Feels so good to have a home of my own - Winner 2020 homesandproperty.co.uk - Homes and Property
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Wednesday 21 October 2020
YOUR NEW HOMES GUIDE:
young Londoners’ hotspots
Feels so good
to have a home
of my own
A 14-page special edition
devoted to first-time buyers
homesandproperty.co.uk
BEST LIFESTYLE NEWS SITE Winner 2020
20 WEDNESDAY 21 OCTOBER 2020 EVENING STANDARD
Homes Property | First-time buyer hotspots
Left: Walter
Cannavaccinolo and
James Aranda
bought a 50 per cent
share of a flat at
Acton Gardens, W3.
One-bedroom flats
start at £100,000 for
a 25 per cent share
through L&Q (0333
003 3636)
From £96,250:
right, 25 per cent of a
shared-ownership
one-bedroom flat at
Greenwich Square
near Maze Hill
station, through L&Q
(020 8189 7583)
Young buyers
still love the city
While lockdown has sent London families in search of
green and spacious suburbs, first-time buyers are
putting down roots in Zones 1, 2 and 3. By Anna White
F
OR the first time in five
years, the number of
young buyers getting homesandproperty.co.uk
on the property ladder powered by
in inner London is
higher than the num-
ber purchasing in the
outer boroughs, new
research reveals. After the spring lockdown,
families went in search of bigger homes with
bigger gardens. But first-time buyers are still STATS CHECK
choosing location over space, with estate What homes cost
agents reporting a spike in sales and enquir-
ies in Zones 2 and 3. BUYING IN ZONE 2
Data from Hamptons International shows (Average prices)
the proportion of homes sold to first-time Islington £634,600
buyers within inner London — defined as Greenwich £398,834
Zones 1, 2 and 3 — jumped seven per cent Hammersmith & Fulham £660,111
from 28 per cent of all sales before the lock-
down to 35 per cent afterwards.
The proportion of homes sold to first-time
buyers in outer London — Zones 4, 5 and 6
— fell by five per cent from 36 per cent to 31
per cent. “There has undoubtedly been a
shift in buyer preferences over the last five
months towards having space both inside
and out. But this shift has been less pro- country. “If they can get their deposit From £123,750: and London’s two-tier coronavirus status, GREENWICH: ZONE 2
nounced among first-time buyers. They put together, low interest rates make a mortgage above, 25 per cent of those first-time buyers with their deposit The number of sales to first-time buyers
their location and surrounding activities very often cheaper than renting,” says Katie a one-bedroom already saved are trying to get out of rental jumped by nearly a quarter in Greenwich.
over household space,” says David Fell, ana- Clutterbrook of Foxtons. shared-ownership accommodation — in case of future lock- The area has a large number of new-build
lyst at Hamptons. “This, coupled with the stamp duty holiday flat at Wandsworth downs that might put yet another brake on developments targeting young home buyers,
“So, while some second and third steppers and Help to Buy, means that this summer Exchange in Zone 3. their life plans. which could account for the rise.
have increasingly chosen outer London over we were far busier with genuine enquiries Through L&Q (0333 “The Greenwich lifestyle attracts young
inner, first-time buyers have not been from first-time buyers than we have been in 003 3670) FIRST-TIME BUYER MAGNETS professionals who work in the City and
swayed in the same way,” he adds. previous summers.” The proportion of sales to first-time buyers Canary Wharf, and currently feel secure in
JLL’s head of residential research Nick is up in 13 of the 33 London boroughs. their jobs,” says Katie Clutterbrook. “Green
A RUSH OF CONFIDENCE Whitten agrees. “The uptake of Help to Buy Greenwich, Hounslow, Hammersmith & space is a big tick for people at the moment
After the property market reopened in May, in London since the lockdown is booming,” Fulham, Waltham Forest and Islington are and those buying in the new-build schemes
the number of first timers registering to buy he says. “First-time buyers are aware that it the areas with the greatest upswing in sales have blue space on one side and the river
surged by more than 50 per cent compared will be phased out in a few years and that to this young buyer tribe. Camden, South- walks and Greenwich Park on the other.”
