ways to buy in the

We are both environmentally cautious, so it’s a great comfort to have the energyefficient benefits of a new-build home

Ted, GMV buyer

by Jon Massey

Greenwich Millennium Village is a major regeneration scheme located about 15 minutes from Canary Wharf via public transport. Launched in 2000, the project is a joint venture by Countryside and Taylor Wimpey in association with the Mayor Of London. The development is expected to deliver a total of 3,600 new homes for London, when the project reaches completion within the next 10 years.

In the first of a series of articles focussing on the scheme, we take a look at what’s currently on sale and the purchasing process.

Homes in two phases of the development are currently available. Prices at The Galleria start at £449,995, with apartments and maisonettes both on offer.

Prices at The Observatory start at £499,995 for the final few homes remaining. These are ready to move into immediately.

Whether it’s a one, two or three-bed that appeals, here’s a little more detail on how to buy at Greenwich Millennium Village:

why buy new?

New-build properties come with several advantages when it comes to making a purchase. Those buying newly constructed homes do not, for example, need to contend with the long chains of buyers and sellers associated with older housing.

These are prone to delays as parties pull out and can lead to months – even years – of worry and uncertainty, making chainfree homes extremely attractive in contrast. Buyers of properties at Greenwich Millennium Village get further peace of mind with every property covered by the National House Building Council’s Buildmark warranty and insurance policy. This provides 10 years of cover in the event of structural defects, protecting buyers should any damage occur due to build failures in their property.

Financial Support

Once buyers have found a home they’d like to buy at Greenwich Millennium Village, the developers can introduce them to an independent financial advisor who can assist them in finding a mortgage, should one be needed. green credentials

The developers are currently operating a scheme that rewards buyers’ family members for supporting the purchase.

Relatives contributing 5% or more to help their relation buy a home, will receive around £2,000 as a thank you on completion.

Located on the banks of the Thames, Greenwich Millennium Village includes ample open space including a four-acre ecology park and copious parkland throughout the site.

Little surprise then, that the environment has been at the forefront of architects’ designs for the site since the project’s inception.

The latest phases come with energy performance features that go over and above the requirements of standard building regulations.

These comprise high-performance glazing, high levels of insulation and a focus on superior air-tightness that all work to minimise heat loss in the property.

A-rated boilers, low energy LED lighting, smart thermostats and energy efficient appliances are also included.

The developers say these measures all contribute to make new homes about 56% more energy efficient than Victorian properties with buyers potentially saving about £1,200 on bills every year.

Ongoing Contact

Those making a purchase at Greenwich Millennium Village will be in regular contact with the development’s dedicated sales progression team.

It’s their job to help buyers at every stage of the process from reservation, right through to completion.

For those who have moved in, the development’s customer service team is available to residents for their first two years in the property to deal with any after care issues and to help new owners get established.

For more information go to greenwichmillenniumvillage.co.uk or call 020 4586 3546

For more about Greenwich Millennium Village homes, scan here

case study why we bought at Greenwich Millennium Village

After renting in Limehouse, for three years, Ted and Ellie decided it was time to buy a home of their own.

Set on purchasing a new-build property, the couple secured a one-bedroom apartment at The Observatory at Greenwich Millennium Village.

Ted said: “We are both environmentally cautious, so it’s a great comfort to have the energy-efficient benefits of a new-build home included as standard.

“We are sure it will also positively impact our bills, especially in the current climate”

Ellie added: “When we moved in, we received a welcome gift set which was a lovely personal touch for us to celebrate arriving in our first home. There was also an event which was organised for all new buyers, so we were able to meet our neighbours and instantly become part of the community here.”

Top, the couple have bought a home at The Observatory following a spell renting in Limehouse

Left, the prospect of an energy efficient home proved attractive to Ted and Ellie

Building The Future

by David Galman

For around about a month after the TrussKwarteng debacle, not only did it look like rising interest rates would scare off the individual buyer – be they owner occupier or buy-to-let investor – the rate shock spooked the institutions too.

Yields began to move quite dramatically as short, long and medium-term rates rose many build-torent institutional forward fund transactions were put on hold. Thankfully, the markets settled fairly quickly with gilts and swap rates returning to a more normal pattern.

For the private individual, however the damage was done. As well as new mortgages being a little scarce, the cost of borrowing a long-term mortgage has doubled. Add to this the 1.8millon people coming off a fix of below 2% at some stage this year and the future for the individual owner looks tough.

We dined out on incredibly low borrowing costs for too long and there is a generation that knows no different, hence the shockwaves.

The funds and institutions in the build-to-rent market, however, have recalibrated their yields, pushed the returns out a year or two and re-entered the market.

The European and American private rental model has now taken hold. It is no secret that we at Galliard have been at the forefront of volume private sales to the owner occupier and buy-to-let investor for 30 years. If we are any kind of barometer there is a mood swing afoot.

Much of our current development pipeline is in partnership with this type of forward funding for the rental market – from Nine Elms to Canary Wharf and Surrey Quays to Deptford.

We are creating large scale, high quality private rental stock to be run and administered by institutional investors and the same applies with us in Bristol, Ipswich and Birmingham.

It is not only high-rise apartment blocks that are in demand. The institutions are buying housing developments as they look to the single family living as long-term tenants.

Property markets fluctuate and move in cycles and no doubt there will be a return to owner occupier demand.

For now, however the rental companies will continue to forward fund whole developments and dominate the residential marketplace.

I can only think that this will affect the supply of new homes for sale yet again, potentially fuelling house price inflation as shortage of supply inevitably leads to a greater demand!

I am determined, however, to look forward with positivity for the year ahead. A belated Happy New Year to all.