By Bea Patel, TLE Property Editor and Director of Shop for an Agent – the estate agent comparison website
First-time buyers purchasing a home hit a record high according to the National Association of Estate Agents. 32 per cent of total property sales in October 2016 was made to first timers.
The average age of a first-time buyer in London is now 33 – some at a stage of life when they want more than a one-bedroom starter home. With some first-time buyers purchasing a property with a long-term view, they want to accommodate for their evolving needs – with space for partners, guests or children.
Buying a home through shared ownership gives an added boost for those who wouldn’t otherwise be able to get on the property ladder.
Prospect East in Stratford, East London aims to achieve this by providing a variety of three bedroom apartments available through East Thames’ shared ownership scheme. They offer space and flexibility to suit a wide range of first time buyer lifestyles.
Properties are in the heart of Stratford. With huge investments in the area due to the London 2012 Olympic Games, Stratford continues to benefit from extensive regeneration. Retail facilities with Westfield Stratford City offers hundreds of shops, as well as bars, restaurants and entertainment.
The Queen Elizabeth Olympic Park is nearby, with 560 acres of parkland, world class sporting venues parkland and a wide range of events and attractions.
Stratford International station is one of London’s best connected locations. With services on the London underground, DLR, and high-speed mainline railway network putting the rest of the capital in easy reach. You can reach Canary Wharf in nine minutes and Oxford Circus in 20 minutes. The arrival of the Crossrail in 2018 will further enhance travel links from Stratford.
Unity Works, another development by Peabody launched this month offers 30 shared ownership homes. The development offers one, two and three bedroom apartments, giving scope to those who want smaller properties. It’s located in Waltham Forest within the Blackhorse Lane regeneration area. Just ten minutes’ walk from Blackhorse Road station, benefits include the weekend Night Tube services with connections to Central London and beyond. Several popular locations, such as Oxford Street and Kings Cross are accessible in under 17 minutes from the station.
Waltham Forest is now a hotspot for young professionals and artists. Thanks to the E17 Art Trail, the area has been revamped. It now offers a plethora of independent shops, urban bars and experimental restaurants in an artistic hub. The area is also home to Europe’s longest outdoor market, Walthamstow Market, spanning one kilometre.
Buying through shared ownership allows you to buy a share of the home you can afford (at least 25 per cent), and pay subsidised rent on the remaining share of the property. You can increase your share at any time, up to owning 100 per cent of the property. For first-time buyers struggling to get on the property ladder, shared ownership is a potential option.