to the same time last year, the Hamptons the stamp duty holiday ends in March. They wark, Wandsworth, Kingston and Lewisham Her best selling scheme has been The
study shows. think there is a small window in which to complete the top 10. Here, Homes & Prop- River Gardens, with tennis courts, a gym,
Five months on, these numbers have set- buy.” Of course, Help to Buy only applies to erty tours the most central urban boroughs and gardens, by Bellway. The Docklands
tled at around 15 per cent above 2019 levels new-build homes. that, regardless of economic woes, Brexit Light Railway is within walking distance.
with the capital recording a larger uplift in Despite the uncertain jobs market with and the pandemic, have not lost their appeal Prices start from £705,000, call 020 8131
first-time buyers than anywhere else in the furlough due to be curtailed this autumn, for young Londoners. 0485 for details. Shared-ownership homes
EVENING STANDARD WEDNESDAY 21 OCTOBER 2020 21
homesandproperty.co.uk powered by First-time buyer hotspots | Homes Property
Hackney, Zone 2:
advertising director
SOARING SALES Ilona Lubojemska
The percentage rise in homes sold to stayed central,
first-time buyers since lockdown, buying a two-
compared with before lockdown bedroom flat at the
(Hamptons International) Woodberry Down
development, where
Greenwich 24% another phase has
Hounslow 16% launched with prices
Hammersmith & Fulham 15% from £550,000 for a
Waltham Forest 15% one-bedroom
Islington 14% apartment. Call 020
Camden 13% 3944 7729.
Southwark 11%
Wandsworth 7%
Kingston 6%
Lewisham 5%
are a more affordable way on to the property Moore of Knight Frank. “Brexit uncertainty
ladder. Housing provider L&Q is selling held first-time buyers back,” he says. “But
one-bedroom homes at Greenwich Square since the property market reopened in May,
for £96,250 for a 25 per cent share and we have seen a release of this pent-up
£113,750 for 25 per cent of a two-bedroom demand.
apartment. Maze Hill station is a 12-minute “It’s cheap to borrow and the stamp duty
walk away, reaching London Bridge in under holiday has been a real incentive.” For those
15 minutes. Call 020 8189 7583. spending over £500,000 it equates to a
Savills is selling homes at full market value £15,000 discount.
at Courtyard within the same scheme. Prices “The Bank of Mum and Dad continues to
start from £420,000. Call 020 7531 2516. be a really important part of the Islington
market but the nature of the first-time buyer
HAMMERSMITH is changing, too. They are waiting longer to
& FULHAM: ZONE 2 buy and are further on in their careers than
Parsons Green is still the most popular part they were 10 or 20 years ago,” he explains.
of Fulham for “well-heeled” first-time buy- This means some can afford to stay central.
ers, says Dexters’ Charlie Ince-Green. Typically, the first-time buyer is spending
A one-bedroom apartment in a period £500,000 on a one-bedroom apartment and
building will cost around £550,000 to new-build flats are being bought by investors
£600,000. and overseas parents with children planning
“We find our first-time buyers are very to come to London to study, Moore adds.
career-orientated, work long hours and are The home buying budget goes further at
short on time — whether they are working the Highbury end of Upper Street — and
from home or in the office. So being in a further still if you buy towards Stoke New-
relatively central London village, like Par- ington and Finsbury Park.
sons Green, with amenities on the doorstep, Moore is selling a one-bedroom flat in
is important to them,” says Ince-Green. Peerless Street for £575,000 and one in Eden
The market has changed dramatically Grove for £400,000. Call Knight Frank on
since last year, he explains. “During Brexit 020 3657 7342.
uncertainty, viewers could have seen a prop-
erty with us and bought tomorrow or in two
Thinking of
years. They were nervous. This year they are
going for it.”
