjoy. soresi.co.uk/find-a-property/ealing *Based on a 25% share with a full market value of £420,000
HARLESDEN Helix
*Based on a 25% share with a full market value of £340,000
34 First Time Buyer October/November 2020
SHARED OWNERSHIP
FROM £120,000*
BRIXTON BRX
BRX, located in Brixton, offers a collection of exclusive one bedroom apartments. This lively corner of London has everything for everyone, with an abundance of shops, restaurants, cafes, green spaces and night life. Apartments are contemporary in their design with high-spec interiors including a fully fitted kitchen and contemporary bathroom, a private balcony and communal gardens, plus the cosmopolitan must-haves of cycle storage and allocated underground parking. Connections are excellent, with Brixton tube station less than a three-minute walk away, providing easy access to Victoria in nine minutes and Oxford Circus in 13 minutes, as well as several bus routes taking residents all over the city. Clapham is a short walk away, offering even more options for dining, shopping and leisure.
FROM £96,250*
GREENWICH
Greenwich Square Greenwich is an area steeped in naval history and famous for the Millennium celebrations and the 2012 Olympic Games. Greenwich Square is a green escape offering one, two and three bedroom apartments with beautifully designed open spaces, play areas, cafes, shops, a gym, swimming pools and even a doctors’ surgery. At its heart is the square itself; a delightful, vibrant place to meet up with friends. Greenwich Square has everything you could need on your doorstep, making life that little bit more convenient. The area has excellent transport routes across London, with the option of a scenic commute via boat to Canary Wharf in just 10 minutes. Maze Hill Overground station is a 12-minute walk away, taking you to London Bridge in 12 minutes. Alternatively, North Greenwich station is just a short bus ride away, connecting you to the Jubilee Line where you can reach Waterloo in less than 15 minutes. All properties come with a balcony or terrace, fully integrated appliances in the kitchen and modern bathrooms.
networkhomessales.co.uk/find-your-new-home/brx-shared-ownership lqhomes.com/greenwichsquare/ *Based on a 25% share with a full market value of £480,000 *Based on 25% share with a full market value of £385,000
FROM £81,250*
LEYTON NEST
FROM £150,250*
CANARY WHARF
Located in the south of Waltham Forest, within easy walking distance of Queen Elizabeth Park, is one of Newlon’s newest developments, NEST; a collection of one, two and three bedroom homes. These new homes are well served for transport, with Leyton underground station within a 10-minute walk and numerous bus routes nearby. It is also ideally located for shopping, as Westfield Stratford City is close by. Each property has been carefully designed to provide the best possible space, light and storage, with fully integrated kitchens, modern bathrooms and balconies. NEST is symbolic of Leyton’s transformation into a vibrant community. In one of east London’s most sought-after new areas to live, NEST combines stylish urban living with a neighbourhood vibe around the waterways of Queen Elizabeth Olympic Park and the nearby urban areas of Hackney and Shoreditch.
Aspect Apartments
Set in one of London’s prime locations without a premier price tag, Notting Hill Genesis offers Aspect Apartments located in the riverside district of Millharbour. Aspect Apartments is a collection of 26 luxury one bedroom properties in the heart of Canary Wharf, where residents will enjoy a host of first-class amenities within a unique botanical setting, plus the delights of the dynamic Docklands and its superb travel connections right on the doorstep with Canary Wharf underground station just a short four-minute walk away. Each apartment features magnificent floor-to-ceiling windows, a fully integrated kitchen, contemporary bathroom and a bedroom with a fitted wardrobe. A balcony provides a welcome expanse of private outdoor space with views across the surrounding cityscape, all adding to the highquality specification of these beautiful apartments.
newlonliving.co.uk/properties-the-nest-e10 nhgsales.com/sales-developments/aspect-apartments *Based on a 25% share with a full market value of £325,000 *Based on a 25% share with a full market value of £601,000
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FROM £70,500*
GREENWAY
Beckton Parkside Delivering a contemporary collection of studio, one, two and three bedroom properties, Greenway at Becton Parkside is situated in one of east London’s most dynamic districts. All homes at Greenway have been finished to a high standard, with many enjoying their own private balconies. Residents benefit from on-site amenities including allocated parking, tranquil podium gardens, a stunning rooftop garden and secure cycle storage. Situated adjacent to Beckton Park, residents have access to an excellent place to exercise or relax outdoors right on their doorstep, with the vast lake and abundance of wildlife an added bonus. Greenway is located on Cycle Superhighway CS3, which runs from Beckton to Hyde Park and provides an easy connection into central London. Royal Albert DLR station is a mile away, with services to Canary Wharf in 20 minutes and Bank in 30 minutes. peabodysales.co.uk/greenway
Find your dream home and reserve by 18 October to enjoy a mix-and-match of enticing gifts worth £1,500. Choose from either having your legal fees, rent & service charge paid; useful B&Q & John Lewis shopping vouchers; or enjoy a combination
*Based on a 30% share with a full market value of £235,000
of them! This option is not to be used in conjunction with any other offer. Incentives are redeemable upon completion and are limited to one per household.
CASE STUDY
Chobham Manor is the first of five new neighbourhoods at the former Olympic Park in Stratford and offers one, two and three bedroom apartments. Developed around open spaces, tree-lined avenues and neighbourly streets, Chobham Manor is the ideal place for those who want to be surrounded by greenery, including acres of parklands and wetlands. Nature lovers can also enjoy the nearby Lea Valley and Hackney Marshes while still being close to central London. Residents can enjoy having world-class sports, shopping and entertainment venues such as Westfield Stratford on the doorstep. Nearby Stratford Station offers underground services on the Central and Jubilee Lines plus the DLR connects across the whole of docklands. The station will also be part of the high-speed Crossrail network. Properties come with their own private outdoor space, fully integrated kitchens and contemporary bathrooms.
From the first time she saw it, midwife Alanna Linkhorn, 29, knew Canaletto Court was the home she had always dreamt of. Alanna was fed up with expensive rental properties and paying someone else’s mortgage and decided to apply for an apartment as a shared owner. “I was living close by and had followed the development with interest,” she explains. “I said to my boyfriend, ‘I want to live there’!” Alanna, who bought a one bedroom apartment through shared ownership in the new development in Neasden, moved into her new home in October. A new build development was particularly attractive, she says. “I didn’t want to be reliant on other people in a chain when I was buying my first home. Canaletto Court is very modern and I felt I could make this my home right from the start.” The local area was also a key part of the buying decision, she adds. “I work in Chelsea but being close to where I socialise was vital. Nearby Willesden Green has some great restaurants and Chamberlayne Road in Kensal Rise is one of my favourite places in west London. Plus, it’s only a short walk to Neasden tube station and a 15-minute drive to the West End.” Alanna says that the buying and handover process went well, with the Hyde New Homes sales team being “extremely helpful” throughout. “I chose shared ownership because it was a step on to the property ladder and much more achievable and affordable than buying a property outright. It’s great that I own a share of my home and I like the idea of having the option to staircase. I hope to make a profit in the future when I want to move into a bigger home.” For now, Alanna’s goal is settling in and adding her own personal touches to her new apartment. “I’ve already raided IKEA and have been making the most of my space by adding lots of hidden storage.”
lqhomes.com/chobham-manor
hydenewhomes.co.uk
STRATFORD
FROM £TBC
Chobham Manor
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CASE STUDY
WALTHAM FOREST
FROM £112,500*
Motion
With the average deposit for a home in Ealing setting buyers back more than £60,000, first time buyers are turning to shared ownership to get their foot on to the property ladder for a fraction of the price. One couple, Terry Harvey, 46, and his husband Diego Negherbon, 38, were renting a one bedroom apartment in Ealing and decided to use shared ownership to buy their first home. They recently purchased a 25% share in a two bedroom apartment at SO Resi Ealing in west London. Terry and Diego knew that they wanted to get on to the property ladder in Ealing, but it would be impossible to save up a deposit for the home they wanted. After finding out about shared ownership, the couple spent three years saving a £14,000 deposit which enabled them to buy a 25% share in a brand new two bedroom apartment just minutes from the famous Ealing Broadway. Terry, who works for TfL, says, “I have lived in Ealing for over 18 years, and Diego for five years, and we love living here – but property prices are very expensive. By using shared ownership we were able to purchase a 25% share in a two bedroom apartment with a deposit of just £14,000. Our plan is to staircase and buy an additional 1% share every year for the next 15 years. Shared ownership was an opportunity for us to invest in something of our own, and without it, we wouldn’t have been able to buy in Ealing.” Terry and Diego are expecting to move into their new home later this year and are looking forward to living in their own spacious apartment. They are familiar with the local area, and are happy that their purchase means they can remain in Ealing permanently. Diego, who works for Avanti West Coast, adds, “We are so happy that we can afford to buy a new home in Ealing thanks to shared ownership. The area itself is fantastic and offers the best of London living. There are so many green open spaces, and always lots going on, from festivals to comedy nights, as well as regular farmers' markets. Once Crossrail arrives this will change everything as we will be able to get into central London in about 12 minutes. SO Resi Ealing is perfectly located within walking distance from all the amenities we need.”
Peabody’s landmark development, Motion, offers a fantastic opportunity to enjoy a new home while also looking out across the green expanse of the Lea Valley and towards one of the world’s most exciting cities. Set across 17 floors of The Tower, which elegantly twists as it rises, Motion is a collection of two and three bedroom apartments set around a beautifully landscaped residents' courtyard, providing the perfect place to relax. Occupying a superb setting within one of east London’s vibrant neighbourhoods, Motion is at the forefront of the regeneration of Lea Bridge, and is close to the central hub of Stratford. Apartments are generously sized and have a contemporary design, offering a fully integrated kitchen and a bathroom with modern, sleek fittings. Motion is positioned to take advantage of the Netherlands-style cycle paths and pedestrianised routes, along with the newly rebuilt Lea Bridge Overground station. Stratford, Westfield and the Queen Elizabeth Olympic Park are one stop away, and the City is within easy commuting reach. peabodysales.co.uk/developments/motion-shared-ownership Find your dream home and reserve by 18 October to enjoy a mix and match of enticing gifts worth £1,500. Choose from either having your legal fees, rent & service charge paid; useful B&Q & John Lewis shopping vouchers; or enjoy a combination of them! This option is not to be used in conjunction with any other offer. Incentives are redeemable upon completion and are limited to one per household. *Based on 25% share with a full market value of £450,000
STEVENAGE
FROM £86,100*
SO Resi Forster Oaks Nestled in a leafy corner of Hertfordshire, SO Resi Forster Oaks is a contemporary collection of one and two bedroom apartments offering the very best elements of town and country living. The development is ideally placed for commuting; from nearby Stevenage Station it takes just 23 minutes to reach London’s King’s Cross. Forster Oaks is surrounded by an abundance of shops, cafes, generous green spaces and sports and leisure facilities that will keep you busy. An ambitious multimillion pound regeneration plan for the area is set to transform the UK’s very first new town into the epitome of 21st century cosmopolitan living. A number of primary and secondary schools rated as Good or Outstanding by Ofsted are also in the local area. Properties come with a fully fitted kitchen, a contemporary bathroom and a parking space. soresi.co.uk/find-a-property/forster-oaks
soresi.co.uk *Based on 35% share with a full market value of £246,000
38 First Time Buyer October/November 2020
SHARED OWNERSHIP
SHARE TO BUY – THE HOME OF SHARED OWNERSHIP To mark Shared Ownership Week, we speak to Nick Lieb, Head of Operations for Share to Buy. Known as "the home of shared ownership", the website is the UK’s leading independent portal for first time buyers
FROM £85,500*
ENFIELD Nexus
Based in Enfield, Nexus comprises 35 superbly presented one, two and three bedroom shared ownership apartments and forms part of one the largest regeneration projects in the area – creating a new community of over 1,000 homes, a youth centre, community hall, gym and health centre, as well as a wide range of shops and green spaces. Each apartment has been carefully designed to provide the best possible use of space, light and storage, with fully fitted kitchens, modern bathrooms and balconies. Located just a two-minute walk to Ponders End station, it’s an ideal location for commuters. Journey time into London Liverpool Street is just 17 minutes, with Enfield town centre just a short distance away. There are plans for Station Square to offer a variety of shops and cafes right on the doorstep. Alma Primary School (rated Good by Ofsted) and Oasis Academy are within walking distance of these new apartments, making it a perfect location for families. newlonliving.co.uk/properties/nexus-enfield *Based on a 30% share with a full market value of £285,000
FROM £106,000*
NORTHOLT Rectory Park
Nestled within London’s green belt is the final phase of Network Homes' development Rectory Park. This scheme combines the vibrant, cosmopolitan character of London living with the reassuring pace of suburban life, with one, two and three bedroom homes that are abundant with space and surrounded by open greenery. Rectory Park is located within the borough of Ealing and benefits from excellent connections into central London and beyond. From the development itself, the vibrant west London town of Southall is only a short distance away. Ealing Broadway Shopping Centre is just a short 15-minute bus ride away, offering a vast selection of shops, from high street favourites to more niche and independent stores. Elsewhere, excellent shopping facilities can be found at Westfield Shopping Centre, only an 18-minute journey on the Central Line. All properties come with a fully fitted kitchen, a garden, balcony or terrace and a contemporary bathroom.
So, Nick, it’s Shared Ownership Week! Can you tell us a bit about shared ownership? Well, firstly, shared ownership is a great way for many first time buyers to get on the property ladder. Shared ownership allows eligible buyers to purchase a share in a property, usually between 25% to 75%, while paying a subsidised rent on the portion they don’t own. Buyers only need a deposit on the share they are purchasing – meaning that deposits for shared ownership homes are often much lower than buying outright, and therefore much more attainable for potential purchasers. Tens of thousands of first time buyers have already used shared ownership as their means to buy their first home! What piece of advice would you give to first time buyers? Do as much research as you possibly can! Explore the Share to Buy website, read First Time Buyer magazine from cover to cover, and consider which is the best homebuying option for you. If you’re not sure that the numbers will add up, use Share to Buy’s mortgage calculator tool to calculate your finances and find a shared ownership mortgage that will meet your affordability needs. Buying your first home is one of the most exciting but biggest decisions you will ever make, so be sure to educate yourself thoroughly before you dive in. How do you think first time buyers have responded to lockdown? First time buyers have not put their homeownership dreams on hold during lockdown. Shared ownership purchasers have been quick to embrace new technology, and the pandemic will undoubtedly impact the way we buy homes forever. Our registrants have been actively watching virtual tours, arranging digital one-on-ones with sales teams and reserving homes remotely. Before lockdown measures were relaxed, Share to Buy was also hosting weekly webinars with housing experts; these saw almost 4,000 budding buyers attend live interactive sessions, submitting hundreds of questions about shared ownership, Help to Buy and the sales process. We’ve had to do things differently too. Twice a year, Share to Buy hosts the London Home Show – the UK’s biggest exhibition for first time buyers. We usually hold the event in person, with 50+ exhibitors, including housing associations, developers, mortgage advisers and legal experts. However, after our March event was cancelled due to Covid-19, our event went digital for the first time ever, with Share to Buy’s Online Home Show back on 25 July. This was an exciting event which gave first time buyers access to exclusive content, specialist webinars and chat features where they could speak directly with experts from the comfort of their own homes! We’re now exploring how we can develop the format further and have some exciting plans going forward.
networkhomessales.co.uk/rectoryparkfinalphase *Based on a 40% share with a full market value of £265,000
For further information and to keep up to date with future events, register on sharetobuy.com
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CANARY WHARF Dockside at Millharbour
Located in the heart of Rochester and adjacent to the newly built Rochester station, Rochester Riverside offers a selection of one, two and three bedroom homes giving a perfect balance of history and modern contemporary living. Set within 10 acres of open space, with stunning views across the Medway and inland towards historic Rochester Castle and Rochester Cathedral, Rochester Riverside provides more than just a great place to live. A range of fantastic new commercial facilities, including a hotel, local supermarket and coffee shop will be opening in the central plaza and the newly regenerated riverside walk is ideal for relaxing and enjoying the outdoors. There will also be a brand new primary school opening in 2021. The development is situated a short stroll from town, which offers plenty of local amenities including cafes as well as a local farmers' market. From Rochester station, which is in walking distance from the development, you can be at St Pancras within 37 minutes and Cannon Street in 48 minutes. All apartments come with a fully integrated kitchen, carpeted bedrooms and a 10-year NHBC warranty.
Stevie and Krupa Howlett purchased their first home at Traders’ Quarter, Royal Wharf E16, using shared ownership through Notting Hill Genesis. Stevie, 36, a Business Development Manager explains, “We had been renting in Greenhithe, Kent, for six years, but although the village was nice, there wasn’t much of a community and our commute into London was almost two hours each way. So when our landlord gave us notice, we decided to see if we could buy our own home. We looked into the Help to Buy scheme, but even though we had managed to save a substantial sum over the years it wasn’t enough. I was almost 40 and still not on the property ladder! That’s when we looked at the shared ownership scheme and found Traders’ Quarter via the Share to Buy website. It became obvious that this was the scheme for us, and it meant we could potentially own a home a lot sooner.” Stevie continues, “We had considered a few different developments in Kent and London, but we both liked Traders’ Quarter – we love the community feel and as it is part of the Royal Wharf regeneration there is so much that will be coming over the next few years. We love the fact we are on the river overlooking the Thames Barrier, and we are really close to places like Green Street where there’s a thriving Asian community, and also Stratford where there is loads happening right now and links to central London couldn’t be easier. We purchased a one bedroom apartment on the third floor and even though we were renting a two bedroom home we actually have more space here! We have a big bedroom, a small study room and a huge open-plan lounge/diner/kitchen with lots of storage space. “The specification in our apartment is excellent and we have fantastic facilities. There is a new High Street where they are ensuring there are small independent shops, a gym, swimming pool and a hydro pool – as Krupa has a disability this was a big plus for us. Normally we would have to travel to an expensive gym to be able to access a facility like a hydro pool, but here it is all part of the service charge, and even better, it’s on our doorstep. “We have cut our commutes down to just 40 minutes door-to-door, which is amazing! Pontoon Dock DLR station, which connects to the Jubilee Line, is a few minutes from the development, which makes getting around so much easier.” Stevie explains, “We purchased a 30% share, priced at £148,500 and put down a deposit of £7,425. We considered our monthly outgoings and worked out we could save around £350 per month in commuting costs, and instead put this money towards the new property. As a monthly total, including our rent, mortgage payment and service charge, we aren’t paying out any more than we were renting in Kent. The shared ownership scheme gave us access to buying a property with a full market value of £495,000 – there is just no way we would have been able to access a property like this without it. We will definitely be staying here for the next few years and have already been planning on staircasing in the future.”
hydenewhomes.co.uk/find-homes/developments/rochester-riverside-70
nhg.org.uk
Dockside at Millharbour offers a stylish collection of one and two bedroom apartments that occupy the striking Salvor Tower building, and are FROM a perfect choice for city £121,875* lovers wanting to live the London lifestyle without breaking the bank! Residents benefit from the best of both worlds, with some of the capital’s best shopping, nightlife, food, drink and culture on the doorstep, and the fast pace of buzzing central London just a short journey away. Each property offers a spacious and well-planned layout. The open-plan kitchen/living areas feature built-in Smeg appliances and direct access on to a private balcony which is perfect for letting the outside in on summer days, and a great space to entertain friends and family with breathtaking cityscape views. Generously sized bedrooms benefit from built-in wardrobes. Transport links are excellent, with South Quay DLR station just a three-minute walk away and Canary Wharf Underground station a 10-minute walk, giving access to the Jubilee Line. nhgsales.com/sales-developments/dockside-at-millharbour *Based on a 25% share with a full market value of £487,500
FROM £84,000*
ROCHESTER
Rochester Riverside
*Based on a 40% share with a full market value of £210,000
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Relocating from Birmingham to London, Julie Cubley initially moved into a flat share in North Greenwich. While she enjoyed living with a friend, the apartment never quite felt like home. As a result, Julie began her search for a property to buy on the open market, something that was quickly ruled out after she realised what she could afford at her price point. “I had a rough idea what kind of mortgage I would be able to afford. Unfortunately, that meant either having to go quite far from where I live now, where I don’t really know anyone and would have more of a commute. Or it would mean compromising quite a lot, such as a really old property that needed a lot of work, or areas where I wouldn’t really want to live.” During one of her weekend walks along the Greenwich riverside, Julie noticed new apartments were being built, and decided to look into what was on offer. “I contacted the Greenwich Peninsula office and they pointed me in the direction of L&Q for shared ownership. I didn’t know much about the scheme and it wasn’t something I was familiar with. I did a little bit of research, went on the L&Q website and it all sounded quite good and it did look like it was the best option for me. "Someone contacted me straight away, gave me lots of information and talked me through the process of what I would have to do. As soon as they opened the doors to take people to register, the sales team called me and said that I was first on the list and to come and have a look first thing in the morning." Julie purchased a 30% share of a one bedroom apartment in the Upper Riverside neighbourhood of Greenwich Peninsula, and, renting so close to the development, was able to see her new home progressing first hand. “I’ve lived in Greenwich for two and a half years and I absolutely love the area. It’s close to the tube, the shops, there’s the O2, the river – you have everything you’d ever want. It’s quite important for me not to have a huge journey to work and the nice thing about living here is it’s literally 20 minutes on the tube to Bond Street. It’s really handy having the Jubilee Line on my doorstep. Being able to live in Zone 2 and having such great transport links is amazing. “It’s so nice coming home from work, opening your own front door and thinking, ‘Oh my gosh, I’m home!’ It’s lovely. I actually never thought I would be able to afford to own my own home in London. The fact that shared ownership was available was amazing really. I couldn’t be happier with my new property. “I think a lot of people don’t know about shared ownership or they don’t understand it. Being a single person, wanting my own property but not being able to buy it completely, this was a really great option. It also gives you the option to buy more as you go on, which is great. If someone was considering shared ownership, I would definitely recommend it. My journey has been so easy and simple.”
