The best first-time buyer homes: shared ownership and cheaper than average flats awarded at new homes awards

From a pocket of value in zone 3 to Crossrail hotspots on London's fringes, here's where to find the best new builds for budget buyers this year. 
£101,250: a 25% share of a home at Beaulieu, Chelmsford
David Spittles23 October 2020

REGENCY HEIGHTS, PARK ROYAL: BEST FIRST-TIME BUYER HOME

By Fairview Homes

Park Royal industrial zone in north-west London is reinventing itself to become a coveted residential district.

For decades, it has been a manufacturing and distribution base for companies. Now it is also part of a giant regeneration project bringing 25,000 new homes and a transport superhub for HS2.

For zone 3, it is relatively cheap — about 30 per cent less than the inner London average. And as well as having good road and rail links, the Grand Union Canal passes through it, providing an opportunity for waterside living.

For many years, Guinness used the canal to transport barrels of the black stuff to Paddington for distribution to pubs. The old brewery site is being redeveloped into an offices-and-homes complex alongside a 20-acre nature reserve with lakes, waterfalls, bridges and cycle paths.

Regency Heights comprises three towers with 807 stylish, light-filled apartments priced from £374,000. Both Park Royal and Hangar Lane Tube stations are a short walk away, while on the horizon (2026) is that major interchange serving Crossrail and HS2 services.

Call Fairview Homes on 020 8023 7092.

BEAULIEU, CHELMSFORD: BEST SHARED OWNERSHIP DEVELOPMENT

By L&Q and Countryside

Shared ownership is a lifeline for people priced out of the mainstream housing market, and this 610-acre development on former royal parkland in Essex proves that buyers don’t have to compromise on quality or location.

Being built on the outskirts of Chelmsford, 3,600-home Beaulieu comprises a series of neighbourhoods connecting to the wider landscape and countryside.

It has a town centre, schools and boasts 176 acres of public open space, including 30 acres of new woodland, meadows, communal gardens, sports fields and 11 acres of allotments.

Homes range from pastel-colour colonial-style buildings to modern interpretations of the classic Victorian house.

The winning scheme of 432 homes has prices starting at £58,125 for a 25 per cent share of a one-bedroom flat. Three-bedroom houses cost from £405,000, or £101,250 for a 25 per cent share.

Call 0333 0033 680.

OAKHUM SQUARE, STONELEA GARDENS, LEYTON: BEST FAMILY HOME (up to £750,000) and BEST SHARED OWNERSHIP HOME

By Peabody

East London’s charitable roots run deep. Peabody’s origins date back to Victorian times and, fittingly, this winning family home has been built on the site of a 19th-century workhouse that later became a showpiece NHS hospital.

Only a listed chapel and lodge remain, but Stonelea Gardens connects with the past through harmonious architecture and Peabody’s mission to provide affordable homes.

Clad in mellow yellow stock bricks and dark tiled pitched roofs, the houses are set around a “village green”, wildlife gardens and safe play areas for children.

All the homes are either shared ownership or affordable rent, allowing lower-earning families to live in a new house in a sought-after location that would otherwise have been out of reach.

Shared ownership dramatically lowers the entry price, allowing buyers to put down a smaller deposit, purchase an equity stake in the property and have the option to progress to outright ownership.

On the market for £620,000, the three-bedroom Oakhum Square house offered 30 per cent shares for £186,000.

Even when the additional rent element and service charge is added, Peabody says the monthly outgoings of £2,047 are 40 per cent less than purchasing on the open market in Waltham Forest.

SOUTHALL VILLAGE, MIDDLESEX: BEST REGENERATION PROJECT

By Catalyst

Former Havelock council estate built in the 1950s has been bulldozed to make way for this new 1,000-home neighbourhood which creates a new park and opens up a 1km section of the Grand Union Canal off limits to the public for decades.

More than 50pc of the mixed-tenure homes are deemed “affordable” and include waterfront townhouses and parkside apartments. It is being built in three phases, with completion due in 2023.

From £310,000: homes at Southall Village, where 25% shares are available

Southall Village is one of several major regeneration schemes transforming Ealing borough, a big Crossrail winner, with five new stations, including one at Southall.

Traditionally this part of west London has fed off Heathrow and lacked real sparkle, despite its diverse communities, as a place to live, but Crossrail is seen as a game-changer.

Trains to and from Bond Street will take 17 minutes, alluring for lower-budget first-time buyers and renters who want quick connections to the West End.

Ealing Council also wants to widen Southall’s appeal by increasing the area’s draw beyond its “Little India” reputation, introducing different retail and leisure options in order to attract people from outside the area.

Currently, the local housing stock is among the cheapest in London. Prices at Southall Village started at £310,000, with 25 per cent shares available. More shared ownership homes are planned.

To register, call 020 3993 7799.