Sands End, a collection of converted ware-
houses and factories and Victorian work moving?
cottages near Chelsea Harbour, is another
popular spot and has a micro community of Start your search
first-time buyers. Dexters is selling a
two-bedroom, ground-floor garden flat in on
Sands End for £625,000. Call 020 7386 5386.
ISLINGTON: ZONE 2
In Islington the typical first-time buyer is
looking for a one-or two-bedroom apartment
in a converted Victorian house as near to the
Upper Street buzz as possible, explains Nick
22 WEDNESDAY 21 OCTOBER 2020 EVENING STANDARD
Homes Property | Mortgage finance
Negotiate the Covid mortgage maze
ORTGAGE lenders, in gen- now, anybody needing to borrow 85 per
M eral, have failed first-time
buyers as the nation grap-
ples with Covid-19, leaving
many struggling to take
advantage of the stamp duty holiday
and get on to the housing ladder.
The number of mortgage products on
Ruth Bloomfield gathers
expert tips for first-time
buyers facing a scarcity of
low-deposit mortage deals
cent or more of the value of a home
faces substantially higher costs than at
the outset of the pandemic, says Knight
Frank Finance. “That’s because lenders
are now grappling with such a large
volume of transactions that raising the
cost of these mortgages, which are gen-
offer is shrinking, terms and conditions erally used by first-time buyers and the
are getting tougher, delays are preva- the Tory Party conference this month, self-employed, is the most efficient way
lent and interest rates for those who is to turn Generation Rent into Gener- of controlling the flow of new applica-
“only” have a 10 to 15 per cent deposit ation Buy by promoting a 95 per cent tions,” explains Liam Bailey, the firm’s
are increasing. Boris Johnson’s big idea mortgage. But it’s unclear how this will global head of research.
to help first-time buyers, announced at work, or when it will be introduced. For Richard Hayes, chief executive of
online broker Mojo Mortgages, says
more than 1,000 low-deposit mortgages
have been removed from the market
since the pandemic began. And banks
are starting to take a dim view of
first-timers gifted their deposit by par-
ents or other family members.
Here are some practical tips to guide
you through the pandemic mortgage
maze.
FLASH SALES
Some lenders have started offering
low-deposit mortgages for a limited
time only. “We are seeing lenders, like
Coventry Building Society and Virgin
Money, dip in and out of the 90 per cent
mortgage market,” says Ray Boulger
senior technical director at independ-
ent mortgage broker John Charcol.
“They announce a small tranche of
mortgages which are only available for
one or two days.” Hire a broker who can
let you know the instant an offer drops
and get the paper work ready in
advance. You will need proof of ID,
proof of address and three months’
worth of bank statements and pay slips, deposit. If you buy a £500,000 property Offers over
or your accounts if you are freelance. you save £15,000 in tax. £395,000: top, a
Upping a 10 per cent deposit of two-bedroom
SPRINGBOARD TO £50,000 to a 15 per cent deposit means terrace house in
HOME OWNERSHIP saving an extra £25,000, but if you Kings Langley,
Boulger also recommends looking at knock off that £15,000 tax saving you’re Herts. Savills
the Barclays family springboard mort- actually talking about finding another (01923 909083)
gage which will lend 100 per cent on a £10,000. £400,000:
property, if a family member will put a If you really step up your saving above centre, a
10 per cent deposit down as security for between now and the end of the stamp two-bedroom flat
five years. The first-time buyer gets a duty holiday on March 31 next year, you at The Dye Factory
very decent interest rate of 3.05 per might be able to swing it, especially if in Plaistow, with
cent, fixed for five years, and their fam- you are not buying alone. It could be Help to Buy
ily member gets interest at base rate well worth going into self-imposed, available. Dexters
plus 1.5 per cent. “Both parties get a money-saving social lockdown... (020 7749 3810)
really good deal,” says Boulger. £500,000:
TAKE ADVANTAGE OF above, a one-
MOVE THE GOALPOSTS BUYING SCHEMES bedroom flat in
Lenders are becoming increasingly Both Help to Buy and shared ownership Brook Green, W14.
