Housing associations are keeping the property dreams of young Londoners alive by launching affordable homes in up-and-coming areas such as Wembley, where a new 85-acre district is being built around the famous stadium.
Well-connected homes in Wembley
A more diverse range of amenities, previously a missing ingredient, is being added to the well-established sporting and concert venue. Brent council wants Wembley to become the focus of the borough, and has pinned its colours to the mast by relocating to a glistening new town hall at the site. And the capital’s first designer outlet with more than 80 shops has opened.
Stadium Reach is the latest apartment scheme to be unveiled. Two-bedroom flats cost £264,500, or £119,025 for a 45 per cent share, which requires a deposit of £5,591. Call Network Living on 0844 809 9148.
Served by four Tube lines — the Bakerloo, Jubilee, Metropolitan and Piccadilly lines — Wembley is one of the capital’s best-connected spots, offering quick and convenient links to central London. It’s 26 minutes to Baker Street, for example. Wembley Central in the town centre, a regeneration zone half a mile from the stadium, is another new development. Sitting alongside and above Wembley Central train station are 155 apartments set around a public square. One-bedroom flats are priced from £235,000 and are available under Help to Buy, requiring a deposit of £12,000. Call 0844 371 1301.
Help to Buy: the costs
This part of the Help to Buy scheme, which offers government-backed equity loans of up to 20 per cent when purchasing a new-build property from a participating developer, has been overshadowed by the wider-ranging second phase introduced last month. Nonetheless, developers continue to trumpet the benefits of new homes and launch stylish apartments that qualify for Help to Buy equity loans.
Most people are likely to repay the loan when they sell the property. If the property has increased in value, the amount to be paid back to the Government will be proportionately higher.
Take, for example, someone buying a £300,000 flat with a £225,000 mortgage, using five per cent savings and receiving a £60,000 equity loan. If the property sells for £340,000, the equity loan would have increased to £68,000. After paying off the mortgage and equity loan, the buyer would be left with £47,000, minus estate agency and other fees. Buyers have to apply through participating housebuilders and HomeBuy agents. Visit homebuy.co.uk.
Help to buy homes in the commuter belt: Harold Wood, Romford
Help to Buy apartments are cheaper in the commuter belt. At Kings Park, Essex, prices start at £136,000, requiring a deposit of £8,500. Harold Wood, the local train station, is Oyster card territory, with a 33-minute train service to Liverpool Street station, and due to get a boost as it is on the Crossrail route opening in 2018. Call Countryside Properties on 01708 348578.
© James Emmett/Spada PR
Getting on the property ladder with Help to Buy
Joe Koszulinski and Katie Merry, both 26, took advantage of the Help to Buy low-deposit scheme to land an apartment at The Filaments, a former gas mantle factory in Wandsworth town centre, where prices start at £350,000. The couple, who have been renting in Putney, will take possession of their new home next month.
“We had almost given up hope of being able to buy because the deposit hurdle was just too high,” says Joe, who works for a West End advertising company. “Help to Buy made it possible.” Buyers need to raise a deposit of at least five per cent of the value of the property and can borrow a further 20 per cent on an interest-free basis. The maximum equity loan available is £120,000. After five years, the loan ceases to be interest-free. It attracts interest of 1.75 per cent from year six, rising annually by RPI inflation plus one per cent.
You could also purchase from Weston Homes using Help to Buy. Its King’s Island development, a converted flour mill on the banks of the Grand Union Canal in Uxbridge, has two-bedroom flats from £272,995.