Jonnie Irwin TV presenter
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I really wanted a new oldertakingheadachenotbecausepropertybuildIdidwanttheofonanproperty.
We are taking a day trip to the site next week and will be poring over the brochure in the meantime. Sarah Beckinsby, House Hunter, page 16 Now more than ever is the time to read up on the energy sector and ask the boring questions at the viewing.
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EDITORIAL 020 3488 7754 Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk
Editor LYNDA CLARK lynda@ rsttimebuyermag.co.uk Assistant and Head of Special Events KATIE WRIGHT and Special Events Assistant SOPHIE MUNNERY Creative Director RYAN BEAL Sub Editor KAY HILL Social Media KATIE WRIGHT, SOPHIE MUNNERY Contributors CHRIS CLARK, DEBBIE CLARK, KAY HILL, JONNIE IRWIN, SOPHIE MUNNERY, LAURA DEAN-OSGOOD, CORALIE PHELAN, LESLEY PRICE, MIKE PRIOR, GINETTA VEDRICKAS, KATIE WRIGHT
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Welcome
Jonnie Irwin, Jonnie’s World, page 9I did lots of the work myself as all my money had gone on buying the place. Rachel Watkyn, At home with, page14
The conceptwholeof shared ownership makes sense to me. Rupi Hunjan, 20 Questions, page 122
Editorial
ADVERTISING 020 3488 7754 Director of Advertising/Exhibition Sales LYNDA CLARK lynda@ rsttimebuyermag.co.uk Special Events KATIE WRIGHT – First Time Buyer Home Show – First Time Buyer Readers’ Awards katie@ rsttimebuyermag.co.uk Accounts accounts@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL rachel@building-relations.co.ukCOLGAN
It was amazing to celebrate the First Time Buyer Readers’ Awards recently and have the opportunity to meet up with so many housing industry colleagues. This year we have been overwhelmed with the support we have had, with a record number of entries and a sell-out at the lunch. A very big thank you to everyone for taking the time to vote – it really means so much and if you turn to pages 81-91 you can see all the winners and highly commended.
Getting a deposit together is one of the biggest stumbling blocks on the way to getting on the property ladder. But there is good news as Halifax has lowered the deposit needed to secure a mortgage on new build homes to 5%, which will help many of you who are struggling. Do turn to pages 24-28 where you can find out more and we also highlight some lovely affordable homes. I hope you enjoy this issue, which is packed with information and help on buying your first home – enjoy! Until next time, happy house hunting firsttimebuyeronline@firsttimebuyer
Editorial
The annual Shared Ownership Week campaign returns from 15 to 21 September, aiming to help homebuyers understand how using the scheme can help you buy an affordable home. I do hope that you enjoy our shared ownership supplement where you can find lots of information and many lovely developments available through the Government scheme, plus an explanation of how the scheme works.
EDITOR’S PICKS…
Zahraa Al-Asadi, Real Life, page 72
EDITOR’S LETTER First Time Buyer October/November 2022 3
14 At home with… Rachel Watkyn Rachel Watkyn is a multi-awardwinning eco-entrepreneur who set up Tiny Box Company from her bedroom 14 years ago. A true advocate for sustainability, she has recently launched a new range of sustainable activewear called Chief and Turtle. She talks to Lynda Clark about her first home, her traumatic childhood and her exciting career.
CONTENTS 4 First Time Buyer October/NovemberOCTOBER/NOVEMBER2022 2022 / ISSUE 97 / FIRSTTIMEBUYERMAG.CO.UK
9 Words from Jonnie TV presenter and property expert Jonnie Irwin gives his views on the housing market.
40 Urban Moves leads the market in shared ownership resales
20 The View: Jonnie Irwin
For72Zahraa Al-Asadi, 25, a new build with security and no repair issues was a priority in her search for a home in Brighton. She recently moved into her new home she purchased with her mum, Zainab. The family used Help to Buy in order to buy a two bedroom apartment at Optivo’s flagship development, Home X, which forms part of the Preston Barracks Regeneration, along Lewes Road.
FEATURED
PriorMike©photoCover
16 House Hunter We try to find Sarah and Alan Beckinsby a one or two bedroom home in east London or Essex.
24 Low Deposit? Head to Halifax Saving for a deposit is very difficult for most first time buyers. Help is now at hand as Halifax, the UK’s largest lender, has announced it is lowering the minimum deposit from 10% to 5% on new builds. Debbie Clark looks at how it works and highlights some affordable homes.
10 FTB loves… Brilliant ideas to make your home office space the perfect clutter-free environment for hybrid working. 12 Living Bring the outdoors inside with the help of some lovely forest-inspired ideas to create the perfect oasis.
HOMEPAGE
30 Housing Aspiration for the Next Generation Housing association SO Resi has recently released its second annual report into the status of shared ownership in England, revealing a severe oversight in financial education given to the next generation of first time buyers about the housing industry. SO Resi surveyed 2,000 18- to 30-year-olds and we take a look at the results.
18 Developer’s doctor Francesca Tizzard, Regional Head of Sales & Marketing for the South East at Places for People, answers your property question.
– the best propertiesFTB
The lowdown on what shared ownership resales are and how they work in practice.
What’s in…
For73sale
Popular TV presenter Jonnie Irwin hosts a variety of property shows on TV. He is also the “face” of Shared Ownership Week this year, and a genuine advocate of the scheme. He talks to Lynda Clark about his busy working life, his home and the property world, and gives some excellent advice to first time buyers.
We look at Whitstable as a place to live. 73 For Sale The best FTB properties. 94 First home, first meal Connor Black, Head Chef at The Bull & Bear in Manchester’s Stock Exchange hotel, creates a delicious baked cheddar souffle with bitter leaves and proper cheesy sauce – a perfect treat for lunch or dinner to enjoy with friends and family.
Highlighting some of the best compact kitchen gadgets on the market to help in your first home.
All your property questions answered by our panel of experts.
107 Buyer’s Guide
LONG WAY SINCE ITS INCEPTION AND I REALLY FEEL IT’S THE MOST VIABLE WAY TO GET ON THE LADDER First Time Buyers Readers’ Awards 2022. The results are here! Discover the winners and highly ftbawards.comcommended 81
96
112 A Guide to Leases for First Time Buyers
Coralie Phelan, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, looks at the most important aspects of leases.
95 Inspector Gadget
HASOWNERSHIPSHAREDCOMEA
Check out FTB’s Buyer’s Guide, which walks you through the property buying process.
REGULARS 36 Hotspot
CONTENTS First Time Buyer October/November 2022 5 JONNIE IRWIN, PAGE 20 20 Jonnie Irwin 79 93 TwoCompetitionZestJasmine foldable outdoor chairs worth £379.98. WÄCHTERbundleWinCompetitionahomesecurityfromBURG-worth£220.
114 Directory Where and how to contact your Help to Buy Agents or providers.
Right to Buy Lesley Price FCILEx of CGM Hampshire Limited offers her thoughts on the Right to Buy scheme being extended to housing association tenants. 98 Ask Emilia Emilia is the Sales Director at Metro Finance. Here she explains how the mortgage application process works in seven easy steps. 100 Finance Interest rates are on the rise and the stress test on borrowing is axed. Kay Hill looks at what these mixed messages mean. 102 Market Modern modular homes are becoming more and more popular, but could they eventually be the answer to the housing shortage? Ginetta Vedrickas investigates. 104 Agony Agent
122 20 Questions We ask 20 quick-fire questions to a property expert and in this issue Rupi Hunjan, Managing Director of Censeo Financial, is in the spotlight.
CHECKLIST We are currently renting but have found our first dream home at last. Do you have any sort of checklist I can use to ensure that our first home purchase runs as smoothly as possible? I am already getting stressed about it and I am only right at the beginning of the process! Leona Noel FTB says: It’s impossible to take all the stress out of a house purchase but here are some nifty tips to help you make it as easy as possible. Firstly, ensure you confirm your moving date and make sure you inform your landlord that you are moving if you are currently renting. Next, inform the people you pay bills to that you are moving to a new address. Book your removals company well in advance and try to declutter before the big day. Pack and label everything clearly. You might also consider registering to vote at your new address. Finally, make sure that you leave your current property in a decent condition and pack an essentials box for the few days after you move that will keep you going without hunting through lots of boxes. This should all help make your move that little bit easier.
HOW TO AVOID BEING GAZUMPED
This month be in with the chance to win this Souper Cubes Silicone Freezer Tray worth £19.99 from Lakeland. It’s like a giant ice cube tray but for food! Just batch cook your favourite soups, stews, and stock, leave to cool, cover with the lid, and freeze in this Souper Cubes Freezer Tray. Voila! You’ll now have a stash in the freezer ready for reheating at any time in handy one-portion sized cubes. Use to store leftovers in single portions so you always re-heat the right amount, saving you from throwing away any extra food if you find you have made too much! lakeland.co.uk
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WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. lynda@firsttimebuyermag.co.uk
CONFUSING TERMINOLOGY
a disbursement is and is it something that’s important? Nicholas Pennington FTB says: The definition of a disbursement is a payment that has to be made to a third party for a service provided or for a statutory required action on your behalf. Such services include bankruptcy searches, ID checks, property searches and title plans. If you have received a conveyancing quotation that looks too cheap or does not detail any disbursements, then be very careful and cautious, as these can soon add up. Your conveyancer or solicitor should be able to provide you with a full estimate of disbursements and conveyancing costs, including their legal fees for handling your purchase.
Daisy-May Hinton FTB says: Gazumping is where a new buyer swoops in to trump an existing offer that the seller has already accepted from another buyer, and it is extremely frustrating! You can insure yourself against this happening by taking out home buyer protection insurance. If the sale falls through because the seller changes their mind or accepts another offer, you’ll be able to claim back some
WHAT DISBURSEMENTS?ARE
Marvin Tang FTB says: When it comes to buying and selling property, of your conveyancing fees, survey fees and any other costs you may have had to pay out. Ensure you have a mortgage in principle in place and a solicitor lined up. This will help you to move rapidly and get contracts exchanged as quickly as possible. You may also consider a lock out agreement, essentially a contract between the seller and the buyer stating that the buyer has the exclusive right to buy the property within a certain period of time, but the seller has to be willing to sign this. the legal definition of vendor is the person who is selling the property. Whereas the purchaser is the person who is buying the property. When you are buying or selling a property you may find the estate agent or your solicitor refers to the vendor quite a lot. You can find a handy glossary of lots more homebuying terms on p111. Good luck with your journey!
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
I am a first time buyer and in the process of buying my first home. While talking to my conveyancer he keeps are.notdisbursementsmentioningandI’mquitesurewhattheseCouldyouexplainwhat
LETTERS First Time Buyer October/November 2022 7
I am in the process of buying my first home but I am getting quite confused with some of the terminology and I am not sure what a vendor is. The word comes up a lot and I would like to know what it means.
My partner and I were recently “gazumped” when trying to buy our first property. What can we do to ensure that this doesn’t happen again?
Jonnie Irwin gives his thoughts and views on first time buyers and the housing market
As a nation, I think we are fairly reactive. Despite forecasts, consumers seem to wait until the hot weather is cooking them out of their bedrooms before they make the trip to the shop, only to be greeted by an empty shelf that used to display cooling fans. I’ve been there
But to talk about the news; it’s hard to not get political but I shall endeavour to do so. Of course, my friend’s policy of ignoring the news has its attractions, but for most of us the foreboding economic outlook of climbing interest rates, record-breaking inflation, a hard recession twinned with the energy crisis is no doubt hard to hear, but valuable information to act on and prepare for in order to make these next few years tolerable.
As I’m sure you’ll agree, it’s not easy to have a sunny outlook at present. I had dinner with a good friend this week who declared that he couldn’t bear to watch the news at present. He conceded that he was his burying his head in the sand, but had the idea of re-engaging once this has all blown over. I can see the temptation in this approach, but he’s in the privileged position of being one half of a well-salaried couple living in a two bedroom apartment in London – he’s fairly sheltered from much of the impacts of the cost-of-living crisis at least. That still leaves the war in Ukraine, the hostilities between the US and China over Taiwan and, of course, the climate emergency – I don’t say “climate change” because that doesn’t inspire the necessary, immediately required action. On top of all this, you also have the change in Tory leadership. Of course, this, to me at least, has been some good news in Johnson eventually conceding that the game was up – albeit rather belatedly.
Thismyself!timearound I want to get ahead of the storm. If you believe the press, then this winter we are not only facing massive fuel bills but the very real prospect of power shortages and blackouts! I am not a man to panic, but with a young family, living in a fairly large house, I need to plan for this. Feel free to scoff but the thought of no heating in Newcastle terrifies me, being able the bathe my kids every night is something I’ve previously taken for granted and the melt downs from them not being able to watch Fireman Sam or Peppa Pig suggest tantrums are in the post. So, what are my options?
OPINION First Time Buyer October/November 2022 9
Well due to some necessary tree surgery work I now have a large supply of logs – I‘m getting quotes for a couple of fireplaces for heating so that could help. Without doubt a much bigger financial commitment and more environmentally friendly would be to install solar panels. Fortunately, I have a large south-facing roof which is ideal. The quote for fitting a system is about £12,000 with a pay-back currently of around nine years – not ideal! If you’re reading this and involved in solar energy please get in touch – I’ve a lot to learn. However, the alarming prediction of a further massive rise in the price cap could reduce the payback to six years, which is more palatable but still a huge investment. Of course, these prices are (hopefully) temporary but for how long? Plus, I doubt they’ll ever go back to 2020 prices. On top of all this, solar panels alone aren’t going to heat my house. Apart from shopping around on price comparison sites every couple of years to assess the best energy deals, I’ve been uninterested and ignorant of the energy mix I’m consuming. Since having this stock take I’ve learnt that my electricity consumption and expenditure is dwarfed by my gas use and realised what I pay once I strip it out from the overall energy figure. My options here are replacing a fairly new heating system with a heat exchange or air/ground-source system, which I admittedly know nothing about and looks costly. Short term, I’ve even considered getting a stand-alone LPG tank. This way I can buy and store my own supply of gas at today’s rip off prices before they go stratospheric in a few months, and it will also safeguard any future issues that may occur with the supply chain from the East. Of course, I’ll also need to consider the cost of the tank and fitting which might be prohibitive.Readingback through this I appreciate I might look a bit paranoid but in my defence the energy cost emergency isn’t going away quickly and we all desperately need to make efforts to make our home environmentally more friendly, although I’m not sure how the fireplaces fit in with this thinking!
TV presenter and property expert
This whole process has taught me a lot about my energy use and I’m starting to learn how our homes might look like in the future. For a first time buyer, it’s not enough to just check the Energy Performance Certificate. You must also try to consider how the property you’re considering will fit in with future rules and regulations imposed by the Government. Gas boilers are destined for our memories and a modern system which is hydrogen-ready will save you a big bill in the future.
WORLD
Winter is coming… I try to be a positive person. I believe as a father you have a responsibility to project an image that goes beyond merely enthusiastically congratulating your son for leaving a surprisingly large deposit in his potty – oh yes, potty training has come to the Irwin household! It’s actually been a fairly painless process – aided and abetted by copious amounts of chocolate-based rewards – but I think we are there. Not looking forward to the twins’ efforts though!
Now more than ever is the time to read up on the energy sector and ask the boring questions at the viewing. What sort of insulation does it have and where? What is the heating system? Gas or electric hob? What’s the thermal performance of the windows and doors? The selling agent might not know this but you can make a note of the manufacturer and model and check at home.
Of course, you might still opt for the property you simply fell in love with, but if it’s a choice between two homes this could help you in the decision.
As we continue to work from home, it is important to consider and dedicate an area to your working life by making a space that will limit the distractions of the TV and the snacks in the kitchen. Creating an office set-up at home can help you be more productive and enable you to switch off at the end of your day. A clean desk does not always have to mean a cluttered desk drawer! We have found some cool and quirky office ideas to get you started! FTB LOVES 10 First Time Buyer October/November 2022 Tidy desk, tidy mind Tipi desk with shelf and drawer, £120, studio.co.uk studio.co.uk Leaning desk, £179, John Lewis johnlewis.com Copper desk lamp, £29.99; peach of ce chair, £99.99, TK Maxx tkmaxx.com Keep your desk space free with this easy-to-use peg board and paper storage to keep even the smallest of workspaces ef cient! Metal peg board, £20; Elements steel A4 paper tray, £10; steel pen storage, £8; desk lamp, £12, Dunelm dunelm.com To do or not to do To do list, £1; weekly desk planner, £1.99; Wild Style pens, set of 3, £1.50, Card Factory cardfactory.co.uk
FTB LOVES First Time Buyer October/November 2022 11 Keep on growing arti cial plant, £2.99, Card Factory cardfactory.co.uk Looking for a stylish vibe? Then this of ce space is what you need to add sophistication and class to your of ce set up. Peio desk, £275; global rope shade, £32; patterned wool habitat.co.ukrug, £195, Habitat Make your space make sense! 6 copper clips, £6.99; blue ling cabinet, £129.99; storage and ling box, £9.99; Lorry pencil carrier, Homesense£3.99, homesense.com
Bring the outside in Homepage LIVING 12 First Time Buyer October/November 2022 Missing the sunshine and outdoors already? Then bring the greenery into your home with outdoor prints and forest vibes to ensure you continue that summer feeling. Add real or artificial potted plants to create an indoor oasis and discover natural textures like wood and stone to add another dimension to your home. Here are our picks for leafy inspiration… Tropical leaf print cushion, £9; circular cushion, £10; jungle print cushion,£10; tassel cushions, £10 each, Primark Double green leaf bedding set, Habitat£24, Palm jacquard bedding set, from £39.50; large round mirror, £99, M&S Acorn candleshaped , £3, B&M Hanging legs faux plant, £2.50, Primark Gold hanging basket with faux plant and pot, £15, Primark Hammock framed wall art, £49.50, Oliver Bonas Leaf cushion, £8, Matalan Green leaf vase, £24, Next
Homepage LIVING First Time Buyer October/November 2022 13 CONTACTS » Abstract House abstracthouse.com » Bean Bag Bazaar beanbagbazaar.co.uk » B&M bmstores.co.uk » Dunelm dunelm.com » Ella James ellajames.co.uk » Furniture Village furniturevillage.co.uk » Gisela Graham giselagraham.co.uk » Habitat habitat.co.uk » M&S marksandspencer.com » Matalan matalan.co.uk » Next next.co.uk » Oliver Bonas oliverbonas.com » Primark primark.com » Wall Sauce wallsauce.com » Wilko wilko.com Botanical leaf art print, £41.95, abstracthouse.com Glass botanical mister, ellajames.co.uk£14, Leaf wallpaper mural, from £30, wallsauce.com Natalia armchair bean bag & stool, beanbagbazaar.co.uk£179.99, Cotton throw, giselagraham.co.uk£18.99, Ceramic fan leaf pot cover, giselagraham.co.uk£8.99, Miami full leaf rug, £119, Furniture Village Hanging plant on black wire triangle shelf, £15, Wilko Velvet round cushion, £22; navy chenille curtains, from £60; dining chair, from £55.30; velvet square cushion, £14, Dunelm Jungle picnic leaf plate, £5, M&S Clothes rail, £20; set of 2 wooden boxes, £10;lidded storage cube, £8; Arti cial string of pearlsplant in cement pot, £7; dinner set, £18; wallclock, £10, Dunelm
Rachel Watkyn is a multi-award-winning eco-entrepreneur who set up Tiny Box Company from her bedroom 14 years ago. She is a true advocate for sustainability and ensures that not only the products she sells have strong green credentials, but also the workforce and company ethos mirror these beliefs. After recently launching a new range of sustainable activewear called Chief and Turtle, she talks to Lynda Clark about her first home, her traumatic childhood and her exciting career
FTB: Where do you live now? RW: Steve, my husband, and I bought a house in 2016 in Uckfield, East Sussex, which again was a project. Before we bought the house, we had been gazumped eight times as it was crazy and every time we made an offer we were outbid and we just couldn’t save fast enough. I had started the business and as everyone knows you don’t make a profit for the first few years, so I was putting money into that. We didn’t ever really like the house; it needed so much work and it was the start of the pandemic and lockdown and we just couldn’t find any builders. I suggested to Steve that we should move but he said it wasn’t the time to buy and sell. Then a house we had seen before and we were not sure about came on to the market. We did a drive-by and decided to see if we could view it, but as it was lockdown we were only allowed one viewing, which was quite hard. We decided to take a gamble and make an offer, which was accepted. Again, because of lockdown we had to hire a lorry and move ourselves and weirdly when we got all our furniture in it, it looked like the house had grown as it was so much bigger than we remembered. We laughed as it looked a little like we had been burgled as
Homepage LIVING 14 First Time Buyer October/November 2022
At home with: Rachel Watkyn “I DID LOTS OF THE WORK MYSELF AS ALL MY MONEY HAD GONE ON BUYING THE PLACE SO IT WAS NEEDS-MUST!”
FTB: Tell us about your first step on the property ladder. RW: I was 26 and bought a sort of townhouse-cum-maisonette in Maidenhead. It was on the market for £123,000 but it was during the 1997/1998 dip so I managed to buy it for £105,000. It had four bedrooms and a separate dining room and was a lovely house, but the day I picked up the keys I sat on the floor and cried! I was working at a software company at the time and was continually travelling, so I never really thought things through properly and suddenly realised that actually the house was a project and needed masses doing to it. I did lots of the work myself as all my money had gone on buying the place, so it was needs-must! I did plastering, stripped down woodwork and laid the kitchen floor. I lived there for four years and eventually sold it for £228,000 so I made a pretty good profit.
FTB: Tell us about your career RW: My first job was with the John Lewis Partnership on a graduate management training scheme focusing on accounting. I really didn’t like it and decided to move into treasury roles but that was a disaster too! I then went into selling financial systems for a large software company. I had to travel the world and had no social life and was literally living out of a suitcase – but I did love it. I was in the office on my own one day near Christmas and there was a call from the Accountant General in Sierra Leone. He asked if we could set up a new system for them and so we built it in the UK and then I flew out there to show them how it worked in more detail. There was a terrible civil war going on, so I basically walked into a war zone! It was pretty horrific and I had to stay with the Accountant General as there were no hotels and you could constantly hear gunfire. It was also a very humbling experience as the people were desperately poor and in a terrible situation and there was no way out. When I got back I had a lot of pain in my abdomen and eventually the doctor said he would need to operate to see what was wrong. It turned out it was my appendix but not long after the operation I started getting awful seizures every day, which were very frightening and the doctors didn’t know why they were happening. These went on for six weeks or so and I was bedridden for nine months and then diagnosed with Chronic Fatigue Syndrome and could barely sit up in bed.
FTB: Tell us about your new venture? RW: I sadly got breast cancer in 2016 and then lung cancer in 2019 but thank goodness, I am now in remission. So, because I am very keen that we should all be environmentally friendly, when I spoke to a friend who was looking for equestrian
wear that was eco-friendly and couldn’t find any, it got me thinking. Because I am a change-maker I felt I had to do something to help make sustainable activewear easier to find, while also helping so many small brands who are trying to do this. My friend and I collaborated and created Chief and Turtle – the Chief part of the name represents us being a voice of reason and knowledge, promoting sustainable fashion and leading the way for change. The Turtle represents our care for the natural world and all living things. Globally, the turtle is a strong symbol in terms of environmental issues and is a great representation of the brand from many angles. We represent brands from all over the world and I am hoping it will be a real success.
Homepage LIVING First Time Buyer October/November 2022 15 our furniture looked so sparse. We love the house and it has about an acre of gardens and we are very happy here.
“ALWAYS HAVE A CONTINGENCY FUND AS INTEREST RATES ARE RISING RAPIDLY”
FTB: How did you start Tiny Box Company RW: In 2006, I had a plan to start a jewellery business but I couldn’t find any environmentally friendly packaging. It was impossible to buy off-the-shelf eco-friendly jewellery boxes in small quantities, with low lead times. Eventually in 2007, after months of research, I decided to set up my own box company. I was then in a friend’s shop discussing the business and Robin Banks walked in. He had been a DJ and broadcaster and after talking to me for a while he asked for a job. Somehow, I agreed and he joined the business, but he really missed broadcasting and wanted to get back into his own world but was afraid of letting me down. Without telling me, he applied to the TV show Dragons’ Den. I had a call from them out of the blue asking me lots of questions about what I wanted the investment for. I was shocked but decided to go along with it and we ended up going on the show and getting £60,000 for a 40% share of the business from two of the Dragons. With this, Robin was able to leave the business and Tiny Box Company grew rapidly. We now have over 90 staff and a turnover of around £10m.
FTB: What advice do you have for first time buyers? RW: Always have a contingency fund as interest rates are rising rapidly. Remember that what you can afford now might not always be the case. So, my advice is to think ahead and ensure you have enough money for all eventualities.
chiefandturtle.co.uktinyboxcompany.co.uk
FTB: You had a very traumatic childhood. Can you tell us about that? RW: It was a very difficult childhood and I spent my formative years, from eight months to three, in a children’s home. Eventually my parents asked if they could have me and my sisters back home with them. It wasn’t a success and we were constantly moving from place to place. My parents were just not able to emotionally support us and that led to a very disrupted education. I eventually begged them to let me go to boarding school and somehow managed to get A-levels and go to university, but I really don’t quite know how I coped.