tough about how much they will lend. cut the size of deposit that first-time Marsh & Parsons
“Lenders have brought in stricter cri- buyers need to put down, either by tak- (020 8012 4052)
teria for calculating income multiples,” ing a government loan for part of the
says Alex Winn, mortgage expert at cost of the property, or only buying a
online broker Habito. share in a first home. And the good
“For example, Barclays previously lent news is that lenders seem to be in
borrowers up to 5.5 times their salaries, favour of both these options.
this is now 4.5 times, meaning most “There is massive support for mort-
home buyers are being approved for gages through the shared ownership
less mortgage, impacting what they can scheme, mainly from building societies
afford to buy.” who want to attract a younger demo-
One way around this is to reconsider graphic of customers,” says Mojo Mort-
where you want to live. Increasing num- gages’ Richard Hayes. “There is less risk
bers of buyers are considering a move to the lender when it comes to giving
to the suburbs or home counties now someone a mortgage through this
that working from home is so common- scheme.”
place — and this means getting more
property for less money.
While the current market feels tough
for first-time buyers, most experts HOMES &
FACTOR IN THE
believe that as the world starts to inch
back towards normality, so lenders will PROPERTY
STAMP DUTY TAX BREAK
If you have a 15 or 20 per cent deposit
start to reconsider their hard line
against young buyers.
ONLINE
your mortgage options are much better. “And then we expect the high street Visit our
Rates for 90 per cent mortgages are lenders to begin competing for business award-winning
around 3.2 per cent, while 80 per cent once more, and the higher loan-to-value website at
mortgages tend to come in at less than mortgages to move back in line with
two per cent. The current stamp duty the rest of the market,” says Liam Bailey homesand
holiday will help you achieve a bigger of Knight Frank Finance. property.co.uk
23
24 WEDNESDAY 21 OCTOBER 2020 EVENING STANDARD
Homes Property | First-time buyer commuters
A family house
in a leafy area
for less than
£550,000
For many, commuting is no longer an expensive, daily drudge.
You can work from home further out and find community,
space and clean air. Ruth Bloomfield reports
ALAMY
Family friendly: Winkworth Arboretum near Godalming, Surrey, with Godalming High Street, inset right. Inset above, a riverside cottage at Bishop’s Stortford, Hertfordshire, an affordable location with swift city train links
A FAST COMMUTE BEST OF BOTH WORLDS THE MAGIC HOUR
IF WORKING from home is shops, a range of pubs and CHOICES of affordable bars. Twice a week the town MOST buyers who aim to modern house for less than
not for you and you want a restaurants. Families love the locations within half an hour hosts a street market, and commute into London by £500,000. With “good” and
short commute to the office, area because local schools and 45 minutes of central independent bars and cafés train want a journey of less “outstanding” schools, and
your choices aren’t huge: as a include Polehampton CofE London really open up. There are starting to crop up. than an hour. Today’s proximity to the Surrey Hills
rule, short train journeys Infants and Juniors, both are 16 towns and villages with Rhodes Arts Complex has a research reveals almost 20 and Winkworth Arboretum,
equal higher house prices. rated “outstanding” by Ofsted. commuter stations and cinema, theatre and dance options within this time Godalming is family friendly.
But in the Berkshire village Twyford sits on the border affordable houses, from studio, while Hatfield Forest frame, which also have family It is also pretty, with cute
of Twyford, with a half-hour of the Chilterns and the Brentwood, Essex, to rural is a lovely spot and there’s houses under £550,000. They shops and cafés on its narrow
commute, you could find a Surrey Hills, so there’s plenty Hildenborough in Kent. local tennis and golf. include affluent Tonbridge, town centre streets, as well as
three-bedroom period house of countryside around, while A smart choice is the Most local schools have with its access to Kent’s a Waitrose and everyday
for about £450,000, or a Reading is close for shops market town of Bishop’s “good” or “outstanding” grammar school system, and shops.
