Live in London’s Essex fringes: new shared-ownership homes in Ilford cost from £67,000

Fast train links, regeneration potential, plenty of open space and incredibly affordable prices — for first-time buyers on a really tight budget it might just be that the only way really is Essex.

London’s Essex fringes are seeing an influx of investment in housebuilding, and new shared-ownership homes have just become available from only £67,000.

Ilford will come into sharper focus once Crossrail is up and running, giving fast, frequent services to the City in less than 20 minutes and the West End in 22 minutes.

At The Paragon Ilford Hill, Nu Living, part of Swan Housing Association, has prices from £67,000 for 25 per cent of a one-bedroom flat with a full market value of £270,000. A five per cent deposit comes in at £3,350 and in addition to mortgage payments, buyers will need to find monthly rent of £464 and service charge from £101.19.

Two-bedroom flats with a full market value of £335,000 start at £83,750 for a 25 per cent share, with £4,187.50 deposit, £576 monthly rent and £134.35 service charge.

With two towers of 14 and 18 storeys The Paragon is high-rise by Ilford standards, with some great views from its upper apartments. Surrounded by a landscaped plaza, it’s within an easy walk of the town centre and station.

Right now Ilford lacks atmosphere. The pedestrianised High Road has a good range of middle market chains but few independent shops and while you won’t go short of a great curry, good bars and pubs are in short supply.

However, this autumn Ilford is set to get a covered market on the town hall car park site as part of The Spark, a new cultural quarter.

Mercato Metropolitano of Elephant & Castle will open Mercato Ilford, with international street food, dining and community events, and scope for start-ups and food entrepreneurs to establish and grow.

There will also be artists’ studios and a business hub, with extra financial support from Redbridge council.

A couple of miles away is another town on the Essex fringes with lower-cost homes.

In central Barking, 360° Barking comprises four residential towers that will contain almost 300 new homes, including 100 earmarked for first-time buyers. The first residents have moved in and the whole site will complete this summer.

Prices start from £83,750 for a 25 per cent share of a one-bedroom flat, with a five per cent deposit of £4,187.50. As well as mortgage repayments, buyers will need to pay monthly rent of £576 and service charge of £138.17.

The local council has a stated ambition of transforming Barking into a mini-Manhattan on the eastern fringes of London.

The ambitious plans include redeveloping the tired Vicarage Field Shopping Centre, building a new music venue and cinema, and improving the local range of restaurants.

Work has also started on Fresh Wharf, with 900 new homes beside the River Roding, plus cafés, restaurants and shops 10 minutes from the town centre.

For great green space, Barking has 75-acre Barking Park, while trains from Barking to Liverpool Street take from just 20 minutes.