WEMBLEY
Williamson Heights
Set in an urban oasis in one of the capital’s most vibrant districts, Williamson Heights, in the heart of FROM Wembley, is an exciting £97,000* development of one, two and three bedroom apartments, where residents have access to an abundance of communal areas ideal for relaxation, leisure or work, as well as breathtaking views across the iconic Wembley skyline. Each home is thoughtfully designed to provide residents with spacious, light-filled layouts and contemporary interiors complemented by a high-quality specification. Each apartment comes with its own outdoor space in the form of one or two spacious balconies or terraces, and residents also have exclusive access to communal gardens and a beautifully landscaped roof-top terrace. There's a new residents’ lounge at the lower level which boasts a hireable cinema room, fitness suite and co-working spaces; convenient for those working from home without working from home. From nearby Wembley Central station, Westfield, Covent Garden and Leicester Square are all less than half an hour away. peabodysales.co.uk/developments/williamson-heights-shared-ownership Find your dream home and reserve by 18 October to enjoy a mix and match of enticing gifts worth £1,500. Choose from either having your legal fees, rent & service charge paid; useful B&Q & John Lewis shopping vouchers; or enjoy a combination of them! This option is not to be used in conjunction with any other offer. Incentives are redeemable upon completion and are limited to one per household. *Based on a 25% share with a full market value of £388,000
FROM £92,500*
TOWER HAMLETS Explorers Wharf
Newlon offers a collection of one, two and three bedroom shared ownership apartments at its newest development, Explorers Wharf, centrally located in the attractive waterside quarter of east London. Explorers Wharf is on a quiet street just a five-minute walk from the marina at Limehouse Basin. The contemporary, spacious apartments are designed around pretty landscaped gardens and walkways, with direct access to Limehouse Cut, London’s oldest canal. Residents have access to their own concierge, gym, bike store and river views from the roof garden. Limehouse station is a short distance away, offering National Rail services and access to the DLR. A number of bus routes also offer easy access to the local area and all over London. newlonliving.co.uk/properties/thomas-road
lqhomes.com
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*Based on a 25% share with a full market value of £370,000
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For IT workers Kamila, 32, and her husband, Qaiser, 37, along with their two children, the shared ownership scheme helped them on their homebuying journey; allowing them to upsize from a small one bedroom house in Harrow to a spacious two bedroom apartment at Network Homes’ Le Bon Court. Discussing their previous living situation, Kamila comments, “We rented a one bedroom house in Harrow for two years. It was tight, but we made it work. The children had a bedroom to themselves and my husband and I shared a sofa bed. We knew we needed something bigger. Eventually, we decided to move – partly because we needed more space, and partly because we wanted to get on to the property ladder. We looked at the shared ownership scheme because it gave us the opportunity to buy in Harrow. We didn’t think this was a feasible option before. “We did a number of things to help save towards the apartment. Luckily for us, because we had been living in a one bedroom house prior to living here, we were able to set aside some extra money. We also refrained from buying unnecessary goods, we cancelled unnecessary memberships, and went on local holidays instead of going abroad. “We looked at other developments before coming across Le Bon Court. The others were re-sale shared ownership properties, which wasn’t really what we wanted. We chose this development primarily because it has more space than the others. Even the corridors are wider here! It’s so spacious, and the quality is amazing. We have two bathrooms, which has been invaluable with two children, and the kitchen came fully equipped, meaning we only had to think about the furniture. We have a balcony – which has been great during lockdown, as the children and I have grown vegetables, herbs and flowers. It’s kept us busy and given us something to focus on. There’s also a small garden downstairs for the kids to play in, and bike storage which is really handy.” Having already lived in Harrow, Kamila and Qaiser were familiar with the neighbourhood. Kamila says, “We love the area. The town centre is less than five minutes away, there’s a station that is close by, but far enough away that we don’t hear any noise, and Harrow is home to lots of parks and green spaces which has been idyllic during lockdown.” Speaking about the shared ownership scheme, Kamila says, “We found out about the scheme purely through researching the various ways we could buy. When we found Le Bon Court, we purchased a 25% share of a property priced at £415,000. We now pay a monthly rent of around £700, which is very reasonable for London, in addition to the service charge and mortgage. In terms of comparing the cost to what we had previously, we are paying roughly the same, but for a much larger property.” She adds, “We’d recommend shared ownership to anyone who wants to get on to the property ladder. There’s a real sense of security when you use the scheme because you own part of the property. You don’t have to worry about having to find somewhere else to live at the end of your tenancy agreement like you do when you rent.”
FROM £TBC
MILTON KEYNES Saxon Reach
Saxon Reach, set in the vibrant community of Milton Keynes, offers a mix of one and two bedroom apartments and two and three bedroom houses, and is part of the wider Glebe Farm development area, which includes new retail and commercial facilities. With a new school being built that will welcome children from primary age up to the end of secondary school, the development is perfect for families. There are also a number of shops, restaurants, bars, cafes and entertainments facilities in the local area for residents to enjoy, with the centre of Milton Keynes just under six miles away. Milton Keynes Central station is also nearby, getting commuters to London Euston in just 35 minutes. Kitchens come with fully integrated appliances and elegant contemporary bathrooms. Most houses feature French doors leading to a turfed garden with a shed and paved area, and at least one parking space. lqhomes.com/saxonreach
WELWYN GARDEN CITY
FROM £53,750*
SO Resi Times Square
SO Resi Times Square is a unique development of studio, one and two bedroom apartments echoing art deco sensibilities from 1930’s New York. Following a renovation over the last year, the building has an unusual atrium providing a public meeting area and a concierge service for residents. Welwyn Garden City is a town founded on healthy living, offering a balance between a full social life with shops, nightlife and sporting facilities and the tranquillity of lush green countryside surrounding it. It also boasts excellent transport links, with regular buses and trains reaching London King’s Cross in 25 minutes. The area is well regarded for its high standard of primary and secondary schools. Properties benefit from a fully fitted kitchen, contemporary bathrooms and fully carpeted living room and bedrooms. soresi.co.uk/find-a-property/times-square
networkhomes.org.uk
*Based on a 25% share with a full market value of £215,000
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LONDON ROYAL DOCKS Royal Albert Wharf
FROM £78,750*
London Royal Docks is situated in one of the most sought-after east London locations. The collection of one, two and three bedroom apartments has been thoughtfully planned to make the most of the unique waterside setting, with large windows that fill apartments with plenty of natural light and the open-plan interiors offering dual aspect river views in selected homes. Properties are equipped with their own outside space in the form of a private balcony or terrace, providing the perfect place to relax and take in the London skyline. Commuters enjoy easy access to Gallions Reach DLR station, travelling to Canning Town in just 11 minutes, Canary Wharf in 19 minutes and London Bridge and Waterloo in under 30 minutes via the Jubilee Line. Opening later this year, residents will be able to enjoy a commute along the river from the new Royal Wharf Pier, offering north to south travel and into central London. Along with the future launch of Crossrail from nearby Custom House, these two new ventures will further transform the Royal Docks into a major transport hub. nhgsales.com/sales-developments/royal-albert-wharf *Based on a 25% share with a full market value of £315,000
CASE STUDY
of £215,000
looking for – it was almost complete While training to become a teacher, when I went to view the plots, so I had Sandra Obike, 36, always knew that a real sense of what I was buying, and she wanted to own a home of her own I loved the location. I get the buzz of in the South Croydon neighbourhood South Croydon with the laid back feel of she grew up in. She said, “When I Purley Oaks; plus it’s really close to the was in university, someone told me that station.” you never want to be priced out of Sandra credits shared ownership your hometown. That really stuck with with helping her on to the property me, especially when I moved back to ladder, while Share to Buy was a key Croydon and started my career.” research tool in her journey. “Share Sandra, now Head of the Technology to Buy was an excellent resource. and Design Department at her school, Being able to do all the research in began renting with a friend in South FIRST PURCHASE: TWO BEDROOM one place was so helpful. I found Croydon after returning to London from APARTMENT AT TRAM HOUSE, CROYDON my home and all the information Bournemouth University. “I rented for I needed. When it was time to staircase, I five years and it was nice for what it was," she Property (full market value): £277,500 went back to Share to Buy. There was so recalls. "We were in a great location that was Share purchased: £97,125 for 35% much material that was easily accessible – ideal for young people, close to transport and Deposit: £16,000 the mortgage calculator and the staircasing restaurants, but I was determined to not waste Mortgage: £81,125 (£284.40) Rent: £413.35 calculator are great ways to estimate your any time and take the next step to get myself on Service charge: £103.40 costs before you get going, the answers to my to the property ladder. Total monthly spend: £801.15 questions were right there on the website.” “I had met with a mortgage adviser who told Outright homeownership had been Sandra’s me that I would need a substantial increase in STAIRCASING TO 100% goal from the beginning. Committed to fully my deposit to purchase on the open market. To Deposit: £57,750 taking advantage of shared ownership, she hear that I would need £60,000 for a deposit Mortgage: £257,250 (£966.20) always had plans to staircase – taking on a where I grew up was disheartening. I wanted to Service charge: £111.99 new role at a new school to achieve her goal stay local to the area, to be close to friends and Total monthly spend: £1078.19 sooner. After just five years, Sandra owns family, and shared ownership helped me afford 100% of her two bedroom apartment that she to do that. Around the same time, a friend of now shares with her partner. mine was purchasing a shared ownership home “From the moment I bought my first share, I knew that I wanted to in Streatham that she had found on Share to Buy. Seeing her go through the staircase. A year after I moved in I staircased to 75% and this past February process inspired me to register on Share to Buy and begin the search for my I purchased the final share, and now I own my home 100% outright. My own home.” apartment is perfect for what my partner and I need right now. As we get Keen on achieving her dream of homeownership without delay, Sandra older we may move on, and the equity I’ve managed to build here will moved back into her family home to help keep costs down as she began allow us to go on to buy on the open market if we want to. Buying through her shared ownership journey – ultimately purchasing a 35% share of a shared ownership and staircasing when I did was an excellent investment. two bedroom apartment at Tram House, Croydon, by housing association “I really do recommend shared ownership as a fantastic way to get into Wandle, after finding the property on Share to Buy, the UK’s leading shared the housing market, it worked so well for me. My brother is currently working ownership property portal. in Manchester, and he would love to move home and buy. Now that he has She added, “If I had decided to stick with buying on the open market, seen what I have been able to do with shared ownership, he knows that it is I would have had to teach abroad in Dubai for two or three years. I was achievable to purchase a home in London.” not completely sure I wanted to do that. As I pursued shared ownership, I decided to move home with my mum to save. I moved home and that was when I found Tram House on Share to Buy. It was exactly what I was sharetobuy.com
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SHOREHAM-BY-SEA The Waterfront
The Waterfront is an exclusive development of 120 riverside homes, comprising one, two and three bedroom apartments, three FROM bedroom townhouses and stunning £114,000* four bedroom waterfront homes. This regeneration scheme also incorporates a cafe/restaurant and retail space, as well as far-reaching views of the South Downs. Residents can relax to the tranquil sounds of nature and enjoy improved mental and physical wellbeing living here. A range of local independent cafes, restaurants and a farmers' market are nearby. There is also wider regeneration within the area, which will see more commercial spaces and leisure facilities opening up over the next 15 years. Based in Shoreham-by-Sea, it offers buyers the perfect way to balance countryside and coastal living. Shoreham station is an 11-minute walk away, offering trains to London Victoria in just over an hour and in to Brighton within 16 minutes. Homes feature fully fitted kitchens with integrated appliances and the bedrooms and hallways are carpeted. With a communal space as well as a courtyard, cafe and terraced restaurant, it offers residents everything they need close by. hydenewhomes.co.uk/find-homes/developments/the-waterfront-83 *Based on a 40% share with a full market value of £285,000. Subject to change.
SOUTHALL
FROM £64,375*
Evolution
Evolution offers a fantastic range of one, two, three and four bedroom apartments and duplex apartments, which benefit from an open-plan living/dining/kitchen area, private balconies and spacious bedrooms in the lively, colourful and welcoming neighbourhood of Southall. Properties will have access to a private podium-level courtyard garden and communal space. Evolution is located close to the Grand Union Canal with its tow-path walks, and to the parkland and green spaces that surround the fringes of Southall. Southall Station is just a couple of minutes' walk from the development, from where trains reach London Paddington in around 18 minutes. There is also a vibrant range of local amenities and a host of bars and restaurants. All home benefit from a balcony or terrace, a fully integrated kitchen and a modern bathroom.
Alex, 26, who works as a lawyer in the City, moved to London from Shropshire three years ago and had been renting in the old Athletes’ Village in Stratford before making the decision to buy her first home. “The lease of our flat in Stratford was due to come to an end, so my flatmate and I began thinking about our next steps,” explained Alex. “Both of us were attracted to the idea of owning our own homes and knew we wanted to remain living close by, so we decided to explore the possibility of each buying our own property but within the same development.” Alex was attracted to shared ownership as she realised it provided a much quicker route into owning a home without the need for a large deposit, together with an opportunity to spread other costs such as Stamp Duty. “I began my property search on the Share to Buy website, and then attended the London Home Show in Westminster where I was given brochures of Newlon’s available properties, among others. I found that Newlon charged a much lower rate of rent than other housing associations did in respect of the other properties I looked at,” added Alex. “This meant that I could live much more centrally, in a more expensive development, while remaining in budget.” Alex went on to attend the Newlon Homes Show, where she placed a reservation fee and organised a viewing so she could choose the exact flat she wanted to buy. “I exchanged contracts and was able to proceed to completion within six weeks of being formally offered the property, and I was pleased to be able to move into Goodman’s Fields just in time for Christmas.” The end result was a property which Alex is extremely happy with. “My home is fantastic. It is a sizeable flat in a fabulous new development. I can walk to work in less than 20 minutes and Spitalfields Market, Tower Hill and Shoreditch are all also nearby. I love living so centrally and definitely plan to make the most of what the area has to offer over the coming years.”
networkhomessales.co.uk/evolution newlon.org.uk *Based on a 25% share with a full market value of £257,500
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HOT PROPERTY
Kush Rawal, Residential Investment Director at Metropolitan Thames Valley looks at the current state of the housing market and in particular shared ownership – the affordable way to get on the ladder Much like every other sector, the property industry has experienced some significant changes this year. There has been a lot of talk about the short-term impact of Covid-19; in particular, what this means for the economy, property prices, employment rates and general consumer confidence. Speaking from experience, I have gone through one major property cycle to date in 2008 and witnessed first hand what uncertainty in the market brings. While this was undeniably a difficult period in which we saw unemployment levels rise and property prices fall, what we did see was those looking for a stable and secure home continued to buy and invest in shared ownership. As we cautiously continue to monitor economic conditions, it is important to remember that the property market is resilient and schemes like shared ownership will prove to be a lifeline to those who need it. In 2008, we saw large numbers of people continuing to buy shared ownership housing. The largest difficulty was the reduced number of lenders in the market. To date, lenders have still been willing and able to lend, and today’s circumstances are very different. Despite a difficult spring as lockdown took hold, the Government has renewed its commitment to housing and the delivery of quality homes for buyers. The changes to Stamp Duty will benefit so many first time buyers, particularly those in the South East where property prices are elevated, or those buyers who want to purchase a bigger three or four bedroom home. In addition to this, the changes to Help to Buy next year will continue to be a great help to first time buyers, who deserve the opportunity to own their own home. There is a slight concern that this may impact the size of the homes that are being built, and indeed where they are built, as developers endeavour to remain under the proposed regional price caps. It is positive that the Government has chosen to extend the scheme until 2023, as it will help to underpin continued demand for first time buyer homes. However, the scheme will come to an end and I think this will inevitably lead to yet more people being prevented from accessing homeownership. Housing associations will continue to be at the forefront and meet this challenge head on, to ensure that high
“AS WE CAUTIOUSLY SIT ON THE EDGE OF ANOTHER MAJOR PROPERTY CYCLE, IT IS IMPORTANT TO REMEMBER THAT THE PROPERTY MARKET IS RESILIENT AND SCHEMES LIKE SHARED OWNERSHIP WILL PROVE TO BE A LIFELINE TO THOSE WHO NEED IT” numbers of first time buyers are still able to access homes at an affordable cost in their preferred area. This is where shared ownership will really come into its own. Despite having been around for over 40 years, there is still a real lack of knowledge about what it means, and I hope to see the sector continue to take necessary strides to raise awareness of shared ownership. At Metropolitan Thames Valley Housing, we have our dedicated shared ownership brand, SO Resi, which focuses solely on providing homebuyers with the knowledge they need to buy a home through shared ownership. This is our own personal challenge to the marketplace, where we seek to represent the voice of the shared owner. We take the view that we want to change perceptions in the market, and after years of feedback and insight into what works well and what could be done better, our mission is to continue to grow this brand and get the word out there – that we can help make homeownership possible. The ultimate goal
is to educate buyers about the benefits of shared ownership and that we become a national force for affordable homebuying. We continue to weather a housing crisis where the supply of homes is woefully inadequate – something which isn’t going to change anytime soon. However, what we are seeing is strong commitment from the current Government to “Build Build Build”. We eagerly await the details of this plan and remain ready to do our bit to help build the nation. Our hope is that this will mean quality new homes that are affordable for first time buyers who so desperately need the security of their own four walls. The future remains uncertain to some extent; with Brexit looming and the impact and duration of Covid-19 remaining relatively unknown. What we do have is a highly resilient country where we have countless examples of riding the storm and emerging stronger. sharedownership.co.uk
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SAVINGS
Our spend-savvy tips could save you thousands of pounds over the course of a year – and help you build the deposit for your first home THE SUBSCRIPTION LIFESTYLE 1DITCH As a country, we spend more than £2bn on subscription services every year. From streaming services and craft beer to house plants, toilet roll and socks; you can get almost anything delivered on subscription. And now we’re all staying in more, we’re using doorstep deliveries more than ever. But are all your sign-ups really necessary – and more importantly, how much is it costing you? You could save up to £240 in a year just by cancelling your Amazon Prime and Netflix accounts. Can’t live without boxsets and movie marathons? Free services such as Channel 4’s All 4, iPlayer and ITV Hub are great free alternatives with world-class content. Of course, you can also take advantage of the many free trials out there: Amazon Prime, Kindle and HBO are among the many services that offer their services for no cost for 30 days.