THE ZERO CARBON HOME
THE CONTEMPORARY CHOICE
16 First Time Buyer October/November 2022 Homepage FIRST RUNG The HUNTERHOUSE
This month FTB goes on the hunt with Sarah and Alan Beckinsby, who are looking to buy their first home together. The couple are considering either east London or heading slightly further afield to Essex Name Sarah Beckinsby, 26, and Alan Beckinsby, 25 Occupation Physical therapist, Of ce Manager Maximum budget £300,000 Requirements A home with one to two bedrooms in either east London or Essex, with good transport links into central London PROFILE
The Harlow,SquareEssex So Resi Hope EssexStanford-le-Hope,Green,
Alan grew up in a village not far away from Harlow, so we have had many a night out there over the years! We love the choice of different layouts on offer and the views from the higher oors look very scenic, which is really appealing having spent so long in a built-up area. The overall design has a very elegant, modern feel to it as well, which we both like. It’s really well located for commuting, too, which is great news.”
We are impressed with the eco credentials here. This is a topic close to our hearts and we’d love to be part of such a great scheme. The homes look beautifully designed, too.
What they thought…
One of Britain’s rst zero carbon developments, Hope Green is an innovative ecological development, set within beautiful green spaces and within walking distance of the River Thames. The two, three and four bedroom apartments and houses here qualify as zero carbon and are designed, and precisionengineered, to reduce energy use and cost to residents year-on-year. The site includes an ecological reserve, and extensive cycle and walkways – all a ve-minute walk from Stanford-le-Hope railway station where trains run to London in under an hour. soresi.co.uk
We got married earlier this year and are looking to buy our rst home together. We both work in London and currently rent in Islington, but our place is small and expensive and we really want something we can call our own and put our stamp on. We love the culture and convenience of the city but we’re also open to going further out, to Essex, for a slightly quieter pace of life. Alan is originally from the county, so we’re familiar with the area and have friends and family there. We would like two bedrooms if possible, so we have space for guests, but we don’t mind whether it’s a house or apartment at this point. Instead of a huge wedding we saved almost £30,000 to put towards a house. Our budget is around £300,000.”
*Based on 40% share of the full market value of £295,000 *Based on 30% share of the full market price of £492,500 £118,000*FROM £147,750*FROM
What we found…
What they wanted…
Stanford-le-Hope would be a great base for exploring the surrounding area. Southend isn’t too far and I do like to be beside the seaside! We love the idea of being more active and the walking, bike paths and outdoor space would be great.”
Commuter-friendly development The Square offers a contemporary collection of two bedroom apartments. Situated in Harlow, one of the original new towns, it’s less than a mile from Harlow Town railway station with speedy access to the capital. Homes are stylishly appointed and each apartment comes with lift access, a parking space and its own balcony or terrace, plus communal landscaped gardens. Inside, modern open-plan living areas are full of natural light and kitchens are streamlined and well equipped, with integrated appliances. landgah.com
A selection of two and three bedroom homes, Abbey Corner is situated close to the historic town of Colchester in Essex, an hour from London. This development is built with the future in mind – with energy-ef cient homes and electric vehicle charging points, plenty of green spaces and cycle paths surrounding the development. The house designs are elegant and welcoming, with private outdoor space, perfect for young couples and families alike. Inside, homes have contemporary kitchens, modern xtures and ttings and spacious carpeted bedrooms. peabodysales.co.uk
Abbey Colchester,CornerEssex
Barking Riverside East London
Portland House Beam Park, Rainham
“We are taking a day trip to the site next week and will be poring over the brochure in the meantime! We are keen to move quickly and have already registered and completed the nancial assessment. We’re so excited!” THE NEXT STEP
These houses are just stunning and so tastefully appointed. Colchester is such a great city as well – with so much history but with all the culture and amenities you could need to keep you occupied and entertained. I’d be really excited to get to know this area of Essex and explore all it has to offer. If we did leave east London, we’d get a car too, and would love to go electric, so the charging points would be really handy.”
Homepage FIRST RUNG First Time Buyer October/November 2022 17 First choice!THE HISTORIC CITY THE RIVERSIDE APARTMENT
Beam Park is a brand new neighbourhood in the recently regenerated suburb of Rainham, designed with community in mind. Amenities including schools, medical, faith and leisure facilities, as well as purpose-built open spaces, are all geared towards encouraging interaction between residents to create a shared sense of belonging. London’s Fenchurch Street can be reached in just 21 minutes from nearby Dagenham Dock station. Portland House, on the east side of the development, contains a range of high speci cation one and two bedroom properties, many with balconies. There’s a cycle store, plus cycle paths running to Canary Wharf. beampark.com
Barking Riverside is one of Europe’s largest brown eld developments, covering a striking 443 acres, next to 2km of breathtaking south-facing River Thames frontage. Residents can take advantage of the river by boarding a Thames Clipper to central London or take the train from the new Overground station. A new school is also now open at the site. A selection of stylish and comfortable one and two bedroom apartments are available, each one complete with a balcony or terrace, video door entry and bicycle storage. lqhomes.co.uk
I’ve always wanted to live by the water and getting a boat into town would be so much more fun than the tube! We love the look of the site and can see how it could foster a real community spirit. The choice of different apartment oorplans is exciting too and we like the idea of sitting on the terrace watching the sun set over the Thames. This is well located, with a slice of both east London and Essex never far away.” We love this development. It’s so close to London and the life we are used to but to have the opportunity to become part of a brand new community is right up our street. We are both very friendly, outgoing people and have struggled in London, over the years, to nd a sense of community in the places we have lived. The apartments look so luxurious and the range of parks and nearby nature reserve are very appealing. There is so much on offer here, from the gym to the purpose-built station, the cycling and pedestrian routes, and all the planned commercial spaces. Plus, it looks like Central Park in New York, which is where we spent our honeymoon!”
*Based on 30% share of the full market price of £430,000 *Based on 25% share of the full market price of £532,500 £129,000*FROM £133,125FROM £292,500FROM
THE NEW NEIGHBOURHOOD
Our friendly team is skilled at guiding customers through their homebuying journey and can give you all the support you need to secure your dream first home.
It’s a great scheme, and with many of our homes available to buy through shared ownership, stepping on to the property ladder is now a very real – and affordable –prospect for someone who might otherwise have struggled to buy their home outright. At Places for People, we’re here to support you every step of the way. How much of your home you decide to buy will vary depending on your circumstances, but it’s worth bearing in mind that buying a bigger share will mean paying a lower rent –and owning more of your home. We can arrange for an independent financial advisor to carry out an affordability assessment to determine the exact share that’s right for you. They’ll also carry out an affordability check with the most appropriate mortgage lender, to ensure you can get the amount you need to complete your purchase – and we can take care of that for you too. If you buy a smaller share to start with, you have the option of buying further shares in the future, which you can do in stages or all at once – known as staircasing. By doing this you reduce the rent you’re paying as you buy more of your home. Even though you’ll be part-renting your home, it’s still yours to decorate or refurbish however you like. And when you buy a brand new Places for People home, you’ll have the peace of mind of knowing it comes with a October/November 2022 10-year insurance-backed warranty. If you’re ready to buy your brand new home with shared ownership or you just want to know more, we’re here to help.
Francesca Tizzard is Regional Head of Sales & Marketing for South East at Places for People, a leading UK placemaker. Having worked in the property industry for 25 years, Francesca – who started out as an estate agent – oversees Places for People developments for the entire South East region. She is passionate about supporting the business to deliver a growing number of high-quality, affordable homes in connected and accessible communities for everyone to enjoy Q I’m a first time buyer and have heard about the shared ownership scheme but was wondering how it works exactly – and what support do you offer along the way? A Shared ownership is a very simple and cost-effective way of owning your home. With the scheme, you only need to pay part of the price of your home (usually between 25% and 75%) and pay rent on the rest. Your mortgage will be smaller, so you won’t need to save as much for a deposit.
For a high-quality home in a winning location, Abbeville Park at Burgess Hill, West Sussex, offers everything you need and more. Our thoughtfully designed one to four bedroom apartments and houses are generously sized and built to exacting standards, providing beautiful homes priced from £510,000.
With signi cant investment transforming Burgess Hill into one of West Sussex’s most sought-after destinations, you’ll have everything you need on your doorstep to enjoy life – and your new home –to the full. A wealth of new amenities, such as shops and restaurants, together with a good choice of schools and excellent sporting facilities make this a popular location for families, with the added advantage of the beautiful South Downs National Park being just a stone’s throw away.
MarketingRegionalFrancescaParkTizzard,HeadofSales&forSouthEast,PlacesforPeople
*Based on a 10% share with a full market value of £510,000
The exterior surroundings are just as appealing, with private gardens, parking areas and landscaping all carefully planned to enhance your environment. And these new modular homes are incredibly energy ef cient – taking around 20% less energy to heat than a typical new build.
While Burgess Hill is becoming a growing centre for jobs and businesses, those who need to can commute comfortably to both London and Brighton either by train or by car, owing to the town’s excellent road links and two nearby railway stations. Homes at Abbeville Park are available to buy through shared ownership for a minimum 10% share, which would make the initial purchase price for a three-bedroom home just £51,000. Register your interest at homestobuy.placesforpeople.co.uk/ nd-a-home/abbeville-park-burgess-hill or call 01444 360 065 Shared ownership available. Terms and conditions apply. See website for details. £51,000*FROM Burgess Hill, Abbeville
Jonnie Irwin is one of our most popular TV presenters, hosting a variety of property shows. He appears on Escape to the Country and A Place in the Sun. He is also the "face" of Shared Ownership Week this year, and a genuine advocate of the scheme. He talks to Lynda Clark about his busy working life, his home and the propertyPhotosworldMike Prior
Top Man! 20 First Time Buyer October/November 2022
THE VIEW
THE VIEW First Time Buyer October/November 2022 21 "LOOK AT YOUR SAVINGS AND SEE HOW MUCH REAL CASH YOU ACTUALLY HAVE. WHEN BUDGETING, YOU NEED TO THEN TAKE SOME OFF FOR MOVING EXPENSES, SOLICITOR’S FEES AND STAMP DUTY"
"If you have a family what is the school run like? Where is the local bus stop and would you feel comfortable walking home?
"I really believe that first time buyers should learn more about the area they are planning to buy in – look at about a fivemile radius of the area and if you can rent like I did, which is a slight sacrifice, then if will help in the long run to make a much better decision. You might not be able to afford your exact favourite road so you may need to compromise. But do your research and find out which places are best to avoid.
"The market in the South East is hot at the moment and inflation is terrifying, plus interest rates are climbing, so I advise every first time buyer to budget for the unexpected so there will be no surprises.
THE VIEW 22 First Time Buyer October/November 2022 J onnie Irwin is a man of many talents, and he is not the sort of person to sit back and watch the world pass him by.
Jonnie left university and worked as a commercial surveyor, which was very good grounding for his eventual work on TV property programmes. “I was working at a commercial business transfer agency and I had an email from a friend saying they had been approached by a production company who were looking for property experts for a new programme they were making. I thought it was a complete wind-up, but I decided to give them a call. I was told they had already looked at lots of people and they were down to the last 10, but I persisted and they agreed that if I got something to them after the Christmas break there still might be time for them to look at it. I went back to my parents for Christmas and borrowed my mum’s camcorder and went with a friend to the local shopping centre, and we filmed me interviewing some of the shoppers. I sent the tape in and was called for a screen test, and before long I was flying to South Africa to make a pilot for a series A Place in the Sun – Home or Away. It was pretty much a whirlwind and I ended up making a series of 24 programmes for them. My motto is – if the door is slightly ajar, kick it open!” Jonnie loves filming Escape to the Country and he is very excited about a couple of new projects and his private client work, which has recently really taken off. “It’s a little like A Place in the Sun but I personally choose the properties and not the researchers. I start by having a very long chat with the clients to see exactly what they want and what budget they have and go through a checklist. I do everything myself and find them seven properties to view which have been hand-picked by me so I feel fairly confident.
"Also, look at your savings and see how much real cash you actually have. When budgeting, you need to then take some off for moving expenses, solicitor’s fees and Stamp Duty etc. It’s vital that you research the buying process so you know what costs are coming up. Only after you have done this should you speak to a mortgage broker and see how much they will lend you.
If you are commuting then what are the transport links like? It is just a case of doing the leg work and visiting at all times of the day and night. The quiet road you thought was perfect might be a major rat-run first thing in the morning and in the evening!
It’s better to be honest and up-front rather than pretend you live like a church mouse and over-commit. You must get your ducks in a row before you start.
"I give them full wrap-around care and I am with them every step of the way. Buying abroad is quite different to buying in the UK, so I need to help and advise them and I have had some very happy clients. I have found homes for people in the Caribbean and Europe. I recently had some clients who lived in Ireland and wanted to buy a place in southern Spain. The market there is crazy but I found the perfect home for them and managed to get £5,000 off the asking price too – it’s a seller’s market at the moment so that was amazing.”
Apart from his passion for all things to do with property, Jonnie is also a keen sports enthusiast. He loves playing cricket, tennis and is a big snowboarding fan. He used to be a rugby player too but had to retire when he broke his back and was in hospital for months. Some time ago he was snowboarding in Japan and had another accident. “It was amazing conditions and we decided to go off-piste and I fell off the side of a mountain landing so hard on my left side that my right leg popped out of the socket, fracturing my pelvis and dislocating my hip. It was extremely painful but unfortunately I got turned away from the first hospital, as they were full, so we had to go to another one for what seemed like hours. It’s OK now and pretty much back to normal but I had an epiphany moment up there and decided I had to calm down and stop showing off. I’ve broken so many bones, maybe I will take up bowls!” With so much property knowledge, Jonnie has some great advice for first time buyers. “It’s very tough and prices particularly in London and the South East are going up and up. There are also not enough homes, particularly affordable homes, being built. As buying your first home is one of the biggest life and financial decisions you will probably ever make. then making the right decision is vital.
Then if you find a place you like and it doesn’t work out then let it go, as there is bound to another one you really like.
Shared ownership has come a long way since its inception and I really feel it is the most viable way to get on the ladder with a limited budget. There are some great first time buyer properties out there and you would be surprised that some only need around a £4,000 deposit! It can’t get better thanJonniethat!”certainly packs a great deal into life, but that’s the way he likes it. With a family and new house and a job that he loves I think you could say he is truly passionate about life and the wonderful world of property.
Somehow, he manages to fit his television work and property interests into his schedule, but if you think that is busy then thinkHavingagain.a family of three very young boys, Rex who is three-and-a-half and twins Rafa and Cormac, two, he and his wife decided to make a big move North and settle in Newcastle, which is nearer friends and family. He began by renting a house there to get the lay of the land and to see what was on the market before buying. He explained, “When we moved we had three children who were still very young and to be honest it was a nappy fest! We couldn’t really think straight so we decided to rent and take our time. It’s such a good idea to rent first as you need to know every aspect of the area before you commit and buy, and by renting it gives you the opportunity to really make the right decision. Newcastle was top of our list as we have great support up here as my wife comes from this area and her family live here, so that is definitely a massive help. Eventually we found a five bedroom house we really liked but the market is so crazy at the moment there were bids coming in from all over the place! I paid well over the odds for it but I saw the potential and things moved so fast I didn’t even have a survey, which I wouldn’t recommend to anyone, but as I’m a surveyor by trade, I felt I was on safe“It’sground.a60s-style house and we are going to embrace that and go down the modernist route. We have decorated the boys' rooms and the sitting room but still have a long way to go. We have redesigned the front of the house and at the moment the architect is drawing up the plans. The garden is terrifying but backs on to a park so it’s in a beautiful setting.”
THE VIEW First Time Buyer October/November 2022 23 "AS BUYING YOUR FIRST HOME IS ONE OF THE BIGGEST LIFE AND FINANCIAL DECISIONS YOU WILL PROBABLY EVER MAKE, THEN MAKING THE RIGHT DECISION IS VITAL" "IT’S SUCH A GOOD IDEA TO RENT FIRST AS YOU NEED TO KNOW EVERY ASPECT OF THE AREA BEFORE YOU COMMIT AND BUY, AND BY RENTING IT GIVES YOU THE OPPORTUNITY TO REALLY MAKE THE RIGHT DECISION"
This only applies to houses, with the exception of on new build flats in shared ownership schemes run by housing associations. For other new build flats, the maximum 85% LTV will remain.
9 This must be the customer's only residence and they must not have an interest in any other properties such as a second home or buy to let 9 A maximum 4.49 x loan to income (LTI)
LOW DEPOSIT?
9 Product fees cannot be added above 95% 9 Cash incentives are acceptable provided that the loan, cash incentive and any product fee being added together do not exceed 95%
HEAD TO HALIFAX
HOW LOW ARE WE TALKING?
LOW DEPOSIT 24 First Time Buyer October/November 2022
9 A minimum 5% personal deposit
Halifax, the UK’s largest lender, lowered the deposit required on new build houses this summer, with the minimum deposit needed to secure a mortgage on a new build house falling from 10% to just 5%. Saving a sufficient deposit is generally the biggest challenge first time buyers face, so this is very welcome news! Getting that all-important first step on the ladder just became significantly easier for many. Debbie Clark looks at the situation and highlights some affordable homes
9 A maximum loan amount of £570,000
9 Current credit commitments will be deducted as ongoing in the affordability calculation even when declared as "to be repaid" at or before completion.
IT GETS BETTER…
Some shared ownership mortgages require a 5% or £4,000 minimum deposit, whichever is greater. Therefore, based on the UK’s average house price of a £289,099, the minimum deposit needed could now be as low as £4,000 (5% of a 25% share of a home valued at £298,099 would be £3,613, so the higher amount applies). Shared ownership is an increasingly attractive choice for many first time buyers, particularly where property prices are above average. Halifax will now accept a 5% deposit on new build flats and houses in shared ownership schemes run by housing associations. Shared ownership is available where the share being bought is between 25% and 90% of the property’s value, and buyers can buy up to 95% of their share of the home with this lower deposit requirement.
There are also the usual terms and conditions, so it is best to talk it through with an expert. Any new build purchases above 90% LTV will be considered under the Mortgage Guarantee Scheme, the current criteria of which includes:
Halifax has also removed the requirement that higher LTV (above 85%) new build loans be purchased through developers on its panel. This means there are masses of properties you may not have been able to consider previously which are now obtainable – there are over 2,000 small housebuilders in Britain. Andrew Mason, Head of Strategic Partnerships – Housing, at Halifax, believes this “underlines our confidence in the new build market and our support for the UK construction industry". He adds, "We have worked closely with the industry and listened to their needs to develop these changes.”
Due to the higher standards required of homes built since 2012, their average EPC rating is B or above, compared to D or below for homes built before 1982. This improved energy efficiency also means the lucky owners of new build houses are likely to save over £500 each year on household bills.
WHAT’S THE CATCH?
In addition, increasing the maximum Loan-to-Value (LTV) on new build houses to 95%, in line with existing properties, has the advantage of making greener homes more attainable. Mason says, “Supporting new build homes supports the drive to net zero by making warmer, greener homes more accessible and attainable for potentially thousands of new buyers.”
*Based on a 25% share of the full market value of £350,000 STUDY London property prices made homeownership unachievable for Oliver Cooper, who works as an Account Manager in facilities management. “I’d been renting for over two years, in house shares and then by myself, and knew I wanted to be paying off a mortgage instead of paying rent – but I didn’t think the opportunity would present itself in London. The house values in the capital can be so high, buying just didn’t feel like an option until I spoke to L&Q.” First visiting one of the housing association’s south London developments, Oliver learnt more about shared ownership and how it could help him step on to the capital’s property ladder.
“I knew a little bit about shared ownership – I did initially set out to buy outright but when I found out more, it was an offer I couldn’t refuse. I was buying by myself and shared ownership made it much more attainable. It was the right option for me.”
020oval-village/#Sharedpeabodysales.co.uk/developments/zone-33692390
Oliver bought a 25% share of a two bedroom apartment at Wandsworth Exchange – just a stone’s throw away from the local high street, offering all the essentials – from cinema to sushi.Thedevelopment is just an eight-minute walk from Wandsworth Town railway station, where you can reach Bank station in 29 minutes. Waterloo and Clapham Junction are under 20 minutes and 15 minutes away respectively. For those seeking a more scenic way of commuting, Wandsworth Exchange is a 15-minute walk to Wandsworth Riverside Quarter Pier.
Peabody’s latest collection of shared ownership homes, overlooking the Oval Cricket Ground, will provide 152 apartments across three phases. This first phase will offer a collection of 40 one and two bedroom apartments, each thoughtfully designed to create spaces for relaxing, entertaining and working. Every home has a balcony, and buyers benefit from stunning landscaped grounds, plus a variety of on-site facilities including a concierge, cycle storage and a pay-as-you-go on-site gym. Ideal for commuters, the Zone 1 location has three underground stations within a 10-minute walk.
020leasidelock.com81316456
Available now, these eight stylish one bedroom homes situated on the southern perimeter of Battersea Park enjoy the iconic presence of Battersea Power Station and are available to buy through shared ownership. This popular location is home to Nine Elms, which offers a plethora of riverside dining and Battersea Power Station, a new sleek tube station on the Northern Line. The homes have open-plan layouts and adaptable indoor and outdoor space, with carefully crafted interiors finished to a high standard, including carpeted bedrooms with built-in wardrobes and roller-blind systems.
LOW DEPOSIT First Time Buyer October/November 2022 25
Peabody’s exciting new shared ownership development is being delivered in partnership with Battersea Power Station. Buyers can choose from a superb collection of 40 studios and one and two bedroom apartments within this first phase. Forging a new neighbourhood that will place a host of amenities and venues within a 15-minute walk, buyers at New Mansion Square will be part of the new town centre that is emerging around the iconic power station building and the new Zone 1 underground station. These impressive homes have been thoughtfully designed to deliver style, space and a high-quality specification throughout, and every home benefits from having access to a private balcony.
CASE
Guinness Homes’ Leaside Lock is a new collection of contemporary homes situated in a vibrant riverside neighbourhood in the heart of east London. The development brings a new focal point to Bromley-by-Bow, a thriving cultural district, surrounded by independent shops and bars as well as several well-known attractions like the Olympic Park. The stylish one, two and three bedroom homes are available to purchase through shared ownership and Help to Buy, giving first time buyers the opportunity to purchase a smart apartment in a desirable Zone 2 location.
"I bought a two bedroom apartment – I think it’s the best layout, as the bedrooms are actually at opposite ends of the apartment so it feels very private, especially with two bathrooms. It’s worked out so well to have the spare room for family coming to stay and them not having to worry about hotels."
*Based on a 25% share of the full market value of £515,000
£137,500*£162,500*FROMFROM £128,750*FROMFROM£87,500*
*Based on a 25% share of the full market value of £650,000
NewBATTERSEAMansionSquare
“I always wanted a new build, I like the modern look and the feeling of being the first owner. Wandsworth Exchange is the flagship of Wandsworth – everyone knows it, the proximity to shops is excellent and it feels like its own little community. The concierge service comes in very handy as well.
ZoneOVAL0300windsorapartments-sw11.co.uk1000309atOvalVillage
*Based on a 25% share of the full market value of £550,000
BATTERSEA PARK Bowden House at Windsor Apartments
LeasideBROMLEY-BY-BOW020newmansionsquare.co.uk70214842Lock
* Based on a 25% share of the full market value of £440,000 *Based on a 25% share of the full market value of £462,500
Juliet didn’t know much about shared ownership so promptly did her research and felt sure it was the right route for her. She says, “Shared ownership seems to be aimed at normal people with normal incomes – it was the monthly affordability and the low deposit that just made sense.”
020starthurhomes.com/lancaster-park72243066
0800optivosales.co.uk/the-uncommon0121442 £132,500*FROM
Residents have fantastic facilities on the doorstep, including a nursery, range of supermarkets and parade of shops, as well as buzzing Oxford city centre a 10-minute drive away.
*Based on a 25% share of the full market value of £530,000
“I viewed two developments – one overlooked a car park which wasn’t very nice, and the other wasn’t in the right part of London. When I decided to view L&Q at Ridgeway Views, I had a feeling this was the one. It was an amazing sunny day and when I stepped out of the station, I just knew this was it… when I came in the door of this one, I knew I had to have it – this one was mine!”
WEST MALLING, KENT Lancaster Park St Arthur Homes, in partnership with Crest Nicholson, has recently launched the second phase of its shared ownership homes at Lancaster Park. Comprising a selection of 12 two and three bedroom houses, located in the picturesque market town of West Malling, each property features a stylish, contemporary interior and spacious layout. Kitchens come complete with a range of good-quality integrated appliances, while the private rear gardens provide a secure space for a growing family. Each home also comes with two allocated parking spaces, making it easy to get out and explore the local area.
A new development by Catalyst, Newman Place is a collection of 162 one to four bedroom shared ownership homes, all of which feature an open-plan living area, private outdoor space in the form of a balcony or garden, and high-specification finishes as standard. Newman Place is a landscape-led development; gently curving roads mirror Littlemore Brook, a waterway that meanders alongside the development, while a new walkway for residents and the wider community provides a footpath along the tributary.
Ealing Bond is a collection of contemporary one, two and three bedroom apartments, each benefiting from a spacious open-plan living area and modern fully fitted kitchen. Quality internal specifications are combined with podium gardens to create an oasis of relaxation in the capital. Ealing combines underground, Crossrail and National Rail services to put the capital within reach, with Bond Street just a 13-minute tube journey away. This development is only available to applicants who live or work in the borough of Ealing.
£110,000*FROM £115,625*FROMFROM£85,000*
LITTLEMORE,sharetobuy.com/properties/165486OXFORDNewmanPlace
However, encouraged by a friend, she started her property hunt again in the new year, and this time it proved far more fruitful.
*Based on a 25% share of the full market value of £340,000
Juliet, 45, has recently purchased a 25% share of her one bedroom L&Q apartment at Ridgeway Views – a brand new development set within the Mill Hill conservation area.
