how buyers at The Silverton can get a 5% contribution to their deposit when reserving a home this month Pages 14-15 Fast, affordable, conveyancing services
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Boost buyers at The Silverton can get via a mortgage contribution from Fairview if they reserve by January 31 5%
Buyers are attracted by new homes with good transport links
how a nancial incentive and attractive prospects for Royal Docks make The Silverton an intriguing proposition
by Jon Massey
Price is the driver behind first-time buyers’ appetite for Royal Docks properties according to Fairview New Homes.
The developer, which is currently marketing The Silverton in E16’s North Woolwich Road, says renters looking to buy are increasingly looking further east.
“The current climate means buyers are naturally looking for the best value for money when it comes to buying a home, especially those looking to join the property ladder,” said the company’s sales manager, Sohail Saiyed.
“While the Royal Docks is an emerging area and almost halfway through its major regeneration life cycle, it’s within easy reach of so many fantastic locations that offer everything young professionals are looking for.
“Therefore, it’s no surprise that we’re seeing renters from Canary Wharf, Limehouse and the Isle Of Dogs buying here, as for a likefor-like property they’re saving over 20%.
“Given the ongoing regeneration and huge investment in the Royal Docks, I would expect this trend to gather pace and as a result drive up house prices, meaning now is the best time to invest in the area.
“Due to its proximity to Canary Wharf, I would expect the area to follow a similar trajectory to the Isle Of Dogs, where house prices have risen by 82% over the last 20 years according to data from Foxtons.”
The estate agency’s numbers back up the argument. It says the average asking price for a one-bed in the areas around Canary Wharf including Limehouse, Poplar, Blackwall and the Isle Of Dogs is £435,938. For Royal Docks, that figure drops to £353,841 – a 19% difference and a potential saving of £82,000 for prospective buyers.
The Silverton itself is evidence of the trend. More than a third of buyers at the scheme have come from addresses in E14 and Saiyed said that, with many working in the financial and insurance sectors not having to compromise on their lifestyles thanks to efficient transport links, it had proved popular. By DLR via
Pontoon Dock, Canary Wharf is about 20 minutes from the development or a 12-minute drive. The scheme also enjoys direct links into the City and is within walking distance of London City Airport.
Billions of pounds are currently pouring into Royal Docks with many new homes, amenities and attractions expected to be built in the coming years.
The Silverton’s location, however, puts it within easy reach of the cafés, restaurants and shops that have already taken up residence at nearby Royal Wharf including The Windjammer pub, brunch spot Little Hudson and Korean barbecue Keonbae.
It’s a neighbourhood that is continuing to change with much more to come including a new pedestrian bridge linking the north and south sides of Royal Victoria Dock as part of The Silvertown development, a similarly named scheme nearby.
For Sohail, it’s an area primed to appeal to an active demographic of buyers.
“40% of our reservations have come from people aged 30 or under, which is a further indication of how popular this area is proving with the younger generation,” said Sohail.
“It’s a neighbourhood where we’ll see young families grow and a sense of community establish itself even more in the years to come. While almost half of those living in the Royal Docks are renting, nearly all of our first-time buyers are 30 or younger, demonstrating that once financially able, east London’s younger generations are clearly keen to put down roots here.”
To help them do that, Fairview is currently offering 5% mortgage contributions on selected plots up to a maximum of £25,000 on reservations made by January 31. Terms and conditions apply.
key details
Prices at The Silverton start at £350,000 for a one-bed. A selection of one, two and three-bedroom apartments and two, three and four-bedroom duplexes are available.
Go to fairview.co.uk for more details
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artist’s impression of
While Royal Docks is an emerging area, it’s within easy reach of so many fantastic locations
Minimum share available in properties at SO Resi Canning Town 25%
Properties come with Zanussi appliances and private balconies
how SO Resi Canning Town is offering a way to get on the ladder for less with east London apartments at the heart of an increasingly popular regeneration zone
by Jon Massey
There are 17 chances left to get on the property ladder at SO Resi Canning Town. Well over half of the shared ownership properties at the east London scheme – a collection of 37 one, two and three-bedroom homes located at the Manor Road Quarter development – have already sold.
But there’s still time to pick up a share and, with mortgage costs likely to fall if the Bank Of England cuts the base rate, the apartments are looking ever more a ordable.
“SO Resi Canning Town o ers a real opportunity to purchase a Zone Two apartment in 2025” said Kevin Sims, director of SO Resi, the shared ownership brand of Metropolitan Thames Valley Housing, the fth largest housing
association in the UK. “Proposed plans from Newham Council mean the new town centre is set to be home to a new community hub, cinema, shops, o ce spaces, as well as brand new shared ownership homes.
“By choosing from our nal 17 properties, prospective homeowners are set to gain a foothold in London’s property market alongside becoming a part of a vibrant and emerging community.”
While a rst-time buyer purchasing a property worth £395,000 at SO Resi Canning Town might normally expect to have to nd a 10% deposit of £39,500, the government-backed shared ownership scheme means raising signi cantly less up front.
For a 25% share of that apartment, worth £98,750, they could secure a deal with a 5% deposit of just under £5,000, paying rent on the unowned portion of the home
By choosing from our nal 17 properties, prospective homeowners are set to gain a foothold in London’s property market in a vibrant community
Kevin Sims, SO Resi
as well as the service charge. Owners then have the option to increase the share of the property they own in a process called staircasing, decreasing the rent payable on a home.
SO Resi Plus o ers owners the opportunity to incrementally increase their stake by 1% each year with no additional fees or valuations, a scheme that has
proved so successful it is now available nationwide.
The Canning Town apartments themselves feature open-plan living areas, fully tted kitchens with Zanussi appliances and solid timber oors.
All enjoy private balconies and feature built-in storage solutions, with living spaces ranging from 557sq ft to 971sq ft.
The area is increasingly attractive to buyers with extensive regeneration ongoing and a multitude of transport links connecting it to the rest of the capital.
Go to sharedownership.co.uk for more information on this scheme or on shared ownership in general
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OVER 80% SOLD
Only 6 minutes from the M11
Stansted airport just 8 minutes away
Scenic dog walking routes surrounding the development
Local amenities within walking distance
Traditional homes with modern interiors