YOUR CHANGE 2 AUTO-SAVE Almost four million people in the UK manage their monthly spending with a Monzo account. This popular bank account lets you sort your money and set a budget for the month, while the linked app updates as you spend and shows you your remaining spend. As well as being a handy tool for staying on financial track, it also helps you put savings aside. Choose to have your purchases "rounded up" to the nearest pound, and the change on every purchase will be saved into a different account, where you can let it build. Other banks, such as Revolut and Starling Bank, also offer this option, while Tandem will actually put your stored-up change into a separate savings account where it can gain interest without you having to do a thing.
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SAVINGS GO 3OFF-BRAND More of us are doing our food shopping online, which provides a perfect opportunity to to save on your spend. It’s not just the in-store impulse buys that are banished when you shop online – by simply choosing supermarket own brands over bigger names, you’ll make big savings. And it doesn’t mean compromising on quality: last year, the Good Housekeeping Institute found that many own-brand products performed better on taste and performance – as well as creating big savings. For example, in testing, consumers preferred the taste of Lidl’s chocolate nut spread over Nutella – and the difference in price is a huge £1.81 per pot. Swap a 24 pack of Weetabix at £2.80, for the Asda equivalent at 74p, and you’ll save £2.06 on just one product swap alone. Apply the same principle throughout your trolley and the impact of the brand changes soon adds up to hundreds of pounds – and sometimes the only difference is the nofrills packaging. For even bigger cost cuts, you might want to try the phone app from latestdeals.co.uk, that shows what you could be saving by shopping around.
THE CAR 6 RECONSIDER Having a car is a must for some, but if you’re hardly using it now, getting rid of your vehicle could be an automatic cash booster. You’ll instantly save on tax, insurance, MOT and upkeep, while also making a sum from the sale of the car itself. This could add up to hundreds, if not thousands, to add to your deposit savings stash. If your car is a must-keep, download the app from petrolprices.com, which will find you the cheapest petrol and diesel prices available wherever you are. By finding the best price each time, the website estimates you could save almost £500 a year. Be savvy with insurance, too: don’t just let it renew, as your once-great deal from last year could rise dramatically. Take the time to compare insurance online – a few hours out of your day could save you a considerable sum. And when it comes to the yearly MOT, keep an eye out for deals – service centres often run half-price offers, cutting the yearly check costing more than £50 in half.
YOUR ENERGY WORK FOR YOU 4 MAKE Changing your energy providers could save the average household around £300 per year – and it’s so easy to do. Join moneysavingexpert. com’s Cheap Energy Club, which will help you find the most cost-effective energy deal, or visit uswitch.com to find instant comparables. Or remove any effort at all, by registering with an auto-switch service, such as Look After My Bills, which will find the best energy deals and sign you up with zero hassle. And the best bit? You can make money from switching! Several suppliers, such as Bulb, run referral schemes, whereby if your friend or family member signs up with your code, you’ll both get a credit on your account. Take it from us, it works: by referring friends, family and neighbours, we amassed around £500 credit on our energy bill – and put the savings straight into our savings account.
5 GO SIM-ONLY Changing to a sim-only phone contract is a fast and easy way to make noticeable savings. Thanks to new regulations, swapping mobile phone networks has become easier than ever. So, if your contract is coming to an end, it’s time to shop around. Moneysavingsexpert.com keeps a regularly updated list of the best deals available, and there are some great offers to be had. You can pay as little as £5 a month for 1GB data, 1,000 minutes and unlimited texts. So, if you’re changing from a £50 per month contract, the savings speak for themselves.
FIT ONLINE 7 GET During lockdown, online fitness classes became the third most popular form of exercise behind walking and gardening. Perhaps we don’t need that gym membership after all? With so many fitness experts sharing workouts, tips and programmes online, it is truly possible to get fit for free. From high-energy sessions with Joe Wicks to calming and high-intensity Yoga with Adriene, you can find something for every fitness style. Even those with pay-monthly apps, such as Kayla Itsines and Lucy Mecklenburgh offer free workouts on their Instagram pages – with basic or no equipment required at all.
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MORTGAGES
SHARED OWNERSHIP MORTGAGES – ALL YOU NEED TO KNOW Rupi Hunjan, CEO of Censeo Financial, explains how the shared ownership mortgage process works with this simple step-by-step guide Buying your first home can be a massive step, and all too often involves stress and uncertainty. However, with proper planning and the right advice, it should be reasonably pain-free. One major aspect which is often overlooked though, is getting the correct finances in place to make this important and life-changing purchase. Choosing a broker, getting the right mortgage for your particular circumstances, negotiating your way through the financial and legal jargon and understanding the ins and outs of shared ownership can be fairly daunting. So, we thought we would guide you through the process with this step-bystep guide.
STEP ONE SORT YOUR FINANCES Before you even start looking, it makes sense to work out exactly what you can afford and what your likely outgoings will be. We’ve developed a simple online financial assessment which will give you a result in less than 24 hours – take a look at portal.censeo-financial.com. Armed with this information, you’ll be able to start looking for a suitable home to buy, safe in the knowledge that you CAN get
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on to the property ladder. It will also save you time down the line because if you pass, you will receive an assessment certificate which can be shared with the organisation looking to sell you a home. Censeo Financial also has a quick and easy financial calculator app for shared ownership available on Android or Apple which can give you an outline of what you can or cannot afford to buy – given your current financial circumstances.
STEP TWO FIND A SUITABLE HOME There are now thousands of shared ownership homes available to purchase – flats, houses and even modular properties. Once you’ve chosen the one you wish to buy, the next step is to find out whether you meet the eligibility criteria for this scheme (this should be clearly set out on the development’s website), then register with the appropriate housing association or developer and arrange a viewing.
STEP THREE PUT DOWN A DEPOSIT AND RESERVE Buying a home at most residential schemes will require you paying something to reserve your property (between £200 and £500). Having done this, you will need to inform the sales team about how
you are arranging your mortgage. We would always recommend that you seek help from a professional mortgage adviser. If you use a firm such as Censeo Financial, with specialist knowledge in shared ownership, this could save you time and money in the long run. They will be able to liaise with the sales team and will also often have excellent working relationships with law firms which also understand shared ownership. This will make it far easier to find the best solicitor to handle the conveyancing on your behalf.
STEP FOUR OFFER AND FINANCIAL INTERVIEW After carrying out an identity check (this has to be done in line with UK money laundering regulations and is standard practice in all financial services), the sales team will now be in a position to make you an offer to purchase your first home. You will then need to make an appointment with either your bank, one of the many lenders in the shared ownership market, or, as we stated earlier, with a professional mortgage broker. Censeo Financial has a team of fulltime, paid, professional advisers with an in-depth knowledge of shared ownership. We also have strong relationships with almost all the lenders operating in this sector, to the extent where we have our own exclusive deals. Plus, we have a long track record of working with all the leading housing associations and developers in the affordable housing sector. During the face-to-face interview, one of our mortgage advisers will run through your application
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MORTGAGES and financial assessment to make sure that all your answers are correct. They will also agree the percentage share you will purchase, based on income, savings and any outstanding credit commitments that you may have. Your adviser will also provide you with information about choosing the right mortgage to suit your particular needs.
STEP FIVE APPOINTING A SOLICITOR AND ARRANGING A SURVEY As we have a panel of law firms that we work with, our advisers can also assist you in considering who you should choose as a solicitor. You are under no obligation to select one of these conveyancing lawyers but they do all have significant experience in shared ownership which should speed up the sales process. So, what will your solicitor actually do? They play a significant role in the whole process of buying a property – from making sure you have everything necessary to help you buy your home quickly to checking the lease and speaking to both your mortgage broker and the solicitors acting for the housing association or developer. In addition, they will also carry out what are known as searches – making sure there are no planned developments that could affect your home and ensuring that the developer has all the correct legal documentation for the scheme it is selling. Ultimately, your solicitor will need to check, check and check again that all the paperwork and your mortgage are in place to allow you to go ahead and purchase your new home. A lot of time will be spent liaising with all the different parties – hence why it is so important that you choose a good, efficient lawyer with knowledge of shared ownership.
STEP SIX MEMORANDUM OF SALE AND EXCHANGE OF CONTRACTS You’re now getting close to buying your first home. Following the financial interview with your mortgage adviser and appointing a solicitor to handle the conveyancing, the housing association or developer will then issue what is called a Memorandum of
Sale to both sets of solicitors. This is created once a sale has been agreed on a property. It’s not a legally binding document but it does set out the agreed price and declares the intention of both the buyer and seller to complete the transaction. It will also show: The name and address of both the buyer and the seller Details of the solicitors that will be handling the transaction Important details about the property the offer has been agreed on Which mortgage lender will be financing the purchase It is therefore, a record of the sale and purchase that is about to happen (assuming the transaction will complete). While there are no legal implications to the document, it does seek to clarify and confirm all the details of the agreed transaction. Once the Memorandum of Sales has been issued, you will usually be able to exchange contracts within around four weeks.
STEP SEVEN EXCHANGE AND COMPLETION We’re now into the final lap. From reserving your property to completing usually takes around six weeks but can take anything up to 12, depending on how quickly the property is made available for sale. You will by now have received a mortgage offer from your lender and will be ready to exchange once you have paid the deposit on the property. Following exchange, the housing association or developer will be able to give you a completion date. In advance of this date, your solicitor will request the mortgage funds from your lender and will also conduct a final search at the Land Registry. You will also need to pay rent and service charges in advance to your housing association or developer, which will include rent for the remainder of the month in which you complete plus one month’s rent in advance.
After that, you will need to arrange a direct debit payment to go out on the same date each month. On the completion day itself, the remainder of the money will be exchanged via the solicitors and you’ll be the proud owner of a share in your first home. All you need to do then is to pick up the keys, arrange for a removal van and move in!
NEXT STEPS! This isn’t the end of the process though, as at the end of two years (or five years, depending on the terms of the mortgage you took out) you will have the option of remortgaging or staircasing. First off let’s look at remortgaging. Most people now take out fixed rate mortgages for either a two or five-year term. Once it finishes, unless you take action, you will revert to the lender’s Standard Variable Rate, which could mean you paying a lot more every month. Instead, you could stay with your original lender on a new fixed rate or look for another lender. With staircasing, you can decide to buy a larger share in your home. People buying through shared ownership start with the biggest share they can afford. The minimum is a 25% share which is very affordable but ultimately you only own a quarter of the property you live in. By buying larger shares over time, you can move to a stage where you own all of your own home. With both of these scenarios, again it is a good idea to seek advice from a qualified mortgage adviser. They may not only be able to save you money when remortgaging but they may even enable you to staircase up to a larger share and still save money on your monthly payments.
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LOCATION
HOTspot Chelmsford
5 REASONS WE LOVE…CHELMSFORD
1. Excellent commuter links 2. Endless outdoor activities 3. The pretty River Can 4. Great restaurants and pubs 5. Anglia Ruskin University
With London and the coast less than 40 minutes away and countryside right on the doorstep, Chelmsford is ideally located for first time buyers in search of the perfect spot. Add in top educational institutions and a world-class shopping district and it’s a city that's hard to ignore UNDER THE SPOTLIGHT
Located 35 miles north east of London, Chelmsford is a hotspot for commuters, who relish the fast travel times into the capital. However, that’s not the only box ticked for homebuyers. Among its many other accolades, the city is listed as one of the safest places to live in the UK, as well as being the second healthiest in the country. It is also home to Anglia Ruskin University – which recently opened Essex’s first school of medicine – as well as some of the country’s best schools. The bustling city centre has excellent amenities, shopping centres, restaurants and historical sites – including the beautiful cathedral. As part of the Queen’s Diamond Jubilee celebrations in 2012, the historic Essex town of Chelmsford was granted city status. The city centre has since been the subject of continued improvements and regeneration. In short, this new city continues to bloom on a daily basis. The city is perfectly located for commuters. From Chelmsford railway station, trains reach Stratford in 25 minutes, for the Jubilee Line, Overground and DLR, while London Liverpool Street can be reached in just over 30 minutes, for the Central, Hammersmith and City, Circle and Metropolitan Lines. Mainline services also reach Ipswich in 40 minutes, and Norwich in just under 90. Despite having platforms elevated on a viaduct, Chelmsford station has full disabled access via a lift for each of the two platforms and as well as stair access.
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A number of bus routes operate in and around the city itself, and enable easy travel between the various locales, such as Springfield and Moulsham, into the city centre. Services also run further afield to Colchester, Lakeside and Stansted Airport. Chelmsford is not only well connected by public transport services, but also by road. The A130 provides an important link down to the A127 and A13, while the A131 passes through smaller towns and villages. The nearest motorway is the M25 at J11 on the A12, 14 miles away. The last Census showed Chelmsford’s population to be reaching almost 170,000, with residents split between the main city, the second major town of South Woodham Ferrers, and the many outlying villages. Unsurprisingly, with the city so close to countryside, the scenery and homes range from urban to rural. The city centre and surrounding area is home to several new build developments, which are especially attractive to commuters who like to be close to the station. A short drive from the centre takes you to pretty villages such as Writtle and Chignal St James, where homes range from contemporary apartments to medieval cottages. Chelmsford continues to attract Docklands and City workers and young families, while the university ensures a youthful population in the city, as well as good employment prospects.
OUT AND ABOUT Chelmsford is a shopper’s paradise, with an excellent range of shopping centres, markets and a bustling high street. In the city centre, local favourites High Chelmer shopping centre and Meadows are home to most high street staples, as well as a cinema and plenty of restaurants and cafes. The newest shopping area, Bond Street, is also extremely popular. The contemporary open-air mall is home to a huge John Lewis, as well as restaurants and an Everyman cinema. The shopping streets shouldn’t be overlooked either. For independent outlets, try Moulsham Street, where you’ll find quirky furniture, gifts and contemporary art shops, as well as a farm shop and independent cafes. If you like a bargain, head to the long-established Chelmsford Market, located next to High Chelmer. The covered market runs five days a week, with traders selling a range of goods, from fabrics to flowers. Foodies will also love High Street Market, which runs every Friday and Saturday, and sells tasty fresh produce and homemade treats. Further afield, Lakeside, which has more than 250 shops, can be reached in 40 minutes by car, while Westfield Stratford is easily accessed by train. In the city centre, there’s a huge variety of cuisines to choose from. Try Lanthong Thai for delicious Thai, Sapori Ristorante for Italian, and Banana Tree for beautiful
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LOCATION
FA C T F I L E
Average property price in Chelmsford (May 2020) – £353159 Property breakdown* Detached - £613,805 Semi-detached - £381,344 Terraced - £301,447 Flat – £219,902 *According to the Land Registry House Price Index
FA M O U S R E S I D E N T S • Artist Grayson Perry • Actor Joe Thomas • Model Penny Lancaster • Drummer Harry Judd • Actress Nadine Lewington
Pan-Asian cuisine. Chelmsfordforyou.co.uk offers a fab directory of local eateries with a handy function to find those with the facilities you need, for example parking or facilities for groups. For a special night out, visit the Blue Strawberry Bistrot in Hatfield Peverel and sample the highly rated Britishinspired cuisine with drinks on the terrace. Be sure to try the Sunday lunches and the sumptuous chocolate sponge. If you’d like to experience a true Essex night out, Be at One is highly rated by locals, serving an impressive range of cocktails in swanky surroundings. For something more low-key there is a wide range of pubs and bars. The glorious Essex countryside sits right on the doorstep, while in the city itself there are plenty of parks and waterways to explore – so it’s a perfect spot for enjoying the great outdoors. You can have an excellent family day out at Lathcoats Farm in Galleywood, where you can pick your own summer fruits, enjoy the grounds, and have lunch in the Bee Shed Coffee House. In the city centre, Central Park runs alongside the river and makes a pretty spot for summer walks and picnics. At Hylands Park, which has 500 acres of green space to explore, you can catch large music events including the country music festival, Dixie Fields, and enjoy family activities. To get a bit more active, water lovers can explore the meandering River Can by canoe or kayak, while you can try outdoor swimming at Trifarm any time of year. For some sporting action, head to Riverside Ice and Leisure Centre, where you can watch the city’s very own Chelmsford Chieftains compete in an ice hockey derby.
HOMES ON THE MARKET... CHELMSFORD
FROM £294,995
Beaulieu Oaks
A neighbourhood of about 254 homes, Beaulieu Oaks is a community within the wider Beaulieu masterplan which covers 604 acres of land on King Henry VIII’s former hunting grounds. Beaulieu is one of the largest regeneration schemes in Essex, and is now on its second and final phase offering 115 new homes. With a mixture of retail, community and leisure amenities alongside thoughtful landscaping, eclectic housing designs and public art installations, the homes offer impressive interiors, are wellplanned and offer light-filled living spaces designed with modern-day life in mind. beaulieu.uk.com
CHELMSFORD
Chelmer Waterside
Typical CHP interior
FROM £TBC
Chelmer Waterside is a landmark development in the heart of Chelmsford. This new riverside quarter offers an exclusive collection of one, two and three bedroom apartments available through shared ownership. Built on a peninsula on the banks of the River Chelmer, features include a new public square and green spaces to create a riverside community with nearby shops, leisure facilities and great transport links to London. By train, it is a short 33-minute journey to London Liverpool Street from Chelmsford station. The riverside location, along with the close proximity of Central Park, Hylands Park and the Navigation Canal make for wonderful long walks, picnics and relaxing days out. chp.org.uk
CHELMSFORD Pompadour
FROM £90,000*
Home Group is launching two bedroom shared ownership houses at its Pompadour development in Chelmsford. Set in a series of country lanes with plenty of open space including fitness trails, cycle routes and wildlife zones, the homes are also near to shops, leisure facilities and the railway station, where it takes just over half an hour to reach London Liverpool Street. These stylish and versatile open-plan homes are the perfect space for eating, relaxing and entertaining with lovely views of the garden through the French doors. yourpersonahome.com *Based on a 25% share with a full market value of £360,000
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AFFORDABLE HOMES
LONDON BUYERS FIND THEIR PLACE TO GROW AT THE POMEROY
Located in New Cross, with unrivalled connectivity and on the threshold of some of the city’s trendiest hotspots, Peabody’s latest development, The Pomeroy, presents the perfect place to put down roots For homebuyers looking to take advantage of the Stamp Duty holiday and make a home in the vibrant south London district of Southwark, The Pomeroy is an ideal pick. With community at its core, buyers can choose from a stylish collection of one, two and three bedroom apartments, duplexes and houses – catering to a variety of purchasers looking to step into their first property or move to a larger home. As well as the vast array of amenities nearby, there is a plethora of excellent schools, colleges and award-winning green space, which is the reason why this dynamic part of the capital has become a popular location for homebuyers to move to. All of the homes at The Pomeroy have been designed to offer buyers the
best of contemporary urban living, with thoughtfully planned layouts that are perfect for working from home. Kitchens are sleek in design and come with a range of high-end integrated appliances. All two and three bedroom apartments feature an en suite, and all homes benefit from having access to private outdoor space in the form of a balcony, terrace or garden. The development also connects to the tranquil green grass of Hatcham Gardens – further creating an important sense of space within the development. The benefits of living in New Cross are many; the local area offers a haven of exciting amenities to explore, with a plethora of restaurants, bars and lively music venues. The Zone 2 location means
residents at The Pomeroy are conveniently connected to the rest of the capital with ease. Both Queens Road Peckham and New Cross Gate Overground stations are a short walk away, providing quick links to Canary Wharf, London Bridge and King’s Cross St Pancras. For those who prefer getting around on foot or by bike, there are plenty of pedestrian routes and cycle paths to make commutes to the popular locations of Peckham and Shoreditch safe and easy. Prices for private sale homes at The Pomeroy start from £415,000 for a one bedroom apartment, with London Help to Buy available on selected homes. One bedroom shared ownership apartments start from £120,000 for a 30% share based on a full market value of £400,000.* For a limited time only there is a range of incentives available that could make it easier for you to buy your dream home. Buyers can enjoy cashback, gift vouchers and much more.** For more information visit peabodysales.co.uk/ pomeroy or call 020 3369 0758. *Prices correct at the time of going to print. **Incentives available on selected homes only and are not to be used in conjunction with any other offers. Only valid if you complete before 31st March 2021. Payable on completion.