EalingEALINGBond
TheCLAPHAMUncommon
Juliet, a personal assistant, decided that 2021 was her year to buy, following years of renting and a lockdown spent without access to outdoor space. She began looking to buy her first home in December 2020 but her enthusiasm quickly waned. Juliet recalls, “My initial search started and ended fairly abruptly – I kept getting turned down due to affordability. It seemed like you either had to be making more than the average person or have a joint income, and I just wondered how are single people supposed to buy homes?”
01865catalyst.homes/development/newman-place564136
LOW DEPOSIT 26 First Time Buyer October/November 2022 CASE STUDY
One, two and three bedroom shared ownership apartments are available in London’s exciting new development, Thornton Park, conveniently situated opposite the Common, and less than 10 minutes’ walk to local shops, restaurants and Clapham Common tube station (Northern Line). These 49 new build homes all offer private outdoor space, open-plan living and fitted kitchens with integrated appliances.
However, it wasn’t all plain sailing. “As I was trying to buy when there were still very few mortgage options, I really struggled to find a mortgage with a reasonable interest rate.” With her eye on the prize, Juliet went directly to her bank and, on their advice, put down a larger deposit (which she had initially earmarked for furnishings) in order to obtain a more competitive interest rate.
It seems that small sacrifice has paid off as Juliet is loving life in her new home. She says, “It gets greener and greener as you get towards L&Q at Ridgeway Views – that’s what really struck me, it’s so green here. There are also ponds with ducks! It’s a complete haven and has its own community. I had a good feeling and went with my gut and I’m so glad I did.”
Dannielle, 27, recently purchased a two bedroom, two bathroom apartment at Newman Place – a development by Catalyst in Littlemore, on the outskirts of Oxford city. Living with her parents to save for a deposit, financial advisor Dannielle was initially disheartened with the lack of options within her budget. She says, “I’d been thinking about moving out of my parents’ home for a while, but faced a lot of barriers, including trying to get a mortgage for a single buyer and saving a deposit.” However, she was able to save more in lockdown, putting her in a position to start her property hunt more seriously. It was then that she came across shared ownership.
This collection of two bedroom apartments is just a couple of miles from vibrant Solihull, and boasts speedy transport links into the centre of Birmingham. With its close proximity to green spaces and a local high street, SO Resi Solihull is a great location for first time buyers, families and young professionals. soresi.co.uk/find-a-property/solihull
Dannielle’s initial enthusiasm was dampened when she learnt she didn’t have enough saved for a deposit, but she was now determined. Just six months later, she had saved up the deposit she needed and got back in touch with the sales team; she was fortunate to secure one of the last remaining homes. She had no concerns about reserving her home off-plan. She explains, “The sales team really helped me visualise my future home, walking me through the floorplans in depth, and showing me how I could lay out all the furniture. I also got to see specification examples like kitchen cabinets and bathroom tiles, so I knew these were all good quality.”
Dannielle has found the space perfect for her lifestyle, “The second bedroom has been amazing! I have set up a desk area where I work, and I’ve also styled it into a spare room, which my friends are always staying over in.” Some of these friends are now looking to buy their own home there, having seen how Dannielle has achieved the Oxford lifestyle she’s always enjoyed, at a price she could afford.
SOSOLIHULLSHIRLEY,soresi.co.uk/find-a-property/so-resi-hope-greenResiSolihull
Launching this autumn are 54 one, two and three bedroom shared ownership apartments. Greenside is situated at the junction of two of London’s most iconic green spaces in Roehampton, offering buyers the opportunity to own a high-quality home in a leafy suburban location. With large communal gardens breathing new life into the area, Greenside offers a real sense of community. 0800optivosales.co.uk/greenside0121442
*Based on a 35% share of the full market value of £333,000
£116,550*FROM £73,500*FROM£147,750*FROM FROM£TBC
*Based on a 30% share of the full market value of £492,500
*Based on a 30% share of the full market value of £245,000
LOW DEPOSIT 28 First Time Buyer October/November 2022 CASE STUDY
SOESSEXSTANFORD-LE-HOPE,0800optivosales.co.uk/lime-works0121442ResiHopeGreen
This new development, which sits in a quiet town, is the UK’s first operational net zero development. The spacious two, three and four bedroom homes available for shared ownership, offer plenty of green spaces and are crafted using advanced materials and techniques to give them impressive eco-credentials. Just minutes away from Stanford-le-Hope railway station, residents also benefit from great transport links.
A selection of well-designed and highly specified one and three bedroom apartments in Charlton. All homes benefit from private outdoor space as well as pleasant communal grounds with landscaping and play areas, plus parking to selected apartments.
LimeCHARLTONWorks
GreensideROEHAMPTON
Having lived in Oxford all her life, Dannielle was keen to stay close to family and friends, so when an advert popped up on Instagram for Catalyst’s Newman Place, she was keen to find out more. She explains, “I clicked through to the Catalyst website, where I registered my interest and signed up for the virtual preview event for Newman Place. During the online event, I found out so much about shared ownership, including how affordable it is, and received loads of information about the development – I knew at that point that Newman Place was where I wanted to buy.”
INTRODUCTION
Affordable housing provider SO Resi has launched its second annual report into the status of shared ownership in England. The report surveyed more than 2,000 18- to 30-year-olds by phone, revealing the housing aspirations of the next generation of homebuyers, and a crucial need for greater education on housing options for young people.
Earlier this summer, SO Resi released its second annual report into the status of shared ownership in England, revealing a severe oversight in financial education about the housing industry given to the next generation of first time buyers. The report, titled Housing Aspirations: Homeownership for the Next Generation, surveyed 2,000 18- to 30-year-olds from all socio-economic backgrounds. The age bracket was split into two halves to determine if attitudes differed after starting work, or as relationships and family statuses changed. Kush Rawal, Director of Residential Investment at SO Resi, comments, “What this research has uncovered is that young people are heavily relying on their parents or grandparents for information about homeownership. For an older generation, buying a house meant paying a deposit and securing a mortgage. The problem with this is that it fails to give confidence to young people who can’t afford a mortgage in the traditional sense. They are not aware of schemes such as shared ownership which have been designed for a new generation of priced-out buyers. “The housing market has changed beyond recognition in the last 40 years and young people need to be able to access reliable information about all tenures of homeownership.” See infographic 1.
EDUCATION ABOUT SHARED OWNERSHIP
The report had several elements, firstly
SHARED OWNERSHIP 30 First Time Buyer October/November 2022
HOUSING ASPIRATION FOR THE NEXT GENERATION
This report is not alone in its warning regarding concerns over a lack of education about the housing industry, and follows a series of investigations more broadly looking at money management. The Centre for Social Justice’s recent report On the Money – A Roadmap for Lifelong Financial Learning revealed through research by Opinium that 14 million adults experiencing financial problems attribute this to low money management skills, with only one in three children currently receiving any form of financial education in primary school.¹
The report comprehensively demonstrated a rise of interest in shared ownership from respondents, jumping to as much as 50% once they had been made aware of the possibilities available to them in the affordable market. A resounding indication of the crucial need for greater education on housing options for young people looking to settle down and invest in their future. See infographic 2.
SHARED OWNERSHIP First Time Buyer October/November 2022 31 looking into the general knowledge of options available on the market for first time buyers, ranging from renting through to shared ownership. One resounding finding was the inherent belief that renting was a necessity in their homebuying journey, with around 60% of respondents saying it was all they could afford. Among 25- to 30-year-olds who were renting, 47% said they couldn’t get a mortgage because they weren’t earning enough or they didn’t have sufficient credit rating. Financial literacy has been part of the National Curriculum since 2014, however, its level of implementation has varied, as have its focuses. SO Resi’s up-to-date report indicates how this absence of proactive teaching has been a disservice to the youth of today, as they are entering a market with limited knowledge of only the traditional options of renting or buying, which doesn’t capture the full picture of the opportunities available in 2022. Kush Rawal adds, “Young people must be armed with the tools they need to make their own housing decisions when the time comes, otherwise we risk a generation of buyers being locked out of the property market simply due to a lack of education.”
Looking at both SO Resi’s and The Centre for Social Justice’s recent papers together, Dr Samuel Bruce, Head of Housing & Communities at the Centre for Social Justice, comments, “We found in our research that two thirds of 18- to 34-year-olds believe their personal situation would improve with more financial education. High prices relative to incomes mean far fewer young people are homeowners compared to a generation ago. SO Resi’s welcome research addresses both issues. It shows that developing affordable housing options is only part of the solution; we must also raise awareness and enable understanding of the different routes to homeownership that are available in today’s market.” Despite property being one the biggest investments into a young person’s future, two-thirds of 18- to 30-year-olds surveyed in the report said they knew nothing about the process of buying a house, let alone the option of shared ownership being available as an affordable alternative.
Unsurprisingly, affordability is seen as the biggest barrier to homeownership, being cited by 61% of 18- to 24-year-olds and 53% of 25- to 30-year-olds as the main reason for not buying. In 2022, the average deposit for the average solo first time buyer is almost £75,000 to take that first step on to the ladder.² As well as this, ONS data shows that the average weekly private rent was £340 per week in London, unsustainable for those looking to both save and pay for rising utility bills when real income levels are not mitigating these rises. As brought to light by this report, the affordability crisis has only been exacerbated by a lack of education and awareness of the affordable housing sector for those with smaller deposits and more moderate incomes. As highlighted in the report, renting was seen as a temporary solution and perceived as “dead money”, as, while it provided flexibility and allowed access to areas that would be too expensive, across both groups, many believe they are paying too much. Frustrations over not being able to personalise the accommodation as well as the slow speed with which landlords deal with repairs were also noted by those who were renting. The older cohort demonstrated concern about the security of renting if a landlord changes their mind. While shared ownership is not the single solution to the housing crisis, it is an incredibly important part of the answer to bridge the gap between renting and traditional full ownership. For many, it will provide an option to navigate the property market, something which we believe is important if we truly want to address the housing crisis in all its forms. See infographic 3. Owning a home contributes to more positive mental health, as private rentals are often viewed as insecure, with MTVH’s Housing Futures report revealing that six out of 10 young people said thinking about their future housing situation affected their mental health.³ This is alongside statistics that reveal that four in five young people say uncertainty about their future housing situation affects decisions they make in their life, such as decisions around what Infographic 1 Infographic 2
AFFORDABILITY AND THE ROLE OF RENTING
The impact of the pandemic and lockdowns saw access to green spaces and a garden sit as the second most important feature for both age brackets. Being near open spaces was a higher priority for those with younger families, while more generally, being close to amenities was important to people in both age brackets. See infographic 4.
Infographic 3 Infographic 4
WHAT DOES A FIRST TIME BUYER’S PREFERRED HOME LOOK LIKE?
SHARED OWNERSHIP 32 First Time Buyer October/November 2022 jobs they will apply for and whether to start a family.4 So, what facilities are important to buyers entering the market?
AMENITIES AND THEIR IMPORTANCE TO THE NEXT GENERATION Unsurprisingly, in an age of hybrid working with at-home offices, alongside a rise in streaming services, having access to guaranteed fast internet speed was the most important factor to the majority of respondents when buying a property for both age groups. The Government currently has a target for 85% of homes to have gigabit broadband access by 2025 – a further indication of the importance of digital amenities for today’s first time buyers.
Young people prefer urban and suburban locations for their first home rather than something in the countryside and ideally, a semi-detached or detached property, with 55% choosing this option.
A larger flat was the preferred purchase choice for around 16%, although the figure was higher for men at 20%. For those looking to invest in a well-connected apartment in the capital, SO Resi Ealing is located only 13 minutes away from Heathrow with Crossrail, and just three stops to the heart of London, ideal for its instant access to lively eateries, cosmopolitan shopping and various international connections.
OVERVIEW With 70% of respondents aiming to own their own home, the report has indicated the opportunity for first time buyers to make use of shared ownership, which is consistently providing accessible and affordable properties that people can be proud of owning. As this research has demonstrated, there needs to be serious political will and a funded campaign to build awareness and see educational bodies making high-quality information readily accessible across the UK to the next generation of homebuyers.
SO Resi wants to change housing education for the next generation but needs your support. If you want to get involved, please reach out to MTVH@building-relations.co.uk
1 The Centre for Social Justice, On the Money – A Roadmap for Lifelong Financial Learning, p6 2 Metro, Report-FINAL.pdfwp-content/uploads/2022/01/MTVH-Housing-Futures-4Report-FINAL.pdfwp-content/uploads/2022/01/MTVH-Housing-Futures-3time-buyer-now-needs-a-74000-deposit-16809472/>metro.co.uk/2022/06/11/the-average-solo-first-MTVH,MTVHHousingFuturesReport:mtvh.co.uk/MTVH,MTVHHousingFuturesReport:mtvh.co.uk/
Properties like those found at SO Resi Hope Green in Stanford-le-Hope, Essex, a small town that retains a village feel despite being less than a one-hour train journey from London Fenchurch Street. A range of two, three and four bedroom homes have just launched on the market, providing an affordable and greener opportunity to get on the property ladder in the expanding commuter belt region.
*Based on a 30% share with a full market value of £270,000 *Based on a 25% share with a full market value of £345,000
Launching this summer, SO Resi Farnham features 72 one and two bedroom shared ownership apartments, providing local buyers access to affordable property in the bustling heart of the town centre. Surrounded by countryside, each modern apartment boasts a high-specification kitchen and is designed to maximise natural light, while also incorporating ecofriendly features. Each home has an allocated parking spot, and is within walking distance to Farnham station where trains to Waterloo take an hour. soresi.co.uk/find-a-property/so-resi-farnham
SOGREENFORDResiGreenford
SHARED OWNERSHIP First Time Buyer October/November 2022 33
SO Resi Greenford offers 84 one, two and three bedroom apartments available through shared ownership. Homes feature contemporary interiors and integrated appliances, with selected homes including parking and an en suite. Once complete the scheme will offer retail units, community space, a nursery and primary school plus a new pedestrian and cyclist bridge across the canal. The development is just a six-minute walk from Greenford tube station. soresi.co.uk £81,000*FROM £86,250*FROM
SOFARNHAMResiFarnham
Trendy meets traditional in this quintessential Victorian harbour town turned cool. Visitors might flock to Whitstable for the oysters, but locals stay for the excellent transport links, great schools and strong sense of community
The harbour town has a long history –archaeologists believe the area was inhabited as far back as the Old Stone Age, and locals have been enjoying oysters here since Roman times. However, Whitstable’s real legacy lies in shing and shipbuilding; the historic 19th century harbour is still a working port and continues to play a key role in the town’s economy. Like all seaside towns in south England, Whitstable also has a rich history of smuggling. Many houses still have secret windows used for the smuggling of goods and people – the town’s low beaches providing an easy getaway. Whitstable’s network of alleyways also assisted the smugglers, offering easy access to houses, pubs and the beach. The names of the alleys are living history – Collar’s Alley was named after Mr Collar, a good Samaritan who provided warmth and cocoa to children during the great freeze of 1895, while Squeeze Gut Alley was named after an overweight policeman who couldn't chase tricksters down it for fear of getting stuck! The central streets of Whitstable are now home to small Victorian terraces – built for families working in shing and boat building –18th century townhouses and weatherboarded cottages. Elsewhere, you will nd a diverse mix of homes, including contemporary apartments, family townhouses and bungalows. Preston Parade, Joy Lane in Seasalter, and Marine Parade are all popular for sea views. To the west, towards Seasalter, you are within easy reach of the Estuary View Medical Centre and an out-of-town retail development including a Marks & Spencer Foodhall. bungalows. Preston Parade, Joy Parade are all popular for sea
Whitstable HOTspot
Whitstable life centres on its harbour and the shingle beaches flanking it, but there is no promenade, so while sunbathing, swimming and watersports are popular, the beaches are more peaceful than you might expect. The beaches run from Seasalter to West Beach and on to Tankerton Bay. The bay, with its picture-perfect beach huts, is known for "the street", a ridge of shingle about half a mile long, which appears at low tide. Whitstable Castle is nearby; built as an octagonal tower in 1789 and later developed into a manor house, the castle grounds are now a centre for community activity.
Whitstable has retained many traditional stores, including three butchers and four greengrocers, with around 90% of the town’s shops proudly independent. For foodies, Grain & Hearth is an artisan bakery and cafe specialising in sourdough breads and viennoiserie, and The Larder on Harbour Street serves up a range of luxury deli items. For not-so-fast fashion, Ruskin specialises in sustainable clothing and Mosaic sells ethically Located on the East Kent coast, Whitstable is ve miles north of Canterbury and a relatively easy commute to the capital, with trains taking an average 1 hour 18 minutes to London Bridge. There are regular services to Faversham (eight minutes) and Margate (22 minutes), plus a reliable bus service running every 15 minutes to Herne Bay and Canterbury, where many Whitstable residents work and shop. By car, Canterbury is 20 minutes away, Margate 30 minutes and the M25 is a 45-minute drive.
OUT AND ABOUT
There are a good number of primary schools in Whitstable, all rated Good or Outstanding. At secondary level, The Whitstable School offers great facilities. Alternatively, there are popular grammar schools in Faversham and Canterbury.
UNDER THE SPOTLIGHT 1 Oysters! 2 Independent shops 3 A strong sense of community 4 Easy commutes 5 Great schools 5 REASONS WE LOVE… WHITSTABLE viewphotos.co.uk©Photos
LOCATION 36 First Time Buyer October/November 2022
producedethicallyclothesandaccessories.AvidreaderscanbefoundbrowsinginHarbourBooks,whilemusicloverswilllosehoursin Gatefield
Whitstable has a population of around 32,000, and while many of those residents commute to work, there are plenty of employment opportunities in the town itself, especially in construction, education, and health/social care.
Situated just a short walk from the town with breathtaking views over Whitstable Bay and the Kent coastline, Whitstable Heights from Hyde New Homes offers a new collection of homes available for outright sale or with shared ownership, perfect for rst time buyers and families.
The second phase of homes at Whitstable Heights is launching this autumn, which will include outright sale properties. The outright sale homes will be two, three and four bedroom houses with prices starting at £322,500. Prices and availability for the shared ownership homes will be announced later this year. There are two beautiful show homes at the development to view as well as the marketing suite, which is open Tuesday to Saturday with viewings by appointment. Interested buyers should register their interest on the Hyde website to be the rst to nd out
LOCATION First Time Buyer October/November 2022 37
WhitstableWHITSTABLEHeights
The homes are built to a high speci cation with integrated appliances in the kitchen and sumptuous bathrooms and en suites. The four bedroom detached family Shellstock house is set over three oors and is available for outright sale for £545,000 with the added bene t of a Stamp Duty contribution. The development is surrounded by green open spaces and wide, tree-lined streets and is also close to a retail park, supermarkets and leisure facilities. For those with a growing family, there is a selection of well-regarded primary and secondary schools close by.
more: hydenewhomes.co.uk/whitstable-heights (OUTRIGHT£322,500FROMSALEPHASE2) • Comedian Alan Davies • Actress Dawn Steele • Comedian Harry Hill • Actor Peter Cushing • Playwright William Somerset Maugham FAMOUS RESIDENTS FACT FILE Average property price in Swale (May 2022) – £303,351 Property breakdown* Detached –FlatTerracedSemi-detached£499,459–£319,261–£261,646–£164,863 *According to the Land Registry House Price Index PHASE 2) EARLYLAUNCHINGOWNERSHIPSHARED22023
The desirable seaside town of Whitstable lies just minutes away from the development and offers a relaxed bohemian atmosphere with its charming shermen’s huts, delightful shingle beach and array of quirky shops, pubs, cafes and restaurants. Whitstable also boasts a buzzing arts scene, and is home to the Playhouse Theatre, Whitstable Museum and Gallery and Horsebridge ArtsDayCentre.trippers from nearby Canterbury and London often make the pilgrimage to enjoy the delicious fresh seafood on offer, sampling the town’s famous oysters which play a huge role in the community’s culture. The hugely successful Whitstable Oyster Festival is held every summer. From Whitstable station, served by 71 trains daily, it takes from an hour and 17 minutes to London St Pancras and an hour and 24 minutes to London Victoria. There are also plenty of buses to the historic town of Canterbury in 15 minutes and Herne Bay in 11 minutes.
Explore Whitstable’s creative side with a wander round The Whitstable Museum and Art Gallery, the Fishslab Gallery and the Chappell Contemporary, and there's a small theatre and a community cinema. Whitstable lends itself to an active lifestyle. The Whitstable Yacht Club, established in 1904, is one of the oldest in England and takes part in many competitions. Windsurfing and kitesurfing are also popular. For cyclists, the Crab and Winkle Way cycle path to Canterbury is on a disused railway line, plus there is a councilowned swimming pool and sports centre with facilities football, volleyball, cricket and tennis. for badminton, five-a-side
Sounds, specialising in freshly pressed vinyl, and Rock Bottom Records. Hungry? With the busy port comes seafood – and plenty of it! While foodie tradition dictates only eating native oysters in months with the letter “r”, rock oysters are available year-round, and celebrated each summer at the Whitstable Rocks Oyster Festival, a unique celebration of the humble oyster. Seafood features heavily on many local menus; The Lobster Shack – once an oyster-grading house, now a hip beach bar –is popular locally, and the new chef at bistro Samphire is serving up some incredible dishes using local produce. The famous Wheeler’s Oyster Bar offers takeaway picnic boxes for a beach treat. If you need a drink to wash all that seafood down, Porto Wine Bar on Harbour Street comes highly recommended, The Fountain is fab for a pint, or watch the sun go down at the Hotel Continental. For local ales and live music head to the Old Neptune on the beach.
HOMES ON THE MARKET...
LET’S
DECORATING TIPS 38 First Time Buyer October/November 2022
COLOUR-CODED PACKAGING MAKES BUYING THE RIGHT TOOLS EASY Because Harris has colour-coded all its packaging to make choosing the right product for every type of decorating task easy, getting the ideal starter kit for decorating is not only worthwhile but completely straightforward. Thanks to the quality of Harris tools you will be able to use them for years and years if you follow the manufacturer’s care instructions. When you buy your Harris decorating tools, all you have to do is look for the task-specific colours to guide you through preparation and protection, to walls and ceilings, to woodwork, masonry and metalwork. As well as some great little “work smarter” ideas, the Harris website is also ideal for guidance on all the products you’ll need for the task in hand, with expert guides to many popular decorating jobs and a handy “Tip Exchange” section. You can find it all on harrisbrushes.com.
Investing in the right brush, roller or preparation tool for each aspect of the project will make all the difference. This may mean you have to pay a bit more at the start to get good-quality decorating tools and the best range of shapes and sizes, but great paint coverage, neat edges, and perfect, smooth finishes are what make decorating your new home successful and satisfying. Especially if you can achieve all that easily and in the fastest possible time! To help you get started, Harris has put together a list of painting and decorating tools you will need for decorating success with everything from walls and ceilings to woodwork, including those tricky areas that are hard to reach.
WITHDECORATEHARRIS
START WITH PREPARATION
Whether you have a bit of experience at decorating or are a complete novice, you’ll be pleased to know that creating your own dream interior can be stress-free if you use the right tools for the job. Here to help is the well-known decorating brand Harris, manufacturer of paint brushes, rollers and preparation tools – all task-specific and designed to produce a satisfyingly perfect finish every time!
To get the best results preparation is everything, and good “prep” will make a happy outcome easier and quicker too. Begin by laying a Double Protection dust sheet on the floor in your work area. Then, ensure a smooth surface for painting by removing any dust, old flaky paint, varnish or paper. Also repair any holes or cracks in plaster or gouges in wood at this stage. The Harris Ultimate range includes tools for preparing and repairing flat and curved surfaces, all with soft grip handles for easy working. There’s also a selection of Seriously Good sanding blocks, suitable for use on wood, plaster, plastic and metal and flexible enough to cope with curves. Even brand new, bare wood or plaster should be sanded for better paint adhesion. Next, take a damp microfibre cloth to remove any lingering dust. Finally, tape off any areas you do not want to paint using Harris Ultimate Fine Line masking tape, an
Whether you have just signed up on a new build or you are buying an older property –maybe even a doer-upper – you’ll be keen to make your own personal impression on the interior, so knowing how to decorate for best results is super-important
INVEST IN THE RIGHT TOOL FOR EVERY DIFFERENT JOB
If you are painting walls and ceilings, there is a Harris range of brushes and rollers designed for great coverage and a smooth finish on large areas. Equally, there are tools for neat edges, and brushes and rollers – plus extension poles – specially designed for all the hard-to-reach bits, the tricky angles and corners. The excellent Harris NO-LOSSTM technology eliminates the age-old problem of bristle loss spoiling the finish right across the range, including woodwork and gloss. Begin by painting the edges, including corners and around features, windows, doors, switches and skirting boards. For this task, the most important thing is to use a paint brush designed for “cutting in” – which means painting edges. The Harris Ultimate Walls & Ceilings Blade brush is perfect with its tapered bristles to create an edge as thin as a blade, giving you absolute control and accuracy. Start your painting with the Blade brush and work in 1m segments placing its wide tip against the edge and pulling the paint along. Then use the Blade brush as normal to create 5-10cm of painting in from there. With the edges complete, switch to the Harris Ultimate Powercoat roller, or if you prefer a brush at this stage, a Harris Ultimate Walls & Ceilings Flat brush which comes in a range of sizes up to three inches wide. Either will deliver fast coverage on large areas with a smooth finish. Start painting the large area a foot from where you’ve cut in. For a fine finish with no “framing”, use a W motion to overlap the area painted first without touching the actual edge.
