finding in Docklands
how one shared ownership buyer put down roots for less at NHG Homes’ Royal Albert Wharf scheme in east London
by Jon Massey
Iwould still be renting or living with my parents if it wasn’t for shared ownership – it gives you a lifeline, especially in your 20s or 30s,” said Farhana Mallick. The history teacher turned to affordable housing provider NHG Homes when she began looking to put down roots in her home city.
Having been raised in east London, she’d spent her early 20s living in this part of the city and so initially looked at properties in Tower Hamlets and Ilford. However, it was Royal Docks that ultimately turned her head, opting to purchase a quarter of a three-bedroom apartment in 2021.
“I decided I was done losing my money on rent,” said Farhana, who now teaches at a school in Barking And Dagenham.
“I wanted to invest in a property, and have a home I could make my own. Shared ownership really appealed to me because it meant I required a much smaller deposit than if I was buying privately.”
Farhana, then aged 25, used a £13,250 deposit to buy her share of a property at NHG Homes’s Royal Albert Wharf scheme, taking out a mortgage to cover the remainder of the £132,500 cost.
I’ve stuck to my roots, as I grew up in east London, and the Royal Albert Wharf community has got a really modern and stylish twist
Farhana Mallick, buyer
The apartment, which was then valued at £530,000, costs her £1,391 per month which breaks down as £606 on the loan, £497 in rent and £288 in service charge.
“As a first-time buyer, NHG Homes really helped me to understand the process, and what the steps were,” said Farhana.
“I think many people aren’t aware of what shared ownership is or its benefits, but NHG Homes was so transparent and happy to answer all of my questions – the whole purchase was smooth and enjoyable, with wraparound care from the team.
“As a young person, living in this city, this home gives me great flexibility to either increase my share or sell it based on the market – I could definitely see myself raising a family here.
“With shared ownership making my home more affordable, I’ve now got a spare bedroom and a great community on my doorstep.
“If I was to move homes, I think my next purchase would also be with shared ownership – I can’t recommend it enough.”
NHG Homes and other affordable housing providers offer multiple locations where buyers can purchase shared ownership homes, so what made Royal Albert Wharf stand out?
“I’ve stuck to my roots as I grew up in east London and the Royal Albert Wharf community has got a really modern and stylish twist to it,” said Farhana, who has now lived in the area for more than two years.
“I do travel into central London, but often I feel like I don’t really need to, because I’ve got so many things on my doorstep. If I am going into town, then I’ll take the DLR as it has so many
the money shared ownership
Buyers of shared ownership properties’ monthly costs are typically less than renting a comparable home in London. For a three-bedroom apartment, Farhama currently pays:
l £606 mortgage
l £497 rent
l £288 service charge
Making a combined total of £1,391 per month
connections. I shop locally a lot, including at Gallions Reach Shopping Park and also Beckton Triangle Retail Park, both of which are very close.”
The development is well connected, with Gallions Reach DLR station less than 10 minutes’ walk offering connections across east London including to the Elizabeth Line at Custom House.
From there, Canary Wharf is three minutes’ away, while Liverpool Street is nine minutes.
Royal Docks itself, which is currently undergoing billions of pounds of regeneration, offers multiple amenities including watersports, events at Excel, restaurants, bars and a new strip of attractions at Immerse LDN – see Page 28 for The Friends Experience: The One In London, which recently opened there.
More locally, Royal Albert Wharf is home to exhibition space Art In The Docks, Cyrus Todiwala’s Cafe Spice Namaste and The Well Bean Co.
Farhana said: “Residents have created a great community here and that’s really rare to find, continued on Page 14
Top, a show home interior at Royal Albert Wharf – a development that provides both shared ownership properties and homes for private sale in east London. The scheme is located close to Gallions Reach DLR station
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Monthly cost Farhana pays for her three-bedroom apartment at Royal Albert Wharf £1,391 It's uniqu e waters ide living,in the heart of t he ci t y like no othe r.
Farhana decided to remain in east London and purchased a 25% share of a threebed property in Royal Docks through a ordable housing provider NHG Homes
UNIQUE LONDON LIVING
Find your new home on the water at our L imehouse Open Day on Saturda y 1 4th September – 10am to 5pm.
London life on the water. Let's go.
Bedroom homes are currently available for private sale at Royal Albert Wharf with prices starting at £375,000. Two and three-beds are also on o er
from Page 12
especially as a young person. We have our own group, which is great as you can get to know other people living here.
“When I have friends or family visit, there is so much to do on the doorstep – from brunch to Yoga classes and a regular food market on Fridays as well as events happening in Royal Docks.