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HELP TO BUY
AFFORDABLE LUXURY IN PRIME LOCATIONS
With developments across the South and South East, and prices from just £190,000, Inland Homes’ luxury one, two and three bedroom homes are perfect for first time buyers looking to take their first step on the property ladder Plus, with no Stamp Duty to pay on any Inland home, a low 5% deposit needed when buying with Help to Buy, £99 reservation fees and a key worker discount, now is the time to make the home owning dream a reality.
NO COMPROMISE ON QUALITY Inland’s homes are perfect for first time buyers who are looking for superior specifications in sought-after locations, all at affordable prices. Every Inland home is designed with today’s lifestyle in mind, achieving a careful balance between luxury, functionality and affordability to appeal to increasingly discerning first time buyers. Offering a contemporary specification, thoughtfully planned layouts and stylish open-plan kitchen/living areas, every home is designed to maximise light, space and versatility. High-specification kitchens and premium bathrooms come as standard, while underfloor heating and luxury flooring add to the quality feel.
SEASIDE OR INNER CITY LIVING – THE CHOICE IS YOURS With homes available right across the South and South East of England, there’s sure to be a perfect Inland home waiting for you; whether that’s a seaside resort, thriving metropolitan hub or family focused community. The Wessex – Inspired design in a landmark location Newly launched The Wessex is a magnificent landmark development of 94 one, two and three bedroom apartments, with easy access to Bournemouth’s very best facilities right on the doorstep – not least the world-famous sandy beach and pier which are just a short walk from the front door. These desirable new homes blend seamlessly with the art deco architectural heritage of the area while offering a high-specification finish with designer interiors. The stylish apartments have access to secure underground parking, which allows for large expanses of
Venue, Maidenhead
landscaped green spaces and lawn areas for residents to enjoy. Venue – Boutique contemporary living in the heart of Maidenhead Venue comprises a charming collection of just 39 one and two bedroom apartments nestled in the heart of Maidenhead. Venue boasts a historic background, originally the site of the popular 1930s nightclub, The Showboat. This boutique development is only a short 10-minute stroll from the town centre and just seven minutes from the Thames, with a variety of restaurants and bars for residents to discover nearby. This securely gated development, which also has a video entry phone system for added security, features beautifully landscaped communal gardens. Prices at Venue start from £299,000. Chapel Riverside and Meridian Waterside – Spectacular waterside living Inland Homes offers two spectacular waterside developments in the vibrant city of Southampton. Award-winning Chapel Riverside is situated along the west bank of the River Itchen in Southampton, with a remarkable collection of high-quality one and two bedroom apartments available from only £190,000. Southampton city centre and Ocean Village are just minutes away, meaning residents can truly experience the best in waterside and city living. Plus, all residents can enjoy the landscaped communal podium gardens, riverside walkways and unlimited access to an
Chapel Riverside, Southampton
abundance of amenities. Chapel Riverside offers a range of waterfront homes with breathtaking views of the River Itchen, which can be seen from private balconies and through the stylish full-length windows. A short distance along the River Itchen is Meridian Waterside, offering a bespoke collection of one and two bedroom apartments. Each new home has been carefully designed and is finished with a high specification throughout. Waterfront homes are also available featuring a spacious open-plan kitchen/living area, a private balcony and floor-to-ceiling windows to take in the views, plus allocated parking. Prices at Meridian Waterside start from just £190,000. Enquire with Inland Homes today to discover more and book a viewing appointment. To speak to a member of the team, call 01494 546772 or email sales@ inlandhomes.co.uk. You can follow Inland Homes’ social media channels on Facebook, Twitter or Instagram to keep up to date with the latest news and offers. inlandhomes.co.uk
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AFFORDABLE HOMES
MAKING THE MOST OF COUNTRYSIDE LIVING AT L&Q’S BIRNAM MEWS
The way we work and live our lives has for some drastically changed following lockdown, with changes to our traditional way of working and time-consuming commutes possibly now a thing of the past. Work-life balance is at an all-time high and most importantly, time with family and friends is prioritised. With this in mind, buyers are looking outside of city living and embracing the open spaces and increased flexibility and affordability of country living. Our homes at Birnam Mews are the perfect answer for buyers who are looking for the extra space for a home office either inside the home or an outside converted shed, while enjoying the larger-than-average spacious rooms, gardens and surrounding picturesque nature Taking advantage of the natural open spaces and making sure that all residents have access to their very own outdoor areas, the majority of homes at Birnam Mews are equipped with a turfed garden, a shed and paved areas. The rear gardens are surrounded by closed board fencing, while front gardens feature colourful shrubs and planted trees which complement the leafy surroundings of the development. With working from home becoming an increasingly important part of everyday lives, the garden sheds can be adapted for use as a potential home office or homeschooling space away from the rest of the house, while the spacious gardens are ideal for the late Indian summers. The development will also feature two play park areas, so that families and children can enjoy an abundance of green outdoor space on their doorstep. Christine Osborne, Sales and Customer Services Director (Counties) at L&Q, comments, “At L&Q we believe it is important to balance the aesthetics of housing developments to naturally encompass the surrounding village and countryside. The majority of homes at Birnam Mews come with a private garden, allowing residents to enjoy a slice of outdoor life from the comfort of their own home, while spacious children’s play areas
on the development encourage community spirit. Birnam Mews is uniquely positioned close to numerous nature trails and National Trust places of interest for families to enjoy. With spacious homes, private gardens, easy access to the surrounding countryside, and cultural hotspot Stratfordupon-Avon on the doorstep, homes at Birnam Mews cater for a variety of buyers. To help them on to the property ladder, we offer a number of purchasing options such as Help to Buy, shared ownership, part exchange and Assisted Move.”
HOME OF THE MONTH
The Knighton, a three bedroom house, is available to purchase at £350,000, with a saving of £65,000 and an additional £5,800 savings in Stamp Duty. The Stamp Duty holiday is a welcome relief for home hunters, enabling buyers to start moving and save thousands of pounds.
Birnam Mews is one of the first developments forming part of L&Q’s New Build Homes: Quality Standard promise, a commitment to delivering premium fixtures, fittings and appliances as standard; at no additional cost to the buyer. Set in picturesque Tiddington, Birnam Mews offers quintessential village living, while the town of Stratford-upon-Avon is a scenic 35-minute walk away with a variety of restaurants, cafes, museums and theatres. The development is also conveniently placed for commuters; Stratford-upon-Avon railway station offers links to Birmingham New Street, which can be reached in less than 50 minutes, as well as direct links to London Marylebone and Warwick. Meanwhile, Birmingham International Airport is only a 40-minute drive from Birnam Mews. Available through Help to Buy, part exchange, Assisted Move and shared ownership. Contact our sales team on 01789 507 731
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AFFORDABLE HOMES
THE NEW NORMAL
As a first time buyer, property hunting is very exciting and going to view a showhome is always an experience everyone looks forward to. Our way of life has changed since the pandemic and now virtual EDIT OR’S viewings are the latest way to see a home. Lynda Clark discovers how amazing they are ★★★ as she “visits” Heron Quarter at Woodberry Down from Notting Hill Genesis and all from the comfort of her sitting room!
TOP CH OICE
We have all had to learn to embrace a very different kind of world, where social distancing and wearing a mask in public places has become routine. But, what to do if you are desperately searching for your first home and want to visit a development and see for yourself if it is the right choice for you? Don’t worry, this is where virtual viewings come in, and even though I am not technically minded I was really impressed when I had a tour around Heron Quarter with the very knowledgeable and lovely Olivia, the sales lady for NHG, who guided me through the process. Through Zoom, Olivia was able to explain what shared ownership is – she gave me an overview of the development, stopping if I had any questions and showing me detailed photos. She told me which apartments were available and what the prices were and went through all the floorplans, explaining slowly and clearly the different layouts and room sizes and where doors and storage cupboards were situated. Then she went on to the piece de resistance – the actual walk through of the marketing suite. It was quite simply amazing. I really felt like I was walking through the front door to discover the different rooms and if I wanted to go back and see something again I could. I walked out on to the balcony to see the views and I was just amazed at the attention to detail these virtual tours include and how real they feel. I would certainly recommend anyone having a virtual tour before they visit actual show homes, which are now open again although following strict Government guidelines. I think it gives a great start to the homebuying process and sets the scene perfectly. I’m completely won-over and even better, I didn’t have to leave my house and any number of people could have viewed it with me – it’s technology at its best!
HERON QUARTER AT WOODBERRY DOWN This stunning collection of one and two bedroom apartments available through
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shared ownership is just moments away from the lovely lake at Woodberry Down. Located just a few minutes’ walk from Manor House underground station, Heron Quarter offers contemporary living spaces near to superb restaurants, transport links, acres of green space and a thriving community with many shops and cafes close by. There is also a 24hour gym on the doorstep, which costs around £20 a month for membership – ideal for first time buyers who are living on a budget. Some apartments look over the pretty communal gardens and others have a view of the reservoir, now a sailing lake, while those on the top floor will have panoramic views of the London skyline. The ground floor apartments have their own entrance and very large terraces and all the other apartments come with a balcony. There is also useful bike storage which is particularly important as so many people are now embracing cycling as a healthy means of travel. The homes have been thoughtfully designed with open-plan living spaces, including great deal of storage, which is very important. The kitchens are well-equipped with integrated appliances. Woodberry Down is a few minutes’ walk from the Woodberry Wetlands wildlife and nature reserve, open all year round and free of charge. There are also three parks surrounding the development – Finsbury Park, Spring Park and Clissold Park, offering 55 acres of green space, a cafe, tennis courts and a summer paddling pool. Hackney has a very vibrant social scene with diverse dining options and Harringay Green Lane’s Shopping City is around a 10-minute walk away. Just five minutes away from the development is Manor House underground station on the Piccadilly Line and there are two Overground stations providing direct routes into Moorgate and Liverpool Street in only 15 minutes. Prices at Heron Quarter start at £106,875 for a 25% share of a home with a full market value of £427,500. nhgsales.com
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HELP TO BUY
CALL OF THE WILD SENDS FTBS TO WOODPECKER VIEW Woodpecker View is a collection of 22 two and three bedroom homes by local housebuilder Sussex Weald Homes, set in a peaceful cul-de-sac in the High Weald Area of Outstanding Natural Beauty. The development offers buyers a rare opportunity to secure a brand new home – ready to move into – in a charming setting, surrounded by nature. The new homes are just a short stroll away from The Ghyll, a 42-acre local nature reserve and Site of Nature Conservation Interest featuring a mix of ancient woodland and species-rich grassland, where deer graze and woodpeckers are regularly spotted among the trees. Less than 15 minutes’ walk away is Crowborough Country Park, a 16-acre former clay quarry which has been rewilded into a natural habitat with woodland walks and a carpet of bluebells in the spring. Woodpecker View itself is home to a variety of mature trees and landscaped green spaces, including a natural wildlife buffer – a protected ecological habitat allowing native wildlife, flora and fauna to co-exist safely with new residents. Arranged in an attractive cul-de-sac to limit passing traffic and encourage walking and cycling, the development is ideal for families with small children. Crowborough as a whole is a walker’s paradise, with no end of beautiful trails and outdoor spaces to enjoy, including Ashdown Forest, which is famously the inspiration for the Hundred Acre Wood in the Winnie-the-Pooh books. Neil Waller, Director at Sussex Weald
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Access to green open spaces has become a major priority for house hunters, and a new development in Crowborough, East Sussex, offers the perfect combination – a chance to set up home in an area of outstanding natural beauty, surrounded by places to walk and enjoy the great outdoors, yet within an hour’s commute of London, with no Stamp Duty to pay and just a 5% deposit required thanks to Help to Buy Homes said, “Woodpecker View, named for the abundance of local birdlife, offers access to miles of open countryside on the doorstep, and the beautiful beaches of the south coast nearby, as well as the option of a commute by train into London of just over an hour. “All too often homes in beautiful locations such as these come with a price premium that puts them out of reach of first time buyers and young families, but we are committed to ensuring that our homes are affordable. All the homes are available using the Government’s Help to Buy scheme, which requires just a 5% deposit, and the holiday on Stamp Duty means there’s now no tax to pay, giving a much-needed boost to first time buyers and home movers.” The development is quietly contemporary and offers a range of different house types, with clean lines and a variety of brick colours, render and weatherboarding. Inside, each home features a high-quality specification which includes a fully fitted kitchen, contemporary bathroom and a downstairs cloakroom, with larger homes also having an en suite to the master
bedroom. Designed for the future, the homes are wired to allow for electric vehicle charging points and feature digital cabling. As well as being a haven for walkers, Crowborough has excellent shopping, with larger supermarkets and small independent shops, restaurants, and cafes, and a monthly farmers’ market. Woodpecker View is within walking distance of Crowborough’s railway station, which offers regular services to London Bridge, with the journey time taking just over an hour, while by road it is seven miles to Royal Tunbridge Wells, 16 miles to Crawley and 21 miles to Brighton, opening up a wide range of convenient commuting possibilities. Just eight homes remain at Woodpecker View and are ready to move into, with prices starting from £308,000 for a two bedroom semi-detached home, which can be secured with a deposit of £15,400 using Help to Buy. For more information about the homes or to register an interest, visit sussexwealdhomes. co.uk/woodpecker-view-crowborough or call 07773 952 142
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AN OUTSTANDING COLLECTION OF CONTEMPORARY 2 AND 3 BEDROOM HOMES IN TN6 2EX
All homes feature integrated appliances, oven, hob, fridge freezer, washing machine. Flooring, carpets, patio and turf to the back garden.
1 hour 9 mins to London Bridge
24 miles to Gatwick Airport
26 miles to Brighton
7 miles to Tunbridge Wells
YOU COULD PURCHASE WITH A 5% DEPOSIT WITH HELP TO BUY* If you qualify, you only need a 5% deposit and the government will lend you up to 20% by way of an equity loan (New Build Homes only) which is interest free for 5 years. Available for first time buyers and existing home owners. *Terms and conditions apply. Visit www.helptobuy.gov.uk for more information. FTB 68-69 Woodpecker View October-November20.indd 69
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AFFORDABLE HOMES
TICKING ALL THE BOXES!