PAINTING WALLS AND CEILINGS
WOODWORK For the woodwork itself, you cannot go wrong with the Harris Ultimate Woodwork range of brushes and rollers which will achieve the very finest finish. There are different versions for gloss paint, and for stain and Paintingvarnish.skirting boards, window frames, sills and doors can be intricate, but using the right tools and techniques here can deliver a polished, transformational result in a room. Again, it’s vital to prepare surfaces. Either sand lightly using Ultimate Fine sandpaper to remove the top layer, or if there’s thick paint or damage, use a Harris Essentials brush to apply paint stripper and then an Ultimate Super Scraper and Ultimate Combination Shave Hook to remove the problem. For a flawless result on skirting boards, apply a primer to the prepared surface to prevent any stains coming through, using an Ultimate Angled Gloss brush following the grain of the wood. Leave to dry. Then lightly sand again using Ultimate Fine sandpaper and wipe down. Using the Harris Ultimate Angled Gloss brush apply the topcoat of gloss, eggshell or satin, again painting with the grain. The Ultimate Angled brush head will cut in at the top of the skirting board while providing the finest possible finish. Finally, lightly brush the paint – called laying off – to ensure a glasslikeIfresult.youare painting window frames, first use Harris Ultimate Fine Line masking tape to protect the glass. For the best precision, a 15mm Harris Ultimate Triangular brush is ideal, and it’s a good idea to pour some of your paint into a Harris Ultimate Small Handyhold so you have less weight to carry while applying paint in intricate areas. The Triangular brush comes with a resealable storage case which will keep the bristles wet for up to 72 hours. Finally, always remember to remove the masking tape from the glass as soon as you complete painting. Painting doors, especially shaped doors, can seem a bit daunting if you have not done it before, but as with many of these tasks, there are really helpful step-by-step videos on the Harris website. Check to-paint-a-doorharrisbrushes.com/how-to-guides/how-outandyou’llfindlotsmore
So now you are ready to paint a whole room and really make it yours! Remember there is also a Harris solution for indoor masonry and an excellent choice of wallpapering tools to ensure equally impressive results with paper as well as withWhateverpaint. your interior decorating dreams – and no matter what your budget is for paper and paint – just make sure you have the perfect range of application tools to get a great result. harrisbrushes.com
Ultimate Handyhold, Small Ultimate Fine Line Masking Tape, 19mm Ultimate Filling Knife, 2in Ultimate Woodwork Gloss Precision Paint Brush, 15mm Ultimate Walls & Ceilings Medium Pile Roller Set, 4in Ultimate Woodwork Gloss Paint Brush, 1.5in Ultimate Woodwork Gloss Roller Sleeves, 4in Ultimate Walls & Ceilings Blade Paint Brush, 2in Ultimate Walls & Ceilings Powercoat Roller, 9in Seriously Good Paint Tray, 9in Seriously Good Microfibre Cleaning Cloth, 2 Pack Seriously Good Multitool Seriously Good Small Woodscraper Seriously Good Fine Sanding Block Seriously Good Cotton Dust Sheet, 3.6m x 2.75m
HARRIS PRODUCTS
DECORATING TIPS First Time Buyer October/November 2022 39 ultra-thin tape which will enable razorsharp paint edges – with no seepage – on walls, wood, glass, metal and PVC. As it is UV and water resistant, it can also be used indoors or outdoors, and is easy to apply and remove.
useful “how-to” guides on the site as well. As ever, start with the preparation stages to give you a smooth, primed surface. Then when you are ready to begin your painting, use the Ultimate Triangular Gloss brush to paint any shaped areas in the door panels. When these areas are completed, make sure to finish away from the corners, so you do not get a build-up of excess paint.
To ensure smooth coverage for larger flat surfaces, take the Ultimate 4-inch Gloss roller. If you have a panelled door, start with the flat sections of the panel, first from left to right, then top to bottom. Next, paint the horizontal sections starting at the top and working your way down. Finally, complete the process by painting the long vertical sections starting with vertical furthest from the hinge and then working your way in. A final, optional step is to take the Ultimate Gloss Flat brush with a very small amount of paint and very lightly and carefully go over the large flat areas – “laying off” for that perfect glass-like finish.
SHARED OWNERSHIP EXPLAINED
RESALES 40 First Time Buyer October/November 2022
When you buy a shared ownership home you purchase an initial share of the property and the housing association owns the remainder; you’ll pay a mortgage on the share you own and rent on the share you don’t. This makes the process of getting on to the property ladder that much more affordable and more easily accessible for first time buyers. If you want to, down the line, you can purchase more shares of your home either gradually or all at once – this is known as “staircasing”. The more shares of the property you own the less rent you pay to the housing association. If you decide to staircase up to 100% ownership, the property is yours; you will still pay any ground rent and service charge, but no rent to the housing association. Alternatively, you can sell your share for what it is now worth and move on – the housing provider will help you!
When the owner of a shared ownership home wants to sell, it’s Urban Moves’ job to find them a new shared ownership buyer. It markets the property for the owner and goes through all the applicants to find them a new buyer – one who is eligible for the scheme and passes the affordability criteria. This way it ensures that the process is as seamless as possible and that no one’s time is needlessly wasted. It works with the current owner, their housing association and the buyer to keep things running smoothly.
CRITERIA The eligibility criteria for resales are much the same as with new build –however with resales you cannot buy a lower share than the current owner is selling. Resales are for anyone who cannot afford to buy a property on the open market, their total household income must be no more than £90,000 inside London or £80,000 outside of London, they must not already own a property and must have good credit.
Urban Moves Ltd is the UK’s leading shared ownership nomination service provider. Known for its transparent and direct approach, its teams are experts in their fields and work together to ensure the process goes as quickly and smoothly as possible. Urban Moves understands the shared ownership scheme and works hard with owners, the housing associations and Homes England to ensure that the scheme helps more and more first time buyers get on the property ladder
WHERE URBAN MOVES COME IN
SO, IT’S LIKE RENTING? Not at all! When you purchase a new build shared ownership or resale shared ownership property you’re buying the lease on the property, and as a leaseholder you have the same rights and responsibilities as a full owner-occupier. You will likely want to make changes and redecorate, which you absolutely can do! Usually, any cosmetic or decorative changes except structural and hard flooring can be made without permission – so paint that feature wall and put those shelves up!
URBAN MOVES LEADS THE MARKET IN SHARED OWNERSHIP RESALES
THE BENEFITS OF BUYING A RESALE PROPERTY
INTERESTED? Stay up to date with its ever-expanding listings of shared ownership resales by visiting urbanmoves.com. For expert hints and tips about getting on the property ladder be sure to follow Urban Moves on Facebook, Instagram or Twitter and watch out for its next feature in First Time Buyer magazine.
Shared ownership resales are a little different. Resales are shared ownership properties that the current owners want to sell. There are multiple advantages of buying resale, one of which is that you aren’t waiting for the home to be built, you can go and see it, as it is, and really get a feel for the property –something that’s tricky to do using show flats, pictures and floorplans. You are also not going to be subject to the “new build premium”. New builds are valued at a higher price; newer equals more expensive. Therefore, the rents on a new build property will be that much higher than a resale, and your mortgage would be more too. Another advantage of resales is that you would be moving into an established property and neighbourhood – not buying off-plan and wondering what your neighbourhood will be like.
RESALES First Time Buyer October/November 2022 41
sharetobuy.com/properties/222253
sharetobuy.com/properties/215702
ARAGON HOUSE 65 Cherry Orchard, Swanscombe, Kent DA10 1EP
This spacious apartment is on the top oor (the fourth, building has a lift) of a recently constructed development and features a 24ft kitchen-reception room with sleek, handleless units and a door that opens on to a west-facing balcony. There is a bedroom with en suite shower room plus a generously sized second double bedroom, a bathroom with both overhead and separate hand shower and a large hallway storage/utility cupboard. Well-insulated walls and roof, high-performance glazing and a modern gas central heating system all contribute towards a very good energy ef ciency rating. The apartment comes with use of a parking space and is also within walking distance, or a brief cycle ride, of Swanscombe and Ebbs eet International railway stations.
London10RADLEYsharetobuy.com/properties/221986HOUSEPalmerRoad,Wandsworth,SW114FS
21 HUXLEY DRIVE Oxted, Surrey RH8 9BZ This two bedroom apartment is on the second oor of a recently constructed building in the Hurst Green area south of Oxted. The property has a spacious, dual-aspect reception room with south-west facing balcony and attractive, open-plan kitchen. There is a large main bedroom with tted wardrobe plus a second comfortable double, a simple, modern bathroom and some useful built-in hallway storage. Modern insulation standards, highperformance glazing, gas central heating and roof-mounted solar panels make for a very good energy ef ciency rating. The at comes with use of a parking space and is also less than a mile from Hurst Green station, which offers services south towards East Grinstead and Uck eld or north into London Bridge and Victoria.
£14,400*DEPOSIT £16,250*DEPOSITDEPOSIT£9,300*£320,000£14,400*FMV £310,000£650,000£16,250*FMV£9,300*FMV*45% share *30% share *25% share
A great chance to buy a shared ownership apartment in such a desirable, central location. The smartly presented and unusually spacious property is on the fourth oor and features a 27ft reception room with attractive wood ooring, a sleek, modern kitchen area and a sliding door which opens on to the balcony. The generously sized bedroom has a large, full-height corner window, the bathroom is simple yet stylish and a utility room has been provided. Radley House is part of a recently built development in the Nine Elms Regeneration Area. The energy ef ciency rating is very good, thanks to demanding insulation standards, high-performance glazing and under oor heating from a communal hot water system. Residents can enjoy use of a very pleasant communal garden plus Battersea Park is only a few minutes away. Battersea Park station, Queenstown Road and the new Battersea Power Station extension of the Northern Line are all within easy walking distance. Nearby Chelsea Bridge also means areas north of the Thames, such as Sloane Square and Victoria, are in easy reach.
AFFORDABLE HOMES Buyer 2022
leasidelock.com
you’re brilliantly connected to all that London has to offer. Bromley-by-Bow (Zone 2) underground station is just a threeminute walk away, connecting residents to central London. For those travelling further afield, nearby road links offer direct journeys to London City airport, as well as roads out of the capital. Shared ownership prices start from £87,500 for a 25% share of a one bedroom apartment (full market value £350,000) and £113,125 for a 25% share of a two bedroom apartment (full market value £452,500).*
Leaside Lock’s local, The Galvanisers Union, offers an impressive beer menu, locally renowned roast beef and weekly comedy nights, while further afield, Hackney Wick, Here East and Stratford provide a multitude of places to eat, from cool pizzerias and independent establishments to high street chains. Back at Leaside Lock, the apartments are finished to a high specification throughout. Perfect for whipping up a delicious feast, contemporary kitchens are complete with integrated Bosch appliances. Bathrooms and en suites are finished with sleek sanitaryware and underfloor electric heating is fitted in all apartments. Recognising the importance of outdoor space in London, private balconies offer spectacular London views, and this space allows residents to create their own outdoor oasis as an extension of their living space. As well as outdoor space within the community, Leaside Lock is close to some of London’s best parks. Victoria Park is close by and is ideal for outdoor sports with
LOVE LOCAL AT LEASIDE LOCK its running trails, tennis courts and sports ground. Also nearby, Three Mills Island hosts local events and has plenty of green space to enjoy with an outdoor children’s playAnarea.unrivalled waterside location, Leaside Lock is set on the banks of the River Lea, meaning residents are within easy reach of east London’s bustling canal network. Stratford and the Olympic Park can be reached by walking east along the tow path where you’ll find stretches of outdoor space alongside the world-famous London Aquatics Centre and Westfield Stratford. Alternatively, hop on your bike to travel along the Cycle Superhighway or use the towpath where you can make it all the way along the water’s edge to Canary Wharf. Whether it’s commuting into work or exploring the city during the weekend,
42 First Time
October/November
London Help to Buy: Equity Loan is available subject to eligibility, terms, and conditions
*Pricing is correct at time of printing and is subject to change. Shared ownership terms and conditions apply.
Fusing east London cool with a welcoming community spirit, Leaside Lock is the new soul of Bromley-By-Bow, encapsulating the best of the capital in one destination. With a neighbourhood full of options, residents can spend the day browsing Roman Road’s independent boutiques, strolling down the canal to quirky riverside restaurants and winding down with an evening nattering alongside neighbours on the exclusive roof terrace Located in Bromley-By-Bow, Zone 2, Leaside Lock offers a new collection of stylish studio, one, two and three bedroom apartments situated in a vibrant new riversideBringingneighbourhood.anewfocalpoint to the area, Leaside Lock has been designed with modern convenience in mind, so everything residents need is right on their doorsteps. Creating a lively new community-focused neighbourhood, there will be a broad range of unbeatable amenities on-site, including a health and fitness studio, a cafe, a gym, a convenience store and co-working space. For local shops, restaurants and bars, there are plenty of nearby options in Bow. Wander along to Bow’s Roman Road, a historic street lined with independent cafes, boutiques and bakeries, where three times a week a 150-year-old market brings fashion stalls, fresh produce and delicious street food to both locals and visitors.
CITY LIVING FOR CITY LOVERS complete with contemporary high-gloss handleless units, composite stone worktops and single lever chrome mixer taps. All homes come with a private balcony or terrace area, and residents can make use of the private residents’ lounge as well as the podium garden and communal gardens, providing further space to enjoy.
London offers endless things to see and do, Insta-friendly hotspots and an unrivalled social scene! With property in high demand, young professionals wanting the fast-paced lifestyle on offer in the capital often have to move much further afield to make the dream of buying a reality. Peabody is changing the narrative, helping unlock the magic of the city with a selection of stylish shared ownership homes in Zones 1 and 2. With deposits from £12,875, the city lifestyle is no longer out of reach!
For more information about Peabody’s latest developments, visit peabodysales.co.uk
Recently launched at Oval Village in Kennington, Zone at Oval Village will be sold over three phases and epitomises the exceptional comfort and high quality that is synonymous with luxury living. Perfect for those looking to ramp up the recreational side of their lives, buyers can take full advantage of the city’s vibrant nightlife, designer shopping hubs, and endless list of new places to indulge in a cheat-day feast! Live every day with a touch of luxury at Zone; residents will enjoy all the benefits of having a dedicated concierge service while fitness fanatics can work off those extra calories at the residents-only gym. If cycling is your thing, on-site storage keeps your wheels safe, while commuters won’t have to travel far to get into work; Oval, Vauxhall and Kennington stations are all within a few minutes’ walk of the development. With over 60% of phase 1 sold within a short period after launching, Zone at Oval Village offers a collection of 40 one and two bedroom apartments designed to add a little luxury into your daily routine. The kitchen/ living/dining areas are open plan with almost full-height floor-to-ceiling windows flooding the space with light – a perfect place to impress your friends with the latest Mob Kitchen recipe. Kitchens feature an array of sleek feather grey units, marbleeffect splashbacks, Silestone worktops and integrated appliances. Each home features a large private balcony, ideal for creating a retreat above the hustle and bustle of the city. If, however, you struggle to keep your plants alive, the gorgeous communal gardens at the development will provide you with plenty of green space to enjoy without the hassle of maintaining it. Homes here are located on the site of the historic Oval gasholders. Effortlessly blending old with new, the area’s heritage has been preserved through the incorporation of the largest gasholder into the development’s design. For those looking to be part of the renowned Battersea Power Station regeneration, New Mansion Square offers a collection of studio, one and two bedroom apartments within a stone’s throw of the iconic power station. Boasting an impressive specification, kitchens come
For commuters, Battersea Power Station underground station is just a five-minute walk away, offering speedy connections on the Northern Line. Meanwhile, a concierge service at New Mansion Square ensures deliveries can be safely stored while residents are out and about, so no more missedPerfectparcels!forthose hoping to enjoy the luxurious lifestyle on offer in Bermondsey, Lazenby Square provides buyers a final chance to purchase one of the remaining shared ownership apartments, that have the feel of a luxury hotel. Just moments from Bermondsey’s thriving cultural and creative community, Lazenby Square wraps around a gated central courtyard garden, offering residents a sense of tranquillity. Spacious interiors combined with large private balconies or winter gardens guarantee that buyers will be impressed by the enviable quality and space on offer.
44 First Time Buyer October/November 2022
Located in the heart of Zone 2, Lazenby Square is just minutes from both London Bridge and Bermondsey stations, making it ideally situated for commuting and exploring the city with friends. Right on the doorstep, buyers can enjoy a range of independent bakeries, Insta-friendly cafes, bars and pop-up restaurants. Closer to home, there are no excuses for missing a workout as the development hosts its own well-equipped gym.
Lazenby Square Zone at Oval Village New Mansion Square
AFFORDABLE HOMES
Right on the doorstep of the Battersea Power Station redevelopment, buyers at New Mansion Square are sure to enjoy being part of this impressive new destination! Hundreds of high street and designer retail and leisure brands are set to open in the iconic Grade II* listed building and on Electric Boulevard, central London’s newest pedestrianised high street, from Autumn 2022. From accessories, eyewear, activewear, culture, confectionery and grocery shopping to high-end and high street fashion, fitness & wellbeing – this south of the river location looks set to be the new go-to shopping hub! Arcade Food Hall takes occupation from 2023, boosting the already mouthwatering number of global cuisines on offer at this foodies’ paradise.
THE SWITCH
According to the UK House Price Index, house prices across the country have increased by 12.8% over the past year.
THE LANES AT THORN FIELDS
Offering shared ownership apartments in North London’s Muswell Hill, The Folium is a collection of 54 one and two bedroom apartments. Inside, all homes elevate the standard of apartment living in the capital, with premium fixtures and fittings designed to meet the demands of modern living. Spacious open floor plans offer residents flexibility, while differing apartment layouts ensure that buyers can choose the perfect home to suit their lifestyle. All homes have a secluded outdoor area in the form of a private balcony or terrace, acting as an extension to the internal living spaces. The Folium also has a development-wide focus on sustainability, with photovoltaic panels and HIUs helping to save residents money on bills.
catalyst.homes
WITHOWNERSHIPSHARED CATALYST
Located in popular Wimbledon, The Switch is a collection of 181 one, two and three bedroom shared ownership homes in south west London. Whether it’s a one bedroom apartment for a young professional, or a three bedroom home for a growing family, the range of homes and variety of layouts ensure that buyers can truly have their pick of the plots at The Switch. With easy access to central London, and in one of the city’s most exciting neighbourhoods, The Switch is the ideal choice for those who want to buy without leaving the buzzing capital behind. With acres of green space to enjoy on the doorstep, including Wimbledon Park and Wandle Meadow Nature Park, and a 20-minute walk to Tooting Bec Food Market, the location is ideal for those keen to explore their local area. Prices from £140,000 for a 25% share, including parking, (FMV: £560,000).
NEWMAN PLACE Featuring one to four bedroom homes in Oxford, Newman Place offers a remarkable breadth of properties for shared ownership, giving first time buyers at every life stage an opportunity to get on to the property ladder. Properties at Newman Place are available in 23 different layouts, from one bedroom apartments ideal for a single buyer, to threestorey, four bedroom houses that make idyllic family homes. Providing more value for money, homes at Newman Place are inclusive of white goods, and buyers are given the choice of high-specification fittings, including flooring, tiles and kitchens. For buyers searching for sustainable living, eco features at the development include energy-efficient building fabric and insulation, high-efficiency heating, double-glazed windows, low-energy lighting and solar panels.
Prices from £85,000 for a 25% share (FMV: £340,000).
AFFORDABLE HOMES 46 First Time Buyer October/November 2022
Located in the Bedfordshire countryside, The Lanes at Thorn Fields is a collection of two, three and four bedroom shared ownership homes. The houses are part of the Bidwell West and Houghton Regis North development projects, which will bring more homes, employment opportunities, and schools to the area. With a variety of houses available to suit different buyers, purchasers at The Lanes at Thorn Fields can find their dream property to suit their needs. Across the 137 homes at the
THE FOLIUM
PICK OF THE PLOTS –
Combined with a cost-of-living crisis and rising interest rates, buying a first home continues to be out of reach for many individuals Due to the often significantly lower deposit and more affordable monthly payments, an increasing number of first time buyers have turned to shared ownership; a part-rent, part-buy scheme that allows purchasers to own a percentage of their home and pay rent on the remainingEnsuringshare. thatfirst time buyers need not compromise on priorities such as number of bedrooms, outdoor space or location, leading housing association Catalyst, part of the Peabody Group, has a variety of homes across London and the South East that are available to purchase through shared ownership, giving hopeful homeowners their pick of the plots.
Prices from £104,375 for a 25% share (FMV: £417,500).
development, the four house types – named The Beaford, The Ardale, The Braxton and The Elliston – range from spacious two bedroom homes to four bedroom houses spread across three storeys. Prices from £158,000 for a 40% share (FMV: £395,000).
Choose a brand new property from Weston Homes and there’s no need to inherit someone else’s DIY disasters or nasty taste in interior design.
Compared to an older property, buying new from Weston Homes gives you extra peace of mind with a 10-year warranty to insure your new home against structural defects. In the unlikely event that something goes wrong, you have someone to call.
As a first time buyer, there is no complex property chain and you don’t have the stress of waiting for other people to sell. There’s less hassle and you can move in as soon as your new home is ready.
NO DIY DISASTERS
SAVE ENERGY, SAVE ON HOUSEHOLD BILLS With housing accounting for 40% of the UK’s energy use it is imperative that this energy is used efficiently. According to Government EPC data, 82% of new build homes have an A or B rating for energy efficiency compared to just 2.2% of preownedNewproperties.andsophisticated insulation methods are a key additional factor in reducing energy bills. Weston Homes’ apartments are built with structural insulated panels that are designed to be airtight and thermally efficient. Highperformance thermal windows and patio doors reduce heat loss and maximise natural daylight. The less heat energy that escapes, the less energy is required from the heating system, reducing CO2 emissions and your household bills.
CHAIN-FREE, HASSLE-FREE
PERSONALISE YOUR HOME
As well as being able to offer a variety of financial incentives such as help with moving costs or high-quality starter furniture packs, every Weston Homes property is special – expertly crafted and featuring many bespoke ranges and smart technology as standard. Prices start from £199,000. Visit weston-homes.com to start your search. For more information about buying a new home, lifestyle and interiors visit Weston Life and Style. weston-homes.com/westonlifeandstyle 21checkatrade.com/blog/cost-guides/flat-refurbishment-cost/Subjecttostageofconstruction
ALL THE MOD CONS
PEACE OF MIND
Buying a new home means you have a blank canvas and can stamp your personality on your property. Weston Homes offers an extensive range of options to choose from, enabling buyers to mix and match and develop their own interior style.2
FIRST-TIME SECUREBUY –WESTON HOMES’ EXCLUSIVE SCHEME FOR FIRST TIME BUYERS
WHY TO BUY A NEW BUILD WITH WESTON HOMES
Buying a first home is a huge investment. You’ve saved your hard-earned deposit but with the cost of living rising, what are the benefits of buying a new property? With a range of properties across London and the South East, here are some of the reasons why buying new from awardwinning developer Weston Homes is a smart move Gun Hill Park, Aldershot
NEW HOMES 48 First Time Buyer October/November 2022
Built to a higher standard than ever before, new homes offer better specifications than older properties and you get much more for your money. Weston Homes offers a luxurious fully inclusive specification in every home, from designer kitchens with stone worktops and integrated appliances to bathrooms featuring bespoke fitted furniture, and showers and baths with smart technology. Flooring is included throughout and is a mix of deep pile carpet and stylish wood strip flooring.
Once you’ve reserved and paid your £500 reservation fee, should the value of the property increase, you will only pay the price you agreed on the day you secured your new home. Not only does the scheme offer a secure reservation, it only requires a 5% deposit. Six months before completion, you can apply for a mortgage. To provide peace of mind to first time buyers, Weston Homes offers a refund if your circumstances change, subject to terms and conditions.
With the potential for hidden problems, a pre-owned property can cost a hefty sum to renovate, and create a great deal of upheaval. According to Checkatrade, the average cost of refurbishing an apartment is £40,8001 and can take months to complete.
As the window for buying a new home with Help to Buy closes on 31 October 2022, Weston Homes’ First-time SecureBuy initiative is designed to help buyers on to the property ladder.
50 First Time Buyer October/November
THE BENEFITS OF BUYING A LAURUS HOME? station, perfect for commuting. Hale is an incredibly popular place to live, and we’re really pleased to be able to provide shared ownership homes that will help home seekers get on to the property ladder in the area. Located in the heart of Hale Village, these apartments offer stunning views across Altrincham and Hale, with southfacing apartments with picture perfect views of the setting sun. When you buy with Laurus Homes, you’ll be part of something bigger. We do more than just build homes; we strive to create neighbourhoods that benefit the community and the wider society and we’re proud to operate a profit-for-purpose model. In practical terms, this means we use our resources to lend a helping hand, for example by providing affordable housing and delivering community projects. As part of the L&Q Group, profits raised from our sales contribute to a £4m pot set aside for addressing poverty in the local communities we build in. laurushomes.co.uk Brown Street
There are many reasons to buy a Laurus Home, the first being our high-quality specification. Every home built by Laurus – regardless of being available for outright sale or shared ownership – has the same high level of quality of design, building materials and features inside the home designed specifically for you. Our commitment to quality includes contemporary kitchens and bathrooms, all with modern tiling as standard. In addition, features such as turfed and fenced gardens and integrated kitchen appliances are included in all our homes The differences that set us apart don’t stop at our specification; Laurus Homes was set up to be different. We are a profitfor-purpose business and are committed to providing housing for all - many of our homes are available through shared ownership, Help to Buy and outright sale. Our philosophy is “a home for everyone”. Laurus has a strong social purpose with the aim of getting as many people into their own home, reducing the reliance on the private rented sector and making a positive impact on the housing crisis by building thousands of new homes across the North West in the coming years. We strive to be different to other, wholly private housebuilding companies, and for us, being different not only means a commitment to quality inside our homes, but working with award-winning architects to design contemporary, stylish homes. Our properties are designed with modern living in mind and include a range of features to suit your lifestyle. Whether it’s an open-plan kitchen-diner for spending time with family and guests, a separate office for remote working, or en suites that add a luxurious touch, Laurus has you covered.
