Help to Buy and shared-ownership deals for first-time buyers in Croydon, Greenwich, Tooting and Canary Wharf

As the Government makes first-time buyers a priority, some developers are offering 'pre-launch' events for starter homes, while fresh shared-ownership deals are being unveiled throughout London.
First-time buyers are a top priority, acording to the new Government. The Queen’s Speech promised starter homes at 20 per cent less than market value and even a “Right to Build” for resourceful young Londoners who want to embark on a self-build project.
 
Already stamp duty has been reduced, more lenders are offering 95 per cent loans, fresh shared-ownership deals are being unveiled and incomes are rising modestly. At the same time, interest rates are set to stay at record low levels for the forseeable future.
 
The hope is that, together, these factors do not spark another house price spiral upwards.
 
Help to Buy, the low-deposit scheme for homes valued up to £600,000, continues to be a lifeline. Buyers put down five per cent and get another 20 per cent in the form of an interest-free equity loan guaranteed by the Government, meaning they need to borrow only 75 per cent.
 
Take-up has been highest in outer London boroughs such as Havering, Croydon and Bromley, where prices are lower, according to research by website Totally Money.
 
TAKE A TOUR: A PROPERTY GUIDE TO SOUTH-EAST LONDON


CROYDON: STARTER FLATS FROM £219,950
The town has got a spring in its step with several central projects, including the £1 billion Westfield shopping mall, which has finally been given the green light to build.
 
Developer Inspired Homes focuses on Croydon and Sutton and is selling flats at several office-to-residential conversions, with prices from £219,950.
 
The small, quality flats have good social space as residents can share a lounge with pool, table tennis and bar, a pilates and yoga studio, communal roof gardens and an all-weather barbecue. There is fast broadband and laundry drop-off points, while bike hire and repairs are provided by an outsourced company. Call DTZ on 020 3296 2222.
 
Morello is an entire new “quarter”, with 900 apartments, a hotel, shops and leisure facilities being built adjacent to East Croydon train station, with 27 trains an hour to the centre and a through-the-night service to Gatwick airport. Prices from £259,995. Call Redrow on 020 3305 5057.


GREENWICH: "PRE-LAUNCH" FLATS PRICED FROM £295,000
Inner-city areas as well as outer travel zones are within the budget of some first-time buyers, with properties in the £250,000-£400,000 price bracket, and part shares starting at less than £70,000.
 
First-timers are being given priority to buy at a “pre-launch” of 64 flats at Greenwich Peninsula, a 15,500-home neighbourhood being built alongside the O2 arena. Half the flats are being allocated to first-time buyers ahead of the official launch on June 20. Prices start from £295,000. Call 020 3713 6153.


TOOTING: SHARED-OWNERSHIP FROM £171,000
Clinical scientist Carla Rosser, 31, was desperate to escape paying an escalating rent and wanted to live close to her workplace at St George’s Hospital in Tooting, but prices were too high. Shared ownership came to the rescue. She paid £171,000 for a 45 per cent share of a two-bedroom flat at a scheme named XVII, close to the high street and Tube station.
 
“Including service charge, my monthly outgoings are £1,101, which is about £100 less than the rent I was paying,” says Rosser. “The bonus is I have an extra bedroom and I’m on the property ladder, with the option of buying one per cent more equity each year without having to pay legal fees or for the property to be revalued.”
 
This special deal is offered by Thames Valley housing association. Call 020 8607 0550.
620-tooting-case-study-spli.jpg
On the ladder: Carla Rosser paid £171,000 for a 45 per cent share of a two-bedroom flat at a scheme named XVII, close to the high street and Tubes station in Tooting. Call Thames Valley Housing Association on 020 8607 0550.

CANARY WHARF: SHARED-OWNERSHIP FROM £93,688
Shared-ownership apartments at New Providence Wharf offer the chance to buy into a luxury Canary Wharf address at a reduced price. The waterfront development occupies a dramatic position on a bend in the river directly opposite the O2. It has a private health spa and gym, plus bars and a glamorous high-rise hotel.
 
Prices start at £93,688 for a 25 per cent share. Full price, £374,750. Call Genesis on 0800 954 0115.

Follow us on Twitter @HomesProperty and Facebook

Comments