At Southern Home Ownership, our super-friendly team members are dedicated to helping you find your dream home. We’re a shared ownership specialist, meaning that we know a thing or two when it comes to buying homes on a part-buy, part-rent basis With homes across London and the South East, we offer a wide range of properties suitable for different budgets, tastes and locations. From stunning apartments in trendy east London, to beautifully restored Victorian conversions in Brighton, to family homes in leafy Surrey – we’re confident we have something that’s suitable for your needs. Shared ownership allows you to purchase a share of a home, typically between 25% and 75%. A mortgage is only required on the share you purchase – meaning the typical deposit for shared ownership is much lower than when buying on the open market. You also pay reduced rent on the remainder of the property, along with any service charge and ground rent. The good news is that the combination of mortgage and discounted rent is still typically cheaper than renting. In addition, the current Stamp Duty holiday on purchases up to £500,000, which lasts until March 2021, also applies to shared ownership – meaning if you hurry you could pay ZERO stamp duty on your home. The quality of our homes is evident in the great internal specification that comes as standard in every property. Think Siemens, Bosch, Zanussi or Neff integrated kitchen appliances, floor-to-ceiling tiled bathrooms, beautiful wood-effect flooring, carpeted bedrooms, and high ceilings with white walls for you to decorate as you please. Our homes are also ready to move into – you don’t need to shop around for white goods or wait on an engineer to connect your washing machine. The majority of our homes also feature a private outdoor space, in the form of a balcony, terrace or garden – perfect for that summertime golden hour drink. Our apartment buildings also typically come with a communal space, such as a roof terrace or ground floor garden – the ideal place to relax and escape the hustle and bustle of the city. If you’re looking to buy in the capital, we have two developments with homes still available. Ilford Works, in Ilford, east London, is our collection of open-plan one and two bedroom apartments, which start from £87,500 (35% share). Staying in east London, The Refinery, in the rejuvenated Royal Docks area, just minutes from Silvertown DLR, is a superb selection of one, two and three bedroom apartments
Preston Road
The Refinery
which start from £108,675 (35% share). In Surrey we have Rose Garden; a development of one and two bedroom apartments, and two, three or four bedroom houses, in Cranleigh. Apartments at Rose Garden start from £92,750 (35% share), and houses are from £139,125 (35% share). Staying in Surrey, we’re also about to launch Longcross – a collection of shared ownership homes in Chertsey. On the South Coast we have two developments; Preston Road in Brighton and The Hantons in Hove. Apartments at our beautifully restored Preston Road development start from £107,800 (35% share), while homes at The Hantons are priced from £75,250 (35% share). Of course, all the prices above are subject to change. However, after you’ve purchased your home, it’s possible to increase your
share up to 100% – something we call staircasing. In the future if you do want to move, we can also help you buy your next home on a shared ownership basis, through our “Second Steps” initiative. One final thing you should know! We’re part of Southern Housing Group; a housing association that reinvests every penny it makes into good quality homes and community initiatives – so you can rest assured that you are buying from a provider with positive social objectives. If you’re interested in owning a shared ownership property in London or the South East, and want to chat with our friendly sales team about your buying options, then head to our website shosales.co.uk, email our sales team sales@shgroup.org.uk or find us on Instagram, twitter or Facebook @SouthernHomeOwn
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AFFORDABLE HOMES
LAURUS HAS THE KEY TO YOUR NEW HOME
With stagnant wages and the cost of living rising, saving up for a house deposit can seem like an unattainable dream for many millennials – but don’t give up, help is at hand! Thanks to Chancellor Rishi Sunak, who launched a Stamp Duty holiday in the summer to reboot the property market, it means that money you’d previously ringfenced for the tax can be put towards your house deposit instead. Not only that, but there are plenty of buying initiatives out there to help you hold the keys to your very own home. This is where Laurus Homes can help; to not only guide you through your buying options, but help you place your foot on to the property ladder. Laurus Homes, which is part of Trafford Housing Trust, provides stunning contemporary homes fitted and styled to suit modern life in some of the most sought-after areas in the North West. Laurus Homes is a developer with a big heart, where social responsibility matters. Operating a profit-for-purpose model, it uses a portion of its profits to lend a helping hand to the communities it works in, whether that’s providing affordable social housing or giving financial support to local projects. Laurus Homes is also part of L&Q Group and profits raised from property sales contribute to a staggering £4m pot to help tackle the poverty crisis in the UK. “A home for everyone” is at the very heart of what Laurus Homes strives to achieve – to provide better homes and places to live in the North West, while offering a range of buying options to make that happen. Shared ownership is one scheme that many first time buyers are racing to take
Vision
Giantswood Grove
advantage of. With options to buy between a 25% to 75% stake in your own home, you’ll pay a subsidised rent on the remaining balance. As time goes by, you will have the opportunity to purchase more shares in your home. To qualify for the shared ownership scheme, there is a certain checklist you must meet, such as, your household income does not exceed £80,000 a year, you have a deposit of at least 5% of the share you’re buying and your shared ownership property will be your only home. Contrary to what some people may think, the scheme is not exclusive to first time buyers; existing shared ownership homeowners who are
looking to move or those who have owned previously and are looking to get back on the property ladder, can benefit from the scheme, too. Excitingly, shared ownership is available at all Laurus Homes’ 13 developments, whether you’re hankering after a home with breathtaking countryside views or dream of an easy commute to Manchester city centre. Laurus Homes has thoughtfully chosen its development sites in some of the North West’s most beautiful and in-demand location hotspots. For example, Congleton’s Giantswood Grove, close to the banks of the River Dane, offers plenty of wide-open green spaces. Homes there have open-plan kitchen and dining areas, perfect for growing families. Meanwhile, Laurus’ Vision development in Skelmerdale in rural Lancashire has a stunning mix of stylish two, three and four bedroom new houses with house prices starting from £172,000 – or just £43,000 if you took advantage of the shared ownership scheme at a 25% share option. Following Government guidelines, Laurus Home’s sales centres are now running on an appointment-only basis. To learn more about Vision, Skelmersdale, contact 0161 968 0353, to reserve your plot at Giantswood Grove, Congleton call 0161 968 0354. To view the rest of Laurus Homes’ development portfolio, visit laurushomes.co.uk
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AFFORDABLE HOMES
AFFORDABLE LIVING AT NEST Newlon Living is offering a selection of new, spacious and affordable apartments in Waltham Forest, just minutes from the Queen Elizabeth Park The scheme provides high-quality and affordable homes to fit singles, couples and families – with 61 one, two and three bedroom shared ownership homes for those looking to take a first step on to the property ladder, as well as 12 apartments for private sale. The light, contemporary and high-specification apartments come with fully fitted kitchens by Symphony, featuring integrated appliances including a dishwasher, fridge-freezer and stainless steel oven. The fully tiled modern bathrooms have a bath suite and heated chrome towel rails. The apartments are finished with wood laminate floor coverings to the hallway, living room and kitchen, and wool mix carpets in the bedrooms. All apartments have their own private balcony or terrace to relax on, and there is an additional communal garden at podium level. Safety is also a key feature – with a video entry system into the building and secure bicycle storage available for residents to use. NEST is situated in a great location, whatever your age or interests: Leyton in Waltham Forest, which was the 2019 London Borough of Culture, has transformed over recent years to become a much sought-after area. World class sporting facilities are available in the nearby 500acre Queen Elizabeth Park, where you can visit the ArcelorMittal Orbit, Aquatic Centre, Velopark and London Stadium to enjoy a host of different sporting activities, and take advantage of live events taking place throughout the year. If you like evening or weekend walks you can easily access the Lea Valley too, as it provides you with 10,000 acres of open space to explore and relax. The development is also an ideal place to live in if you like shopping. Westfield Stratford City is just a short ride away, where you will find major retail brands, restaurants, cafes and more. In the area around NEST there are also a number of smaller shops for you to stock up and buy your essentials. Transport links are excellent too. Just a five-minute walk from NEST is Leyton underground station where regular Central Line trains can take you into Liverpool Street, and the heart of London, in less than 30 minutes. The tube also runs 24 hours on Fridays and Saturdays, ideal if you want a fast way home after a great night out. It is also well served by buses, with various routes taking you to nearby boroughs and beyond. Prices for shared ownership homes at NEST range from £325,000 to £570,000, with a minimum 25% share of £81,250 to £142,500. Private sale homes start from £340,000. Newlon is one of north and east London’s major providers of affordable homes, so an experienced and friendly team will be able to easily guide you throughout the sales process. To find out more and register your interest in NEST go to newlonliving.co.uk
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REAL LIFE
Help to Buy: Staplehust, Kent First time buyers Georgina Goodwin, 26, and Ryan Harris, 25, who both work for the NHS, had been busily looking for a London apartment when Coronavirus hit and they found themselves under lockdown in their tiny, one bedroom rented flat in Ealing “It was utterly miserable,” recalls Georgina. “We really struggled to cope with such small living spaces, especially as we didn’t even have a balcony, let alone a garden. We are both NHS administration workers, so we were trying to work effectively from home as well, and it was very stressful being under each other’s feet all the time with nowhere to escape.” Once they were free to start house hunting again, Georgina and Ryan realised that the experience had totally transformed their ideas about what they wanted from their future home. The intention had always been to get on the property ladder, but instead of looking for a two bedroom apartment in London as planned, the couple decided to head for the open spaces of Kent and leave the city behind. They found exactly what they were looking for at Dickens Gate by David Wilson Homes in the attractive village of Staplehurst; where they were delighted to discover that with Help to Buy, they could purchase a spacious four bedroom family home with a garden. Thanks to Help to Buy and the access it provides to lower lending rates, they now also pay less on their mortgage every month than they were spending in London on rent. “Before the pandemic we
had always thought we needed to stay close to our jobs,” says Ryan. “The last few months have changed everything. Georgina is still working full time from home, and I’m only going into the workplace two days a week, so I don’t mind having a slightly longer commute if it means we can have a garden and plenty of space at home – as well as the countryside on the doorstep.” Ryan was pleased to discover that Staplehurst station is only a 15-minute walk from their new home, with direct trains to London Bridge in less than an hour, so the commute is quite comfortable even if they do eventually go back into London every day for work. “We really hadn’t considered moving out of London before coronavirus,” says Georgina, “but the experience of being under lockdown in a tiny flat with no outdoor space was not something I ever want to have to go through again. At least if the worst comes to the worst and we do have to go back into lockdown, we are in a much better place.” “Moving to Dickens Gate has been a lifechanger,” adds Ryan. “We have four bedrooms, a nice garden, countryside on the doorstep and space to work. I just love our new home and it was the layout of the property that sold it to me. The top floor is the main
David Wilson Homes has launched an NHS Deposit Contribution Scheme as a thank you to all NHS employees working hard to look after people during the Covid-19 crisis. The scheme will offer all NHS employees a 5% deposit to help them buy a new home. The new scheme is a way of offering a big thank you to the country’s 1.5m NHS workers, who will now be able to receive up to £15,000 towards buying any new David Wilson Home.
bedroom that spans the width of the property – it’s the best room of the house!” As they are both NHS workers, Ryan and Georgina were able to take advantage of David Wilson Homes’ NHS Thank You scheme. As a sign of gratitude to the hard work of NHS staff during the pandemic, the company offered them a 5% contribution towards their deposit (up to £15,000). “We had been saving up for
“THE EXPERIENCE OF BEING UNDER LOCKDOWN IN A TINY FLAT WITH NO OUTDOOR SPACE WAS NOT SOMETHING I EVER WANT TO HAVE TO GO THROUGH AGAIN” 76
years towards a deposit and this really helped us to be able to make the move when we did,” says Georgina. Dickens Gate is set among open spaces and wildlife areas, and the developer is planning allotments and playgrounds so everyone can enjoy the fresh air in their own way. Staplehurst is a lovely village with a sense of community, set in beautiful countryside close to Maidstone and Tunbridge Wells, but with easy travel connections by road and rail for commuters. Three, four and five bedroom homes are available at Dickens Gate, starting from £361,995. For more information or to arrange a viewing, visit dwh.co.uk or call 0333 3558 503
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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 first home, or a new pad that’s a breath of fresh air, we hope you will enjoy our selection.
REAL LIFE
Help to Buy p76 ASHFORD, KENT
HOIC FIRST C
E
NEW Y COM★M★U★NIT
Affordable homes p78-79
DEDWORTH, WINDSOR
HOIC FIRST C
E
HISTORIC
LOC★A★T★ION
Leafy locales p80-81
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FOR SALE
AFFORDABLE HOMES B I L H A M FA R M
HOIC FIRST C
FROM £106,250*
E
NEW Y UNIT COMM ★★★
Ashford, Kent Forming part of the larger Finberry development, these new properties lie at the heart of the new village, which includes a school and other amenities. The two, three and four bedroom homes are ideal for families, with spacious living areas and separate kitchens, as well as storage space and downstairs WC. Bedrooms are well proportioned, with an en suite to the master. Good facilities, including supermarkets, and Ashford town centre can be reached easily by car, while nearby Ashford International rail station takes care of travel into central London and beyond. Crest Nicholson 0123 336 4369 crestnicholson.com
*Based on a 50% share of the full market value of £212,500
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FOR SALE COLINDALE, NORTH LONDON
FROM £357,500 W E M B L E Y, N O R T H W E S T L O N D O N
FROM £82,500*
Colindale Gardens Gladness House is the latest phase to launch at Colindale Gardens, offering 39 studio, one, two and three bedroom apartments. These beautifully designed homes feature openplan living areas, underfloor heating, a balcony or terrace as well as access to a podium garden. With excellent transport
links into central London from nearby Colindale underground station, Colindale Gardens offers nine acres of public open space, including a central four-acre park, shops, restaurants, a health centre and a primary school. Redrow 020 3811 3734 colindalegardens.co.uk
H A N L E Y, S T O K E - O N - T R E N T
FROM £85,000
Parkside Place With iconic Wembley Stadium in sight, and a town that’s blossoming with new businesses, cafes and pop-ups, Parkside Place is in an ideal spot for first time buyers. The one and two bedroom properties lie a stone’s throw from Sudbury & Harrow Road station, for Picadilly Line services to central London, while
lovely Barham Park sits just over the road. The apartments have high-spec interiors and bright open-plan spaces. Wembley’s Boxpark street food centre is nearby, along with the towns of Notting Hill and Kensal Rise. Notting Hill Genesis 020 3925 1863 nhgsales.com
*For a 25% share of the full market value of £330,000
CAMBRIDGE, CAMBRIDGESHIRE
FROM £100,000*
Alexander Gate With a perfect mix of convenience, natural beauty and urban adventure, these new two and three bedroom homes are perfect for young professionals or growing families. The two bedroom properties feature a separate kitchen and living area downstairs, along with WC and storage, while upstairs there’s
an en suite from the master bedroom. All properties benefit from a private rear garden. The town of Hanley is around a mile from the front door, while the popular Potteries shopping mall is about a 15-minute walk. Barratt 0333 355 8478 barratthomes.co.uk
L&Q at Darwin Green Less than two miles from Cambridge city centre, these new homes are an affordable option in a highly sought-after area. The two and three bedroom homes form part of the larger Darwin Green development, which will eventually become home to more than 1,500 residents. The properties are arranged around
a communal park, as well as a school, library and community hall. A 10-minute bicycle ride will take you to the stunning city centre, home to world-famous architecture, history, restaurants and venues. L&Q Homes 0333 999 8387 lqhomes.com
*Based on a 25% share of the full market value of £400,000
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FOR SALE
LEAFY LOCALES DEDWORTH, WINDSOR
HOIC FIRST C
HISTORIC
FROM £TBC*
E
LOC★A★T★ION
Castle Farm World-famous Windsor is just two miles from this new collection of two, three and four bedroom properties – moments from both town and country. The family homes have been created in a variety of styles, including houses, chalets and maisonettes. All have been finished to the highest standard, with high-spec interiors and spacious living areas. For everyday essentials, nearby Dedworth has a good range of shops and restaurants, while historic Windsor – home to the world’s oldest inhabited castle – can be reached in just 15 minutes by bicycle. There’s plenty of green space to explore nearby, including the leafy pathways running along the River Thames and the glorious Berkshire countryside. Radian 0800 145 6663 radianhomes.co.uk *Shared ownership available
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FOR SALE HIGH WYCOMBE, BUCKINGHAMSHIRE
FROM £250,000 Q U E E N S B U R Y, N W L O N D O N
FROM £132,000*
Abbey Barn Park This new collection of apartments and family homes occupies an idyllic spot, bordered by a country park and woodland, and with stunning views over the valley. The two bedroom apartments feature living areas that open to private balconies, while the houses have a downstairs WC and cloakroom,
HERSHAM, SURREY
as well as an en suite from the master bedroom. Residents will enjoy a combination of peaceful surroundings and great rail connections, with trains reaching London Marylebone in 27 minutes. All homes have parking. Berkeley 01494 857 743 berkeleygroup.co.uk
FROM £295,000
Nova at Queensbury Square The leafy London locale of Queensbury is home to this range of one to three bedroom apartments. There’s plenty on offer nearby, with Queensbury Park over the road and two high streets within a mile. The apartments have been thoughtfully designed, with light-filled, open-plan living areas
leading to private balconies. There’s plenty of storage space, and communal, landscaped gardens outside. Queensbury Tube station is a minute’s walk, for Jubilee Line services to central London in around 25 minutes. Catalyst 020 8131 4198 catalyst.homes
*Based on a 40% share of the full market value of £330,000
E A S T C H A L L O W, O X F O R D S H I R E
FROM £399,950
Aspect These apartments occupy an enviable spot, close to pretty Hersham, Walton-on-Thames, and Hersham Riverside Park with the River Mole running though it. The two and three bedroom homes are set around a courtyard and have bright, open-plan living areas leading to a balcony or terrace. Bedrooms
feature built-in storage, while the tiled bathrooms and kitchens are well appointed. Restaurants, shops, schools and pubs are a short walk. It’s a commuter’s dream, with services running to London Waterloo in 26 minutes. Crest Nicholson 01932 282 106 crestnicholson.com
Fuller’s Grove Surrounded by countryside, yet just a mile from the market town of Wantage, this new collection of homes offers the best of rural and town life. The properties range from two to five bedroom family homes, all enjoying a peaceful setting that’s perfect for a laid-back life. There’s a good range of local amenities, while
the city of Oxford is around a 30-minute drive. Outside, the properties have been designed in keeping with the rural surrounds, while inside, the contemporary homes are bright and spacious – ideal for growing families. Crest Nicholson 0123 560 5814 crestnicholson.com
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REAL LIFE
Shared ownership: Barkway, North Hertfordshire
Recently married couple Jade and Shaun are delighted to have secured their dream of homeownership at Storey Homes’ new development Birch Meadow in Barkway before the coronavirus crisis struck. While, like everybody, their lives have changed significantly, the space they have in their new three bedroom home is proving invaluable
W
ith the UK in lockdown, Jade explains how the community has pulled together during this uncertain time, “The village of Barkway has a community hub to support those who are in need and those who require help obtaining essentials and prescriptions. Flyers have been posted to everyone living in the area and the community pavilion has been our absolute saviour! It is wonderful to see everyone come together and to know that we have so many kind people around us. It’s definitely helped our own morale and enabled us to keep positive. We feel extremely lucky to have this, along with having our new spacious home which is being utilised in ways we didn’t ever envisage now we are here so much.” With a combination of careful saving and utilising shared ownership, the young couple were able to get on to the property ladder with a result that exceeded their expectations. Jade comments, “We were renting a two bedroom house in Royston with Shaun’s daughter, Darcy, who is six years old. After our wedding in 2018, we wanted our next step to be a new home with more space for us to grow our family but were concerned we’d be unable to afford the space we wanted.” Located in North Hertfordshire, Birch Meadow is surrounded by beautiful English countryside. Jade explains,“We feel so lucky to have access to such vast amounts of green space on our doorstop; it has been our escape during this strange time. We
FA C T F I L E
Full market value: £385,000 10% deposit for a 30% share
have two pugs, Ruby and Belle, and the five of us have been taking daily walks and bike rides to explore the local fields. It’s nice for them to have lots of space to be let off the lead, and the surrounding fields are perfect for that. It’s such a large area you don’t even come close to contact with other people!” Speaking about how she found the development, Jade said, “Initially I simply started searching properties online and this Storey Homes’ development was the first one that I came across. When I saw that it was in the neighbouring village of Barkway I registered interest straight away. After looking around the show house we both knew it would be an ideal first home; it was perfect. We put our deposit down and didn’t look anywhere else. It was quite daunting waiting to move into the house as it was still in construction. However, the wait was all worth it. When we saw the result, we were so pleased and still can’t believe the space we have, which has been a blessing at a time like this.” The couple usually work in Royston; Shaun works as a vehicle technician and Jade is a nursery manager. “After living and working in Royston, we were excited to
“THE SHARED OWNERSHIP SCHEME WAS GREAT IN HELPING US GET ON THE LADDER. WE PURCHASED A 30% SHARE OF OUR HOUSE AND STAIRCASING GIVES US THE OPTION TO FULLY OWN OUR HOME IN THE FUTURE”
move out of the area and settle down in a new setting. My husband has always been fond of Barkway, having grown up nearby. It’s such a lovely village and the surrounding countryside is beautiful. Even better, our commute is still only a 10-minute drive, so it couldn’t be in a better location for us. “The shared ownership scheme was great in helping us get on the ladder. We purchased a 30% share of our house and staircasing gives us the option to fully own our home in the future. The people next door also purchased with shared ownership a week after us, so we have a great relationship with our new neighbours. “Birch Meadow particularly stood out because of the development’s gorgeous layout. We have always had a small kitchen, so having an open-plan kitchen, living and dining area with back doors opening out on to the garden is a dream. We were delighted as the space is a lot bigger than we ever imagined! During this difficult period, the house has really come into its own. There’s enough room for us to enjoy time together as a family and then there’s also space for us to be alone when we need to be. You really can’t go wrong with a brand new build.” Three bedroom shared ownership homes at Birch Meadow are now sold out, and homes remaining here start at £595,000 for a four bedroom detached property. Homes at Storey Homes’ development in Bedford, De Montfort Place, start at £325,000 for a three bedroom semidetached house. Help to Buy and Assisted Move are available on both developments. To find out more, visit storey-homes.co.uk/ development/birch-meadow or call the sales team on 01223 841 842
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What is“shared ownership?”
Lesley Price FCILEx of CGM Solicitors provides advice on what buying a shared ownership home means for you, breaking down the legal jargon and giving advice on some of the practical aspects of living in a shared ownership home There is a wide range of options available at the moment to buyers looking to take their first steps on to the property ladder. Shared ownership is an established scheme that has been running for many years alongside other options, such as shared equity schemes like Help to Buy. So what does shared ownership actually mean and how does the scheme work?
WHAT EXACTLY IS SHARED OWNERSHIP? Under the shared ownership scheme, you initially buy a “share” of the property and pay rent on the remaining share of the property which remains in the ownership of the housing association. You can then buy further shares in the property at the market value of those shares at the time you purchase. Buying further shares is referred to as “staircasing”. Once you own a 100% share you can acquire the long leasehold or freehold in the property and it will be just as if you bought the property outright As you increase your share, the rent will be reduced proportionately to reflect the fact that the housing association now owns a smaller share. Although initially the property is not owned outright, you do have the normal responsibilities of a full owner. This means, for example, that the leaseholder will be obliged to pay 100% of the outgoings relating to the property and to keep the property in good repair.
TAKE SPECIALIST FINANCIAL ADVICE You will need to undertake an affordability assessment to see if you qualify for the scheme, and you can either do this with a specialist financial adviser before you start looking for your shared ownership home or through your housing association once you find a property you would like to apply for. The financial adviser will look at the whole picture as to your financial circumstances to confirm whether you qualify for the scheme and, if so, what percentage share you may be able to buy. There are more companies in the market now that lend on shared ownership homes
but these are still specialist mortgage products, so you will need to find a broker or financial adviser who is experienced in shared ownership lending and can review the full range of available mortgage products to find the one that suits both you and the particular shared ownership scheme you are looking into.
CAN I USE MY HELP TO BUY: ISA TOWARDS BUYING A SHARED OWNERSHIP HOME? Yes, you can use your Help to Buy: ISA to buy a shared ownership home, but you will need to keep an eye on the property’s full market value as there’s a cap on price of £250,000 (£450,000 in London). If you are buying a shared ownership property, the cap applies to the full market value, not the share price (so if you are buying a 30% share for £90,000 outside London, the full market value will be £300,000 and you may not be eligible for the bonus payment). You can, in some cases, still claim your bonus if the Net Present Value is below the threshold even if the market value is not, but these are complex calculations. Always let us know if you have an ISA, even if you don’t think you are eligible, and your solicitor will be able to check this for you. The Government bonus will go towards your overall purchase costs, but the funds for your bonus will not be released to us before completion, so you will not be able to use these towards your exchange deposit. When calculating your mortgage, your lender will want evidence of the funds you have available. This will include the amount saved into your Help to Buy: ISA. Your lender will then include the amount of your Government bonus when working out your mortgage loan amount.