For example, D’Urton Grange, our newly launched development in Broughton, Preston, offers a mix between the bustling city of Preston and the tranquillity of the Lancashire countryside. Located just off the Guild Wheel, it’s perfect for those wanting to get the most out of their local area. With a choice of two, three and four bedroom homes, there’s something for everyone at D’UrtonBrownGrange.Street, in Hale, Altrincham, available exclusively through shared ownership, is an apartment complex with 12 cosy apartments, situated right next to Hale
AFFORDABLE HOMES 2022
We build in excellent locations across the north west of England that have good access to schools, shops, green spaces and transport links. We currently have homes available in Trafford, Cheshire, Manchester and West Lancashire.
Once you have staircased to 100%, you’ll no longer pay rent to the housing association, instead just paying monthly mortgage costs and service charges. Over time, shared ownership is also preferable to renting as the share value of the home that you own will grow as the price of the property goes up. If this happens, buyers will benefit from some equity to help take their next step on the property ladder. Ultimately, shared ownership gives buyers more long-term security than they would have when renting on the open market; a very welcome factor as the cost of living increases. For more information about Origin’s new build properties, please visit: originhousingsales. co.uk/developments
buyers in one of London’s most exciting regeneration areas, Origin Housing has recently launched Harrow and Wealdstone Heights, a new flagship development for Harrow. The development offers a collection of 81 contemporary one, two and three bedroom shared ownership homes, located in the heart of this rapidly transforming neighbourhood.Harrowiscurrently undergoing a multi-million pound regeneration scheme which will deliver a wealth of new cultural facilities, commercial premises and green spaces. Origin’s new shared ownership apartments are ideally situated for new purchasers to benefit from the vast investment into the local area. With homes available through shared ownership, buyers at Harrow and Wealdstone Heights can purchase a 25% share of a property valued at £322,500, which will cost £80,625. Deposits start from just £4,031, resulting in increased accessibility for first time buyers seeking to set down roots in the London Borough of Harrow.Butthat is not the end of the story;
Simon Scott, Assistant Director of Commercial & Property Marketing at Origin Housing, comments, “As the welldocumented cost-of-living crisis continues, more and more of our customers are looking to shared ownership to help them on to the ladder, particularly with the forthcoming end to the Government’s Help to Buy scheme. Shared ownership gives people the security of homeownership, while keeping costs manageable.” One key advantage of shared ownership is the smaller deposit required. Data from Yahoo News shows that the average 5% deposit for buying on the open market is £16,250, while the average shared ownership deposit is just £4,063, helping to reduce the biggest obstacle facing first time buyers looking to get on to the propertyElevatingladder.opportunities for first time
GET ON THE PROPERTY LADDER NOW – SHARED OWNERSHIP COMPARED TO PRIVATE SALE AND RENT
With significant cost-of-living pressures causing tighter restraints on budgets, it is more important than ever for buyers to find a genuinely affordable route to homeownership
1Yahoo News, July2022, buyer-house-prices-rents-mortgage-costs-230106263.htmluk.news.yahoo.com/first-time-
AFFORDABLE HOMES 52 First Time Buyer October/November 2022
buying your initial share in your shared ownership home is just the first step. As and when buyers can afford to, they can purchase additional shares in their property through a process called staircasing.
According to Yahoo News, first time buyer property prices are increasing three times faster than they were prepandemic, with asking prices now up £17,557 on average.1 Even for those hoping to save while renting, rent levels are rising at the fastest pace ever recorded. This, coupled with the growing cost of living, makes the journey to homeownership increasingly challenging. However, for aspiring new purchasers, shared ownership makes taking that first step on to the property ladder easier. The scheme allows you to part-buy, partrent, purchasing a percentage share of a property. Once purchased, residents will pay a mortgage on the share they have bought, and a subsidised rent on the remaining share. The good news is that total monthly costs often work out cheaper than renting. According to the Homes England Affordability Calculator, the average total monthly cost associated with shared ownership is £1,113 compared to £1,350 when privately renting and £1,841 when you buy a home outright.
PICTURE PERFECT HOMES AT DOMINION APARTMENTS E17
affectionately by residents as “The Stow”, you can now picture yourself living in one of London’s coolest neighbourhoods, fusing the buzz of urban living with unparalleled access to some of the capital’s finest green Dominionspaces.Apartments is approximately a five-minute walk* from St James Street Overground station and 15 minutes’ walk* from Walthamstow Central underground station (Overground and Victoria Line services) and less than a minute from the HighDominionStreet. is central to all that Walthamstow has to offer. A short stroll will bring you to a wealth of eateries from artisan delis to friendly cafes, homely restaurants and proper East End pubs. Browse the quirky boutiques, artists’ studios and carpenters’ workshops to get a real feel of the independent spirit that flows through this cultural quarter.
largest urban wetland nature reserve, why not spend time exploring its 200 acres of picturesque walking and cycle trails? It’s the ideal place to relax and reconnect with nature. Keeping fit is easy in the many local gyms, or find your inner Zen at popular Pilates and yogaFromclasses.aquick commute by train into the city or a leisurely bike ride to pick up your weekend provisions, you are perfectly placed to make the best of London. Living here brings you close to the energetic hubs of Tottenham Hale, Hackney, Leyton, Dalston andToStratford.complete the picture, each apartment has been carefully designed to provide a light and airy open-plan living area that mixes 21st century style with the best of home comforts.
AFFORDABLE HOMES
You will find stylish fitted kitchens with integrated appliances, plush bathroom suites and luxurious carpets fitted to each bedroom.
All homes benefit from some private outside space, either a garden, balcony or terrace. So isn’t it time you started enjoying your new home in The Stow? Prices for Dominion Apartments start from just £102,000 for a 30% share with a full market value of £340,000 for a one bedroom shared ownership home.
For more information about the range of homes and services available from Newlon Living go to dominionapartments.london Prices are correct at the time of publishing. *Travel times from google.co.uk/maps
54 First Time Buyer October/November 2022
To recharge your batteries, head to the Walthamstow Wetlands, a cluster of 10 reservoirs and canal inlets. As Europe’s
Standing in the heart of the creative and sociable neighbourhood of Walthamstow, on the site of the 1930s art deco cinema that gives this new development its name, homes at Dominion Apartments are now being offered for shared ownership sale by Newlon Living An exclusive collection of one, two and three bedroom contemporary homes designed by award-winning architects forms a stylish addition to this historic corner of East London – the perfect place for you to callKnownhome.
For the real old East End, head to Walthamstow Market, Europe’s longest street market dating back to 1885, where locals stock up on fruit and veg while E17’s arts crowd browse for materials. Night owls can venture slightly east of Walthamstow Village to enjoy evenings in chic cocktail bars with live music events, DJs and bands. Sample the street food from pop-up food vans and taste the local ale and cider from the The Stow’s flourishing breweries.
Trendy Deptford is a fast-developing area in south east London with a vibrant and bustling urban vibe. Editor Lynda Clark visited Lewisham Homes’ Homes’ new shared ownership development, No 1 Creekside, and discovered these affordable apartments really are unique
Many years ago, I lived for a short time in Deptford. Although I loved it, way back then it was rather edgy, so I was very keen to go back and see how it had changed. I was delighted, as although it still has the same heartbeat, the regeneration that has been taking place is quite incredible.
CATCH
TOPCHOICE ★★★ EDITOR’S
Just imagine living in Zone 2 with everything you might need on your doorstep? No 1 Creekside offers one, two and three bedroom apartments with private outdoor balconies or terraces, which are set over eight-storey blocks connected by very attractive landscaped gardens. Architecturally, the trendy warehouse style of the development nods to the historic character of Deptford, with the bronze metalwork and recessed balconies envisioned by the Metropolitan Workshop. What I particularly loved is that very few of the apartments have the same layout; there are 34 homes and 23 different layouts. I visited the show apartment, which is certainly impressive. The rooms are large and filled with natural light. I liked the way the open-plan living space had been cleverly divided between work, relaxation THE VIBE! and cooking areas. The kitchens come with lots of useful storage and include an integrated oven, hob, cooker hood, dishwasher and microwave. Bedrooms are also spacious and the main bedroom comes with a fitted wardrobe. The real wow factor, though, was the huge terrace, which would certainly accommodate a table and chairs for al fresco dining and some pretty planters. I could imagine sitting outside on a warm day enjoying a sundowner or an early morning coffee – perfect!
56 First Time Buyer October/November 2022
AFFORDABLE HOMES
Deptford offers just about everything you could possibly want. Close to the River Thames and set within Deptford Creekside Conservation area, the development is a stone’s throw from Deptford Bridge for the DLR and direct trains to Canary Wharf, and Deptford station where you can get to London Bridge in 14 minutes and Blackfriars or Cannon Street in just 19 minutes. Beautiful Greenwich with its lovely park is also on the doorstep. Deptford is in the London Borough of Lewisham and this thriving community has a lot to offer, so it is no surprise that Lewisham has been titled the Mayor’s Borough of Culture for 2022. The diversity of Lewisham is only set to grow, with more art galleries, studios and music venues regularly opening up in the area. Deptford itself offers a wide variety of shops, cafes and supermarkets, but one of the highlights is the famous Deptford market where you will find fresh fruit and veg, multicultural foods and fabrics, as well as a treasure trove of bits and bobs both old and new. For young families there is a wide variety of local schools. Deptford Market Yard is also very exciting and well worth a visit. Here you will find plenty of places to eat and drink, independent shops, creative spaces and a new market space. It was really exciting to go back down memory lane and revisit the place I called home. I just wish that No 1 Creekside had been there then as I would have been first in the queue to buy one! Prices start at £97,500 for a 25% share of a one bedroom apartment with a full market value of £390,000. For further information visit Lewisham Homes’ website at sales.lewishamhomes.org.uk/creekside
NETWORK HOMES OFFERS LIFE OF GREENERY IN EALING
Faber Green offers selected car parking to some homes as well as being nearby to excellent public transport connections, so exploring the surrounding areas and further afield is simple and quick.
The development is a 10-minute walk from Northolt underground station, which has direct services to Shepherds Bush in 18 minutes, Oxford Circus in just under 30 minutes and Heathrow in 40 minutes.
Faber Green is perfectly located within one of the rare pockets of London that is close to greenery – residents here will enjoy acres of landscaped outdoor areas right on their doorstep including Northolt Recreation Ground, Mandeville Parkway and Islip Manor Park. In addition, the incredible Northala Fields is just a fiveminute drive away and offers 27.5 hectares of open space, six interconnecting lakes, wildlife ponds and streams, while offering plenty of leisure activities for visitors.
The local area of Northolt and the surrounding area of Ealing is a popular hub filled with restaurant favourites, local eateries, high street shops and trendy boutiques attracting many visitors every day. The bustling area features sports facilities such as Northolt Leisure Centre, entertainment options including Questors Theatre, and cultural attractions such as the historic church and clocktower in the centre of Northolt ParticularlyVillage.popular with families, the area has a wide choice of schools with a high number of well-regarded primary and secondary facilities in the area including Northolt High School which is five minutes from Faber Green.
somewhere to get a breath of fresh air.
AFFORDABLE HOMES 58 First Time Buyer October/November 2022
Joining the A40, M4 and M25 is easy, and with a bus stop located every few minutes down the road, plus safe pedestrian pathways and cycle routes along the Grand Union Canal, travelling near or far is a straightforward feat.
For more information, please 0300sales@networkhomes.org.ukfaber-green-northolt,networkhomessales.co.uk/find-your-new-home/visitcontactNetworkHomesonorcalluson3733000
In the green leafy borough of Ealing, Network Homes has recently launched an impressive selection of shared ownership properties at a new development, Faber Green in Northolt. The site, ideal for families of all sizes, offers a collection of one, two, three and four bedroom apartments and houses, being sold in three phases With such a wide choice of layouts and sizes available under the shared ownership scheme, the development at Faber Green offers a variety of homes to suit everyone’s needs and lifestyles. All homes are pet friendly too! Prices start from £81,250 for a 25% share of a one bedroom apartment at £325,000 full market value, making this development a wonderful option for moving up the property ladder. Homes at Faber Green are bright, airy and offer modern interiors with a focus on soft tones, clean finishes and high-quality fittings. Walls, woodwork and flooring are neutral, allowing homeowners to easily inject their own style and flair into their newEachhome.home benefits from a sleek kitchen with platinum-grey units, stone-effect tiled flooring and fully integrated Zanussi appliances including a fan oven, ceramic touch-control hob, a tall fridge-freezer, dishwasher and washer-dryer. Main bedrooms feature built-in wardrobes while all bathrooms are soothing spaces with tiled walls and floors, finished with glossy contemporary fittings. Throughout each home, lighting is a blend of energy-saving LED downlights and soft pendant lamps, while a thermostatically controlled energy-efficient Ideal Logic combi boiler and compact radiators maximise comfort and warmth.
Faber Green has been specifically designed to create a community feel for residents, with the inclusive development offering buyers more than just somewhere to live. As well as gorgeous landscaped communal areas, each house and apartment also benefits from a private outdoor space, whether that be a secluded balcony or spacious garden, so there is always
residents to the M25 and wider motorway network, while international travel is made easy with Stansted airport just over a 30-minute drive from Cheshunt.
*Help to Buy: Equity Loan is available for first time buyers only and is subject to eligibility, terms and conditions. Available on selected plots only. Regional price caps apply. Speak to a Sales Advisor for further details
residents to Brookfield Shopping Centre, where they will find larger supermarkets and coffee shops, including Tesco Extra, Marks & Spencer and a Starbucks. For a bit of retail therapy, Cheshunt Lakeside is also a 10-minute drive from Pavilions Shopping Centre in Waltham Cross, which is home to a selection of high street stores including Boots, Argos and WH Smith.
Multi-award-winning developer Inland Homes is proud to offer a spectacular collection of just 22 private sale apartments at Cheshunt Lakeside. Comprising stylishly appointed one and two bedroom homes, The Elan Apartments are situated to the front of this landmark development in Hertfordshire, situated just a short walk from Cheshunt railway station
For the “outdoorsy” homebuyer, there is plenty of green and blue space surrounding Cheshunt Lakeside. On the doorstep is Lee Valley Regional Park which stretches for 1,000 acres, and offers plenty of cycle trails, walking routes, meadows, a mosaic of wetlands and a dragonfly sanctuary to explore. If relaxing riverside walks are preferred, there are plenty of routes available just a 10-minute walk from home, with easy access to Friday Lake, Bowyer’s Water Nature Reserve and the River Lea canalThesepath.brand new homes provide an ideal base for commuters. The railway line into central London is quick and convenient, with direct services to London Liverpool Street in 24 minutes, from where four tube lines can be picked up for travel around the city. By road, the nearby A10 connects
NEW HOMES 60 First Time Buyer October/November 2022 Demonstrating the superior specification and attention to detail for which Inland Homes is renowned, the Elan Apartments will enjoy a designer finish throughout, with open-plan kitchen/living areas to exude light and space, generous bedrooms and premium tiled bathroom/en suites all included. Plus, for those who enjoy dining al fresco, a private balcony or terrace is included with every apartment. Residents can enjoy an abundance of added features, such as parking, cycle storage and a 10-year LABC warranty for peace of mind.
Those who want to become part of the Cheshunt Lakeside vision now have the opportunity to view two brand new showhomes for The Elan Apartments. Contact a member of the Cheshunt Lakeside sales team today to book a viewing appointment: call 020 4549 4040 or email cheshuntlakeside@inlandplc.com. inlandhomes.co.uk
EXPERIENCE CONTEMPORARY LIVING AT INLAND HOMES’ CHESHUNT LAKESIDE
The modern kitchens feature fully fitted contemporary units with Quartz worktops and upstands, integrated fridge-freezer and dishwasher, ceramic hob and stainless steel electric oven with an integrated extractor hood. All interiors are fully decorated and complete with USB charging points and flooring throughout, to include Amtico to the living room/kitchen/hall, and carpet to bedrooms. Each bathroom and en suite has been carefully designed to include premium wall tiling, ceramic floor tiles and a heated chrome towel rail. There is no compromise on energy efficiency at The Elan Apartments; every home is equipped with eco-friendly features such as low-energy LED lighting, underfloor heating throughout, doubleglazed windows and access to electric car chargingWhat’sfacilities.more,first time buyers have the opportunity to take advantage of the Government’s Help to Buy: Equity Loan scheme, meaning they could secure a brand new one or two bedroom apartment at Cheshunt Lakeside with just a 5% deposit.* Applications for the scheme will end on 31 OctoberResidents2022.at Cheshunt Lakeside will have access to a plethora of leisure and retail facilities, all on their doorstep. Cheshunt High Street itself is home to two village shops, a Co-op, post office, veterinary surgery and a selection of coffee shops. A 10-minute drive down the road will take
With the Help to Buy scheme closing for applications at 6pm on 31 October 2022, shared ownership offers an invaluable opportunity for buyers looking to take their first steps on to the property ladder. Providing the chance to purchase a share of a property and pay rent on the remaining share, the shared ownership scheme is ideal for those who dream of owning their own home but are struggling to save for a large deposit. Shared ownership specialist St Arthur Homes offers an impressive selection of stylish homes that feature high-quality specifications at a more affordable price tag Nestled between Whiteley and Botley in Hampshire, Whiteley Meadows offers a stylish range of two and three bedroom townhouses and two bedroom apartments. Spacious interiors offer flexibility, ideal for those using their home to work, relax and socialise. Carefully designed to offer unbeatable quality, kitchens are complete with integrated appliances, perfect for budding bakers and chefs. Whether you want to host friends or ensure the kids get some fresh air, all houses come complete with their own private garden. With two allocated parking spaces for each home, it is easy to get out and explore. Located less than 30 minutes from Winchester, Portsmouth, and Southampton, some of Hampshire’s most popular hotspots are within easy reach. Keen shoppers can enjoy Westquay shopping centre in Southampton or Gunwharf Quays in Portsmouth, while nature lovers are positioned just a 10-minute walk from the tranquillity of Curbridge Nature Reserve.
For those looking to secure their dream property in Kent, St Arthur Homes is set to launch its first collection of 3D modular homes in autumn 2022. Set within TopHat’s Kitchener Barracks development in the popular town of Chatham, the sustainable homes will be located on the historic site of an 18th century military barracks.
The collection of 32 shared ownership apartments will benefit from a picturesque setting surrounded by rich military heritage, with selected homes enjoying enviable views across the calming waters of the RiverWithMedway.acarclub as well as parking available at the development, homes at Kitchener Barracks are set to enjoy exceptional transport links. Ideal for commuters, Chatham railway station is close by offering fast connections to London St Pancras in just 38 minutes. Perfect for an evening stroll or a weekend cycle, nearby Great Line Heritage Park hosts 70 acres of parkland complete with nature trails, cycle routes, and wildflower meadows.
For further information about St Arthur Homes, visit starthurhomes.com
SECURE A STUNNING SHARED OWNERSHIP HOME WITH ST ARTHUR HOMES
AFFORDABLE HOMES 62 First Time Buyer October/November 2022
Whiteley Meadows Kitchener Barracks
Louise Mills, Sales & Marketing Director for St Arthur Homes, comments, “Helping our buyers through every step of the shared ownership process is something that we pride ourselves on at St Arthur Homes. Following the success of our first phase of homes at Whiteley Meadows, we are certain the second phase of beautiful homes will prove just as popular and would urge prospective buyers to arrange a visit to our stunning show home as soon as possible. We are also eagerly awaiting the launch of our sustainable modular homes at Kitchener Barracks this year, and would encourage interested parties to register their interest on our website.
Prices at Whiteley Meadows start from £159,750 for a 45% share of a three bedroom house. Prices at Kitchener Barracks are yet to be announced.
Forest Gate has long been on the map for its great connectivity with the rest of London. From Forest Gate station, two minutes’ walk away, trains take four minutes to Stratford and 15 minutes to Liverpool Street, with onward connections via the Central, Hammersmith & City, and District lines. The station is also on the new Crossrail Elizabeth Line, which offers journey times to Bond Street in 19 minutes and Canary Wharf in just 12 minutes.
Close by are many parks and open spaces which offer a peaceful retreat from the fast pace of London life. Within a 10-minute walk is Forest Lane Park, complete with dipping pond, wildflower meadow and woodland. Residents can also head to Wanstead Flats, a large area of open grassland on the tip of Epping Forest perfect for sports and picnics, or to the parklands and tranquil waterways of Queen Elizabeth Park, which also hosts sporting events, concerts and festivals.
To find out more and to book a private appointment to view the showhome, call 020 8057 3232 or newhomes.gatewayhousing.org.ukvisit
Buyers are advised to move quickly as only five three bedroom apartments remain, perfect for families, those looking to convert a room into a home office or studio, or perhaps a group of friends looking to buy a spacious apartment together. For buyers looking for two bedrooms who could also do with some additional space, our collection of three bedroom apartments at Earlham Square provides a step up; prices start from £152,500 for a 25% share, and a 5% deposit of just £7,625 is needed. Shared ownership is very straightforward. You buy a share of a home, typically between 25% and 75%, depending on what you can afford based on your household income – anyone with a household income of less than £90,000 in London can apply. The deposit, usually 5%, is based on the share you buy, which is much lower than paying a deposit on the full price. You then take out a mortgage to cover the rest of your share and pay a monthly rent on the share you do not own.
The three bedroom apartments at Earlham Square have been designed with a meticulous eye for detail and style. Every home features sleek design,
STYLISH THREE BEDROOM SHARED OWNERSHIP HOMES IN AN POCKETUP-AND-COMINGOFEASTLONDON
a high specification and a generous private balcony or terrace, and communal landscaped courtyards interlink the buildings, providing further green space.
The modern shared ownership apartments at Earlham Square in Forest Gate, east London, are a brilliant choice for first time buyers. Ticking all the boxes for high quality, convenience, quick transport links and proximity to green space, this outstanding development from Gateway Housing provides the perfect place for contemporary city living
The light-filled open-plan living, kitchen and dining areas provide ample space for relaxing, working or entertaining friends. Striking kitchens feature a range of Zanussi integrated appliances – fridge-freezer, dishwasher, hob, oven, microwave and freestanding washer-dryer – all included in the purchase price. As practical as it is attractive, luxury wood-effect tiling flows through the main living areas and hallways, and bedrooms benefit from carpets as well as fitted wardrobes in the main and second bedrooms. Main bedrooms also benefit from an en suite shower room.
Earlham Square is situated on an established leafy road, just moments from the heart of Forest Gate and within easy reach of an eclectic mix of local amenities, cafes and restaurants. It’s a four-minute train ride or 30-minute walk to Westfield Stratford City, one of Europe’s largest shopping centres, which has more than 200 shops, an excellent selection of cafes, bars, restaurants and a 20-screen Vue cinema.
AFFORDABLE HOMES 64 First Time Buyer October/November 2022
OPEN GREEN SPACES IN NORTH LONDON
66 First Time Buyer October/November 2022
Located in Hounslow, new homes for first time buyers in west London are being created at Lampton Parkside. With Lampton Park on the doorstep, residents can enjoy 40 acres of walking trails, tennis courts, and a rose garden. A diverse neighbourhood, Hounslow has much to offer including independent shops and international eateries – and with the development located just minutes from the underground station, the wider city is close by. Prices start from £104,375 for a 25% share of a two bedroom home.
ENJOY ALL THE CAPITAL HAS TO OFFER WITH NOTTING HILL GENESIS AFFORDABLE HOMES
Aspect Croydon offers a collection of contemporary apartments perfect for first time buyers, with integrated appliances and open-plan living to make their own, as well as the added luxuries of floor-to-ceiling dual-aspect windows, a private sun garden andLocatedconcierge.inthe heart of Croydon, the development is a five-minute walk from East Croydon station, with Wellesley Road tram stop on the doorstep. Just around the corner, Croydon’s busy hub of restaurants, bars and local attractions include popular Boxpark with its eateries and event space. One, two and three bedroom homes start from £91,250 for a 25% share.
MAKE A HOME IN WEST LONDON
ON THE BANKS OF THE RIVER THAMES
Lampton Parkside
A NEIGHBOURHOOD OF CULTURE
For first time buyers working in central London or the city’s bustling financial centres, finding a home with an easy commute to work and within reach of all the capital has to offer is top of the list. From north to south and east to west, a huge range of shared ownership homes are available to purchase with Notting HillAllGenesis.arelocated in vibrant pockets of the city, including waterside, parkside and city centre locations, and with convenient transport links throughout the capital, buyers are never far from somewhere new.
A new part of east London, the Royal Docks has emerged as a destination in recent years – with a regular programme of activities including outdoor cinemas, festivals and live music events. Gallions Place at Royal Albert Wharf is a landmark riverside community where first time buyers can snap up a sought-after one bedroom apartment for just £78,125 for a 25% share, with two bedroom homes also available Just south of the King George V dock, homes are also available at Woolwich Reach. Private balconies and terraces reveal stunning views of the city, park and river and residents at the development benefit from the tree-lined paths of adjacent Royal Victoria Gardens. One bedroom homes start from £93,750 for a 25% share, with two and three bedroom properties also available. Whichever part of the city you choose to make home, Notting Hill Genesis’ collection of shared ownership homes offer first time buyers the chance to purchase a home in an affordable way, and enjoy all that London has to offer. For more information, contact the Notting Hill Genesis sales team on 0203 733 3571 or visit nhgsales.com
The city’s parks and green spaces are one of its highlights – offering Londoners spaces to unwind or meet friends at the weekend. Nestled beside 42 acres of lake and wetlands in the heart of north east London, at Heron Quarter at Woodberry Down first time buyers can enjoy sailing, kayaking and canoeing at the West Reservoir or
Whether you’re catching a show in the West End, browsing neighbourhood markets, trying a new rooftop bar with friends, or strolling along the banks of the River Thames, London is a city packed with things to do and see a leisurely stroll around the Woodberry Wetlands. For those looking to sample some of the city’s culinary highlights, neighbouring Stoke Newington is one of London’s foodie havens, and home to landmark pubs and eateries. Prices start from £155,000 for a 25% share of a two bedroom home.
