How NHG Homes helps buyers get on the ladder for less Page 16
property rms took to the waters of Millwall Outer Dock for the rst Far East Consortium Dragon Boat Race this month in aid of the East End Community Foundation Pages 14-15
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Call our team on 020 7205 4021 or email cmiller@kiddrapinet.co.uk, ypatel@kiddrapinet.co.uk or mzvarykina@kiddrapinet.co.uk
how an afternoon on the Isle Of Dogs saw Far East Consortium make a splash for east London charities
by Jon Massey
The developer behind Consort Place on the Isle Of Dogs hosted an event this month at the Docklands Sailing And Watersports Centre to raise much-needed funds for local charities.
Far East Consortium (FEC) –which recently welcomed the first residents to Aspen, the tower at the heart of its scheme – organised a Dragon Boat Festival on the waters of Millwall Outer Dock this month.
Teams from the developer and its partners – including Knight Frank, NHBC, Hawkins Brown, Dorsett Hospitality International, The Media People, Dex Construction, TP Bennett, Kohler, McBains, JRL, HTA and BB7 – did battle on the water with paddles and sweat, for glory, medals and a trophy.
Consultancy firm WSP won the day, with its team – Stroke Of Genius – topping the podium. All proceeds from the event will go to the East End Community Foundation (EECF), which gives grants to charities across the local area.
“FEC is a patron of our Life Chances Campaign, which means it has committed £60,000 so far and is hopefully going to come on board to support this for the next three years,” said EECF campaign director Sally Bateson.
“It’s all about creating lasting change. We’ve been looking to raise more money so we can give bigger grants over longer periods of time to support the grassroots organisations we work with who don’t have the resources or profile to find the funds themselves.”
EECF CEO Tracy Walsh added: “We focus on youth unemployment and wellbeing, pension poverty and isolation and digital inequality – we put a lot of money into these areas.
“For example, with unemployment, young people might feel like big organisations aren’t for them but they will go to a less glamorous youth club next door. We’re funding a person to tackle the problem in those settings.
“We are also providing money for a lot of holiday programs to aid wellbeing – giving young people food, physical activity and safe places to be.
“With pension poverty, we’ve invested about £80,000 to train front line workers to help older people claim benefits that they are
entitled to. It’s been nine months and we’ve already seen £400,000 of money go to people who are eligible for it.
“There’s millions of pounds of unclaimed Pension Credits and we thought we should do somthing to help people get it.
“On digital equality, we’re now working in primary schools to help connect low income families. They get 12 months free broadband, a laptop and training on how to stay safe online and help their kids with homework. We’ve connected more than 600 so far and we want to boost that figure by 200 by the end of the year.
“In Tower Hamlets we were just shocked by how many homes don’t have any digital connection – it’s around 50,000.
“We’ve got the highest level of child poverty in the UK here and the highest level of pension poverty. If organisations all do their own thing, the impact can be diluted. What we’re saying with Life Chances is that if we all work together, it’s easier to make a difference and also easier for the charities, who only have to apply to one funder rather than dealing with lots of different ones.”
FEC development director Bruno Almeida Santos said the company’s involvement with the EECF and donating to its Life Chances Campaign was really about the business’ core values.
He said: “We’ve been trying to arrange this event for three years, so we’re very pleased that it’s happened and that we could attract these organisations to see the work of the foundation.
“Hopefully we can make this a tradition, especially as it’s a dragon boat race and we’re a Hong Kong developer.
“It’s very important for us as a company to support the EECF. I think some organisations do things as a tick-box exercise but we want to do way more than that. This isn’t about our obligations to an S106 agreement, but actually contributing to the foundation, including the joy of losing to the children who were racing as part of one of the teams.
“You know, when you see the smiles on their faces, that you’re making a difference because it’s a day they will never forget.
“Hosting it at the Docklands Sailing And Watersports Centre was a case of the stars aligning.
Teams took part in the first Far East Consortium Dragon Boat Race
racing for the community 17
Bruno Almeida Santos of Far East Consortium
Wining team, Stroke Of Genius
Teams compete on the waters of Millwall Outer Dock with Aspen At Consort Place in the background
Actually being on the ground with EECF means you get to see the outcome of that support and we’re really, really happy about that
Bruno Almeida Santos, FEC
It’s one of the best settings to view Aspen – our flagship development in London – from and to bring everyone together here.
“It’s been under construction for five years and it’s been a challenging scheme with the pandemic, but we’ve managed to crunch the numbers and overcome the issues.
“I think a lot of that has actually been on the human side, with people working together to resolve the problems. It’s been about communication and working together and this is about celebrating that as well as supporting those around us.
“Actually being on the ground with the EECF means you get a completely different experience –you get to see the outcome of that support and we’re really, really happy about that. We’ll have to do the race again with even more people.”