WHAT ARE THE DAY-TO-DAY DIFFERENCES OF OWNING A SHARED OWNERSHIP HOME TO BUYING OUTRIGHT? Hopefully, the monthly mortgage repayments plus rent will still make shared ownership far cheaper than buying a property outright, but don’t forget to add on maintenance charges and be prepared for possible increases in the future. As
well as a general monthly service charge for caretaking and maintenance of the communal areas, ask how you will be expected to pay for more significant works such as roof maintenance. These charges won’t be split between you and the housing association, so, although you are only buying a percentage share of the property, you will be expected to cover all the maintenance bill. There are also likely to be restrictions on whether you can rent the property out. In the great majority of cases, renting the property will not be allowed. You may be able in some circumstances to take a lodger, or have someone move in with you, but you should check this with your housing association first. Check as well for restrictions within your lease and make sure your solicitor reports these to you in detail. You are likely to be required to ask the housing association’s permission in writing before you make any structural alterations to your home. In some cases, the lease will require you to ask permission for certain types of redecorating as well.
STAMP DUTY LAND TAX When you purchase a new shared ownership lease, the tax rules work differently to the rules that would apply if you were buying a freehold property or one with an existing 100% lease. You have a choice about when and how you pay your tax and you need to consider this carefully depending on your individual circumstances. You can choose to pay tax when you purchase the property at the rate it would be due if you were buying 100% of the property at full market value, or, if the amount you are paying is under the threshold for SDLT, you can choose to defer paying tax until you buy further percentages of the property up to the full 100%. If you do choose to defer paying the tax at the time you purchase, then it will be due on the full market value when you staircase up. If you are buying during the current Stamp Duty holiday which runs until 31 March, then you will usually be advised to
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pay at full market value and make the most of the tax break currently available. If you are buying a new build property that may not be finished by the time the holiday ends you may need to think more carefully about your options. Your legal adviser will be able to calculate the various options and help you decide which is right for you.
WHAT HAPPENS WHEN I STAIRCASE? The first step to staircasing is to contact the housing association and inform it that you wish to staircase your lease. There may be restrictions on the amounts you can staircase and the housing association will usually have a standard information pack advising you of its procedure and of any costs. You should note that the price you pay for any further percentage share will be worked out based on a valuation carried out by the housing association, for which you will normally be expected to pay an upfront fee. This is not refundable if you decide you do not wish to or cannot afford to staircase, so you should ensure you are certain you have adequate funds before incurring any expense. You should let the housing association know if you have carried out any improvements to your home as these will normally be discounted from any valuation to prevent you from paying for any improvements twice. If you staircase up to 100% and the
property is a house, you would usually be granted the freehold title, but ask your solicitor to check. If the property is a leasehold apartment then you will own 100% of the leasehold share and the shared ownership parts of the lease fall away. You will then be in the same position as if you bought a leasehold flat outright and have responsibility directly to the freeholder and other tenants.
SELLING YOUR SHARED OWNERSHIP HOME You may sell your shared ownership property at any time at its current market value. Your first step should always be to tell your housing association. The rules on selling are set out in the shared ownership lease that was given to you when you bought your home. Leases can vary, but normally they give a “nomination period” to enable the housing association to find a new buyer for your share of the home. During this period you are unable to sell your home privately or through an estate agent. If the housing association is unable to find a buyer by the end of this period, you will be able to sell your home privately or through an estate agent. If you choose to sell on the open market through an estate agent, you must sell at a price not less than that set by the housing association. Please remember that you will be responsible for all costs incurred. The buyer must still be approved by the housing association. You will usually be asked to make an
upfront payment towards a survey by the housing association to ascertain the property’s market value and to obtain an Energy Performance Certificate (EPC). On receipt of the valuation report, the housing association will confirm the value of your share. It is important to note that the valuation is usually valid for three months only. You will usually be required to pay an “assignment fee” to your housing association. This covers the cost of the work it will do in connection with your sale. Details of this fee are usually contained in your lease
TAKE SPECIALIST LEGAL ADVICE Get advice from someone who understands the way shared ownership schemes work and who can explain all the details and how they will personally impact you. These arrangements seem complex, but having the right specialist advisers to guide you through both the mortgage and legal process will mean you can have a stressfree move. We here at CGM Solicitors can provide a comprehensive advice service on all types of shared ownership, shared equity and newly built homes. For more information as to the services we can offer email enquiries@c-g-m.co.uk or call us and quote the reference “First Time Buyer’’
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COMPETITION
Let 's talk recycling!
WIN !
WIN A
EKO 15+1 ECOCAS A RECY 5+15L C WOR LING BIN TH £ 139. 99
SAVE EKO 15% AT HOM E
HOW TO ENTER
T SIMP O REDEE LY M FTBU USE THE CHE CKO YER15 AT CODE U OFF T TO RE THE CE YO EKOH UR ORD IVE 15% E OME .CO.U R AT K*
Answer the following question:
What is the total capacity of the EKO Ecocasa 15+15+15L recycling bin? Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag co.uk Closing date: 9 November 2020
THE PRIZE… TWO LUCKY READERS WILL WIN A EKO ECOCASA 15+15+15L RECYCLING BIN WORTH £139.99 TO HELP MAKE RECYCLING AT HOME, EASY, CONVENIENT AND STYLISH. T&Cs • The prize is non-transferable and no cash alternative will be given. Competition is open to UK residents only. In addition, First Time Buyer magazine has teamed up with EKO Home to offer our readers 15% off everything at ekohome. co.uk, by using the discount code FTBuyer15 at the checkout. Offer expires 27 November 2020. Offer not valid in conjunction with any other offer.
Recycling has become an absolute necessity in homes across the country. There’s a good reason too; households in the UK create over 26 million tonnes of waste each year and that’s the same weight as 260 large cruise ships! To help with your recycling, you need something in your kitchen that will make this easy, yet that fits in with your kitchen’s style. Enter the EKO Ecocasa – a clever recycling bin with easy waste separation. The EKO Ecocasa15+15+15L recycling bin is the perfect choice for busy and eco-friendly families. The 45L capacity (15+15+15L) has three removable, colour-coded inner buckets to make recycling simple and cleaning easy. The bin is made of high-quality, fingerprint resistant, brushed stainless steel to give a refined, stylish finish. Inside each bucket is a bag holder function allowing bags to be kept secure and the bin rim to be kept looking neat and tidy with no messy overhang. The shape has been kept neat and sleek and will fit flat against walls to save space. Features include: • High quality brushed stainless steel • Space efficient design, fits perfectly against a wall • Three colour-coded, removable inner buckets with handles, to help make it easier to separate your waste • Slim, stay-open lid • Fingerprint resistant • Durable pedal mechanism and soft close lid • Bin bag fixer holds any size bag or bin liner in place For more information visit ekohome.co.uk
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FIRST MEAL
FIRST HOME, FIRST MEAL If you are working on a budget while trying to save for that all-important deposit for your first dream home, or have just moved in and are short on cash, then this delicious pasta recipe from MOB Kitchen, which can be made for just £3, ticks all the boxes – it won’t break the bank and is delicious and healthy too!
THREE QUID SPAGHETTI (£3 FOR 4 PEOPLE) INGREDIENTS (serves 4)
Bunch of parsley (150g) 500g spaghetti 1 tsp chilli flakes 3 cloves of garlic Salt 4 tbsp olive oil
MOB Kitchen is an online cooking platform whose mission is to help students and young professionals prepare restaurant-quality meals on a budget. Through videos, cookalongs and competitions, MOB encourages a laid back and “get stuck in" attitude in the kitchen. “Music is key to everything we do – whether it’s the soundtracks on our videos, curated playlists, or artist features. We have created this recipe for Three Quid Spaghetti which is quick and easy to make and can serve up to four people. You can even find the video online at mobkitchen.co.uk." @mobkitchen mobkitchen.co.uk facebook.com/mobkitchen/ twitter.com/mobkitchenuk
METHOD 1 2 3 4
5
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Boil a pan of water, salt it generously and then cook your spaghetti according to instructions. Finely slice cloves of garlic and your parsley (separating stalks and leaves). Add the garlic, chilli flakes and parsley stalks to a frying pan with 4 tbsp of olive oil. Once your pasta is al dente reserve 7-8 tbsp of the starchy pasta water. Drain the pasta, and then add it to the frying pan with the garlic and parsley. Start tossing it all together, gradually adding splashes of pasta water and the chopped parsley leaves. Once everything is mixed in and the pasta is thick and almost creamy (from the pasta water), remove from heat. Serve it up with extra chopped parsley leaves on top as a garnish. Enjoy!
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FIRST MEAL
A NIGHT IN AT THE MOVIES With the cold nights setting in, why not get cosy on the sofa? Grab a blanket, get some popcorn and stick on a family favourite film to create the perfect at-home movie night
Smartphone projector, £17.99, Prezzybox
BUTTERY CARAMEL POPCORN WITH CHOCOLATE COATED POPPING CANDY
Night in movie set, £14.99, Getting Personal
Ingredients
Cinema room neon poster print, £8, Artylicious
100g popcorn kernels 300g granulated sugar 100ml water 1 tbsp liquid glucose 6-8 drops Natural Buttery Caramel flavour (available from Lakeland) Chocolate Coated Popping Candy, to sprinkle
METHOD 1
2
3 4
Following the popcorn packet instructions, pop the corn in a microwave or electric popcorn maker. Place the sugar, water and glucose in a pan set over a medium heat and stir until dissolved. Bring it to the boil briefly before turning the heat down low and continuing to cook without stirring for about 10 minutes until it just starts to change colour to golden. Remove from the heat and add the buttery caramel flavouring. Place the popped corn in a large bowl and drizzle with the syrup, mixing well with a metal spoon (take care as the sugar syrup will be very hot). When evenly covered, sprinkle with the Chocolate Coated Popping Candy, pour into a clean bowl and serve immediately.
lakeland.co.uk
Electric popcorn maker, £29.99, Lakeland
C ON TA C T S » Prezzybox prezzybox.com » Artylicious artylicious.co.uk » Getting Personal gettingpersonal.co.uk » Lakeland lakeland.co.uk
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FINANCE
Mortgage Clinic Much like most of daily life post-lockdown, buying a home and arranging a mortgage requires more planning and forethought than it once did. It might be a while before you can turn up to your local bar, or indeed property viewing, unprepared or unannounced. So, what steps should you take before you start your property search? Nick Morrey has over 25 years in the financial services industry and believes in making every single part of purchasing a property what it should be -– easy and enjoyable. His role as Mortgage Technical Manager at John Charcol provides independent mortgage advice from the whole of the market to help first time buyers find the right deal for them
Do your research ahead of time One of the latest knockbacks of Covid-19 is the availability of high loan-to-value mortgages – particularly those allowing you to borrow 90% or 95% of the property purchase price. This is largely a result of banks and lenders having to divert their lending staff to support existing customers with payment holidays. With fewer lenders offering higher loanto-value mortgages, it’s more important than ever to invest some time in understanding your mortgage options. A mortgage broker can be a great help here and will ensure that you fit the lender’s policy as well as meet its affordability criteria. Once you’ve done some thorough research, it’s wise to obtain a DIP (Decision in Principle) from the lender to ensure that you meet all of these requirements. What’s a Decision in Principle? A DIP gives the lender an opportunity to pre-check your details, income and expenditure and credit history. In essence, this gives you a lending decision subject to you being able to provide the supporting documentation which the lender will need from you once you have found a property and had an offer accepted. When applying for a DIP, your adviser will ask for personal details such as your name, address, date of birth, address history from the past three years, information about your income, and information about your expenditure and existing credit agreements. Typically, a DIP is valid for up to 90 days. If it expires before you need it, you can quite easily reapply, but be careful not to apply for a DIP from too many lenders, as too many credit searches could end up damaging your credit profile.
additional research on the area and driving past the property might help you to rule out unsuitable properties and thus reduce the amount of viewings you need to attend. Given that estate agents are having to adopt Covid-19 sensitive policies when visiting sellers’ homes, this could save you the hassle of organising viewings on properties which aren’t right for you and, more importantly, will let you focus on the home that most likely the best fit for your needs. You should also ask the estate agent about virtual viewings. Many estate agents have started to create videos of their sale properties which can give a better feel of space and flow than you’ll get from normal photos and floorplans.
Once you have your DIP approved by the lender, you can go ahead and start your property search. Has the property search process changed? While the fundamentals of finding your dream home haven’t changed, there are some additional things to consider when looking for properties. Physically viewing a property is by far the best way to get a feel for your potential future home. However, doing some
How should you make your offer for your new home? Since the Chancellor reduced Stamp Duty to 0% for properties up to £500,000, provided you’re purchasing your only property, there’s been a surge in mortgage and property enquiries. This is yet to be met by an increase in the number of properties being listed for sale, so it’s incredibly important that you stand out from other buyers, who might not have put
the research in that you have. Telling the estate agent that you have a DIP and the level of research that you’ve conducted on the property can help to demonstrate that you’re serious and in a position to proceed, subject to the property, and price, being right for you. If you’re using a mortgage broker it’s a good idea to provide the details to the estate agent, or arrange a call between them, so that your broker can vouch for your ability to proceed. When you make your offer for the property, be sure to reiterate these points, perhaps in an email. The seller of the property will want to understand your position and coming across as a buyer who knows the area, has done their research and is in a good position to finance the purchase will not only strengthen your case when negotiating but could also separate you from someone offering the same amount for your dream home. Do you want to know more about your mortgage options? Visit charcol.co.uk/ftbmortgages or call us on 0330 127 7829 and speak to one of our specialist mortgage advisers. We can tell you everything you need to know
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FINANCE
EXPERT COMMENT Buying a shared ownership property is very straightforward. We ask you to register your interest on our website, then when that property is ready to launch, you can book into a viewing. We ask you to contact the suggested independent mortgage adviser (IMA) to do a five-minute affordability assessment. In this brief assessment you will be asked about
Prepare to share With shared ownership in the spotlight, Kay Hill looks at the financial aspects to consider when looking at this popular method of getting on to the property ladder
your salary, deposit, outgoings and credit situation; then the adviser will let you know if you can afford the property you are interested in. If it’s not within your price range, the IMA will advise you on a price range of homes that are within your budget – this way you won’t waste time and be disappointed by viewing properties you can’t afford, and you can tailor your property search. After you have viewed, reserved
Shared ownership is becoming an increasingly popular way of taking the first steps towards owning a home, and it is a more accessible way on to the housing ladder for those who are buying in more expensive parts of the country, who have a lower income or a smaller deposit. However, there are some restrictions and differences to buying on the open market.
CHECK YOU QUALIFY Shared ownership is a Government-backed scheme to help those who struggle to buy outright – so it is not open to those who already own a property (unless you are selling it and can’t buy something suitable without help), and you need to have a household income of less than £80,000, or £90,000 if buying in London. Household income means the income of anyone who is buying the house jointly with you, so it
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would include your spouse or a partner you live with, but not, for instance, a boyfriend/ girlfriend living elsewhere, or the income of a teenage child.
and been allocated a property you have a formal financial assessment with the same IMA (via video chat) to verify your documents including ID, pay slips, proof of savings, credit
MAXIMISE YOUR SAVINGS
report and bank statements. The IFA
One of the advantages of shared ownership is that you only need to find a deposit of 5% to 10% of the share of the home you are actually buying, rather than of the whole property price. So, for example, if you were buying a £300,000 house on the open market you would need, at the very minimum, a £15,000 deposit, and in the present circumstances you might find it hard to find a mortgage with less than a £30,000 deposit; but if you buy a 25% share of a £300,000 home you might need as little as a £3,750 deposit. Shared ownership providers will also insist you have savings of £3,000 to £4,000
share of the property you will be
uses this information to work out the purchasing and will give you some mortgage options, although you can go to another mortgage broker if you prefer; the choice is yours.
Raquel Soares Assistant Director Sales, Peabody
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FINANCE to cover all the costs of moving, such as solicitors’ fees, so you will still have to do some saving. At the moment, interest rates are at an all-time low, so it’s hard to make your savings grow, but it’s still worth shopping around. If you have never owned any kind of property before and are not planning on buying immediately, the best way to save for a home is with the Lifetime ISA (LISA) which is open to any first time buyer aged between 18 and 40. You can save up to £4,000 each year and the Government will give you a 25% bonus on top. After you have had the account for a year, you can use your Lifetime ISA towards the deposit when you buy your initial share of a shared ownership home worth up to £450,000 in total, (but if you decide to staircase later on, the standard Government 25% withdrawal penalty would apply). If you plan to buy in a shorter timescale, make sure your money is in the best paying instant access account you can find. At the time of writing, the best buys are all with Government-backed NS&I, offering 1.16% on its monthly interest Income Bonds on £500 or more, and 1% on its Direct Saver from £1; both are online only.
GET READY FOR THE ASSESSMENT One of the unusual aspects of using shared ownership is that your finances are assessed twice – firstly when you register for shared ownership with your local Help to Buy Agent, simply to check you are eligible, then again when you have decided on a home you like, when you must have a full financial assessment with the provider’s own financial adviser (even if you already have a mortgage in principle). This second, very thorough assessment determines the size of the share you will be allowed to buy. Providers make sure that a maximum of 45-50% of your aftertax household income
would be spent on housing costs (your mortgage, rent and service charge bills) taking into account your wages, savings and other regular commitments such as loans, credit cards and childcare. For this reason, you will need to have plenty of information readily available, including three months of wage slips, utility bills from where you are living now, bank statements for your current account and proof of savings. In the run-up to the assessment you might want to think about paying off any credit cards and loans if you are able to.
FIND A MORTGAGE Once your assessment is completed you will be told what share you are able to buy, so you can begin hunting for a mortgage. It can be slightly harder to find a shared ownership mortgage than a regular one, as general best buy tables often don’t include them, however you can find a useful comparison at sharetobuy.com/mortgage-comparison. At the time of writing, for buyers with a 5% deposit, Loughborough Building Society offered at two-year discounted variable rate at 2.49% and Newbury Building Society offered a three-year discounted rate at 2.49% both with no fees, while for those wanting a fixed rate, Loughborough Building Society offered 3.19% for two years with no fee and £250 cashback. With a 10% deposit, Virgin Money offered a twoyear fix at 2.65% with a £995 fee and £250 cashback. You may find it helpful to consult a mortgage broker, the adviser who did your shared ownership assessment or another independent financial adviser, who can compare all the various mortgage options for your situation – but be sure to check what fees you will be charged.
EXPERT COMMENT “Our analysis of the data shows that British savers have put a record amount of money aside during the Covid-19 lockdown – easy access balances grew by £8.4bn in May 2020 – but nearly 40% of easy access balances are earning a rate of 0.1% or less, and the number of balances earning these low rates nearly doubled since the lockdown came into effect. We know that the current savings landscape is driving up levels of inertia, and there is less of an incentive for savers to look for the best deal and move their money around, but even in the current market, receiving tax-free interest on savings is invaluable now and in the future. We would urge savers to look at ways they can maximise the return on their ISA allowance, and it’s also the
THINK ABOUT STAIRCASING
responsibility of financial providers
If your aim is to achieve full homeownership, don’t just relax and start to spend, spend, spend when you move in – keep putting money away towards buying the next share in your property. Ideally, work out a plan to put aside a set amount each month – you could open a regular savings account (Coventry Building Society was offering 1.85% on savings of up to £500 a month), use a deposit account linked to your current account or try an app to help you save towards your long term goals
ISAs are as straightforward and
to support people by making sure flexible as possible. In today’s digital world, moving money around to get a better deal is easier than ever and managing a non-linked savings account is often more straightforward than people think. To facilitate this, we offer accounts across a range of access channels including online, telephone and postal services.”