Heron Quarter at Woodberry Down Gallions Place
NEW HOMES 68 First Time Buyer October/November 2022
MAKE YOUR FIRST HOME THE BEST IT CAN BE with extensive planting incorporated into the masterplan, including orchard treeShellyplanting.added, “Our previous development at Hayfield Meadow proved hugely successful for us and we are thrilled to be able to bring even more of our thoughtfully designed homes to the area.”
Award-winning housebuilder Hayfield has launched its newest collection of 55 beautiful, zero carbon ready homes. Hayfield Grove, in Hallow, is a selection of two, three, four and five bedroom homes benefiting from the high specification and green credentials for which Hayfield is renowned.Thedevelopment features a range of bungalows and detached, semi-detached and terraced homes built to EPC A standards and set to offer a greener way of living. Currently only 2% of the UK’s new homes are built to EPC A standards. All of the homes at Hayfield Grove will have solar PV panels, air source heat pumps, energy-efficient underfloor heating, EV charging points, 100% renewable energy, and fibre optic broadband. Homes at the £20m development will also benefit from sound-reducing studies and the smartest electric vehicle fast-charging points, helping new residents to enjoy a more sustainable lifestyle. Pointing out the efficiencies built into every Hayfield home, Regional Sales Director Shelley West said, “We have fitted each home with thoughtful interiors, ensuring residents have only the best fixtures, fittings and appliances. In addition to being visually attractive, cost-saving technologies maximise efficiency and sustainability, keeping running costs to a minimum.“Firsttime buyers setting out on their homeownership journey can attain their dream home, safe in the knowledge that they will be best-placed to effectively deal with rising energy costs while also enjoying the benefits a Hayfield home brings.” Hayfield Grove includes the creation of 2.5 acres of outstanding new public open space, adjoining an extensive landscaped area and fully equipped playground created as part of Hayfield Meadow, the developer’s original scheme in Hallow that was completed in 2019. New landscaped walking and cycling routes are being created to connect the scheme into the neighbourhood, while new wildflower planting and a biodiverse pond will create significant ecological benefits. The density of the development is much lower than in typical new build schemes,
First time buyers in Worcestershire are being urged not to compromise when it comes to taking their first step on to the property ladder
The first release of homes is being marketed from an off-plan sales lounge at Connells Estate Agents in Foregate Street, centralCurrentlyWorcester.available to buy off-plan is the quaint two bedroom, two bathroom Lulsley semi-detached house with its spacious sitting room and kitchen/diner featuring fully integrated Siemens appliances, priced fromHayfield,£320,000.named WhatHouse? 2021 Housebuilder of the Year, is delivering new communities at nine developments across Bedfordshire, Buckinghamshire, Wiltshire and Worcestershire. For more information and to benefit from Hayfield Grove’s off-plan prices, call 0800 161 5455 Monday to Friday 10am to 5pm, or Saturday 9am to 4pm, visit hayfieldhomes.co.uk or email hayfieldgrove@hayfieldhomes.co.uk
Hallow’s convenient location is ideal for commuting and shopping and falls within catchment of Outstanding Ofsted-rated senior school The Chantry School. The quintessential village itself is vibrant, and the Crown Inn pub at Hallow is known to be a destination for those living in the surrounding area. Located just six miles from Junction 7 of the M5, taking you towards Birmingham in the north or Cheltenham in the south, the development is well connected, with an abundance of public transport.
Last chance for Help to Buy at Rochester Riverside. Help to Buy is coming to an end a decade on from the launch, having helped 355,000 first time buyers get on the property ladder, so time is of the essence for those looking to take advantage of this scheme.
Ashmere is part of a growing and thriving community, with Bluewater shopping centre just a five-minute drive away. Residents can also take advantage of an on-site coffee pop-up run by ecofriendly coffee roaster Blue Bean Coffee, which serves quality beverages and a selection of fresh pastries and snacks to those living at the development.
FIRST HOMES AT ASHMERE A short drive away is Ashmere, a collection of new homes in Ebbsfleet Garden City, the first Garden City to be built in the UK since the start of the 21st century. Upon completion, Ashmere will be made up of 2,600 new homes, a primary school and a villageAshmerecentre.is currently taking part in the First Homes scheme, meaning a number of homes available are discounted by a minimum of 30% against the average market value. Buyers must meet the First Homes eligibility criteria to take advantage of the initiative – applicants must be first time buyers living or working in the Dartford area, and their combined household income must be less than £80,000 per annum.
First Homes buyers are able to choose from a selection of two bedroom apartments that form part of the recently unveiled Stockley House collection. For more information on both developments please visit countrysidepartnerships.com
Residents at Ashmere will enjoy a picturesque setting with plenty of greenery, as the homes are located on the former Eastern Quarry and set against the backdrop of dramatic white cliffs. Promoting healthier living, Ashmere will feature numerous walking and cycling routes while offering residents easy access to electric car charging points.
bedroom apartment with Help to Buy available, with many of the properties offering private outdoor space.
The popular scheme currently allows buyers with a 5% cash deposit to apply for a Government-backed loan of 20% (meaning a mortgage of only 75% is required). With the deadline looming, homes available with Help to Buy are becoming increasingly scarce, but attractive options are still out there.
Ashmere is a short drive away from Ebbsfleet International railway station, offering high-speed train services into London in just 17 minutes. A regular fasttrack bus service will soon be available, for quick and seamless journeys to the railway station, the shopping centre and more.
One of such options is the awardwinning development Rochester Riverside by Countryside, delivered in partnership with Hyde and Medway Council, where a limited number of apartments are still available with the Government incentive. Located within the charming Medway town of Rochester, the development will include 1,400 new homes upon completion, surrounded by vast green spaces while boasting a renowned cultural scene and excellent transport links to London. Rochester Riverside is surrounded by a wealth of open spaces and a range of superb amenities, including independent shops, restaurants and cafes on its lively high street, and is located just a threeminute walk away from Rochester railway station which runs frequent train services into St Pancras International in just 38 minutes and into Stratford International in only 33 minutes, making it a popular choice for commuters. Prices at Rochester Riverside start from £255,000 for a one
NEW HOMES 70 First Time Buyer October/November 2022
Demand for property in Kent has been on the rise, with thousands of people relocating to the Home County in the past year alone. It’s proving popular due to its lower-than-London prices, while still holding commuter town status and being steeped in history. Here we explore two collections of new homes in the area, built by housebuilderaward-winningCountryside Riverside Ashmere
Rochester
MOVE TO KENT FOR THE PERFECT FIRST HOME
Home X is on the market through Savills, with prices starting at £244,000 for a studio apartment, £279,000 for a one bedroom apartment and £370,000 for a two bedroom apartment, all are available with Help to Buy, which ends in March 2023 but with loan applications closing on Monday 31 October 2022. Other homes are also available to purchase with shared ownership.
For Zahraa Al-Asadi, 25, a new build with security and no repair worries was a priority in her search for a home in Brighton “I REALLY WANTED A NEW BUILD PROPERTY BECAUSE I DID NOT WANT THE HEADACHE OF TAKING ON AN OLDER PROPERTY”
I wanted a home that was new and very secure, because most of the time, I will be living alone. I remember coming out of my first viewing of Home X and feeling, ‘I need to get a flat in this building.’ The way the show apartment was set out was perfect.
Help to Buy: Brighton
With the ease of maintenance and an inclination towards community, buying trends among millennials and first time buyers show that new builds are often a preference.
REAL LIFE 72 First Time Buyer October/November 2022
“I really wanted a new build property because I did not want the headache of taking on an older property and the worry of dealing with any problems like a leak.
Property: Two bedroom apartment Price paid: £426,000 using the Help to Buy scheme Deposit: £22,000 and quality of the apartments are great. They did not compare to anything else we hadHomeseen.”X is part of the wider regeneration taking place at the former Preston Barracks site in Lewes Road. The site, which had previously laid dormant for more than 20 years, is part of the significant £150m regeneration scheme delivered alongside U&I, Brighton & Hove City Council and the University of Brighton. The collection of 369 new build homes offer studio, one, two and three bedroom apartments. Home X apartments feature sleek and modern interiors with aesthetic finishes throughout the development. Apartments are bright and spacious with open-plan living spaces, kitchens are fitted with smart and energy-efficient Siemens integrated appliances and bathrooms rock modern matt black fixtures and fittings. Selected apartments come with either their own balcony or a terrace. Residents will also benefit from the new community taking shape that includes landscaped outdoor spaces and inspiring flexible workspaces, a concierge and wellbeing space. New commercial spaces include a convenience store, cafe and workshops, alongside a medical centre and pharmacy, and for those who like to keep fit, a 1km running and fitness route.
For Zahraa, buying her first property was made easier by teaming up with her mum, who had not previously owned a property and whose work responsibilities see her working away. They put down £22,000 in savings and used the Government’s Help to Buy scheme to bolster the sale. Zahraa believes Help to Buy was crucial to her process in becoming a homeowner. She adds, “Help to Buy is a really great way to get on the property ladder, I was not even sure I could afford a home at first.”
To nd out more, please visit home-x.co.uk or call 01273 068 032
Most new homes go for the standard white or light-coloured kitchens, but I really loved the black ceilings and the navy kitchen. My dad works in property so I took him along for a second viewing and he agreed the finish
FACT FILE
Z ahraa recently moved into her new home she purchased with her mum, Zainab. The family used Help to Buy in order to buy a two bedroom apartment at Optivo’s flagship development, Home X, which forms part of the Preston Barracks Regeneration, along Lewes Road. As a former University of Brighton student, Zahraa was quite familiar with the area and keen to live in a town that evoked fond memories from her time as a student. Prior to moving back to Brighton, she had been renting in Chichester and living with her grandparents in Putney. When Zahraa’s job as a pharmacist led her back to Brighton, she viewed Home X and another new build closer to Hove. She was instantly drawn to Home X at Preston Barracks for its unique styling and secure setting and purchased the third floor apartment for £426,000.
FOR SALE First Time Buyer October/November 2022 73 THE CREAM OF THE CROP FOR SALE Each month, FTB scours the market to nd the best starter homes for rst time buyers. So, whether you’re looking to make an affordable step on to the housing ladder or for a city pad ripe for urban adventure, we hope you will enjoy our selection. REAL HOUNSLOW,LIFE WEST LONDON FARNHAM, SURREY Help to Buy p72 Affordable homes p74-75 Best of both worlds p76-77 COUNTRYTOWN ★★★ FIRST CHOICE THESCENEGREEN ★★★ FIRST CHOICE
Lampton Parkside Situated at the heart of Hounslow’s new regeneration zone, Lampton Parkside delivers the perfect blend of city life and serene green spaces. The sought-after development is a four-minute walk to Hounslow tube station, then a 30-minute journey into central London. Meanwhile, Lampton Park’s lush, green 40 acres sits right on the doorstep. A host of local amenities, riverside walks and the popular destinations of Kew and Chiswick complete the picture. The stylish, contemporary two bedroom apartments feature under oor heating and private outdoor space, and residents have access to a concierge service. Notting Hill Genesis 020 3944 3957 nhgsales.com
FOR SALE 74 First Time Buyer October/November 2022 AFFORDABLE HOMES HOUNSLOW, WEST LONDON THESCENEGREEN ★★★ FIRST CHOICE £105,625*FROM
*Based on a 25% share of the full market £422,500
value of
£118,500*£252,000FROMFROM £140,000*FROMFROM£TBC
*Based on a 25% share of the full market value of £560,000
This new collection of two, three and four bedroom homes lies on the fringes of Collingtree Village, which borders the open parkland and gardens of Delapre and Wootton Brook Park. The available properties include terraced, semi-detached and detached, and feature a separate living room and kitchen with doors leading to a rear garden. Northampton town centre is around ve miles away and has a great range of shops, restaurants, a gallery and theatre. The selection of Ofsted-rated Outstanding and Good schools close by is a big draw for families. Latimer latimerhomes.comHomes
Forming part of the award-winning regeneration of Thamesmead, Crane Court features a selection of two and three bedroom apartments, minutes from Abbey Wood station and its impressive new Elizabeth Line connections. Set around ve lakes and a central square, amenities include a library and community centre, with an arts and culture of ce, restaurants, cafes, shops, co-working spaces and pop-up markets all set to open soon. Properties have been created with modern living in mind, with bright, open-plan living spaces and plenty of natural light.
The popular south west London town of Wimbledon is home to this new collection of one, two and three bedroom apartments. Both Earls eld and Tooting are also close by, giving residents here access to a wealth of shops, amenities, restaurants and general entertainment. There are also some beautiful open spaces close at hand, including Wandle Meadow Nature Park. These contemporary properties have been beautifully designed, with spacious open-plan living areas that lead on to a large private terrace or balcony. The larger homes also feature an en suite from the main bedroom.
WIMBLEDON, SOUTH W EST LONDON
The Ridings Collingtree Park
FOR SALE First Time Buyer October/November 2022 75 LONGRIDGE, LANCASHIRE NORTHAMPTON, NORTHAMPTONSHIRE
THAMESMEAD, SOUTH EAST LONDON
*Based on a 30% share of the full market value of £395,000
Crane Court at Southmere The Switch
The market town of Longridge is regarded as the gateway to the Ribble Valley and Forest of Bowland, so you can expect an abundance of beauty here.
Prospect Homes 01772 970 874 prospecthomes.co.uk
Peabody Sales 020 3369 2170 peabodysales.co.uk
This new collection of three and four bedroom homes has been designed to align with family life, with a spacious living/dining room that opens to a rear garden, downstairs WC and en suite from the main bedroom, upstairs. All homes feature private parking in the form of a driveway or garage. The nearby town has a good mix of local shops, while Preston is just a short drive away.
Catalyst Homes 020 8131 1028 catalyst.homes
*Based on a 30% share of the full market value of £270,000
This new collection of apartments really does enjoy a best-of-both location. The one and two bedroom properties are located in the heart of the Surrey town of Farnham – with a new shopping complex and wellstocked high street on tap. Beautiful countryside and green space surrounds the town, while London’s Waterloo can be reached in under an hour by train from the nearby station. The homes are thoughtfully designed, using space to optimal effect, and residents also have allocated parking. A great range of shops, restaurants, cafes, pubs, venues and a cinema lie within moments of the front door.
FOR SALE 76 First Time Buyer October/November 2022 BEST OF BOTH WORLDS FARNHAM, SURREY COUNTRYTOWN ★★★ FIRST CHOICE £81,000*FROM
SO Resi Farnham
SO Resi 020 8607 0550 soresi.co.uk
FOR SALE First Time Buyer October/November 2022 77 EALING, WEST LONDON WHITELEY, HAMPSHIRE
SO Resi Ealing Whiteley Meadows Wintringham
Located alongside the calming waters of the River Kennet and within walking distance of bustling Reading, these new one and two bedroom apartments have something for everyone. The stylish properties feature contemporary design, with bright open-plan living spaces and private balconies. Outside, the site will eventually be home to a riverside square, open spaces and shops, restaurants, cafes and bars – as well as a gym and nursery. Thanks to the Elizabeth Line, commuting into London from Reading takes as little as 23 minutes.
£105,000*FROMFROM£357,995 £159,750*FROMFROM£71,875*
Barratt Homes 0330 111 1800 barratthomes.co.uk
*Based on a 25% share of the full market value of £287,500
More than 300 new homes are being created at this major new development just over a mile from the pretty town of St Neots. While the stunning Cambridgeshire countryside provides the perfect surroundings, the site will also include park and sports facilities as well as of ce space and a health centre. For commuters, the beautiful city of Cambridge is around a 30-minute drive, with Peterborough just under 40. The homes range from one to four bedrooms, making this an ideal spot for sole purchasers, couples and growing families alike.
READING, BERKSHIRE
Residents also bene t from three years’ Zip Car membership.
SO Resi 020 8607 0550 soresi.co.uk
The leafy west London borough of Ealing is home to this new range of high-quality two and three bedroom apartments. A stone’s throw from Ealing Broadway –and the convenience of West Ealing station and the Elizabeth Line – these apartments offer the bene ts of the city with the beauty and peace of the local area, which includes an abundance of pleasant green spaces. Take in the sights of the lush surrounds and the capital beyond from the rooftop terrace or from your private balcony.
L&Q at Huntley Wharf
*Based on a 45% share of the full market value of £355,000
ST NEOTS, CAMBRIDGE
*Based on a 25% share of the full market value of £420,000
L&Q Homes 0333 999 7113 lqhomes.com
Nestled between the pretty towns of Botley and Whiteley, less than 10 miles from Southampton, these homes allow for a perfect blend of lifestyles. Stylish, affordable and community-minded, once completed, the development will be home to two primary schools, a secondary school and two nurseries. The properties on offer range from two bedroom apartments to two and three bedroom houses, all impeccably designed with contemporary kitchens equipped with integrated appliances. Each home has two parking spaces. St Arthur Homes 020 7224 3066 starthurhomes.com
The Jasmine is also a design classic. Inspired by the simple contours of the popular Adirondack style, it is made from rich, durable and sustainable acacia wood, which is naturally water resistant and has natural durability.
A perfect starting point for instant impact and happy, carefree times out in the fresh air is Zest’s Jasmine folding chair. And a pair of them will make a great focal point for your garden, patio or terrace. Easily comfortable enough for visitors or equally perfect just for relaxing in your own space, the Jasmine comes in a choice of stylish light or dark grey. And because it folds away neatly, it is easy to store undercover when the weather gets colder, requiring very little room.
Best of all First Time Buyer has a pair of these lovely Zest Jasmine chairs to give away to one lucky reader! And the winner can choose their preferred colour – a lovely light or an elegant dark grey. Zest Jasmine folding chairs come with a 10-year guarantee against rot. They are also a truly eco-friendly purchase. Made from sustainable timber expertly sourced from FSC® Certi ed and responsibly managed forests – just like all Zest’s products. In fact, that commitment to sustainability is at the very heart of the brand’s ethos. Ethical sourcing and environmental responsibility is vital to the planet and to future generations, which is why Zest’s environmental policy covers not only its products and packaging, but also all operational and transportation processes as well, including home delivery.
To nd out more about all Zest’s stylish and convenient sustainable wooden garden products, visit zestoutdoorliving.co.uk and follow Zest on social media Facebook and Instagram
First Time Buyer October/November 2022 79 Whether you like to relax outdoors, entertain your friends and family, or maybe grow some flowers and vegetables, enjoying your garden has never been more important, so making sure your outdoor space suits your lifestyle is just as much of an opportunity as creating your perfect indoor space COMPETITION HOW TO ENTER For your chance to winanswer the following question: What are Zest’s folding chairs made from? Send your answer with your full name, address and telephone number to: lynda@ rsttimebuyermag.co.uk Closing date: 7 November 2022 THE FOLDINGTWOPRIZE…ZESTJASMINEOUTDOOR CHAIRS WORTH £379.98 T&Cs • The prize is non-transferable and no alternatives will be given • Open to all residents of the UK only, aged 18 years or over (but see UK delivery exclusions). The winner will be required to supply details of a mainland UK delivery address, excluding Scottish Highlands, Scottish Islands, Northern Ireland and UK Islands and Channel Islands Elegant garden chairs thatjust fold away for winter
WIN! FOLDINGTWOZESTJASMINEOUTDOORCHAIRSWORTH£379.98
Whatever your preference, outdoor living expert Zest is the natural choice for stylish, sustainable wooden furniture, beautiful arbours, stunning planters, super garden bars and the prettiest, handiest "grow your own" options, even for small gardens or balconies. All superbly designed, easy to build and look after and sturdy enough to stand the test of time.
ftbawards.com WINNERS’ SUPPLEMENT Headline sponsor
AFFORDABLE HOMES 82 First Time Buyer October/November 2022 WINNERS’ SUPPLEMENT PRIORMIKE©PHOTOS
The FTB Readers’ Awards 2022, held at the London Marriott Hotel Grosvenor Square, London were a glittering success with over 500 colleagues from the housing industry there to celebrate together. The Awards are the highlight in our busy calendar and it’s wonderful to see so many inspirational homes being built for first time buyers. This year, competition was fierce as we had more entries than ever before and the standard was extremely high. Our hosts, TV presenter and broadcaster, Nicki Chapman and TV presenter, Jonnie Irwin, who are both television’s most versatile lifestyle presenters, welcomed the highly commended and winners from each category on to the stage to present them with their award. On the following pages, we showcase the day, so you can see who won. Most importantly, we would like to thank all our readers who took time to cast their all-important votes. This year, our chosen charity was The Brain Tumour Charity, which raises money for pioneering research to increase survival and raises awareness of the symptoms and effects of brain tumours and provides support for everyone affected. We were delighted to have exceeded all expectations and raised the record amount of £20,000 for this very worthy cause. We had some amazing prizes this year so a big thank you to everyone who Congratulationsdonated.toyou all and we look forward to seeing you at the FTB Readers’ Awards next year.
THE FIRST TIME BUYER READERS’ AWARDS 2022
READERS’ AWARDS buyer
FINANCE First Time Buyer October/November 2022 83 READERS’ AWARDS buyerBEST SMALL DEVELOPMENT BEST USE OF INTERACTIVE TOOLS This award was presented by Craig Osborne, Director of Housing and Build to Rent at Investa. This award was presented by Lynda Clark, on behalf of VIBE Living. SPONSORED BY SPONSORED BY HIGGINS HOMES ALPHABET BE WEST ONWARD LIVING EGERTON RISE SHARE TO BUY READERS’ AWARDS buyer
AFFORDABLE HOMES WINNERS’ SUPPLEMENT 84 First Time Buyer October/November 2022 READERS’ AWARDS buyer BEST FIRST TIME BUYER APARTMENT BEST MEDIUM DEVELOPMENT This award was presented by Alex Baker, Associate Director at JLL. This award was presented by Bevin Woby, Head of Business Development and Marketing at Direction Law. SPONSORED BY SPONSORED BY ABRI THE CHOCOLATE FACTORY INLAND HOMES RANDALLS PEABODY ARDEN GUINNESS HOMES LEASIDE LOCK NOTTING HILL GENESIS OAKLANDS RISE
FINANCE READERS’ AWARDS buyer First Time Buyer October/November 2022 85READERS’ AWARDS buyer BEST PARTNERSHIP BEST PROVIDER TO THE FIRST TIME BUYER MARKET This award was presented by Sarah Jarvis, Partner at Sharratts. This award was presented by Zoe Murzell, Chief Communications Officer at The Oracle Group. SPONSORED BY SPONSORED BY L&Q AND MOUNT ANVIL THE SILK DISTRICT EMBRACE FINANCIALMETROSERVICESFINANCE COUNTRYSIDE AND TAYLOR WIMPEY GREENWICH MILLENIUM VILLAGE SO RESI PARTNERSHIPS
86 First Time Buyer October/November 2022 WINNERS’ SUPPLEMENT READERS’ AWARDS buyer BEST SHOW HOME BEST FIRST TIME BUYER FAMILY HOME This award was presented by Harriet Stevens, Account Manager at Faust PR. This award was presented by Linda Storey, Head of Social Housing at Penningtons Manches Cooper. SPONSORED BY SPONSORED BY OPTIVO WITH FOCUS EXPERIENTIAL HOME X CHANCERY HOMES AND THRIVE BURNHAM COURT GUINNESS HOMES AUGUST FIELDS INLAND HOMES RANDALLS
First Time Buyer October/November 2022 87 READERS’ AWARDS buyer READERS’ AWARDS buyer BEST LARGE DEVELOPMENT BEST OFF-PLAN DEVELOPMENT This award was presented by Paul Warren, Regional Managing Director at LSL Land and New Homes. This award was presented by Peter Hawley, Director of Shared Ownership at Leaders Romans Group. SPONSORED BY SPONSORED BY PLACES FOR PEOPLE AND BALFOUR BEATTY INVESTMENTS EW+S GECKO HOMES BARLOW MOOR ROAD ANDERSON DESIGN AND BUILD IN CONJUNCTION WITH L&Q THE QUARRYKIDBROOKE SQUARE
88 First Time Buyer October/November 2022 WINNERS’ SUPPLEMENT READERS’ AWARDS buyer BEST LAW FIRM FOR CONVEYANCING BEST NEW DEVELOPMENT IN THE SOUTH This award was presented by Stephen Harker, Managing Partner at Dawson Cornwell. This award was presented by Sandy MacMillan, Manager Director at K Pro Software. SPONSORED BY SPONSORED BY PRINCE EVANS SOLICITORS LLP BOKLOK BOKLOK ON THE BROOK CATALYST NEWMAN PLACE DIRECTION LAW
First Time Buyer October/November 2022 89 FINANCE READERS’ AWARDS buyer READERS’ AWARDS buyer BEST NEW DEVELOPMENT IN THE NORTH AFFORDABLE HOUSING PROVIDER OF THE YEAR This award was presented by Jon Lord, Managing Director at Metro Finance. This award was presented by Ross Smith, Director at SiteSales. SPONSORED BY SPONSORED BY METROPOLITAN THAMES VALLEY HOUSING GECKO HOMES ALLINGHAM PLACE VIADUCT HOUSING PARTNERSHIP BATTERSBY HAT FACTORY
90 First Time Buyer October/November 2022 WINNERS’ SUPPLEMENT READERS’ AWARDS buyer PRIVATE DEVELOPER OF THE YEAR THE EDITOR’S SPECIAL AWARD FOR SERVICES TO THE INDUSTRY This award was presented by Stel Tzirki, Director and Enza Capodici, Group Account Director at The Media People. This award was presented by Lynda Clark, CEO and Editor of First Time Buyer Magazine. SPONSORED BY MARILYN DICARA GLEESON HOMES WESTON HOMES
First Time Buyer October/November 2022 91 FINANCE READERS’ AWARDS buyer READERS’ AWARDS buyer JUDGES UNSUNG STAR - WORKING WITHIN THE INDUSTRY JUDGES UNSUNG STAR - SUPPORTING THE INDUSTRY This award was presented by Stavrina Tofallis, Partner at ThisDevonshires.awardwas presented by Stavrina Tofallis, Partner at Devonshires. SPONSORED BY SPONSORED BY JANE SCOTTWILLIAMSWALKER NIALL CRAIGCLEGHORNOSBORNE
With such high recommendation, this 2.1 metre cable is both convenient and versatile, useful for pairing with a lock to tether down ladders, patio furniture or bicycles. The cable automatically coils back into its compact shape when removed, saving time and preventing tangles. This convenience means it is easy to travel with and is the ideal security for bikes or when you’re on the go.
