Nick Lieb, Head of Operations for Share to Buy, the UK’s best established property portal for first time buyers, comments on Share to buy schemes in London offering affordable routes onto the housing ladder.
In an age where a significant proportion of first time buyers, particularly those looking to buy in London and the South East, rely heavily on the ‘bank of mum and dad’ to help them purchase their first home, there is ever growing demand from buyers seeking alternative, more affordable, routes onto the housing ladder.
Meeting this need, more and more housing providers are offering schemes such as Shared Ownership – a part-buy-part-rent option that allows purchasers to buy a percentage of the property, purchasing more of the home when they can afford to do so – and London Help to Buy, a scheme that helps buyers ‘boost’ their deposits.
Positive recent changes in government legislation, including in the 2018 Autumn Statement, offered a welcome commitment to extend Stamp Duty relief for properties under £500,000 to Shared Ownership homes, which has undoubtably fuelled demand. We also reported a surge in enquiries following the delay to Brexit earlier this year, with buyers demonstrating that they were keen to get onto the housing ladder, regardless of the complex political climate.
Leafy and attractive enclaves south of the river remain immensely popular. In fact, the London Borough of Southwark tops the first time buyer wish list, with more applicants enquiring about homes in the area than in any other borough. Elsewhere, interest is high in Kingston and Croydon, where average deposit levels for Shared Ownership homes are some of the lowest in the capital, at under £8,000 – dramatically lower than the London averages for private sale homes.
New developments launching later this year include the next phase of L&Q’s Elephant Park, a major regeneration scheme just a stone’s throw from central London. Further south at Leon House by Optivo, Shared Ownership buyers can enjoy a residents’ only roof terrace with panoramic views across London in up and coming Croydon.
Share to Buy are also the team behind the London Home Show, the UK’s biggest event for first time buyers, taking place on Saturday 21 September at London’s QEII Centre.
Since launching the exhibition in 2013, we have welcomed over 50,000 budding home buyers through the doors. The free exhibition showcases the best of affordable homes available across London and the home counties. Exhibitors include housing associations, private developers, mortgage advisors and conveyancing solicitors, and there are live Q&A sessions with experts, making it a one stop shop for first time buyers.
Ever popular with South Londoners – more visitors to the show live or work in the Lambeth than any other borough.