Derek Sprawling Savings Director, Paragon Bank
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MARKET
The state of play... The lockdown may be easing, but has the pandemic made getting on the property ladder even harder for first time buyers? Ginetta Vedrickas looks at the current situation PROPERTY PRICES There has been plenty of speculation as to the effect the pandemic would have on house prices with many first time buyers eagerly awaiting a drop. But, according to Nationwide, the latest figures for July showed that, contrary to most predictions, house prices actually rose by 1.7% reflecting what the building society calls “the unexpectedly rapid recovery in housing market activity” since the easing of lockdown restrictions. The rebound was attributed to a number of factors, in particular pent-up demand finally coming through after months of inactivity as agencies closed their doors to the housebuying public. But, interestingly, the research also showed that the pandemic had caused changes in behaviour as people reassessed their housing needs and preferences as a result of life in lockdown. Around 15% of people surveyed claimed that the lockdown had actually prompted them to consider moving house.
STAMP DUTY HOLIDAY The report from Nationwide suggested that the recently announced Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland on all properties up to the value of £500,000 – which will run until
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March 2021 – will continue to boost buying activity in the short term. It predicted that around 90% of buyers will pay no SDLT between now and the end of March. However, Robert Gardner, Nationwide’s chief economist, said that typical savings are likely to be fairly modest for the majority of buyers in the north of England, Scotland and Northern Ireland and he pointed to the risk of what he calls “a false dawn” thanks to impending rising unemployment on the horizon. “Most forecasters expect labour market conditions to weaken significantly in the quarters ahead as a result of the after-effects of the pandemic and as Government support schemes wind down. If this comes to pass, it would likely dampen housing activity once again in the quarters ahead,” he said.
EXPERT COMMENT The property market is facing a significant degree of uncertainty given rising unemployment levels, but for now it is proving exceptionally robust. In some areas of the country, prices are nudging up slightly as demand outstrips supply, and that trend may even accelerate given the Stamp Duty changes announced in July. Lockdown also saw a lot of people reflect long and hard on their housing needs and that in itself has triggered more
MORE SAVINGS BUT LESS MORTGAGE AVAILABILITY
transactions and demand. When
The lockdown may have proved tough on individuals and the economy, but there has been an upside according to research carried out by money.co.uk. A survey found that a third of first time buyers revealed that the lockdown actually resulted in a positive impact on their finances which compares favourably with just 14% of other property hunters looking to buy a home in the next year. The website found that a third
shock, the property market is doing
you consider that we have just been through an unparalleled economic about as well as it could. David Westgate Group Chief Executive, Andrews Property Group
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MARKET
(33%) of those looking to buy over the next year are first time buyers, with almost half (49%) of house hunters in London being first time buyers. However, it wasn’t all good news as, despite being able to save more, of those who had applied for a mortgage, almost half (44%) claimed that the number of mortgage products available to them had reduced, which has made the process more difficult. The good news is that base rates are still at an historical low, so prospective buyers should do their homework and research their options. Reports at the start of July saw just six two-year or five-year fixed term products available at 95% loan to value (LTV), and 42 available at 90% LTV. Money.co.uk has now launched a handy mortgage calculator for those looking to apply for a mortgage in the next 12 months as well as a lockdown savings calculator so that prospective buyers can understand how much they can afford to borrow.
HELP TO BUY The Government’s Help to Buy scheme has been a game-changer for many first time buyers, and, since its inception, estimates suggest that 81% of first time buyers have used the scheme, boosting housing supply by 74% since its introduction. Initially, many in the construction industry were worried that, as building projects suffered delays throughout the pandemic, the scheme would need to be extended. The scheme was originally due to come to an end for new buyers on 31 December 2020, but the Government recently confirmed a two-month extension to the scheme in England to ensure buyers don’t miss out because of delays caused by the pandemic. New homes must be completed by 28 February next year and buyers must legally complete their purchase by 31 March 2021 to qualify for the equity loan.
PLANNING REFORMS There has been a long debate over the UK’s planning system, with many blaming it for delays to construction sites and therefore adding to the shortage of new homes for sale. In the current system it can take up to five years for a standard housing scheme to pass through the planning system. But the Government recognises the urgency and the need to speed up the process and it recently published its white paper Planning for the Future, detailing what housing secretary Robert Jenrick describes as “radical and necessary” reforms. Jenrick intends introducing a “simpler, faster,
people-focused system” to deliver the homes and places that UK buyers need. This involves designating land into one of three categories; for growth, renewal or protection. Development would be automatically allowed for land labelled for growth, while areas designated for renewal could see a “permission in principle”. Protected land will include the green belt and Areas of Outstanding Natural Beauty. The housing secretary has said that reforms would place “a higher regard on quality and design than ever before” and reiterated the Government’s intention to build environmentally friendly homes.
EXPERT COMMENT
HOMES FOR THE FUTURE
As we move towards a better built
The Royal Institute of Chartered Surveyors (RICS) is among the voices calling for the Government to look holistically at longterm improvements to housing, as the harsh economic reality of the pandemic sets in. RICS wants to see a new land classification of what it is calling “Amberfield”, creating a pipeline of “ready to go” land for housing. The Institute is also calling for more investment into modular housing, which is constructed off-site in factories, and so can be built quickly to cope with rising demand. RICS suggests introducing incentives for the construction of modular housing in areas of high unemployment, as well as introducing financial incentives and support for local authorities and housing associations to meet housing need through this way of building. Alongside a new land classification and more modular housing, RICS’ new policy paper calls for more interventions into planning and development, with homeownership and the private rented sector at the forefront of recommendations. RICS urges the Government to ensure the public is kept at the heart of any changes as confidence remains cautious. RICS wants to see more homes built that match our lifestyles in the post-Covid world, as the impact of our homes on our health is more vital than ever. With growing numbers now working from home or in a more flexible manner, RICS calls for the Government to provide healthy homes and communities through the planning process. A holistic policy of placemaking can also help local high streets see a revival, and good infrastructure such as improved pathways and cycleways can facilitate our move into the new world as we “Build Back Better”, the strapline for a campaign group pressing for a coronavirus recovery plan that wants to see more protection for public services, less inequality and a shockproof economy that can fight climate change.
enhance communities for those
future, we must build homes that who currently live there, that are interconnected with green spaces, have non-car dependent infrastructure, and are close to shops and other amenities that make a community thrive, while leaving a greener future for generations to come. The new normal is an opportunity to innovate and ensure that we don’t just build houses but build homes that can meet green targets and net zero ambitions, utilising new technology and delivery mechanisms that provide jobs of the future. Tamara Hooper RICS Policy Manager
EXPERT COMMENT The extension of Help to Buy is undoubtedly positive for first time buyers looking to get on to the property ladder after the disruption caused by the Covid lockdown. These types of schemes are vital to helping to get the property market moving again after a slowdown. Other ways to help these people get on the property ladder could include Government-backed purchase mortgage guarantees for borrowers. I believe this would be a great way to reinstall confidence in the lending market. David Hannah Founder and Principal Consultant, Cornerstone Tax
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EXPERTS
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 Sharon Edmond Sales Officer, Riverside Home Ownership
Connor Smith Sales Consultant, SiteSales Property Group
Stuart Hensby Associate Director, Sales & Marketing, Radian 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
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Stamp Duty holiday
Q
How will the new Stamp Duty changes impact me if I decide to purchase a new build property through the Government’s shared ownership scheme? Rebecca Mills, Basildon
A
With the recent Stamp Duty holiday announced, you will not pay Stamp Duty on properties up to £500,000 before 31 March 2021. However, this is an “open market’”change so let me explain how it effects those of you looking to buy using the shared ownership route. With shared ownership homes over £500,000, you have the choice to pay on the share value (the amount you buy) and an amount based on the un-purchased element you will rent from the housing association. Alternatively, you can close out the Stamp Duty obligation and I would advise this for homes under £500,000. Your Stamp Duty payment on the rent is
determined by something called the “Net Present Value”. As the threshold for this has increased, the Net Present Value is greatly reduced and the majority of purchasers will not be required to pay Stamp Duty on the rented element of the purchase. An average saving for someone buying at Traders’ Quarter would be between £1,000 and £2,000. With regard to paying on the portion of the share value, it is highly unlikely for a first time buyer to purchase a percentage of the property over £500,000; meaning that until the 31 March 2021 deadline, most shared ownership buyers are unlikely to pay Stamp Duty on their purchase. I currently work at the Traders’ Quarter development, located at the awardwinning Royal Wharf development in E16. Our luxurious homes have never been more affordable, so if you are interested, please call 0344 809 2016 or e-mail tradersquarter@site-sales.co.uk. SiteSales Property Group also has other shared ownership homes across London and the South East so be sure to check out our website site-sales.co.uk or get in touch. Connor Smith
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EXPERTS
Will shared ownership be the way to buy my first home?
Q
I am renting in Newcastle and I am desperate to get on to the housing ladder, but I am struggling to get a deposit together to buy on the open market? I have heard there are other routes to homeownership, but I don’t know much about them. What is shared ownership and is it good value for money? Josh Hopkins, Newcastle
A
Trying to save up a deposit while still paying rent each month is one of most common struggles potential home buyers tell us about. There are many different paths into homeownership, but one of the most accessible (and often most misunderstood) is shared ownership. Sometimes referred to as part-buy, part-rent, it’s really as simple as that. You buy a percentage share in a home built by a housing association, and pay a monthly rent on the part that the housing association still owns. You’re not sharing a house with strangers, which is one of the misconceptions we often hear! You’ll be very much like any other homeowner. Because you’re only purchasing a share, the mortgage you need is smaller, which makes the deposit lower too. Some lenders only ask for a 5% deposit towards the share you’re buying, so depending on the value of the property, the savings you’d need for a mortgage could be as little as just a few thousand pounds – not the tens of thousands you’d need to buy outright. Shared ownership allows you to build up equity in your portion of your home so can be great value for money. It’s flexible too, allowing
you to buy more shares in the future and eventually own your home outright. You can also just sell and move on if you need to. The finance levels are based on your individual affordability circumstances, so it all works around you. Because the rent you pay to the housing association on its portion is often discounted, the total monthly cost of the mortgage and rent is less than a mortgage repayment on the full price. Usually, this amount is also less than what you would pay to rent the same house from a private landlord. You’ll get lots of support and extra value from the housing association too. Its staff will be with you throughout the whole process and will make sure you don’t overstretch yourself financially. Shared ownership has been around since the 1980s and is supported by the Government, so you’re in safe hands. At Riverside, we have over 90 years of history providing and managing affordable homes and we’re building new developments across the country. Find out more on our website at riversidehomeownership.org.uk Sharon Edmond
How does Stamp Duty work?
Q
I’m looking to buy my first home through shared ownership, but I am a bit confused about how Stamp Duty works, especially when purchasing just a share of the property. The full value of the property I’m looking to buy is £392,500, so what does this mean for me? Jacob Miller, Brighton
A
Stamp Duty is a form of tax paid when you complete a property purchase, calculated at different levels on the value of the home you are buying. The lowest threshold, the point at which Stamp Duty starts to apply, previously stood at £125,000 – or £300,000 for first time buyers such as yourself. If the property value is less than the threshold, there’s no Stamp Duty to pay at all. With shared ownership, there are two options to pay your Stamp Duty: you can either elect to pay the full amount against the property’s market value when you
buy your initial share, or you can pay it in stages, such as if you choose to buy more shares in your property later (a process called staircasing). If you choose the latter, your first Stamp Duty payment is only required once you buy a share value which takes you over the threshold, or you own 80% of the property, whichever comes first. However, if you’re planning to get on the ladder within the next eight months,
there’s been some really exciting news announced by the Government which will be a huge help. As of 8 July, the Government has temporarily raised the lower threshold for all buyers in England and Northern Ireland to £500,000, to help people move into their new homes sooner, or into a bigger home, and make it more affordable by needing less savings. Those who complete on a property under this threshold before 31 March 2021 will now not need to pay a penny in Stamp Duty on their new home. This is great news for first time buyers such as yourself purchasing a home above the previous cap. Based on the property value you mentioned, this could offer you a saving of £4,625 versus if you buy after 1 April 2021. Remember, the home buying process can take a few weeks, from getting a mortgage approved to the legal process, exchanging contracts and then completion, so if you’re considering taking advantage of the payment holiday, make sure you start the process in plenty of time. Stuart Hensby
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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 to the property ladder. The best known is the Help to Buy: Equity Loan, which is open to all buyers purchasing a new home costing up to £600,000 from an approved provider. There are no income restrictions and you can use it to upsize, but not to buy an additional property. For more details, contact a Help to Buy Agent. There is also shared ownership, which is open to families with a household income of up to £80,000 (£90,000 in London).
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 house builders. 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
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N T- B A C K E D SCHEMES
EQUITY LOAN
Help to Buy: Equity Loans The Government provides equity loans of 20% of the full property value (40% in London boroughs). The loan is interest free for the first five years with interest at 1.75% in year six, rising by RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. You will need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. New build homes priced up to £600,000 can be bought. The current Help to Buy: Equity Loan Scheme runs until the end of March 2021 and will be restricted to first time buyers after that.
This is a Government loan for a percentage of a property’s value (20% outside London, 40% in London). If you remain living in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).
Shared Ownership or Part-Buy, Part-Rent The Government shared ownership scheme is available for households with an income of up to £80,000 (or £90,000 if buying in London.) The scheme allows you the chance to buy as little as a 25% share in a property and pay a subsidised rent on the rest. Rent is calculated at 2.75% (sometimes less), with annual increases of RPI + 0.5%. In most cases, you can buy more shares after you move in with the opportunity to own the property outright. This is called staircasing. 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. There are a few less well known Governmentbacked schemes; more details of these can be found on ownyourhome.gov.uk:
Rent to Buy or Intermediate Rent With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you time to save up for a deposit so you can apply to buy a share of the home later. Homes available with Rent to Buy are few and far between.
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.
Older People’s Shared Ownership (OPSO)
PRIVATE INITIATIVES
*NEW!* First Homes
Some builders offer incentives on new build homes such as cashback, free legal fees, help with moving costs or money towards Stamp Duty. Some developers may offer shared equity, a private version of shared ownership.
This is a new option announced by the Government in late 2019. With First Homes, first time buyers and key workers will be offered discounts of 30% on new build homes. Further details are awaited.
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)
HOMES ENGLAND This is a Government organisation tasked with increasing housing supply. They also fund affordable homes including Help to Buy.
STAIRCASING If you buy a home with shared ownership, you will be given the right to buy more shares at any time 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 right from the moment you move into your new shared ownership home.
FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T I V E S
HOLD is a specialist option designed to help people with long term disabilities to live independently in a shared ownership property where, in some cases, repairs and maintenance services are offered by the housing association provider.
To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the provider’s lending criteria.
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BUYERS’ GUIDE
The ftb process
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
F
TIPS
Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is repayable over a number of years (usually 25-35 years). The loan is “secured” on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason, it’s vital only to buy a property you can realistically afford. Before you start, find out how much money you can borrow. A mortgage adviser will need details of your income, outgoings, savings and credit history – they will then be able to give you an “agreement in principle”, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the lender, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally around 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.
inance
APPLICATION You will need at least three months of bank statements, payslips or tax returns, photo ID such as a passport or driving licence and details of any loans. Lenders will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better mortgage rate you’ll be offered.
BUDGET Work out how much you can afford to repay each month, taking into account your normal living expenses and the bills, insurance and council tax on your new home. Don’t forget there is likely to be a service/ estate management charge on a new home, plus ground rent for a leasehold property, so find out how much they will be.
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
FINANCE
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.
moneysavingexpert.com, then apply directly to your chosen lender.
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 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.
SHOP AROUND
Speak to a mortgage broker, but also look at lenders’ direct products and search the internet.
RESEARCH
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TIPS
RESEARCH AN AREA
T
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.
PROPERTY SEARCH 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 DECIDE ON A LOCATION
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.
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.
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 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. SEARCH
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.
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.
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BUYERS’ GUIDE
BUYERS’ COSTS
B
uying process
SURVEYS AND VALUATIONS
Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.
SOLICITOR’S/CONVEYANCING COSTS (ESTIMATED)
£700-£1,500
LOCAL AUTHORITY SEARCH FEES (ESTIMATED)
£200-300
LAND REGISTRY FEES: For an existing property: For a purchase of £80-£100k £40.00
For a purchase of £100-£200k £95.00 For a purchase of £200-£500k For a new build property: For a purchase of £80-£100k £80.00
For a purchase of £100-£200k £190.00 For a purchase of £200-£500k £270.00
SOLICITORS
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.
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.
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.
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.
STAMP DUTY LAND TAX (SDLT) (UNTIL 31/03/2020):
£0-£500,000 Zero
£500,000 to £925,000 5% £925,001 to £1.5m 10% Above £1.5m12%
Example: on a £600,000 purchase SDLT would be £5,000 – 0% on £0-£500,000 and 5% on £100,000 (being the £100,000 above £500,000)
OTHER FEES TO CONSIDER (ESTIMATED, DEPENDENT ON CIRCUMSTANCES): MORTGAGE ARRANGEMENT FEE
EXCHANGE AND COMPLETION
Use a recommended solicitor who you know to be reliable and who can move fast.
SOLICITORS
For a purchase of £500k-£1m £540.00
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.
TIPS
INSURANCE
You must have buildings insurance in place for when you exchange contracts (not complete). This will be a condition of your mortgage offer.
MORTGAGE VALUATION £0-£300
SURVEY £300-£700
MORTGAGE BROKER’S FEE £0-£500
BUILDINGS INSURANCE £200-£300 annually
GROUND RENT (LEASEHOLD ONLY) & SERVICE CHARGES £100-£4,000 annually charges for maintenance of communal areas
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.
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.
£0-£1,500
New freehold homes may also have service/estate
TIME SCALE
SEARCHES
£135.00
For a purchase of £500k-£1m £270.00
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.
REMOVALS (IF REQUIRED) £1,000-£2,500
COMPLETION
Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your Stamp Duty payment (if applicable).
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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
Stamp Duty Land Tax – temporary reduced rates No doubt you all will have seen the welcome announcement by the Chancellor on 8 July 2020 of a Stamp Duty holiday for all residential property sales from 8 July 2020 until 31 March 2021 inclusive. In this article, Partner and Head of New Build Homes Adam Crawford explains what this means to the first time buyer
The new reduced rates are applicable to all buyers of residential property, not just first time buyers, who will no longer have to pay Stamp Duty Land Tax (SDLT) on the first £500,000 of their purchase. SDLT Liability previously applied to any purchase over £125,000 (unless First Time Buyer’s Relief could be claimed). These changes cannot be applied retrospectively and only apply to a purchase which takes place after 8 July 2020 and no later than 31 March 2021. The rules are slightly different where you are buying a second home or an investment property, in which case you will still have to pay a higher rate of SDLT (but will still pay less than previously) but this is outside the scope of an article in a magazine for first time buyers. We explore the changes below:
PROPERTY PURCHASE (NOT A SECOND HOME/INVESTMENT PROPERTY) For anyone who is buying their first home or replacing their current home, or for any purchase of a property which will not result in you owning two or more properties, SDLT will not be payable on the first £500,000 of your purchase.
Property or lease premium or transfer value
SDLT rate
Purchase of £500,000 – SDLT payable is £0 Purchase of £600,000 – SDLT payable is £5,000 (5% on the £100,000 over £500,000) Purchase of £1m – SDLT payable is £28,750 (5% on £425,000 and 10% on £75,000)
Up to £500,000
Zero
SHARED OWNERSHIP
The next £425,000 (the portion from £500,001 to £925,000)
5%
The next £575,000 (the portion from £925,001 to £1.5m)
10%
The remaining amount (the portion above £1.5m)
12%
The rates of SDLT payable are now as follows:
Examples: Purchase of £250,000 – SDLT payable is £0
The position on shared ownership has also improved. SDLT on shared ownership is notoriously complicated and the position differs dependent on whether you are buying a new build or an existing re-sale property. Both scenarios are covered below, but the good news is that all buyers will certainly benefit from the change to SDLT until 31 March 2021.
SDLT FOR A SHARED OWNERSHIP NEW BUILD PROPERTY When you purchase a new build shared ownership property you are presented with two options for paying SDLT. You can either pay on the price you are paying for your share and the rent or pay on the full market value (FMV).