SECURE YOUR HOME INSIDE OUT
First Time Buyer October/November 2022 93 Buying your first home is one of the biggest achievements in your life. There is no feeling quite like knowing you have financial security and independence, all in a space you can call your own COMPETITION HOW TO ENTER Answer the following question: What cash rating does the Burg-Wächter Point-Safe have? a) £100 b) £500 c) £1,000 Send your answer with your full name, address and telephone number to: lynda@ rsttimebuyermag.co.uk Closing date: 7 November 2022 THE PRIZE… A SECURITY BUNDLE WORTH £220 T&Cs • The prize is non-transferable and no alternatives will be given • The competition is open to UK residents only Safe and sound! WIN! BUNDLEAHOMESECURITYFROMBURG-WÄCHTERWORTH£220
For more information on Burg-Wächter’s safe range or any of its home security products, visit burg.biz/uk or call 01274 395 333
Getting on the property ladder is no easy feat and they say an Englishman’s home is his castle, so why wouldn’t you want the very best when it comes to keeping your home secure? With 817 homes in the UK burgled every day, it’s better to be safe than sorry when it comes to protecting your abode. From padlocks to safes and cables to bolts, Burg-Wächter has you covered so you can have peace of mind knowing that your home is as safe as can be.
Protecting your new house should be a priority for any homeowner, especially now during the winter months, with home burglary rates rising as burglars look for easy targets and take advantage of the darker evenings. That’s why leading security specialist Burg-Wächter is offering you the chance to win the ultimate home security bundle, as part of its annual Locktoberfest security awareness campaign.
Add security and convenience to your shed, doors or gates with the combination-locking bolt. This easy-to-use lock comes with four adjustable combination dials, meaning you can choose from 10,000 possible codes. With a corrosion-resistant body allowing for indoor or outdoor use, this small bolt boasts powerful strength when it comes to keeping thieves at bay.
YOUR CHANCE TO WIN HIGH-TECH SECURITY GEAR Burg-Wächter is offering you the chance to win the ultimate security bundle, which includes a Point-Safe, £160, cashbox, £20, combination locking bolt, £15, Karat padlock, £15 and selfcoiling security cable, £10. Keep your cash, documents and treasured valuables secure in the Point-Safe, which features a double-walled door for enhanced security and comes with 2 keys as well as a £1,000 cash rating (and £10,000 of jewellery or other valuables). For extra protection, it comes prepared for wall and oor mounting so even if it is discovered by a burglar, they won’t be able to steal it. For petty cash, coins and receipts, the cash box offers convenience when you need it most. With a fold-down handle and cash tray, this useful box is easy to lock up and hide out of sight, or perhaps securely stored inside your new PointSafe!
Pair the Karat padlock with chains or cables and keep bikes, barbecues or garden furniture, rmly locked down. Housed in a solid brass body, the hardened shackle is double bolted and resistant to cutting attacks, making it ideal for large or heavy goods and furniture. A rustproof interior makes it the perfect padlock to use outdoors.
The self-coiling security cable is one of Burg-Wächter’s top-of-the-range products and has received accreditation from both Secured by Design – a police preferred speci cation designed to reduce crime, and Sold Secure – an organisation owned by the Master Locksmith Association.
FIRST MEAL 94 First Time Buyer October/November 2022 FIRST HOME, FIRST MEAL Created by Connor Black, Head Chef at The Bull & Bear in Manchester’s Stock Exchange hotel, this delicious souffle is the perfect treat for lunch or dinner to enjoy with friends and family BAKED CHEDDAR SOUFFLE WITH BITTER LEAVES AND PROPER CHEESY SAUCE INGREDIENTS (serves 4) 10g unsalted butter 10g plain flour 70ml warm whole milk 90g strong cheddar (best quality) Pinch of salt Pinch of cayenne pepper 25g egg yolk 150g egg whites Cheese sauce 100ml double cream 60g Witheridge Hay Cheese (available online from the Cotswold Cheese Company – cotswoldcheese.com) 60g Parmesan ½ tsp English mustard Pinch of salt and cayenne pepper Garnish 12 red grapes, halved 12 roasted walnuts 1 head of curly endive picked into small leaves, yellow leaves only as the green are too bitter 2 tbsp English cold-pressed rapeseed oil 4 large ramekins lined with butter and finely grated Parmesan
4 When the base has cooled, stir in the egg yolks.
Connor Black had his first taste of hospitality as part of his GCSE apprenticeship working at The Royal Hotel (2AA Rosettes) on the Isle of Wight. When he turned 15 in 2012, he wrote to Tom Kerridge at The Hand and Flowers in Marlow requesting work experience. Connor did a week in the kitchen at the two-Michelin starred pub and impressed Tom so much that he invited him and his dad for lunch and offered Connor a permanent role.
11 When the souffles are cooked, remove from the oven and leave to rest for a minute before turning out.
6 Now that has been combined, fold in the remaining egg white to leave you with a proper fluffy souffle base.
2 Stir in the cheese until it is fully melted, then add the salt and cayenne pepper.
5 To finish the souffle base, add the whites to a large bowl and whisk until it forms peaks, then with a metal spoon, beat one third of the egg white into the cheese base.
3 Once the base has been made, cover the top of the sauce with cling film, this will stop a skin from forming on the top. Leave the sauce to cool to room temperature.
Connor quickly progressed to Commis Chef and Demi Chef a year later. In 2015, he moved to Australia working as a Chef de Partie at Gastro Park in Sydney, then opening a seafood restaurant Cirrus in Sydney, which won Two Hats (Michelin-star equivalent). In 2017, Connor returned to the UK and worked at Tom Kerridge’s The Coach in Marlow before joining the openings team for Kerridge’s Bar & Grill in 2018 as a Junior Sous Chef.
14 Serve the souffles, pouring the cheesy sauce at the table.
In 2019 he took on a joint role as Head Chef of The Shed, the intimate 10-cover private dining room and Sous Chef of The Hand and Flowers. Now, Connor joins Kerridge’s The Bull & Bear in Manchester’s Stock Exchange Hotel in his first Head Chef role at the age of 25. bullandbearmanchester.co.uk
METHOD
13 Now for the hero moment! With an oven cloth, pick a ramekin up and tip the souffle out into the middle of a large plate or bowl, repeat this for the other souffles, then add the garnish to each plate, dividing the mix evenly.
7 Spoon the mix into the ramekins until full, then level off with a palette knife.
1 Firstly, melt the butter in a small saucepan, once the butter has fully melted, stir in the flour to form the base of a white sauce. Cook the flour and butter mix for a minute or so, then ladle in the warm milk while constantly stirring, until all the milk has been added. You should end up a glossy white sauce.
8 Then, run the tip of your thumb around the edge of the souffle, this will just release the top of the souffle from the edge of the ramekin while it bakes.
9 Pop souffles on a tray and bake at 180C for 12-14 minutes.
10 While the they are baking, pour the double cream into a small saucepan and bring to the boil, then stir in the cheeses, mustard and seasoning to make a simple cheese sauce; just keep it warm until the souffles are ready.
12 Meanwhile, add the nuts, lettuce, grapes and olive oil to a bowl with a pinch of flaky salt and dress the leaves.
MasterClass Smart Space Compact Can Opener, £7.95, kitchencraft.co.uk This everyday kitchen essential has been given a space-saving makeover in the form of this ingenious MasterClass Smart Space compact can opener. Its unique circular pocket-sized design takes up half the space of a traditional can opener and helps to create more space in kitchen drawers where space is so often at a premium.
MasterClass Smart Space Space-Saving 5-in-1 Kitchen Tool Set, £19.99, kitchencraft.co.uk This set of five nesting cooking utensils, designed for the MasterClass Smart Space range of spaceconscious kitchenware, means you'll never lose your favourite kitchen tool again. Exploiting the smallest footprint possible, the freestanding design offers a smart-looking solution to keeping your go-to kitchen utensils within easy reach, without cluttering up your countertop. Brew It Stick, £11.99, baristaandco.com Now brew can do it! Ditch the instant because fresh coffee is now just as easy. The award-winning Brew It Stick infuser has been specifically designed for those who want the convenience of instant but the taste of fresh coffee. This one cup coffee infuser allows everyone to enjoy freshly brewed coffee quickly with no mess thanks to the included drip pot. The perfect coffee gadget for home, the office coffee rounds and outdoor trips. KitchenCraft Chef’n Yolkster, £4.99, kitchencraft.co.uk This kitchen gadget is no yolk! The Yolkster provides a fuss-free way to separate eggs for cooking and baking recipes. Secure this egg separator to mixing bowls and mugs of any size – just hook the three legs to the rim. It’s that easy. Perfect for your favourite recipes, Yolkster can be used to separate eggs ready for making fluffy meringues, light mousses, creamy mayonnaise and loads more.
TECH First Time Buyer October/November 2022 95
Dexam Soft Grip Oval Grater, £4, dexam.co.uk
A truly grate gadget for your kitchen! This small stainless steel oval grater has a comfortable soft grip handle and non-slip rubber base. It includes multiple faces such as coarse, fine and nutmeg/zest ensuring all your grating needs are catered for. The compact oval shape takes less storage space than a traditional box grater.
INSPECTOR GADGET
“Kitchen gadgets forcooking!"stress-free
Cooking is always much easier if you have the right tool for the job. Here at FTB we have selected some of our favourite kitchen gadgets that you will wonder how you ever managed without! Best of all, they are all extra-compact so they won't clutter up a smaller kitchen
The Government has recently announced it will be extending the scheme, which could benefit up to 2.5 million tenants who would gain the Right to Buy, freeing them up to become homeowners, and enabling them to add value and make improvements to their home as they wish.
If your Right to Buy is a leasehold property, then you need to be ensuring your purchase solicitor gets a full leasehold management pack and confirmation of any difference between the service charge paid as a housing association tenant and as an outright owner, and again if there are any major works, including upcoming fire safety measures, that may lead to unexpected costs.
Once you complete under Right to Buy it will be down to you, not your landlord or housing association, to repair and maintain the property and to arrange your own buildings insurance.
Currently, tenants in council homes are eligible to buy their homes at a discounted price, up to 70% off the market value dependent on how long they have lived there. The longer you have lived at the property the larger the discount you can get off your home.
LEGAL Lesley Price FCILEx of CGM Hampshire Limited offers her thoughts on the Right to Buy scheme being extended to housing association tenants
Secretary of State for Work and Pensions Thérèse Coffey said, “For too many people the aspiration to own their home has been taken away. By turning benefits to bricks, we are opening the door to homeownership for those on the lowest incomes.” For many buyers, the renewed focus on the existing scheme and the extension of the scheme to more renters could provide an alternative to shared ownership or shared equity schemes, but the success of the policy may ultimately depend in the long term on the ability of developers and housing associations to replenish housing stocks to keep pace with the scheme.
It is easy to assume that you know all the ins and outs of your home, especially if you have lived there for several years, but structural issues can be hard to spot and if you are not used to homeownership you may not have thought about cyclical maintenance costs such as window or roof tile replacement or about the energy efficiency of your home.
Although you are buying a property at a discount rate it will be yours for the long term and ultimately it will be down to you to sell it on when you wish to move. We would always recommend you invest in a full survey so you have an honest idea of what maintenance costs you will have in the future and any urgent repairs that may not be immediately obvious on inspection.
Contact us at enquiries@c-g-m.co.uk or visit our blog at c-g-m.co.uk for more information
The Government has promised one new home for each one sold but with increasing costs and construction delays it will be interesting to see if the scheme is sustainable in the long term.
For anyone looking to buy a new home the advice of a specialist mortgage broker and solicitor is key to making sure you take on the right model of homeownership for your individual circumstances.
96 First Time Buyer October/November 2022
However, if you are looking to buy your home under Right to Buy there are some points to consider, the biggest one being costs of maintenance and repair.
Right to Buy
FINANCE 98 First Time Buyer October/November 2022 Emilia is the Sales Director at Metro Finance, the largest shared ownership mortgage provider. Metro Finance helps around 2,400 shared ownership buyers each month, working with more than 90 housing associations to make the process for the buyer as simple as possible, and helping to innovate the shared ownership product. Emilia has worked with Metro Finance for over 10 years, specialising in shared ownership
Ask Emilia...
Stage 3 – Your Application Submitted to the Lender
Stage 2 – Verifying the Information Before your mortgage application is fully submitted to the lender, your mortgage advisor will ask you to provide a selection of documents so they can verify all yourDon’tinformation.besurprised if they delve in and ask you lots of questions – they just don’t want something to trip your case up later down the line! Standard documents to expect to be requested are 1. ID – eg a passport or driving licence 2. Income proof such as payslips if employed, or tax calculations and overviews if self-employed 3. Three months of bank statements for all accounts 4. Proof of deposit 5. Proof of address such as a council tax bill or utility bill Dependent on your circumstances there could be other documents required. Make sure before applying for a mortgage that you have all your paperwork and ID to hand, as this will make it much smoother for you.
Once all your documents have been checked they will be submitted to the mortgage lender. Your application will be looked at by an underwriter who will confirm if they are happy to lend you the money. Don’t be surprised if they ask for more information, it’s not uncommon. Some lenders ask for more information than others – ultimately the underwriter can request whatever they want (within reason!) so that they feel comfortable with your application. You want them to be sure, as it’s a very big commitment.
Timescales can vary here between lenders as to how long they take. Some will do it within 24 hours and be very speedy, other lenders may take a little longer.
Don’t be surprised if you’re waiting five to 10 working days for that first assessment by the underwriter, and try not to panic if there’s back and forth. Your advisor will have everything under control and will keep you updated.
Stage 6 – The Legal Work
You will have appointed a solicitor earlier in the process who will be doing all your legal work. They will do all their enquiries and searches to make sure that the property is OK for you to buy, and there won’t be any nasty surprises in the future. This is to protect you and the mortgage lender.
Stage 4 – The Valuation Mortgage lenders will always carry out a valuation on the property for mortgage purposes. If you’re buying a property that has previously been owned, ie not a new build, you may want to pay for a more extensive survey for yourself to ensure there are no major problems.
Stage 7 – Completion You will have paid your deposit to the solicitors, and your mortgage lender will have transferred the funds, so finally you get the keys! You are now a proud homeowner! metro nance.co.uk
You’re nearly there! Once the underwriter is happy and the valuation has come back, your mortgage offer should be issued. Make sure you read through it, this will most likely be the biggest purchase that you make. The home is now very much within your reach!
Once they’re satisfied, they will set an exchange date, at which point you are legally committed to the property, and a completion date.
The purpose of the valuation for the mortgage lender is to determine that the property is worth what you are paying. They need to check that they are not lending you more money than what the property is worth.
Stage 1 – Agreement in Principle You’ve seen a property, you love it – but can you afford it? A mortgage advisor will be able to make sure the property is affordable for you and let you know what the monthly payments are. They’ll match you with a mortgage lender you meet the criteria with, and get you an Agreement in Principle. This isn’t a mortgage offer, but it’s the first hurdle to get over. Once you have this, you can start the process of buying your dream house. Some lenders will offer incentives to take out your mortgage with them, such as a free valuation or some cashback. Your mortgage advisor can identify the cheapest lender, taking into consideration any incentives like these. For example, you may go with a slightly higher rate, but you don’t have to pay any fees – which might be important to you. Make sure you discuss this with your advisor, and explain what your preferences are.
Stage 5 – The Mortgage Offer
What to expect when buying a house. The dark art of mortgage applications, explained in seven steps…
In the ever-changing homebuying market, interest rates are on the rise and the stress test on borrowing is axed. Kay Hill looks at what these mixed messages mean
According to Mark Harris, chief executive of mortgage broker SPF Private Clients, “Scrapping the affordability test is not as reckless as it may sound. The loan-to-income framework remains so there will still be some restrictions in place; it is not turning into a free-for-all on the lending front. Lenders will also still use some form of testing but to their own choosing according to their risk appetite.” It’s likely, however, that the removal of the stress test will allow lenders to be slightly more flexible in how they calculate risk, so borrowers who are already paying large rental payments each month, or who have a large amount of discretionary spending that they could cut back on if necessary, might find it a little easier than before to satisfy affordability requirements. The higher interest landscape is more significant. The Bank Rate is likely to continue to rise and could hit 3% by the end of the year, so fixed rate mortgages, especially longer fixed rate loans, will become more appealing for the security they offer, despite rising considerably in price. It’s also possible that the increased costs of borrowing could suppress house price rises to a certainThoseextent.saving for their first home will be grateful for the higher interest rates on savings – in October last year, the best paying instant access account paid just 0.65%, whereas at the time of writing Shawbrook Bank was offering 1.86% for instant access, and rates of over 3.3% are available for those willing to put their money away longer term However, bear in mind that any savings account paying less than inflation (which at the moment is all of them) means you are still losing money. Certainly, you should consider speaking to a financial advisor to see if buying now with a smaller deposit and a longer term fixed rate mortgage might make the best of a difficult situation. Brean Horne from NerdWallet, sums up the situation, “Will the cost-of-living crisis and rising interest rates bring house prices back down? Only time will tell. Either way, it is unlikely to reverse years of steep price jumps that have dented the hopes of first time buyers. Buyers who do their research and prepare now will put themselves in a better position to purchase property when the time is right for them.”
Whether the interest rate increase will do its job of curbing inflation in the current strange circumstances remains to be seen, but it will certainly affect the housing market almost immediately by pushing up the cost of borrowing.
FINANCE 100 First Time Buyer October/November 2022
Helen Morrissey, senior analyst at Hargreaves Lansdown, said, “Someone with a £300,000, 25year, repayment mortgage on the average SVR could see their monthly payments go up by over £88 a month – that’s a real chunk of change to find when money is already tight. Three quarters of mortgage holders are protected by a fixed rate deal, so the rises will take a while to filter through. However, when their mortgage expires, they’re in for a nasty shock. Average two- and five-year rates are already rising at a record pace.”
Interesting times
While interest rates were parked firmly at the lowest they had ever been, the Bank of England’s onerous requirement for mortgages to be “stress-tested” – to make sure that homebuyers would still be able to afford their repayments if interest rates leapt by 3% –seemed like an unnecessary bit of red tape for a fairly unlikely scenario. Now, however, the stress test has been abolished just as mortgage rates are firmly on an upward trajectory, pushed along by The Bank of England’s Monetary Policy Committee (MPC) increasing the Bank Rate (also known as the base rate) yet again in August, from 1.25% to 1.75% –the biggest single increase in 27 years, and taking it to its highest rate since 2008. The reason for the increase is that forcing interest rates up is one of the key ways to control inflation, which is looking decidedly out of the control at the moment, having reached 9.4% in July. The Bank of England now predicts it could hit a terrifying 13% by the end of the year – figures the country hasn’t seen since 1980.
The decline in housing affordability depicts a property market that has become increasingly dif cult for rst time buyers to access. Soaring house prices, rising mortgage rates and the cost-of-living squeeze has forced many to give up their dream of homeownership – at least for the time being. The Bank of Mum and Dad is also facing its own cost-of-living challenges and can’t be relied on to provide much-needed nancial support. Would-be buyers shouldn’t hold their breath for a house market crash; the evidence points to house prices dampening rather than tumbling. However, the withdrawal of a key affordability stress test, introduced in 2014 in the aftermath of the nancial crisis, will offer some form of respite to those struggling to get on the property ladder. The axing of the test means a typical borrower will no longer be assessed on whether they could continue to repay your loan even if, hypothetically, their borrowing rate was to increase. However, unwinding the measure amid the cost-of-living crisis could run the risk of people biting off more than they can chew nancially to purchase a property.
EXPERT COMMENT
Myron Jobson, Senior investorinteractiveFinancePersonalAnalyst,
This rapid rise in mortgage costs makes the Bank of England’s decision to get rid of the stress test just before the Bank Rate increase seem strangely timed. The test was introduced in 2014 as a measure to make sure that the reckless lending which caused the 2008 credit crunch didn’t happen again, along with a second measure, limiting the number of loans which mortgage providers could lend that were more than 4.5 times a borrower’s salary.
Inflation at these levels means your money rapidly becomes worth less – if you have £10,000 deposit saved up, a year of 13% inflation would leave it with the buying power of just £8,850. When the Bank Rate goes up, so do the lending rates charged by banks and building societies, which in turn has a knock-on effect on the economy – when interest rates rise, people tend to save more and spend less, so the idea is that it will limit the upward spiral of goods and wages and bring down inflation.
Mourain,Cecilia MoneyboxHomebuying,DirectorManagingfor
EXPERT
Lenders will hike mortgage rates straight after a Bank of England rate rise, but we’ve seen that typically they will come down again, ever so slightly, in the following weeks as lenders continue to compete for business. In fact, the high certainty of a rate increase means some lenders hike rates ahead of the of cial announcement. Since the start of the year, we’ve seen lenders pull their popular mortgage deals at short notice, so it’s more important than ever that rst time buyers consider working with an informed and trusted broker who can secure the best rate in the shortest timeframe possible. The recent succession of base rate rises can seem daunting – especially for rst time buyers –but we need to keep it in context. Rates declined sharply in 2020 and remain in line with the past 10-year average. Where possible, aspiring homeowners need to dissociate as much as possible from what’s happening in the very short term, and try to focus on the long term bene ts of homeownership. There will always be periods of recessions and then periods of growth, the key is to be in it for the long term. COMMENT
FINANCE First Time Buyer October/November 2022 101
GOVERNMENT BACKING FOR MODULAR HOUSING
Modular homes are homes that are built in factories and then transported to their eventual location. Often called factorybuilt homes, off-site construction or MMC (Modern Methods of Construction), multiple specialist manufacturers now produce this type of housing, which is then sold on to housing associations or developers either for social housing or private sale. These types of homes can be built much more quickly than traditionally built housing and as many companies are now building this way, there are hopes that this could be the answer to the UK’s housing shortage.
Could
INNOVATIVE EUROPEAN COMPANIES TARGET THE UK
The Government has recognised that MMC is a way of meeting housing need here in the UK and has appointed an MMC Champion to oversee the sector’s growth and to make sure that these types of homes meet the required standard. Mark Farmer is responsible for developing the safety, quality and potential of the industry, which is estimated to be worth around £40bn a year once mature. Farmer co-wrote a report looking at the growth of the sector which Modular homes are getting more and more popular but could they eventually be the answer to the housing shortage? Ginetta Vedrickas investigates modular homes solve the housing crisis?
MARKET 102 First Time Buyer October/November 2022
WHAT ARE MODULAR HOMES?
WHERE DID THE IDEA COME FROM?
The modular specialist says that demand is growing rapidly in Finland and the UK. The company’s export manager Ivan Kalishevich is seeing what he describes as a “boom” in appetite for modular housing, “We have a very strong research department, and we develop new ways to build all the time, which led to the idea that lightweight steel profiles could be used to build modules. Now we offer for export steel profiles, steel elements, wall elements, and whole modular units.”
In countries such as Japan and Sweden, modular housing is widespread, and these countries are often credited as being much more forward-thinking when it comes to housing. According to estate agency Savills, Sweden has the highest uptake of MMC, with around 45% of all new homes utilising these methods. China has set a target that 30% of all new buildings will be constructed off-site by 2026 and, in Singapore, any development which is on government land must now use modular construction.
Finnish company Aulis Lundell Oy is typical of an innovative European company which is now bringing its products to Britain.
After the UK suffered bomb damage during the second world war, homes were constructed quickly in factories using precast reinforced concrete to create “prefabs”, pre-fabricated housing for those who had lost their homes during the Blitz. Prefabs were only expected to last for around 10 years yet, of the around 150,000 that were built in the 1940s and 1950s, some are still standing today. The UK may finally be catching on to the trend for modular homes, with much more sophisticated modular housing than the type seen post-war, but other countries have been building using these methods for decades.
The only way to level the playing field is to promote supply-side intervention and expand infrastructure to support this. Rapidly mobilising innovative solutions like modular construction across the country will produce energy-efficient homes at pace – a cost-efficient solution to dwindling homeownership that stands the test of time.
