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Photograph: Shutterstock
Photograph: Shutterstock

Dreaming of buying your own home? Consider these six up-and-coming London neighbourhoods

Live the SE dream in Peckham, get Thames views in Silvertown or wake up next to gorgeous wetlands in Woodberry Downs. With Shared Ownership, it’s all possible...

Written by Time Out. Paid for by Shared Ownership
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If the idea of buying a home in Zones One, Two or Three feels like the wildest of fantasies, then listen up. Shared Ownership makes buying in a buzzy London neighbourhood much more realistic. What is it, exactly? In a nutshell, it’s purchasing a portion of the overall value of the property and paying some (subsidised!) rent on the bit you don’t own. It’s great for anyone hoping to get on the property ladder, and it’s your ticket to buying in areas that you might not have thought possible. The maths say it all, really: in London, in 2020, the average first-time buyer deposit is a whopping £109,146* – whereas with Shared Ownership, your deposit could be as low as £10,925 (for a place in Clapham Park, see below). 

Scroll to the bottom for a step-by-step breakdown of how it all works. Or stick around as we round up six up-and-coming neighbourhoods, all of which have Shared Ownership properties ready to go. 

For loads of case studies and eligibility info, check out the Shared Ownership Week (September 17-23) website. #SOW2020 is also packed with webinars designed to get you up to speed on everything from the ins and outs of the process to legal advice. Check out the full line-up (and register online) here

*Halifax: First-Time Buyers: Average Price, Loan and Deposit by Region, 2020. 12 month rolling June 2020.

Photograph: Shutterstock
Photograph: Shutterstock
Photograph: Shutterstock

Stratford

Once synonymous with the London 2012 Olympic and Paralympic Games, Stratford is now a destination in itself. Of course there’s the epic Westfield Stratford City and the curly-wurly tunnel slide, the ArcelorMittal Orbit – but there’s also a growing number of small waterside bars and cafés like Print House on the banks of the Three Mills Wall River Weir and retro games bar Four Quarters East. And don’t forget about all that green space: there’s the immaculate Queen Elizabeth Olympic Park and the wilder Hackney Marshes for you to get lost in. It goes without saying that the transport connections here are second-to-none. 

You could live here… 

NEST (Newlon). Prices start from £81,250 for a 25% share of a one-bedroom apartment. 

New Stratford Works (L&Q). Prices start from £127,500 for a 25% share of a two-bedroom apartment.

Persepolis
Persepolis
Photograph: Britta Jaschinski

Peckham

Last year, we crowned Peckham as London’s coolest neighbourhood – and that’s not changing any time soon. At the heart of this wonderfully diverse neighbourhood is Rye Lane, with its colourful stalls selling, well, basically anything – and there’s the sprawling, green Peckham Rye further along. A favourite is the rooftop bar Frank’s Cafe, the old-school cinema Peckhamplex and the veggie haven Persepolis. It’s also home to acting treasures John Boyega and Olivia Colman – and soon, maybe, you. 

You could live here… 

Peckham Place (Notting Hill Genesis). Prices start from £106,250 for a 25% share of a one-bedroom apartment. 

Or in nearby Brixton…

BRX SO (Network Homes). Prices start from £120,000 for a 25% share of a one-bedroom apartment. 

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Photograph: Shutterstock
Photograph: Shutterstock
Photograph: Shutterstock

Woodberry Down

Did you know that a pair of nearly 200-year-old reservoirs lies between Finsbury Park and Clissold Park? Yep, it’s true – and it’s also home to some very enviable developments facing the gorgeous West Reservoir. It’s hard to believe that this serene slice of the world is a few minutes’ walk to Manor House tube in Zone Two, is close to Turkish food paradise Green Lanes and trendy Stoke Newington, with its boutique shops, cute cafés such as Good Egg and cosy pubs like The Jolly Butchers.  

You could live here… 

Heron Quarter at Woodberry Down (Notting Hill Genesis). Prices start from £109,375 for a 25% share in a one-bedroom apartment.

Oxygen Trampoline Park
Oxygen Trampoline Park
Photograph: Rob Greig

Park Royal

Is west London calling your name? Park Royal, located near Willesden Junction tube, is a perfect spot to call home. You’ve got some quirky spots to have a good time here, including Oxygen Freejumping and Royale Leisure Park (tenpin bowling!). Middle Eastern cuisine abounds here; try the Iraqi breakfasts at Al Enam, cakes and pastries from Patchi Patisserie and manousheh (Lebanese pizzas) at Kamil Bakery. 