PAYING ON THE SHARE AND THE RENT (ALSO KNOWN AS PAYING IN STAGES) If you opt to pay on the share and the rent you will pay SDLT on the actual price you
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LEGAL
are paying to purchase your share in the property and on the “Specified Rent” ie the rent you are paying to the landlord for the part of the property you do not own. The payment on the rent is calculated based on the Net Present Value (NPV) of the lease; the simple explanation of NPV is the value of the rent over the life of the lease. The changes announced also increased the threshold where NPV becomes payable from £150,000 to £500,000 meaning almost all buyers will not be required to pay SDLT on the rent. It is rare to see a shared ownership where a buyer is purchasing a share worth more than £500,000 (although the FMV may be) and therefore until the 31 March 2021 almost all shared ownership buyers will be able to opt not to pay SDLT. The downside to paying SDLT on the price and the rent is that you will be liable for further SDLT payments if and when you staircase above 80% ownership.
PAYING ON THE FULL MARKET VALUE “FMV” (ALSO KNOWN AS A MARKET VALUE ELECTION) If you pay on the FMV of the property then you are making a market value election. This means that you will pay SDLT on the rates shown in the table below on the full value of the property. Property or lease premium or transfer value
SDLT rate
Up to £500,000
Zero
The next £425,000 (the portion from £500,001 to £925,000)
5%
The next £575,000 (the portion from £925,001 to £1.5m)
10%
The remaining amount (the portion above £1.5m)
12%
Examples: FMV of £250,000 – SDLT payable is £0 FMV of £500,000 – SDLT payable is £0 FMV of £600,000 – SDLT payable is £5,000 (5% paid on the £100,000 over £500,000) FMV of £1m – SDLT payable is £28,750 (5% on £425,000 and 10% on £75,000)
When you make a market value election the positive outcome is that you will pay no further SDLT when you buy additional shares in the property. So how do you decide what option to take? Well this depends on your own circumstances, of course, and you should ensure you speak to your specialist shared ownership conveyancer for advice on the different options – although they cannot make the decision for you they can inform you what the different options mean to you both now and in the future. For example, all buyers purchasing a property at a price of £500,000 or less will make a FMV election as this will result in no SDLT being payable under the temporary rules. However, some properties (especially in London) may have a full market value in excess of £500,000 and you will need to decide whether to pay on the share and rent (which is almost guaranteed to now result in no SDLT being payable) or the full market value where you would have to pay SDLT on the value over £500,000 When you consider your options you need to think about what may happen in the future eg if you have purchased a 55% share are you likely to staircase to 100% ownership or are you likely to re-sell before you are in a position to do this? If the latter, in a scenario where the FMV is over £500,000 then you may be better off paying a lower SDLT payment now on the share and the rent as you will not have any benefit from paying on the FMV.
SDLT FOR A SHARED OWNERSHIP RE-SALE PROPERTY When you purchase a shared ownership resale property (ie an existing non-new build)
SDLT is simply paid on the usual rates as shown in the table above for the price you are paying for the property. The rent payable for the property is not relevant for SDLT purposes and neither is the FMV. The only other consideration is to establish whether the first buyer of the property paid on the share and the rent or made a full market value election, as with the former this means you will still have to pay SDLT once you staircase over 80% ownership whereas with the latter you will not have to pay any SDLT for any subsequent staircasing transaction.
CONCLUSION This is most welcome news for first time buyers and the property sector as a whole. If you are a first time buyer or buyer looking to make your next move, then thanks to the Stamp Duty holiday now is a great time to buy a property! However, the sooner you start the process the better as you must complete no later than 31 March 2021 to take advantage of this or risk missing it. Bear in mind that a property purchase can take several weeks/ months to complete and before we know it the deadline will be looming. It is also worth noting that we cannot be sure what the Government will do with Stamp Duty after 31 March 2021; for example, will the previous first time buyer’s relief return? Will the thresholds return to their previous levels? Much will depend on the economic and political outlook one would imagine. We would encourage anyone to take advantage of the current holiday as this could save you as much as £15,000 – crucial for a first time buyer and quite possibly the difference between being able to buy a property or not.
Prince Evans specialise in all aspects of new build property. Please contact Prince Evans’ New Build Homes team 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 HELP TO BUY - NORTH PlusDane Tel: 0300 790 0570 helptobuyagent1.org.uk Cheshire Cumbria Durham East Riding of Yorkshire Greater Manchester Lancashire Merseyside North Yorkshire Northumberland Tyne and Wear South Yorkshire West Yorkshire
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ZONES, HELP TO BUY AGENTS, HELP TO BUY PROVIDERS AND MORE...
HELP TO BUY - SOUTH Radian Tel: 0800 456 1188 helptobuyagent3.org.uk Bedfordshire Berkshire Bristol Buckinghamshire Cambridgeshire Cornwall Devon Dorset East Sussex Essex Gloucestershire Hampshire Hertfordshire Isle of Wight Kent Norfolk Oxfordshire Somerset Suffolk Surrey West Sussex Wiltshire
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Warwickshire
Tel: 0300 790 0570
West Midlands
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Cheshire
SOUTH
Cumbria Durham
Radian
East Riding of Yorkshire
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North Yorkshire
Berkshire
Northumberland
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Tyne and Wear
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West Yorkshire
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USEFUL CONTACTS HELP TO BUY PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING HELP TO BUY (SHARED OWNERSHIP) AND RENT TO BUY PROPERTIES
LONDON Catalyst Housing
Octavia Housing
BMA Property Group
Hastoe Housing
Optivo
octaviahousing.org.uk
bmapg.com
Association
optivo.org.uk
020 8354 5500
020 8942 4062
hastoe.com
0800 012 1442
homesbycatalyst.co.uk 0300 456 2099 Clarion Housing
Southern Home Ownership shosales.co.uk
0300 123 2250 Optivo
Chelmer Housing Partnership
optivo.org.uk
chp.org.uk
Home Group
originhousing.org.uk
0800 012 1442
0300 555 0500
homegroup.org.uk
0300 323 0325
myclarionhousing.com/
01235 515 900
Origin Housing
0300 555 2171 Sovereign Housing sovereignliving.org.uk
0345 141 4663
0300 500 0926
sharedownership
Origin Housing
CHS Group
020 7378 5638
originhousing.org.uk
chsgroup.org.uk
Housing Solutions Group
Association
0300 323 0325
0300 111 3555
housingsolutions.co.uk
orwell-housing.co.uk
Stonewater
0800 876 6060
0345 601 0030
stonewater.org
Estuary Housing Association
Orwell Housing
01202 319 119
estuary.co.uk
Paradigm Housing
Clarion Housing
0300 304 5000
paradigmhousing.co.uk
myclarionhousing.com/
Hyde New Homes
PA Housing
0845 337 4877
sharedownership
hydenewhomes.co.uk
pahousing.co.uk
Swan Housing Association
Fabrica
Peabody
020 7378 5638
0345 606 1221
0300 123 2221
swan.org.uk
fabrica.co.uk
peabodysales.co.uk
0800 783 2159
020 7021 4842
Crown Simmons
L&Q
Paradigm Housing
crownsimmons.org.uk
lqgroup.org.uk
paradigmhousing.co.uk
Thames Valley Housing
Gateway Housing
Places for People
01372 461 440
0300 456 9998
0300 303 1010
Association
Association
placesforpeople.co.uk
gatewayhousing.org.uk
01772 667 049
Estuary Housing
Metropolitan
Peabody
Association
metropolitansales.org.uk
peabodysales.co.uk
020 3535 2555
020 7021 4842
Moat
Places for People
Fabrica
moat.co.uk
placesforpeople.co.uk
0300 323 0011
01772 667 049
Notting Hill Genesis
Rosebery Housing
Flagship Homes
nhgsales.com
Association
0333 000 4000
rosebery.org.uk
020 8709 4300
0300 303 2500
tvha.co.uk
Sanctuary London
estuary.co.uk
Guinness Partnership
sanctuary-homes.co.uk
0300 304 5000
guinnesspartnership.com
0800 916 1444
0303 123 1890 Site Sales
fabrica.co.uk
Hexagon
site-sales.co.uk
0800 783 2159
hexagon.org.uk
020 8502 5758
020 8778 6699 Shepherd’s Bush Housing
flagship-homes.co.uk
Home Group
sbhg.co.uk
0808 168 4555
homegroup.org.uk
020 8996 4200
020 8607 0550 Town and Country Housing tchg.org.uk 01892 501 480 Worthing Homes worthing-homes.org.uk 01903 703 108
SOUTH WEST
01372 814 000 Aster Group
Nu Living Guinness Partnership
nuliving.co.uk
Sanctuary South East
buyanasterhome.co.uk
Southern Home
(South)
0800 819 9390
sanctuary-housing.co.uk
01380 735 480
Hyde New Homes
Ownership
guinnesspartnership.com
hydenewhomes.co.uk
shosales.co.uk
0303 123 1890
0345 606 1221
0300 555 2171
0345 141 4663
Islington and Shoreditch
Swan Housing Association
Housing Association
swan.org.uk
isha.co.uk
0300 303 2500
0800 131 3348 Cornerstone Housing
One Housing Group onehousing.co.uk
Soha Housing
cornerstonehousing.net
0300 123 9966
Soha.co.uk
01392 273 462
0300 131 7300 Thames Valley Housing L&Q
Association
lqgroup.org.uk
tvha.co.uk
0300 456 9998
020 8607 0550
Metropolitan
Wandle Housing
metropolitansales.org.uk
Association
020 3535 2555
wandle.com 0300 200 0120
Newlon Living newlonliving.co.uk
SOUTH EAST
0800 058 2544 Accent Group Notting Hill Genesis
accentgroup.org
nhgsales.com
0345 678 0555
0333 000 4000 Aster Group Nu Living
buyanasterhome.co.uk
nuliving.co.uk
01380 735 480
0800 819 9390
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USEFUL CONTACTS HELP TO BUY PROVIDERS CURO
Rooftop Housing Group
Accord
Friendship Care & Housing
Nottingham Community
South Staffordshire
curo-group.co.uk
rooftopgroup.org
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fch.org.uk
Housing Association
Housing Association
01225 366 000
0800 042 1800
0300 111 7000
0300 123 1745
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ssha.co.uk
0800 013 8555
01785 312 000
Elim Housing
Sanctuary Southwest
Acis Group
Home Group
elimhousing.co.uk
sanctuary-housing.co.uk
acisgroup.co.uk
homegroup.org.uk
Orbit
Waterloo Housing
01454 411 172
0800 131 3348
0800 027 2057
0345 141 4663
orbit.org.uk
Association
0800 678 1221
waterloo.org.uk 0800 435 016
Green Square
Severn Vale Housing
Bromford Group
Guinness Partnership
greensquaregroup.com
svhs.org.uk
bromford.co.uk
(Northern Counties)
PA Housing
01249 465 465
01684 272 727
0330 123 4034
guinnesspartnership.com
pahousing.org.uk
WM Housing Group
0303 123 1890
0116 257 6716
wmhousing.co.uk 0300 790 6531
Guinness Partnership
Sovereign Housing
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sovereign.org.uk
caldmoreaccord.org.uk
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guinnesspartnership.com
0300 500 0926
0300 111 7000
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0345 309 0700
01772 667 002
0303 123 1890
NORTH WEST Accent Group
Stonewater
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myclarionhousing.com/
Metropolitan
Riverside Housing
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Association
01202 319 119
sharedownership
metropolitansales.org.uk
Association
0345 678 0555
020 7378 5638
020 3535 2555
riverside.org.uk
hastoe.com 0300 123 2250
Westward Housing
Liverty
westwardhousing.org.uk
Derwent Living Housing
Midland Heart
dchliverty.com
0300 100 1010
Association
midlandheart.org.uk
Rooftop Group
derwentliving.com
0345 602 0540
rooftopgroup.org
0300 123 8080
MIDLANDS
0345 155 9029
01332 346 477
Places for People
Adactus Housing Group adactushousing.co.uk
0800 042 1800
0300 111 1133 Arcon Housing Association
Muir Group
placesforpeople.co.uk
Accent Group
East Midlands Housing
muir.org.uk
Sanctuary Midlands
arcon.org.uk
01772 667 049
accentgroup.org
Association
0300 123 1222
sanctuary-housing.co.uk
0161 214 4120
0345 678 0555
emhhomes.org.uk
0800 131 3348
0300 123 6000
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USEFUL CONTACTS HELP TO BUY PROVIDERS CDS Co-operatives
0117 407 2415
0345 678 0555
cds.coop 0333 321 3030 Eden Housing Association
Equity Housing
Guinness Partnership
Acis Group
manninghamhousing.co.uk
Accent Group
muir.org.uk
acisgroup.co.uk
01274 771 144
accentgroup.org
0300 123 1222
0800 027 2057
0345 678 0555
Places for People
Broadacres
muir.org.uk
Bernicia
placesforpeople.co.uk
broadacres.org.uk
0300 123 1222
bernicia.com
01772 667 002
01609 767 900
Progress Housing Group
Crucible Homes
placesforpeople.co.uk
Castles and Coasts
progressgroup.org.uk
cruciblesalesandlettings.co.uk
01772 667 002
castlesandcoasts.co.uk
0333 320 4555
0114 241 3430
0800 085 1171 Together Housing
Regenda Homes
Equity Housing
togetherhousing.co.uk
Erimus Housing Ltd
regenda.org.uk
equityhousing.co.uk
0845 077 0027
erimushousing.co.uk
0344 736 0066
0300 123 4460
Home Group
0300 111 1000 Sanctuary North
homegroup.org.uk
Riverside Housing
Guinness Partnership
sanctuary-housing.co.uk
Guinness Partnership
0345 141 4663
Association
(Northern Counties)
0800 131 3348
(Northern Counties)
riverside.org.uk
guinnesspartnership.com
0345 155 9029
0303 123 1890
impacthousing.org.uk
guinnesspartnership.com Stonewater
0303 123 1890
stonewater.org Sanctuary North
Home Group
sanctuary-housing.co.uk
homegroup.org.uk
0800 131 3348
0345 141 1663
Association
01202 319 119
Home Group homegroup.org.uk
Wakefield and District
0345 141 1663
Housing
irwellvalleyha.co.uk
Your Housing Group
Leeds Federated Housing
wdh.co.uk
Karbon Homes
0161 610 1000
yhghomes.co.uk
Association
0345 850 7507
karbonhomes.co.uk
0845 618 5008
lfha.co.uk 0113 386 1000
Knowsley Housing Trust k-h-t.org 0151 290 7000
0300 111 1000
0344 800 3800
0303 123 1890
Irwell Valley Housing
Thirteen
Places for People
guinnesspartnership.com
0344 873 6290
0800 131 3348
thirteengroup.co.uk
Muir Group
(Northern Counties)
Impact Housing
Sanctuary North sanctuary-housing.co.uk
Muir Group
equityhousing.co.uk 0300 123 4460
NORTH EAST
Association
edenha.org.uk 01768 861 400
Manningham Housing
YORKS/ HUMBER
L&H Homes
0808 164 0111 Your Housing Group yhghomes.co.uk
Places for People
0845 618 5008
placesforpeople.co.uk
landh.org.uk Liverpool Housing Trust
Accent Group
lht.co.uk
accentgroup.org
01772 667 002
0345 309 0700
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20 QUESTIONS Markus Kendall-Young is Group Head of Sales and Marketing at Catalyst, one of the UK’s leading housing associations providing fantastic opportunities to first time buyers. Having worked in the housing industry for over 15 years, leading sales and marketing teams for a range of developers, Markus’ love for property has propelled him to the top of the game. Today he leads a team responsible for a huge network of developments across London and the Home Counties, including shared ownership and Help to Buy schemes
20 QUESTIONS W i t h Markus
Kendall-Young
What room at home is your favourite? My summer room. It’s a lovely bright airy space on the back of my house, which I can open out into the garden. I often work in this room, but I also sit in there during the evening, relax, watch some TV and listen to the world outside as the evening draws in. What’s your favourite gadget or technology that at home? It’s probably my iPad. There was a time when I thought I’d never take to iPad or iPhone technology, but now I wonder where I’d be without it. Whenever something pops into my head, it’s so easy to do research, or do shopping, or chat with friends on a video call etc. What colour do you think everyone should have in their home? As I’m an earth sign, I love all the of the earthy colours. So, for me, it’s beautiful olive greens. I love the warmth they create, and also the feeling of nature that colour palette produces. Which three people would you invite over for a housewarming party if you could have any guests? I’d probably invite Davina McCall, I find her so down to earth and I love her bubbly personality. I’d love Phil Spencer or Kirstie Allsopp as I love watching their relocation programmes! My last one would be my childhood music idol, Madonna. What a wonderful complex character she has and so talented, I think we could talk for hours! What’s your favourite memory from your childhood home? My garden! I think most children adore exploring their gardens. I remember really clearly having a little den. I thought no one knew it was there and they couldn’t see me. Of course, I know now that they could see me all along, but it was so much fun exploring! What interior trend do you hate? Hate is a probably a strong word for me, but I’m not a huge fan of anything glass like tables etc (I worry they will smash!) and also there’s a trend of losing wall kitchen cabinets going on. That wouldn’t work for me, I like the storage space! Would you rather have a garden or a balcony? Garden, so much to do, so much to see! I love the ability to create different spaces and zones within your garden. Do you prefer modern homes or period properties? I’m a modern fan! Having had four new build homes now and about to move on to my fifth, I can’t imagine having an old home. I’m not a great DIY person either, so doing the renovation really doesn’t float my boat!
Would you rather have a library room or media room at home? Media room! I have never been a big reader, however, I love a good film or a box set, and a bit of binge TV on Netflix of course! Would you prefer a luxurious bathtub or a sumptuous shower? I’m more of a shower person. I just get bored sitting in the bath! Would you rather live in the bustling city or in the country? I love both to be honest, but country usually wins for me. Having lived in both areas, there are pros and cons for both. However, my view has always been its far easier to visit a city and duck out again. If you were buying a property overseas, in what country would you buy a home? Without a doubt, the Canary Islands. I love spending time in Fuerteventura and Lanzarote and have friends there. The sun, the breeze and the laid-back lifestyle are just perfect. Would you rather have a bigger property or a better location? Better location. You should always buy the best home you can afford in the best location you afford. What is one thing you couldn’t live without at home? My bathroom. I can spend ages in there. I’m lucky it faces on to open countryside with no frosting on my windows, so I can spend ages gazing at the wonderful scenery outside while getting ready. What’s your favourite way to unwind at home after work? Definitely a nice G&T on the patio on a summer evening. What’s your favourite thing about your home? Its specification. It’s so important when you buy a new build home to consider what it comes with. I chose my house based on everything in the specification that came with it. Where did you buy your first home? My first home was a new build little semi-detached house in Leicestershire that my mother eventually ended up making her home. She adored it, and it was the place she called home for the rest of her life. That was my first experience of buying a house, which was all very daunting at the time, but I remember how much I relied on the professionals around such as my solicitor. What advice would you give a first time buyer? Do lots of research first, not only on the developer, but consider location, specification, and how your lifestyle will work with any potential home. Maybe revisit the area in the evening and see what it feels likes and if it works for you socially too? What are your views on shared ownership? Shared ownership is a fantastic product to make homeownership more affordable if you have a smaller deposit. It gives so many more people access to start that journey of homeownership. Generally, the specification of shared ownership homes in London is really comparable with outright sale. However, we need more education on the product and not to make anyone feel that this a less desirable product than say the Help to Buy or outright sale. What are your views on the property market? I think now is the ideal time to buy. With the Stamp Duty holiday in place, you can really take advantage of saving thousands. catalyst.homes
114 First Time Buyer October/November 2020
FTB 114-116 20Qs October-November2020.indd 114
15/09/2020 14:40
FTB 114-116 20Qs October-November2020.indd 115
15/09/2020 14:40
FTB 114-116 20Qs October-November2020.indd 116
15/09/2020 14:40