MODULAR PARTNERSHIPSCOMPANIES’
EXPERT COMMENT
There are many examples of modular buildings across the UK, although from the outside there may be no visible difference. Increasingly, “traditional” housebuilders are incorporating modular-built homes alongside homes built through the usual construction methods. Housebuilder Hayfield Homes is typical of a traditional developer which now uses factory constructed housing in its developments. The housebuilder has made “a significant investment in MMC” across six of its sites in Bedfordshire Buckinghamshire and Worcestershire. A panelised system utilising large Aircrete blocks is being used at five developments, plus a trial of structural insulated panels underway at another. Hayfield hopes that using these methods will help it build more quickly and help it guarantee costs as, with this method, problems with material and labour shortages are minimised. As to aesthetics and sustainability, Hayfield’s MD Andy Morris reassures, “We are creating programme efficiencies and reducing CO2 emissions, while continuing to deliver beautiful, hand-crafted homes to our customers. Some developers opt for modern exteriors when using MMC, but our architecture is far more traditional in style, as that’s what our customers prefer.”
MARKET
In the North of England, increasingly dubbed “the Northern Construction Corridor” many modular developments are being built as the Government aims to “level up” the country and increase access to jobs and homes. Yorkshire-based ilke Homes describes itself as a “modular housing pioneer revolutionising the way high-quality, energy-efficient homes are delivered across the country”. The company is harnessing digital design, AI and robotics at its 250,000 sq ft factory where 2,000 factory-built homes can be produced per year that are suitable for a range of tenures and customers, while cutting construction programmes typically in half. ilke is ready to deliver over 1,000 zero carbon homes a year for major investors, housing associations and councils, having already trialled them in London, Newcastle, Gateshead and Newark. In May 2019, ilke Homes signed a £100m deal with housing association Places for People for 750 homes, the UK’s biggest ever modular deal. In November 2019, ilke Homes received a £30m investment from the Government’s housing agency Homes England, but more recently, the company has raised £60m to scale-up its operations and deliver over 10,000 sustainable homes over the next five years. Funding is split between a £30m debt from Homes England plus £30m of equity from new investors, including Asda-owners TDR Capital, Sun Capital and The Guinness Partnership. Part of Metropolitan Thames Valley, one of the UK’s largest housing associations, SO Resi has partnered with ilke Homes and funders Gresham House to deliver a zero carbon development at Hope Green in Stanford-le-Hope, Essex. Set to become one of the UK’s first and biggest net zero carbon residential developments, with 153 new homes, SO Resi is marketing them exclusively for shared ownership. Four of the properties are modular, precisionengineered along production lines at ilke Homes’ factory, then transported to site and craned into place within hours. Guaranteeing zero bills, homeowners could save around £40,000 across 20 years, thanks to the installation of battery technology. Over two-thirds of the properties will include innovative technology meaning the houses will generate enough energy to become operationally carbon neutral. Boilers will be replaced with air source heat pumps, which require just a third of the energy of conventional heating systems, and photovoltaic (PV) panels will be installed which will generate electricity.
EXPERT COMMENT Shelley West, Regional Sales Director, Hayfield Homes
Its two, three and four bedroom shared ownership homes at Westwood Acres near Broadstairs in Kent is a collection of highly energy-efficient, modular homes built in partnership with Legal & General Modular Homes. L&G says that its modular homes are “robust, solid, and will last just as long as any new build home”.
Backed by Town & Country Housing, Kent-based property management company and developer Love Living Homes delivers new homes and provides services for customers to buy, rent and invest in property across Kent and East Sussex.
Modern construction methods offer a huge range of benefits to developer, resident and community, from minimised disruption on site and on local roads, through to faster construction and exacting standards of construction and quality. Perhaps most important are the sustainability advantages associated with modular building, not least the elimination of waste on site and efficient, optimal use of materials.
Dave Sheridan, Executive Chairman, TDR ilkehousebuilderbackedCapital-modularHomes
Lissenden,Colin Housing&Director,DevelopmentTownCountry
First Time Buyer October/November 2022 103 stated that one of its main objectives was to build an extra 75,000 additional, highquality, manufactured homes a year by 2030. As well as creating employment, the paper suggested that 50,000 jobs could arise out of the “MMC revolution”. It also pointed out the need for homes that are not only beautiful, but which are also underpinned by good design and innovative thinking to make them less damaging to the planet. The Government has vowed to back the modular housing revolution with funding. So far, around £233m of loans have been agreed for MMC projects by the Government’s Home Building Fund. In last March’s budget, the Ministry of Housing, Communities and Local Government announced plans for an MMC task force.
The panelised system we are using is the closest MMC alternative to traditional brick and block masonry construction. There is no visible difference to the design and elevations of each house, and there is no impact in availability of competitive mortgage products. As our homes are zero carbon ready and achieve either an EPC rating of A or high B, there are a number of “green mortgages” available from leading lenders at preferential rates.
EXPERT COMMENT
EXAMPLES OF MODULAR HOMES
A
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 Emailneed.your questions to: lynda@ property guest panel of
I am a first time buyer and about to start my search for my dream home. What are the benefits of buying a new home off-plan?
Customers who talk to us at Vibe Living often say that they’re worried about how long it might take to finish a home that they buy off-plan, and what happens if there are any delays.
Hunjan,Rupi MD, FinancialCenseo Kendall-Young,Markus Director, VIBE Living Limited Man,Hopkin
OctaviaMarketing,and Buying off-plan
Markus Kendall-Young Head Sales
Martha Galloway, Chatham
I get asked this question all the time, one of the most common concerns we hear about when people are looking to buy a home is actually about buying a new build home in the first place. So, let me say, from personal experience, that buying a new home is a wonderful opportunity to buy a blank canvas and really make it your own.
EXPERTS 104 First Time Buyer October/November 2022 We need your questions...
questions to our
rsttimebuyermag.co.uk TEST THE PANEL THIS PANELMONTH’SOFEXPERTS Agony agent Readers put their
experts: solicitors, mortgage advisers, property gurus and Help to Buy providers Q
The other great thing about buying a new home off-plan, is of course picking your preferred plot and location. So, if you’ve always wanted a sunny south aspect, or something with views of open space, check all of this out when you’re looking at the plans. It’s worth asking your sales person for the plans and taking the time to really study the layout of the development you’re interested in and make sure you get the home you really want.
Of course, the last and most important part of buying off-plan is being able to personalise your new home. Some of the house builders we work with at Vibe Living allow buyers to choose kitchen colours and tile colours, while some other developers are not able to do this, generally when it’s an apartment block. But even if you can’t choose your kitchen or your tiles, you can still have great fun with decorating and choosing the perfect curtains, blinds and accessories as your new home really will be a blank canvas!
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We always reassure them that any new homes we advertise on vibeliving.co.uk are built by reputable house builders or housing associations and local authorities. These developers work very closely with a warranty provider who will check and inspect your new home at various stages of the build process. This ensures your home is being built to the highest quality standards. So, this in itself is a huge benefit, because if you were buying a secondhand home, you may not know this process has taken place. At the end of the construction of your new home, you will usually be offered a warranty of up to 10 years, which is another huge bonus of buying off-plan. This covers most of your essential items that could go wrong in your home and the company or agent who are selling your home to you will talk you through what is or is not covered when you decide to buy.
Hopkin Man EXPERTS First Time Buyer October/November 2022 105
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Shared ownership is an affordable homeownership scheme. Shared ownership homes are often built with grant funding through Homes England, the nondepartmental public body that funds new affordable housing in England for the Government. Shared ownership is aimed at first time buyers who could not buy on the open market and therefore there are eligibility requirements.Everyhousing provider that offers shared ownership must appoint an independent mortgage advisor like Censeo, which specialises in providing shared ownership mortgages, to undertake the affordability assessment. We do this for many housing providers.
Once you are allocated a property, you usually got 28 days to secure a mortgage. The process of securing a mortgage is in two stages, first an Agreement in Principle and then the full mortgage application. There are 29 lenders currently providing shared ownership mortgages, so lots to choose from, and the list of lenders is growing. Each lender has different underwriting criteria, and the amount they will lend will depend on your income, financial commitments and credit history. Also, the type of property you buy may limit some lenders. It is best to use a specialist mortgage broker like Censeo which specialises in shared ownership and affordable homeownership properties, as we have the experience of the lenders’ criteria saving you time and possibly money. When buying your first home, you need sound financial advice from a caring, knowledgable company. For more information contact Censeo at info@censeo-financial.com or call 020 7090 7290.
Q
Rupi Hunjan
I currently rent a two bedroom conversionVictorianflatinwest London. It is single glazed and I’m worried that with upcoming increases in energy bills it’s going to become unaffordable for me to continue living there, let alone save for a deposit! I would love to continue living in west London and get on the property ladder if possible, as well as reduce my energy bills. Is there anything that you can suggest?
Nathan Ravenswood, Acton A
Once this has been have done and you pass, we will give you a Censeo Decision in Principle certificate which you can take to the viewing – this gives the person on site confidence to know you can proceed and could benefit you in securing your preferred home.
Worried about energy costs
Rising energy bills are certainly a cause for concern for many people. You also mentioned that you are trying to save for a deposit. Have you considered the shared ownership scheme? Shared ownership properties have smaller deposit requirements and are usually new builds. They therefore benefit from much improved insulation standards, modern heating systems and double or even triple glazing. This could add up to hundreds of pounds in annual energy bill savings when compared to an equivalent-sized period property. On top of all this, you’d also be getting on the property ladder! Do look at our website octavialiving.org.uk as we have some developments which might just fit the bill.
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easy-to-use
Q
Jonathan Spicer, Milton Keynes
I have just started looking at shared ownership properties and it seems if you are buying shared ownership it may be more complicated to secure a mortgage – is this correct?
Shared mortgagesownership
The assessment will look at your ability to afford and sustain the mortgage, rent and service charge alongside existing financial commitments, in line with the affordable homes criteria and lenders’ underwriting requirements. This will tell you if you are eligible to buy a shared ownership property or not and ensure you are likely to secure a mortgage. To do this visit Censeo’s online portal
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.
Home Ownership for People with Long Term Disabilities (HOLD) 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.
JARGON
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.
HOMES ENGLAND
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).
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
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.
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.
First Time Buyer October/November 2022 107
Older People’s Shared Ownership (OPSO) This is designed for people aged 55 and over. Scheme specific details vary, so check with the housing association provider.
*NEW!* First Homes
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 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. Shared Ownership or Part-Buy, Part-Rent
BUYING ON THE OPEN MARKET
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.
PRIVATE INITIATIVES
Your options
What are your funding options if you want to get on the housing ladder?
FIRST STEPS ARE YOU ELIGIBLE FOR A BACKEDGOVERNMENT-SCHEME?
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.
Help to Buy: Equity Loans
This is a increasingorganisationGovernmenttaskedwithhousingsupply.
BUYING ON THE OPEN MARKET & PRIVATE INITIATIVES EQUITY LOAN
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.
FUNDINGEXPLAINEDOPTIONS
Buyers’ ALL THE OPTIONS TO HELP FIRST TIME BUYERS
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).
guide FTB EXPLAINS
FUNDING SCHEMESGOVERNMENT-BACKEDOPTIONS
BUYING A NEW HOME OFF-PLAN
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.
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 moneysavingexpert.com, then apply directly to your chosen lender.
Finance
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.
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.
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
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).
REPAYMENT OR INTEREST-ONLY
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
APPLICATION
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.
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.
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.
VARIABLE-RATE MORTGAGES
MORTGAGE BROKERS VS LENDERS
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.
BUYERS’ GUIDE 108 First Time Buyer October/November 2022
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.
CREDIT SCORE
Work out how much money you have for fees, deposit and the canmortgagemonthlyyouafford.
FINANCE RESEARCH
SHOP AROUND Speak to broker,mortgageabut also look at lenders’ direct products and search the internet.
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.
CREDIT SCORE Make sure your credit rating is sound and there are no mistakes on your le, and pay off any debts you can.
FIXED-RATE MORTGAGES
The ftb process
TIPS
Some mortgage products are only sold through brokers, not directly to customers.
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.
Buying a property is a big investment. You need to make sure you buy a home that you can afford and one you will be happy living in.
ESTATE AGENTS
THERESEARCHAREA
Check out crime schools.and,regenerationtransportstatistics,links,ifrelevant,
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.
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.
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.
DECIDE ON A LOCATION
Thoroughresearch
SURVEY Make sure you have a survey – it could save you money in the long run by anyspottingproblems.
Be buycanandcommutingThinkpractical.aboutthetimewhetheryouaffordtointhearea.
TIPS
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.
BUYING RESEARCH AN AREA
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.
VIEWINGS Look at Takesomeoneoncelikevisitproperties,severalandonesyoumorethanandwithelse.achecklist.
SEARCH Register with local upproperties.touseagents,estateandtheinternetsearchforSetalerts.
PROPERTY SEARCH
BUYERS’ GUIDE First Time Buyer October/November 2022 109
LOCATION IS KEY
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
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 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.
ownersaskdaytheBeforeswitchviewedAerialrightmove.co.uk/zoopla.co.uk.likeshotsofanareacanbeatgoogle.co.uk/maps;to“satelliteview”.youputinanoffer,visitstreetatdifferenttimesoftheandnight.Youcouldalsoneighboursandlocalshopaboutthearea.
VIEWING
£1,000-£2,500
A QUICK SALE
EXCHANGE AND COMPLETION
LOCAL AUTHORITY SEARCH FEES (ESTIMATED) £200-300
INSURANCE You must have buildings insurance in place for when you exchange contracts (not complete). This will be a condition of your mortgage offer.
TIME SCALE
From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.
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.
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 £0-£1,500 MORTGAGE VALUATION £0-£300 SURVEY £300-£700
Push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price. Use a recommended solicitor who you know to be reliable and who can move fast. Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs. English property law is different to Scottish law: in England, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in Scotland, an agreed price is binding. TIPS
BUYERS’ GUIDE 110 First Time Buyer October/November 2022
SURVEYS VALUATIONSAND
SOLICITORS Compare quotes from solicitors, and ask your friends who they recommend. A good solicitor can make a big difference to whether a purchase completes or falls through. Online companies can be cheaper but are less personal.
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 £135.00 For a purchase of £500k-£1m £270.00
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.
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.
MORTGAGE BROKER’S FEE £0-£500 BUILDINGS INSURANCE £200-£300 annually GROUND RENT (LEASEHOLD ONLY) & SERVICE CHARGES £100-£4,000 annually
Buyingprocess
REMOVALS Shop around for a removals rm, and nd one that can move your possessions on completion day. You could also look at van hire to do it yourself.
BUYERS’COSTS SOLICITOR’S/CONVEYANCING COSTS (ESTIMATED) £700-£1,500
COMPLETION Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some nal paperwork to do, and you will then have to pay the solicitor’s bill and your Stamp Duty payment (if applicable).
SEARCHES
SOLICITORS 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.
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 For a purchase of £500k-£1m £540.00
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%
New freehold homes may also have service/estate charges for maintenance of communal areas
REMOVALS (IF REQUIRED)
BROKER A broker is someone who gives you advice on your mortgage. Some are independent, while others work for particular lenders.
CONVEYANCING
This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.
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
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.
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.
Home
AGREEMENT IN PRINCIPLE
COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.
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.
BUILDING SURVEY A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.
FREEHOLD A freehold is when you fully own a property and the land it stands on.
BUYERS’ GUIDE First Time Buyer October/November 2022 111
This is a fee you have to pay in order to register your ownership of the property with the Land Registry.
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.
ARREARS
EQUITY The difference between the value of the property and the value of the mortgage you have secured.
glossarybuying
REPAYMENTS The amount you have to pay back each month to your mortgage provider
REDEMPTION Paying off your mortgage in full is known as redemption.
TITLE DEEDS
APR APR stands for annual percentage rate.
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.
DISBURSEMENTS 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.
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.
LUMP-SUM REDUCTION
GAZUMPING When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.
This is a term used to describe payments that haven’t been made on time.
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.
The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.
LAND REGISTRY FEES
HIGHER LENDING CHARGE
EARLY REPAYMENT CHARGE
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.
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.
The legal process of transferring ownership of a property.
EXCHANGE OF CONTRACTS
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.
Important restrictions to consider, which could affect your decision as to whether to purchase, are as follows:
WHAT WILL I OWN?
A lease is not an easy document to understand and it is imperative that you instruct a conveyancer who has experience with leasehold properties who can explain the terms of the lease in a way that is easy to understand.Itisessential when purchasing a leasehold property that you take the time to read the entire lease along with your conveyancer’s report on the terms of the lease. In particular, there are several key lease clauses to be aware of which are shown below.
WHAT ARE THE CRUCIAL LEASE TERMS I SHOULD BE AWARE OF?
The deed also imposes obligations in relation to use of the property and reserves some rights for the landlord and other tenants. A lease can be a short term or long term agreement. Lease terms for flats or houses being purchased are generally 99, 125 or 250 years. You would rent the property from the freeholder for a set period. At the end of that period if the lease is not extended the property is handed back to the freeholder. The freeholder/landlord could be a company, housing association, local authority or individual.
LEGAL 112 First Time Buyer October/November 2022
9 Are there restrictions on what you can do with your balcony? 9 What are the restrictions on use of the communal areas such as communal gardens? 9 Can you erect a satellite dish? 9 What are the restrictions on making internal alterations?
WHAT RIGHTS CAN I EXPECT TO BE INCLUDED IN THE LEASE?
A Guide to Leases for First Time Buyers
9 A right for the Landlord to try to find a new buyer for the property or to buy the property back if you want to sell the property
9 A right to charge rent on the share owned by the Landlord and a right for the rent to be increased annually
9 A right for you to acquire additional shares in the property (staircasing).
These clauses fall away once you have acquired 100% of the shares (final staircasing) and if the property is a house you will normally be transferred the freehold at this time.
You would generally expect to be granted the following rights: 9 Access to the property 9 To quietly enjoy the property 9 Support and protection from adjacent property 9 Access to adjacent property for the purposes of maintaining your own property 9 A right to connect into services
WHAT CHARGES CAN I EXPECT TO INCUR? Ground rent – Generally, you would pay a ground rent to lease the property. Your conveyancer will advise as to whether the ground rent review clause is reasonable and how often the ground rent is reviewed.
A lease is a deed or legal agreement, which tells you how many years you can live at the property. It also contains rights granted for the benefit of the property.
9 A right to use any communal television aerial available 9 Use of communal areas. The lease will also contain details of the landlord’s and possibly the management company’s obligations. These generally include a responsibility to maintain the communal areas, to insure the building, and to enforce tenant’s covenants against other tenants at your request and cost.
The freeholder is usually responsible for the maintenance of the structure and communal areas and you would contribute towards the cost of maintenance by way of service charges. If you own a leasehold house (as opposed to a flat), you would be responsible for the internal and external parts of the house including any garden and any drive. It does however depend on the terms of each individual lease as to what is included.
You will own the flat itself for the term granted, including everything within the walls, the ceiling and floorboards but excluding the main structure and common parts which are owned by the Freeholder.
9 Can you sub-let the home and if so, under what circumstances?
WHAT ARE THE KEY CLAUSES IN A SHARED OWNERSHIP LEASE?
A shared ownership lease contains certain clauses unique to shared ownership as follows: 9 A restriction preventing you from being able to sub-let the property
First time buyers often find leasehold properties the more affordable first step on the ladder. Coralie Phelan, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, looks at the most important aspects of leases, including the crucial clauses, the rights and responsibilities afforded by a lease and when to consider a lease extension
9 A mortgagee protection clause. This makes shared ownership an attractive proposition for mortgage lenders
You should always pay particular attention to the description of the property in the lease to ensure that the property is described accurately. Do also check the lease includes rights to park or a garage, if you are expecting these to be included. You should also review the lease plan and check it is accurate.
OBLIGATIONS AND COVENANTS
BACKGROUND – WHAT IS A LEASE
9 Are you allowed to keep pets and if so, is the landlord’s consent required?
Building Insurance - Generally, if you purchase a flat, the landlord will be responsible for providing the buildings insurance and you will contribute a proportion towards the cost.
Most mortgage lenders will require a lease term that extends more than 40 years after the mortgage term ends so that the value of the property is not affected. With this in mind, it is important to ask your conveyancer to check that the term of the lease is in accordance with the advertised lease term.
WHAT CAN I DO IF THE REMAINING LEASE TERM IS SHORT?
GETTING A MORTGAGE ON A LEASEHOLD PROPERTY
WHERE CAN I LOOK FOR FURTHER INFORMATION?
You may find the Government’s online guide to buying a flat useful to lease-advice.org.Government’slease/how-to-lease.gov.uk/government/publications/how-to-read:Thereisalsofurtheradviceontheindependentadvicewebsite
LEGAL First Time Buyer October/November 2022 113
SUMMARY
Rates and Taxes – A lease would usually provide that the tenant is responsible for rates and taxes.
Leasehold is an excellent way to ensure your first step on the ladder. You should ensure you read the lease carefully and review the lease plan to check it accurately reflects the property you are purchasing. A lease grants rights and contains restrictions, which you should ensure you are aware of and are happy to comply with before instructing your conveyancer to exchange and complete. You can then enjoy your new home safe in the knowledge that you are fully aware of your rights and obligations under the lease.
Prince Evans specialise in all aspects of conveyancing. Please contact Prince Evans for all your conveyancing needs and for a friendly no obligation quote on 020 8567 3477 or nbh@prince-evans.co.uk
Service Charges – this is a contribution towards landlord/management company maintenance costs. The freeholder or landlord or management company might employ a managing agent to manage the communal areas and collect service charges.
If a lease term is too short to meet mortgage lenders’ requirements, it is possible to ask the seller to approach the landlord to grant a lease extension, which would complete simultaneously with the sale. The property would be valued and you would pay the purchase price plus the lease extension premium. You should bear in mind that a lease extension is more expensive if the remaining lease term is less than 80 years, because a surveyor has to take into consideration the “marriage value”, which is an additional sum that will be added to the premium. A lease should ideally be extended before it falls below 80 years to avoid paying the higher premium.
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Would you rather live in the bustling city or in the country?
My family, as without friends and family, a home is just bricks and mortar. What’s your favourite way to unwind at home after work?
In the country, but with a city, preferably London, close by, for the best of both worlds. Having lived around London for most of my life, I enjoy the vibrancy and the diversity. If you were buying a property overseas, in what country would you buy a home? India and in particular Goa. It’s a fantastic place to decompress and it works every time. Would you rather have a bigger property or a better location?
I love the character of period properties as there is a true sense of history that comes with them. Would you rather have a library room or media room at home? It would definitely be a library. I love books and I love reading –there is nothing better! Would you prefer your home to have a luxurious bathtub or a sumptuous shower? Without any hesitation, a sumptuous shower. Rupi Hunjan is Managing Director of Censeo Financial. He has over 30 years of experience in property and financial services. Back in 2008 he founded Censeo Financial, a company that has grown into an award-winning, retail financial services company. From its inception, Censeo has been a wholly customer-centric business and Rupi has continually looked at ways both to simplify and improve the customer journey. He has worked tirelessly to champion shared ownership as the bona fide "fourth tenure" of property here in the UK. As well as developing long term relationships with key housing associations, he has lobbied the leading banks and building societies into offering the best deals for first time buyers
What room at home is your favourite? The kitchen. As everyone knows, it’s the heart of the home. What’s your favourite gadget or technology at home?
I really enjoy cooking. Changing out of my work clothes signifies the end of the working day, and creating and cooking in the kitchen is the best way for me to unwind. What’s your favourite thing about your home?
20 QUESTIONS 122 First Time Buyer October/November 2022
Don't lose your aspirations and get disheartened. There is always a way to fulfil your goals if you plan things well. What are your views on shared ownership? My views on shared ownership are obviously biased and the whole concept of it makes sense to me. Wages aren’t going up in a hurry and I don’t think prices will come down to a level that makes things affordable all of a sudden. Therefore, another way to buy other than on the open market seems to be the logical way forward.
The space and the garden are my favourite things, but my family occupying it with me is what makes it a true home. Where did you buy your first home?
The gadgets I can’t do without are the TV remote control and the kettle, if you can call a kettle a gadget! I love immersing myself in a good box set with a cup of tea! What colour do you think everyone should have in their home? Every person and every home is individual. Personally, I like pale walls with pictures providing splashes of colour! I think it really works well. Which three people would you invite over for a housewarming party if you could have any guests? Well, firstly Warren Buffet who is one of the most intelligent hardworking people I have ever come across and much of what he talks about makes sense. Bob Dylan is one of the greatest poets and song writers that ever lived and Michele Obama who stands out as not just the wife of a former president, but just as amazing! I think it would be a very interesting evening. What’s your favourite memory from your childhood home? I clearly remember playing with my cousins in the back garden. It was good simple fun and was at a time of an internet and social media-free age. What is your favourite song and why? This song has so many happy memories – so it would most certainly be You Keep Me Hangin’ On by J J Cale. It was the first dance at our wedding! Would you rather have a garden or a balcony? It would most certainly be the garden. During lockdown, like many, I became an enthusiastic gardener. I found it to be very therapeutic and I really enjoy growing things as there is a real sense of achievement when they grow and flower. Do you prefer modern homes or period properties?
There are around 32 part-buy, part-rent schemes globally and this is becoming the fourth tenure. I always say it’s better to own something than nothing!
The first place I bought was in Isleworth. It was a two bedroom apartment on The Grove. It cost me £85,000 in 1993 and I had to do it up! At the time, it seemed expensive and I felt I was taking a risk! What advice would you give a first time buyer?
censeo-financial.com 20 QUESTIONS Rupi Hunjan
The current financial situation isn’t great, but I don’t think it ever has been. It’s impossible to speculate as experts keep getting it wrong. I feel that keeping in employment is key and then don’t overspend. This is until there is less uncertainty out there and you feel more comfortable about things. This seems to have worked in the past, but there are always going to be issues. With
A better location as a building is a building and you can make it bigger, but the environment you live in and the energy you feed off make more of a difference. What is one thing you couldn’t live without at home?
What are your views on the property market?
