One, two and three-bedroom apartments, available with shared ownership, at Liberty Wharf in Alperton
(Picture: Clarion Housing)Although London remains the region with the lowest annual house price growth, it is still the most expensive in the UK, with an average house price of £521,000, according to the Office for National Statistics.
Unsurprisingly, these sky-high prices are pushing many London first-time buyers out of the property market.
“The challenge of raising a deposit to get on the housing ladder in the capital has been well documented for some time,” says Lucian Cook, head of residential research at estate agent Savills. “High rental costs make saving towards that deposit particularly difficult, which has increased the reliance on both the Bank and the Hotel of Mum and Dad in London.”
According to Savills, gifts and loans from the Bank of Mum and Dad hit a new high last year, supporting almost half of all first-time home buyer transactions on the open market. But with shared ownership, you can get on the ladder in some of the city’s most expensive and/or up-and-coming areas with as little as a five per cent deposit on the share that you own, making home ownership a much more affordable prospect.
In a survey of more than 2,000 users on sharetobuy.com, 73 per cent of respondents didn’t have to borrow money to put towards their deposit.
If you are keen to go down the part-ownership, part-rental home-buying route, here are some of the most affordable shared ownership homes you can buy in London.
Regency Heights in Park Royal
by L&Q
This scheme is part of the £26 billion regeneration at Old Oak and Park Royal. The new west London neighbourhood is set to deliver 26,500 homes over the next 40 years.
One, two and three-bedroom shared ownership homes are available, from £82,500 for a 25 per cent share of a one-bedroom flat worth £330,000.
So Resi Ealing
Once the flagship Bhs department store, So Resi’s scheme has homes from £99,988 for a 25 per cent share in a one-bedroom apartment worth £399,950.
It’s a short walk from West Ealing’s forthcoming Crossrail station and all residents will have a private balcony or terrace, as well as access to a rooftop garden, a first-floor podium garden and three years’ free car club membership.
Merrielands in Dagenham
by Clarion Housing
This development has just one studio apartment remaining at £50,000 for a 25 per cent share. With a full market value of £200,000, this is one of the most affordable homes currently for sale in London.
There are also one-bedroom flats still available, with prices starting from £84,875 for a 35 per cent share, full price £242,500. All homes benefit from contemporary open-plan kitchens and private balconies or terraces. There are communal landscaped roof terraces and gardens for all residents to use, while the scheme is located less than a 30-minute walk from the Thames.
Liberty Wharf in Alperton
by Clarion Housing
Offering a collection of contemporary-style one, two and three-bedroom apartments, available with shared ownership, each home at Liberty Wharf benefits from high-spec interiors, floor-to-ceiling windows and a balcony or terrace where buyers can enjoy canalside views.
Its location is ideal for city commuters, being a 10-minute walk from Alperton Tube station which reaches Hammersmith Tube station in 22 minutes. Prices start at £83,250 for a 25 per cent share of a one-bedroom apartment with a full price of £333,000.
Woolwich Reach in North Woolwich
by Notting Hill Genesis
If you’re after an affordable flat with great transport links to the city, check out Thames-side Woolwich Reach by housing association Notting Hill Genesis. King George V Docklands Light Railway station is a seven-minute walk away, from where you can reach Bank in under 25 minutes, Canning Town in eight minutes and London City airport in just two minutes.
Each apartment has its own private terrace or balcony and there’s a landscaped shared garden for residents next to the water’s edge. Prices start at £93,750 for a 25 per cent share of a one-bedroom home worth £375,000.
Valley House in Charlton
by Peabody
If you’re searching in leafy and typically expensive Greenwich, where prices for a one-bedroom home cost an average £430,400 according to estate agent Foxtons, check out Peabody’s latest scheme, Valley House. First-time buyers can purchase a 25 per cent share of a one-bedroom apartment for £86,250, full value £345,000.
Each flat has its own private outdoor space, plus access to landscaped gardens and an on-site play area.
North Greenwich station is 10 minutes by bike, with Tube services to Canary Wharf, Stratford, Waterloo and Bond Street.
For an alternative commute, nearby River Bus services at North Greenwich Pier stop at Canary Wharf, Tower Pier and Westminster.
Evolution in Southall
by Network Homes
The latest development from Network Homes, Evolution is in vibrant Southall, part of Ealing borough. The Broadway shopping experience offers jewellery, fabric and spice shops, bars, clubs and restaurants on Evolution residents’ doorsteps.
And for those buyers with outdoor space firmly on their wish list, these homes are only minutes away from the Grand Union Canal for towpath walks and cycle paths. Prices start at £75,000 for a 25 per cent share of a one-bedroom apartment with a full market value of £300,000.
Residents will each have their own private balcony, as well as access to a podium-level courtyard garden and communal spaces.
Central Square in Hanwell
By Broadway Living
Thanks to ongoing regeneration and improved connectivity once the Elizabeth line – Crossrail – is up and running, Ealing and Southall and surrounding areas in west London are fast becoming property hotspots. Thankfully, however, through shared ownership, they are still affordable areas for first-time buyers.
Central Square development in Hanwell, Ealing, by Broadway Living has contemporary one- and two-bedroom apartments available, with prices starting at £83,750 for a 25 per cent share of a one-bedroom home with a full market value of £335,000. The scheme is in a fantastic location, with lots of green space and fast transport links into London Paddington.