two-bedroom cottage for and cinema. From next year, Stortford, Hertfordshire, set Ofsted reports. arty Leigh-on-Sea in Essex. Since this is Surrey, there is
around £350,000. Twyford is Twyford will join Crossrail, beside the River Stort and A budget of £500,000 would Godalming, Surrey, is five a choice of golf clubs, a
almost big enough to be a with direct services to the with links to Liverpool Street buy a modern four-bedroom miles up the train line from leisure centre with a pool and
town, with a good parade of West End and City. in less than 40 minutes. house or a three-bedroom swanky Guildford and gym, plus a lido in Guildford,
A new development at the Thirties house or period considerably more affordable plenty of riding stables and
station’s old goodsyard is set cottage. At Taylor Wimpey’s for first timers, with a two- to several dozen sports clubs,
to improve the look of the Stortford Fields development three-bedroom period house from cricket to croquet and
town centre, where there is (taylorwimpey.co.uk) or a three- to four-bedroom canoeing.
already a modern shopping three-bedroom semis start
centre, chain restaurants and from £473,000. Local train Commute Annual Average
station and time season house
county (minutes) ticket price
Local train Commute Annual Average
station and time season house Fleet, Hampshire 46 £4,196 £526,581
county (minutes) ticket price
Egham, Surrey 46 £2,924 £523,355
Langley (Berkshire), Buckinghamshire 31 £2,600 £452,147 Tonbridge, Kent 46 £4,488 £456,657
Hitchin, Hertfordshire 31 £4,180 £479,035 Godalming, Surrey 46 £4,012 £517,286
Broxbourne, Hertfordshire 32 £2,928 £540,815 Milford (Surrey), Surrey 47 £4,048 £538,569
Billericay, Essex 35 £3,696 £494,465 Ware (Herts), Hertfordshire 47 £2,960 £461,221
£445,000: a three-bedroom terrace house in Twyford, minutes Roydon, Essex 36 £3,184 £512,131 Leigh-on-Sea, Essex 47 £3,612 £483,667
from the station with city trains. Through Grapevine (0118 453 0060) Brookwood, Surrey 36 £3,836 £533,309 Wendover, Buckinghamshire 48 £3,424 £545,435
Redhill, Surrey 37 £2,908 £516,515 Saunderton, Buckinghamshire 49 £3,852 £537,921
Local train Commute Annual Average Bishop’s Stortford, Hertfordshire 38 £4,440 £488,293 Wraysbury, Berkshire 49 £3,008 £546,121
station and time season house Sawbridgeworth, Hertfordshire 39 £4,232 £463,654 Winchfield, Hampshire 51 £4,292 £451,645
county (minutes) ticket price Haddenham & Thame P’way, Bucks 41 £4,340 £471,235 Hertford East, Hertfordshire 51 £2,960 £531,509
Welwyn North, Hertfordshire 20 £3,256 £544,593 Taplow, Buckinghamshire 41 £3,168 £511,302 Sunnymeads, Berkshire 52 £3,096 £490,641
Denham, Buckinghamshire 22 £2,344 £544,154 Brentwood, Essex 41 £2,832 £525,236 Lingfield, Surrey 52 £2,804 £460,308
Iver, Buckinghamshire 28 £2,320 £533,841 Hildenborough, Kent 42 £4,244 £534,814 Hertford North, Hertfordshire 52 £2,944 £528,608
Twyford, Berkshire 28 £3,856 £547,061 Earlswood (Surrey), Surrey 42 £2,924 £513,116 Hook, Hampshire 53 £4,368 £485,198
Welwyn Garden City, Hertfordshire 29 £3,100 £464,718 Farncombe, Surrey 45 £3,972 £495,619 Hassocks, West Sussex 53 £4,668 £506,469
Furze Platt, Berkshire 29 £3,428 £533,386 Haywards Heath, West Sussex 45 £4,668 £482,003 Frant, East Sussex 58 £4,928 £494,182
Gatwick Airport, West Sussex 30 £3,468 £456,700 Data source: Savills⁄ Land Registry Kintbury, Berkshire 59 £5,272 £501,070
Start your search for a new home on rightmove.co.uk
