Where to buy in London: three areas first-time buyers can find Help to Buy flats with a "village" vibe
In smart Chiswick, 500 Chiswick High Road is perfectly placed to enjoy the area’s endless bars, restaurants, cafés and shops, and is surrounded by no fewer than four open spaces within a five- to 10-minute walk, including Chiswick Common.
Studio apartments start at £440,000, which means a deposit of £22,000, government loan of £176,000 and mortgage of £242,000.
One-bedroom flats start at £585,000, which means raising a deposit of £29,250, taking a government loan of £234,000 with a £321,750 mortgage making up the difference.
How Help to Buy works in London
Wandsworth
Across the river in Wandsworth, a £600 million reboot of the old Ram Brewery, beside the river Wandle, is well under way.
There will eventually be 713 homes, plus shops, cafés and restaurants at The Ram Quarter.
As a nod to the site’s history there will also be a brewing museum and a microbrewery, while listed buildings on the site are being incorporated into the development, giving it a bit of character.
This is a great area to hang out in, with the independent shops and cafés in old York road, the small but perfectly formed Wandsworth Park and Battersea just up the road.
And Wandsworth Town railway station is a five-minute walk away, with services to Waterloo taking around 15 minutes.
A deposit of £24,000 will secure a one-bedroom flat costing £480,000. Buyers will then need a government loan of £192,000 plus a mortgage of £264,000.
Bow
Bow is another village-style Zone Two location crammed with bars, restaurants and quirky coffee shops.
At the tender age of 22 and 23 respectively, Roberta Petrenaite and Andrew Kershaw became first-time homeowners, moving into their one bedroom flat at St Paul’s Square in Bow, east London.
The couple, who met on Tinder in 2016, were determined to avoid the renting trap and moved in with Roberta’s mother in Newham so they could save for their deposit. They then used the Government’s Help to Buy London scheme to buy the £420,000 flat.
“We knew we wanted to live together but we didn’t like the idea of renting,” says Andrew, a primary school teacher.
“When we realised how easy using Help to Buy London was and that we were eligible, we jumped at the opportunity to own our own home. We didn’t think it would be possible for years.”
The couple were able to put down a five per cent deposit — largely thanks to Roberta’s long-term saving habit — and moved into their flat at the start of the year.
Their mortgage repayments come in at £860 a month, and when bills and service charge are included their monthly outgoings are £1,100. Roberta, now 23, an administrator/ receptionist, and Andrew, believe they are the youngest of the residents at St Paul’s Square.
Most of their neighbours are in their thirties and forties.
“It is brilliant to have a real sense of independence, and we are very, very proud of ourselves,” says Andrew.