Getting on the ladder: where to find Help to Buy homes in four fast-changing London areas with good transport links

Help To Buy is continuing to help cash-strapped Londoners who want to get on the property ladder.

The scheme covers new homes valued up to £600,000 and allows buyers to borrow 40 per cent of the purchase price from the Government in the form of a loan, repayable later.

This means they have to put down only a five per cent deposit and take out a 55 per cent mortgage — more achievable for lower earners with little in the way of savings.

The scheme has fuelled demand for new homes across the capital and into the commuter belt.

Help to Buy has already been used by more than 12,000 Londoners and the number is rising fast as developers rush to register new housing schemes.

HELP TO BUY: THE HOTSPOTS
Today Bellway will unveil more than 300 Help to Buy homes across 10 developments. Locations include Greenwich, Stratford, Camberwell, Acton, Croydon and Old Isleworth. Prices start at £244,995.

The special event takes place at Grange St Paul’s Hotel in City of London (bellway.co.uk).

Though most central London developments are too high-value to fall within the scope of the scheme, Help to Buy has opened up the market in all travel zones, according to Patrick Gower, research associate at Knight Frank.

“Hotspots have emerged in areas where affordability dovetails with exceptional transport links.”

These areas include Barnet, Greenwich, Hillingdon, Lewisham, Tower Hamlets and Croydon.

THREE FAST-CHANGING AREAS WITH HELP-TO-BUY HOMES

1. NEW NW9 NEIGHBOURHOOD: COLINDALE, ZONE 4

On the Northern line, in Zone 4, Colindale in leafy north-west London is an obvious location for young Londoners priced out of the centre.

Developer Redrow has launched Help to Buy flats at Colindale Gardens, the £1 billion transformation of the former Met police training centre.

A new 2,900-home neighbourhood covering 47 acres, it will take 12 years to complete but buyers are already putting down roots. Eventually more than 6,000 people will live there, alongside cafés and shops, parks, sports pitches and an on-site primary school.

Orchard Quarter, the first phase, has Help to Buy apartments priced from £390,000. Call 020 3538 7355.

Nearby Beaufort Park, where Britain’s first loop-the-loop and parachute descent took place, is another large new project.

Set in 25 acres, it has 2,800 homes plus spa, shops, bars, cafés and other on-site amenities. Help to Buy flats start at £399,950. Call 020 8511 8600.

2. MAJOR TOWN MAKEOVER: HARROW

Harrow is another north-west London hotspot. Synonymous with the prestigious boarding school for boys, the town is undergoing a major makeover, with 5,500 new homes and new civic buildings.

Harrow Square, being built on a disused Royal Mail depot, is a sleek scheme of 318 flats designed by Chicago-based skyscraper specialists SOM architects.

Four blocks rise from six to 20 storeys and are part of a new high street commercial hub that includes a new library, shops, offices and upgraded public spaces.

Many apartments are dual-aspect plus there are communal roof terraces with solar panels that help generate cheaper electricity for residents. Prices start at £290,000 for a studio and £370,000 for a one-bedroom flat. Call 0844 811 4321.

Echo One, another Harrow development, has one-bedroom flats priced from £315,000. Call 020 3959 0900.

3. GO GREEN IN SUTTON, ZONE 5

Sutton, on the other side of London, is enjoying a similar makeover. The town centre lost its allure in the Seventies due to some planning disasters but better buildings are going up around its conservation quarter.

The local council’s mission is to turn the borough into the “UK’s first sustainable suburb, one of the greenest places in the country to live”.

In travel Zone 5, Sutton is affordable and well connected, with 25-minute trains to Victoria and 33-minute services to Blackfriars.

Sutton Point, right next to the station, is one of the key new projects and includes 332 flats, shops, a hotel and fitness centre grouped around a new public square. Prices from £280,000. Call 020 8004 9420.

Help to Buy borrowers should remember that the Government equity loan is interest-free for only five years, and has to be repaid within 25 years or when the property is sold.

'WE WERE DESPERATE TO GET OUT OF RENTING AND NOW WE LIVE IN THE BOOMING ROYAL DOCKS'

4. ROYAL ALBERT WHARF, EAST LONDON

Newlyweds Keshav Barnwal, 34, and Ankita Jaiswal, 30, chose docklands to start married life in a home of their own.

Royal Albert Wharf, a new neighbourhood in booming Royal Docks, has won plaudits from the Royal Institute of British Architects.

The 1,500-home development lies alongside City Airport’s island runway, a marina and boatyard, and the elevated tracks of the Docklands Light Railway. It’s a raw and awesome setting, yet beautiful in its own way.

Apartment blocks are grouped around the dock and a handsome Edwardian pump house. A new bridge across the dock will link with new shops and offices. Flats come with enclosed winter gardens for year-round use.

Using Help to Buy, the couple were able to purchase a two-bedroom apartment with a five per cent deposit.

“We were both desperate to get out of outdated rental property. Instead of throwing £1,400 down the drain every month, we’ve reduced our outgoings to £1,200 a month.

“It’s an amazing place to live, quite dramatic. And we think our home is a promising investment, too.

Nearby Custom House station will soon be connected to Crossrail and it will slash our commute to London Bridge by 20 minutes.”

Prices start at £385,000. Call 020 3815 2222.