25
26 WEDNESDAY 21 OCTOBER 2020 EVENING STANDARD
Homes Property | First-time buyers
It’s been hard but the reward is worth it
It took more
S SAUNDERS
than rocketing
house prices, a
tough mortgage
market, the
global pandemic
and recession
to stop these
first-timers
buying their
own place — THE HARD Epping, their first choice location. So TARGETED injury ended his career, he started
they went 16 miles further into Essex work in the cosmetics industry. He
without help WAY and put down 10 per cent on a SAVING wanted to buy so he set a target
SAVING hard for a deposit, PR £250,000 one-bedroom terrace house OLIVIERO DOMENIGHINI rented amount he needed to put aside
from the Bank of manager Miranda Drew left her in Stansted Mountfitchet, moving in in smart Maida Vale but bought a every month, living very frugally
£600-a-month Epping flatshare a year during June. place in Woolwich. His monthly and staying in a lot. He used
Mum and Dad. ago to move in with boyfriend Tom The mortgage is £777 a month, so mortgage of £900 plus £200 service London Help to Buy and to his
Cattell and his parents in Bishop’s Miranda’s share is far less than her charge is cheaper than his delight, he loves Woolwich.
By Ruth Stortford, Hertfordshire. rent used to be. Her train commute is £1,400-a-month rent in Maida Vale. “We both liked these apartments,”
Miranda, 29, took on freelance longer and more expensive but she Oliviero, who lives with his he says. “They are very stylish with
Bloomfield writing work and mystery shopping couldn’t be happier. She says they are girlfriend, put down a £30,000 open-plan living, well designed
jobs, while Tom, 27, a carpenter, grateful for being able to live with deposit in May on a £460,000, with a good use of space. We are
worked evenings and weekends and Tom’s family. “The reward is our own two-bedroom, two-bathroom flat by near a big supermarket and close to
found a second job as a delivery home and that has been really worth Lovell Homes at Trinity Walk rail links so it’s ideal for work. We
driver. They ploughed their savings it. Over summer we did a lot of (trinitywalk-woolwich.com). have nearby coffee shops, bars and
into Help to Buy ISAs and Lifetime decorating, made friends with Oliviero came to the UK from Italy restaurants. Everything you need is
ISAs for the bonus payments and tax neighbours. Now it feels comfortable in 2006 to train at the Central on the doorstep and we love
breaks but were still priced out of and we love being independent.” School of Ballet but when a dancing Greenwich.”
27
28
29
30 WEDNESDAY 21 OCTOBER 2020 EVENING STANDARD
Homes Property | My first home
Get the look with
good deals and
3D software
With budget buying and nail-breaking
DIY, Marlène Fao achieved the chic
transformation of a Wimbledon ex-rental
flat. By Ruth Bloomfield
UYING your first home and fixing
B it up just as you want it is likely to
feature paint stains on
MYMINDFULHOME.CO.UK/ @MY_MINDFUL_HOME
accidentally hammered fingers
— and lots and lots of YouTube
videos.
New-build homes are all kitted out but
expensive. At the other end of the scale
ex-rental properties are usually run down,
grotty, cheaper and the perfect hunting
ground for a first-time buyer.
Marlène Fao, 33, was one such first timer
in 2017, when she and her boyfriend spent
a shade under £500,000 on a two-
bedroom Edwardian maisonette on the
borders of Wimbledon and Merton.