You could live here… 

L&Q at Regency Heights. Prices start from £87,500 for a 25% share in a one-bedroom apartment. The average price of a 25% share in a Brent property is £93,306.82*, making this a great saving!

Or in nearby Harlesden… 

Helix (Hyde New Homes). Prices start from £87,500 for a 25% share of a one-bedroom apartment. And, during #SOW2020, they'll pay the £99 reservation fee and put £1,000 towards legal fees – nice one!

*Share to Buy, Jan 1-Aug 31 2020.

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Photograph: Shutterstock
Photograph: Shutterstock
Photograph: Shutterstock

Silvertown

Get some seriously great Thames views to Woolwich and Charlton in this up-and-coming centrally located spot. Despite its proximity to Central London, you can get your fix of green space at the Thames Barrier Park – it’s a seven-hectare space with wildlife, a children’s play area and coffee shop with views of the Thames Barrier. Catch talks, exhibitions and pop-up bars at The Silver Building, or marvel at Lightship 93: it’s a lighthouse on a big red decommissioned ship that’s now used as a photographic studio. 

You could live here… 

Royal Albert Wharf, Royal Docks (Notting Hill Genesis). Prices start from £78,750 for a 25% share in a one-bedroom apartment. Deposits start from 10% of the total: yep, that’s only £7,875.

Greenway, Beckton Parkside (Peabody). Prices start from £70,500 for a 30% share in a one-bedroom apartment. Deposits start from £7,050. Peabody is also offering great incentives for customers who reserve before October 18. Choose from either having your legal fees, rent and service charge paid up to the value of £1,500; B&Q and John Lewis shopping vouchers; or a combination of both.

Photograph: Shutterstock
Photograph: Shutterstock
Photograph: Shutterstock

Clapham Park

If spending sunny days watching clouds go by in the green oasis of Clapham Common appeals to you, then you’re in luck, pal: this much-loved London green space is just a few minutes’ walk from Clapham Park. This neighbourhood is nestled between Clapham, Balham and Brixton Hill, which means there’s no shortage of excellent bars, cafés and restaurants, like the award-winning pizza joint Joe Public and cute gastropub The Abbeville. 

You could live here… 

SO Resi Clapham Park. Prices start from £109,250 for a 25% share in a one-bedroom apartment. Deposits start from £10,925.

Greenway, Beckton Parkside (Peabody)
Greenway, Beckton Parkside (Peabody)
Photograph: Peabody

How does Shared Ownership work?

Shared Ownership lets you buy a share in the overall value of a home and pay a subsidised rent on the part of it you don’t own. You can then buy further shares until you own it outright! Basically, it means that you can get on to the property ladder for less, provided it’s your sole property and your earnings are under the threshold. Pretty nifty, right? Here’s a step-by-step example of how it might work:

1 Search
Find a housing association selling properties in the area you want to live.

2 Apply
Fill in the housing association’s online application form.

3 Go see
When you find somewhere you like the look of, go to a viewing. 

4 Register
You can usually apply for up to three properties.

5 Get an allocation
You’ll hear if you’re the highest priority application in five to 15 days.

6 Confirm
You have 24 hours to say you are interested and reserve the home.

7 Do the sums
Complete an affordability assessment, find a solicitor and proceed.

8 Sign up
Once arranged, you’ll sign an agreement and pay a reservation fee.

9 Get your mortgage
Get the paperwork sorted. Exchange within 28 days of the Memorandum of Sale.

10 Move in!
You’ll usually get the keys within ten days of the exchange. 

Photograph: Piranha Photography
Photograph: Piranha Photography
Photograph: Piranha Photography

Meet Josephine

Josephine, 33, purchased her first property at Motion, a Peabody development in Leyton through Shared Ownership.

Share: 35%

Deposit: £11,462.50 (one-bedroom)

Total monthly cost: £937.91 (£487.84, rent; £291.64, mortgage; £158.43, service).

‘It’s great to be living in a buzzing new area that is both affordable and has plenty of on offer – I’ve found that Leyton has just as much activity as Hackney!’  

 

Shared Ownership Week runs from September 17-23. Check out the full #SOW2020 line-up and register for free webinars here.

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