“There’s a children’s playground being built at the moment as well, and there’s a gym planned – I feel like it’s constantly evolving.
“I’m trying to get into my fitness these days and living here has helped that because it makes me want to get outside.
“It’s so rare to see open water like this in the city. It’s a lovely area to be in.”
As a location to buy, Royal Docks makes a solid case. With
Farhana enjoys taking advantage of local amenities such as The Well
much regeneration taking place locally and further transport links proposed, demand for homes is only likely to grow.
key details
NHG Homes is set to launch a fresh collection of shared ownership properties at Royal Albert Wharf in September. A new show home is set to launch at the scheme on August 31.
Apartments are also available for private sale at the east London development with prices for one, two and three-bedroom homes starting at £375,000, £494,995 and £660,000 respectively. Call 020 3733 3571 to register your interest. Go to nhghomes.com for more details
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Bean Co cafe
Royal Albert Dock apartments feature full height windows and balconies
why, with interest rates starting to fall, Land Registry data seems to already be showing price rises
by Jon Massey
Nobody can predict the future. Just check back and look what happened to the world in 2020 to see the veracity of that statement. But this doesn’t mean humans give up trying and that’s especially the case when it comes to house prices.
Knowing exactly when the right time to buy and sell is remains impossible. Put your property on the market too soon and you might miss out on some serious cash. Look to buy too late and a dream home might slip out of reach as prices rise.
There are certainly stirrings in the market, which has remained largely flat and depressed since interest rates soared after Liz Truss’ disastrous mini-budget.
Economists had been predicting a fall from the 5.25% high for a while by the time it came on August 1. The fact persistent inflation delayed the 0.25% cut meant some mortgage lenders had already started dropping their own rates earlier in the year.
Conventional wisdom suggests that when credit becomes cheaper, house prices rise and already, in June, that was the case in London.
Land Registry data – based on properties that have actually been sold – showed the value of homes in the capital had risen for the first time in a year, albeit by a modest 0.6%. That meant the average property was sold for £523,134 two months ago.
If we take that to be, at least in part, the effect of anticipated interest rate cuts, what’s likely to happen now? The general consensus is that the Bank Of England will continue to reduce the cost of borrowing over at least the next two years. Zoopla thinks rates will fall to 3.5% by the end of 2025, while The Times says 4%.
The British Chamber Of Commerce believes they will be at 4.75% by the end of this year, then 4.35% in December 2025 and 3.95% at the end of 2026.
This, then, might well be the tipping point for the housing market. Looking at Land Registry data locally, there’s building evidence that house prices are recovering.
While values in Tower Hamlets are still in negative territory (-1.5% on the year to June), things have been on a more or less
5%
Bank Of England base rate after its August 14 cut. Most are predicting continued falls with the possibility of greater housing market activity
As the housing market gets back into gear, what impact will a fully operational Liz Line have on property prices?
average prices
current for June 2024
● £456k - Tower Hamlets
● £454k - Lewisham
● £436k - Greenwich
● £392k - Newham
● £523k - London
● £1.2m - Kensington And Chelsea
upward trend since October last year, when house prices were down a whopping 12.2% yearon-year. Prices in the borough could well have started growing from the June average value of £456,375.
The picture in Newham is more complex, where the typical home sold for £391,874 in June (-1.5%). Fluctuations across the Lea from Tower Hamlets have not been as severe, with brief periods of positive growth over the year as well as the recent decline.
However, with the Liz Line providing more connectivity and some pretty mammoth regeneration projects in Royal Docks and Canning Town, that average house price looks cheap when Custom House is only three minutes further from Liverpool Street than Canary Wharf.
Go south of the Thames and both Greenwich and Lewisham were already seeing significant year-on-year growth at 3.9% and 3.2%. That means average properties in these boroughs sold for £436,052 and £453,801, in June respectively.
With a difference of £64,501 between the most and least expensive borough’s featured, location clearly continues to play a key role. But with price increases likely on the horizon it’s worth considering which areas currently look good value, especially with new infrastructure coming to east and south-east London.
It’s also worth bearing in mind all are less expensive than average and considerably cheaper than the West End. The average home in Kensington And Chelsea sold for £1,202,518 in June.
Go to landregistry.data.gov.uk
Scan this code for the source of this house price data
anticipating
Waterfront show home Opens Saturday 31st August
Join us for the show home launch weekend of the final phase of new homes at an award-winning 15 year regeneration in London’s Royal Docks.
Transforming a historic London dockyard into a vibrant and desirable neighborhood right on the waters edge, Royal Albert Wharf o ers a premium specification in an eclectic waterside neighborhood with a thriving arts scene.
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