“It was horrible and the layout was CONTACTS BOOK
difficult to navigate,” says Marlène, a
French marketing manager who moved to One-off finds: Marlène’s go-to source
London 10 years ago. “The bathroom was is small companies website Etsy (etsy.
behind the kitchen and you had to walk com), where she found the couple’s
through it to get into the garden.” Moroccan-style rug. As her white-on-
Despite this the couple moved in with white home suggests, she is also a fan
their two Bengal cats and have tackled the of laid-back Scandi style and rates
work one job at a time, spreading the cost Nordic Nest (nordicnest.com) as a
of their renovation. Big-ticket items one-stop shop for Swedish and Danish
included a new kitchen from Ikea which furniture and homewares.
was professionally installed. The kitchen,
including cabinets, appliances and a Home comforts: for linens, Marlène
quartz worktop, cost £5,000 and the recommends the high-quality yet
installation added £1,800. reasonably priced Secret Linen Store
“We used an offer of interest-free credit (secretlinenstore.com), while for
to buy the kitchen so we could spread the something special on the wall, The
cost,” says Marlène. “To help pay for it we Poster Club (theposterclub.com) has
didn’t take a holiday that year, stopped a curated collection of art prints and
buying lunch at Pret and started having photography.
home-made sandwiches.”
Marlène previously worked for a Cross-Channel chic: as a
bathroom company and was able to get an Frenchwoman, Marlène naturally
employee discount on upscale bathroom turns to La Redoute (laredoute.co.
fittings from Villeroy & Boch (villeroy- uk), which is as much of a staple as
boch.co.uk). She used three-dimensional John Lewis is in the UK. For more of a
tiles from its monochrome magic boutique experience she recommends
collection in the kitchen. Fleux concept store (fleux.com) which
built space-saving raised timber planters has an inspiring range of furniture and using upholstery foam, a staple gun and Clockwise from
One of the most useful tricks in her — see Marlène’s website mymindfulhome. furnishings and ships to Britain. velvet in a dramatic shade of teal. In total main picture:
repertoire was free. “I use 3D software to co.uk for a tutorial on how to do it. A the materials for the bench upholstery Marlène Fao on her
design a room in advance. That is how we recent project was to build a restaurant- High street staples: Marlène’s home came in at just over £300. “It took us ages home-made kitchen
did the wall panels in our living room. I style banquette booth in the kitchen to is full of pieces from Ikea and but I am very happy with it.” banquette; wall
use Sketchup (sketchup.com) which is free create space-saving seating. mid-range stores — her living room Perhaps the biggest challenge in this panels were
unless you get the professional version.” table is from Habitat (habitat.co.uk) renovation has been agreeing on how to designed for free
Marlène redecorated the flat herself, When a quote to make and cover the and storage is from Muji (muji.eu). do it. Couples do not always see eye to eye using sketchup.com
including applying faux panelling in the banquette came in at an out-of-the- about how interiors should look. “There is design software; the
living room, and sanding and painting question £2,000, Marlène made one Reuse and recycle: before buying always a lot of discussion about all the Ikea kitchen was a
laminate floors white. herself, building the pine base with planks something new, sell what you already options, but at some point we have to big-ticket item at
The garden was a mess. Now it is an bought from a local timber merchant. Her have on gumtree.com says Marlène agree. When we do, I write it down and £6,800 including
elegant courtyard “room” with the boyfriend is an engineer, which gave her — it’s the sustainable way to renovate whenever we talk about it again, I can say, fitting; once messy,
repaired fencing painted grey, and an advantage when it came to working out your home. ‘Actually this is what we agreed — it’s in the garden is now a
white-stained timber decking. The couple the base and fluted seating. She covered it the document. I wrote it down!’” smart outdoor roomEVENING STANDARD WEDNESDAY 21 OCTOBER 2020 31
homesandproperty.co.uk powered by Shared-ownership homes | Homes Property
New-deal shared ownership offers lower deposits
said, the current shared-ownership In historic Limehouse, with its
Ruth Bloomfield scheme can be an excellent way of cobbled streets and impressive
cutting entry costs to home choice of bars and restaurants, fans of
finds new-build ownership. Deposits typically come in east London could opt for an
at £10,000 to £15,000 and there is a apartment at The Kiln Works
homes with really good crop of new schemes on (nhgsales.com). The nearest station,
offer this autumn. Limehouse, in Zone 2, has Docklands
concierge service, Light Railway services and c2c trains.
