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For many people Help to Buy is the door to owning their own home. London property ownership has long been out of the price range of many Londoners, due to vast price increases in the past 24 years from an average price of £107,630 in 1995 to £692,865 in 2019.
Help to Buy was introduced by the government in April 2013 as a means to ease the strain on the understocked property market. The buyer needs to have a minimum deposit of 5% and through the Help to Buy scheme the government will loan up to 40% of the property value. The balance of 55% can then be secured through a mortgage. Help to Buy only applies to new homes, and they cannot be valued at more than £600,000.
Another of the positives from the Help to Buy scheme is that the government-backed loan is interest free for the first five years, and after that you get a competitive loan rate and access to cheaper mortgage rates.
The biggest benefactors of the Help to Buy scheme have been first-time buyers, as the government backed loan has enabled them to leverage a mortgage, that they previously would have never been able to secure. We have found many homes for first-time buyers in London, utilising the Help to Buy scheme.
Woodberry Downs is part of a £1bn regeneration in north London’s Manor House area with gardens, parks and fantastic onsite amenities, including cafes, supermarket and resident’s gym, pool, spa and concierge. Since occupancy started in 2016 it has established itself as a thriving community within walking distance of stylish Stoke Newington and Highbury. Great transport links are always a big draw with connections into the West End in 10 minutes and the City in 20 minutes and apartments overlook the Woodberry Wetlands conservation area.
New Willow is a boutique development of just 33 apartments in Plaistow, east London starting at upwards of £350,000 for a one-bedroom, £465,000 for a two-bedroom and £535,000 for a three-bedroom apartment making it fantastic value for someone looking for an easy commute into the City of London.
With the new wave of regeneration across this area with Canary Wharf, City Airport, Excel Centre and the world-famous Olympics this area of London has never been so in demand. This swathe of change has introduced new housing, schools, an extensive transport network and one of the largest shopping centres in Europe to the area, making it a fantastic investment.
Greenwich has always been a popular area, with its proximity to the river and royal connections. New to the area is the Royal Arsenal Riverside development of 5000 new homes, restaurants, bars, retail spaces and leisure facilities. The development has great transport links by train, ferry and air. The introduction of the Crossrail Elizabeth Line will cut these further to Canary Wharf within 8 minutes and Bond Street in 22 mins.
Apartments within Pavilion Square are available with London Help to Buy with prices between £390,000 - £482,500 and offering stunning design with beautifully landscape residents’ gardens.
If you’re looking for a place with fantastic links to central London, Upton Gardens is the development for you. Located in Zone 3, Upton Gardens is within a 6-minute walk from Upton Park Tube station offering fast connections to central London in under 15 minutes.
Not only does it offer one, two, three and four-bedroom apartments, making it an ideal home for both professionals and young families alike, it is also contributing to major regeneration in the area, making this is a home for long term investment. Onsite amenities include a gym, concierge, rooftop terraces and family play areas. Prices start at £350,000 and occupancy commences from Spring 2020.
Deptford is one of southeast London’s most vibrant and creative areas, and this development does not disappoint. Offering 276 homes across eight buildings and a tower, this is a development like no other with history steeped in industrial history.
Set within a beautiful, communal landscaped garden each home has a private balcony or terrace. Deptford and New Cross are the closest stations, and will have you to London Bridge in 6 minutes, Shoreditch High Street in 15 minutes and St Pancras International in 23 minutes. A selection of one, two and three-bedroom homes are on offer with prices starting at £399,000.
Should you wish to read more about the Help to Buy London scheme, and your eligibility visit the official website https://www.helptobuy.gov.uk/
If you would like to know more about the developments we have featured in this article, please send us an email at austin@austinhomes.co.uk or via our social channels.
Miss. Claire White
W. Why Media
E. claire@whymedia.com