In addition to hosting a raffle, all proceeds raised on the day, including ticket sales have gone towards the foundation’s work. The day also provided plenty of scope for networking and team building for participants.
“It felt really great,” said Lovisa Claesson, graduate consultant at WSP and a member of winning team “Stroke Of Genius”.
“To be honest we all worked within different areas of the business, so didn’t really know each other before the contest. But we got the women in the front and the men following.”
key details
Homes at Aspen At Consort Place, just off Marsh Wall are available now. Prices start at £550,000.
The East End Community Foundation is also based on the Isle Of Dogs and offers a wide range of ways for companies to get involved with good causes locally – including supporting its Life Chances campaign.
Go to fecil.uk for more on Consort Place or eastendcf.org for details of EECF’s work
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Tracy Walsh of the East End Community Foundation
Participants enjoy refreshments at the event
£4,594
Minimum deposit to secure a 25% share of a one-bedroom home at Kidbrooke Square in south-east London
why shared ownership apartments from NHG Homes are an increasingly vital part of the London marketplace
by Jon Massey
Deposits are typically the biggest hurdle for young people seeking to purchase a home in London.
The average house price in the capital (according to the latest figures from the Land Registry) currently stands at just over £500,000.
That means buyers on the open market would need at least £25,000 to purchase with a 5% mortgage and more likely £50,000 for a more affordable 90% loan-to-value deal. While cheaper properties are, of course, available, the need to raise such sums remains a significant obstacle to getting on the ladder.
priced out
A recent survey of prospective first-time buyers by Opinium and affordable housing provider NHG Homes (part of housing association Notting Hill Genesis_ found 81% of those aged 18-24 did not have access to a deposit of more than £40,000 – the 10% necessary to access many homes in the capital.
The study showed the average deposit buyers had managed to put together was £22,963.
income sources + priorities
It also revealed that, in a nation hit by a cost of living crisis, nearly half of 18-to-24-year-olds were looking at taking on second jobs to raise extra cash to put towards a home. The survey also found 43% would be willing to hold off on having children to help them get on the ladder earlier in contrast to less than a quarter of those aged 25 or older.
The same did not apply with pets however, with a third of older buyers willing to go without an animal companion to save money as opposed to just under a fifth of adults aged 24 or younger.
We’re proud at NHG Homes to offer properties across the capital that require deposits as low as four figures
Diana Alam, NHG Homes playing a key
family assistance
Opinium and NHG Homes’ study also showed that using cash from family was still a major source of funding for house purchases.
Around a quarter of those aged 35-44 said they were relying on money from parents to help them get a foot on the ladder, while 23% of people in relationships were looking to do the same to finance their first home.
Other relations were also listed as an important source of funds, with nearly a fifth of respondents aged 18-34 saying they were expecting to use contributions from family members who weren’t their parents.
an alternative
Nearly half of respondents said they would consider shared ownership, if it meant they could purchase a property in the capital. The scheme offers buyers the option to purchase a portion of a home while paying rent on the remainder. It often works out cheaper than renting – especially given recent increases – and deposits start at 5% of typically a quarter of an apartment.
That means buyers with as little as £5,000 saved can potentially buy into a home worth more than £370,000 and live there as though they owned the whole thing.
NHG Homes sales and marketing director, Diana Alam, said: “Getting on the property continued on Page 20
Show homes at Kidbrooke Square offer buyers the chance to see the level of finish at the scheme
Scan this code for more about homes at Kidbrooke Square
Experience elevated living
Experience the luxury of Royal Albert Wharf: riverside tranquillity with tailored services and workspaces, just steps from Gallions Reach DLR. E ortless transportation and ample parking guarantee easy access. Enjoy manicured gardens, fine dining, and a chic co ee lounge, elevating your lavish lifestyle.
Left and below, an artist’s impressions of how Kidbrooke Square will look when work on the project is completed
from Page 16
ladder in London is a real challenge for first-time buyers, and it’s not surprising to us that many are having to look beyond their main source of income to save the amount needed for a deposit.
“Whether it be getting a second job or asking family members for a helping hand, this research has shown that buying through the open market in the capital requires more than simply setting money aside every month –particularly for younger buyers.
“The proportion of first-time buyers who would consider using shared ownership to purchase in London shows just how important it is to offer more affordable routes to home ownership.
“We’re proud at NHG Homes to offer properties across the capital that require deposits as low as four figures, meaning first time-buyers don’t have to choose between staying in London and getting on the property ladder.”
key details
NHG Homes offers a wide range of shared ownership options across London.
For example, one, two and three-bedroom homes are available to buy at Kidbrooke Square via shared ownership, with prices starting at £93,125 for a 25% share and a minimum 5% deposit of £4,594. This is based on a full market value of £372,500.
Average monthly costs for a one-bedroom are estimated at £1,386, including mortgage payments, service charge and rent on the un-owned portion of the property.
Go to nhghomes.com for more information
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