At Canary Wharf buyers could pick up Prices for a river-view one-bedroom
landscaped a flat in Hampton Tower at SQP, one flat, some with a terrace or balcony,
of the new landmark towers on South start from £101,875 for a 25 per cent
gardens and Dock, designed by Foster + Partners, share and the minimum deposit is
for less than £110,000 (landgah.com). £10,188. Monthly costs are just over
great rail links There’s a concierge, landscaped £900.
gardens and plenty of nearby Two-bedroom flats start at £125,000
restaurants, cafés and shops plus for a 25 per cent share and the
FTER 50 years, shared Canary Wharf station, which will next minimum deposit is £12,500. Monthly
A ownership is about to get a
makeover. The changes will
take time to come through
and will only apply to
homes built between 2021 and 2026
— but if you can wait, buying will
become more affordable.
year join the Crossrail line.
Prices start from £108,750 for a 25
per cent share of a studio with a full
price of £435,000. The minimum
deposit is £5,437 and monthly costs
including rent, mortgage and service
charge come in at just under £1,450.
From £108,750: 25 per cent of a home in Hampton Tower at South Quay Plaza, E14
plus bars and restaurants. Crossrail is If you hanker after a west London
costs will be about £1,630.
Everybody loves Clapham for its
winning combination of green space,
good shops and nightlife. At SO Resi
Clapham Park (soresi.co.uk), one- and
two-bedroom shared-ownership flats
Aware that rising house prices have One-bedroom flats start at £133,750 on its way, too. There is plenty more address then get ready. A very rare set are for sale, just a 20-minute walk
made the scheme too expensive for for a 25 per cent share. The minimum investment coming to Woolwich. An of shared-ownership homes goes on from Clapham South Tube station on
some, the Government is pressing deposit is £6,687 and buyers will need upgrade of the high street and a new sale next month at Royal Warwick the Northern line, in Zone 2, and
social housing providers to allow to budget £1,842 for monthly costs. waterfront arts and cultural centre Square in West Kensington from the common.
buyers to take an initial stake of just A quarter share of a two-bedroom are both on the horizon. (peabodysales.co.uk). Set by the The apartments are part of a
10 per cent of a home. The current flat starts at £180,000. Buyers will One-bedroom flats start at £115,000 Warwick Road, between Earl’s Court 2,500-home regeneration of the area.
usual minimum share is 25 per cent. need a deposit of at least £9,000, and for a 25 per cent share. Buyers will and Kensington Olympia Tube Prices start from £109,250 for a 25 per
Equally aware that some buyers monthly costs will be just over £2,000. need a minimum deposit of £11,500 stations in Zone 2, the flats are cent share of a one-bedroom home
remain deeply suspicious of the idea and monthly costs, including arranged around a garden square and and the minimum deposit is 5,463, or
of owning only part of their home, Five miles downriver, a new tranche mortgage, rent and service charge, each has its own balcony. There is an five per cent. Monthly costs come in
there are also moves to ensure that of shared-ownership homes at Royal total £1,248.95. Two-bedroom flats on-site concierge, while Holland Park at £1,392.
housing associations pay for repairs Arsenal Riverside went on sale this are priced from £140,625 for a 25 per and the shops and restaurants of Two-bedroom flats start from
for the first 10 years after a sale, and to month. Berkeley Homes’ multibillion- cent share. The minimum deposit is Kensington High Street are nearby. £127,500 for a 25 per cent share. The
give owners more control of the pound regeneration of the Woolwich £14,063 and monthly costs add up to No prices as yet — but registrations of minimum deposit is £6,375 and
process of selling their homes. That Arsenal will create 5,000 new homes £1,597.25. Visit Savills.co.uk for more. interest are being taken. monthly costs add up to £1,613.32
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