First Time Buyer – February/March 2018 by The Ultimate Guide Company

the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY February/ March 2018 £3.95 firsttimebuyermag.com

WIN!

A BLINK XT OUTDOOR CAMERA SYSTEM WORTH £500

CALLING FTBS! BE IN WITH A CHANCE TO WIN £500 BY COMPLETING OUR ONLINE SURVEY

STAMP DUTY EXPLAINED

HOTSPOTS LICHFIELD AND STRATFORD

AFFORDABLE HOMES NEAR THE TUBE

“Consider looking at places that are being regenerated – you could get a good deal” Martel Maxwell

02>

TV presenter

9 771758 973014

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EDITOR’S LETTER

E D I T O R I A L – 020 7258 0036

Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant PHOEBE DAWSON-WATTS

Creative Director RYAN BEAL

Sub Editor KAY HILL

Contributors DAVID BLAKE, CHRIS CLARK, RACHEL COLGAN, KAY HILL, LAURA DEANOSGOOD, DONNA PILCHER, GINETTA VEDRICKAS A D V E RT I S I N G – 020 7258 0036

Director of Advertising/Exhibition Sales LYNDA CLARK

lynda@firsttimebuyermag.co.uk Special Events EILIDH MACLEOD – First Time Buyer Home Show – First Time Buyer Readers’ Awards boom@squarepegmedia.com Accounts DAVID SELF david.self@ultimateguidecompany.com

Welcome A New Year and a new beginning... many first time buyers will now start their journey towards homeownership and others will actually be planning to move into their dream home. With the changes to Stamp Duty (see pages 22-26 and 112-113) I hope that 2018 makes it much more affordable and possible to achieve your goal. It has been a very hectic time as usual and we are busy organising the next FTB Home Show, which is on February 17 at Stratford Town Hall. East London and Essex are real first time buyer hotspots and are undergoing a huge development programme. The show is a complete one-stop shop to find out everything you need to know about how to get on the property ladder. There is a chance to meet housing associations, private developers, legal and financial experts and to find out about the Help to Buy scheme. It is free to attend and useful seminars on key topics run all day – do go to ftbhomeshow.com and register now and I look forward to seeing many of you there. The entries for our FTB Readers’ Awards 2018 are now in and the judges have drawn up the shortlist, and now it’s over to you to go online and VOTE. The competition is very hot this year, with some truly inspirational developments and homes for first time buyers, and we really do NEED YOUR VOTES! So, please go to ftbawards.com and choose your favourites – your votes are very important. This bumper issue is packed full of information to guide you all the way through the homebuying process, which can often be quite confusing. So, if you are struggling to understand how it all works then I am sure you will find the answers to all your We raised over £5 questions inside. ,000 for Until next time, happy house hunting

Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN

Great Ormond Str eet at our First Time Buyer Readers ’ Awards lunch last year. M atthew and Donna Pilcher fro m Dave the Dog Communica tions bid for two return tickets to New York. Here they are enjoy ing the Manhattan skyline!

rachel@building-relations.co.uk SUBSCRIPTIONS 020 3874 1649 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787

firsttimebuyeronline EDITOR’S PICKS…

THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for April/May 2018 must be received before 9 March 2018. Send all copy to: lynda@ firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2018. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/ claim resulting from a transaction with one of our advertisers/media partners.

@firsttimebuyer

Although I did have some savings, I initially thought that owning my own home in London would be out of reach. Michela Forconi, Mind the Gap, Page 28

You could look into buying a shared ownership property that is not brand new.

Sue Dance, Developer’s Doctor, Page 16

Keep things plain and simple and create a clean canvas then play with accessories.

Anthea Turner, At home with, Page 12

I have already consulted a mortgage advisor and have a mortgage offer in principle. Joseph Woods, House Hunter, Page 14

Spend time researching all the options that are available to you. Simon Scott, Spotlight on... Page 134

First Time Buyer February/March 2018

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CONTENTS

FEBRUARY/MARCH 2018 / ISSUE 69 / FIRSTTIMEBUYERMAG.CO.UK

What’s in… 61

For sale

Damian had been renting in London for six years but was keen to buy somewhere of his own and settle down. Struggling to raise a deposit, he discovered shared ownership and bought a 35% share of a one bedroom apartment with a balcony at The City Mills development through L&Q.

HOMEPAGE

9 FTB Loves... A round-up of our favourite hot buys.

With spring on the horizon, brighten up your home with these pretty leafy accessories.

12 At home with... Anthea Turner

box service, offering home and lifestyle products. She talks to Lynda Clark and explains what her new venture is about, her own home and gives some interior tips for ftbs.

22 What do the Stamp Duty changes mean to first time buyers?

14 House Hunter

With the recent changes to Stamp Duty we look at what this means to first timers and showcase some affordable homes that are available to buy without facing any Stamp Duty charges at all.

We try to find Joseph Woods his dream home in and around Slough.

28 Mind the gap

16 Developer’s doctor Sue Dance, Head of Sales and Marketing for Octavia Living, answers your property question.

18 The View: Martel Maxwell Martel Maxwell is the latest presenter on Homes under the Hammer on BBC1. Her career has been fascinating and she tells Lynda Clark about how it all began, her new home and gives some excellent advice for first time buyers.

10 Living

Anthea Turner has been in the spotlight for 31 years and has recently launched the UK’s first subscription

FEATURED

Finding a first affordable home near to good transport links can be very difficult. We look at how property prices have changed around underground stations over the past 10

years and highlight some homes near good transport links which are perfect for first time buyers.

36 Property Squeeze Just what is the new London Plan from Mayor Sadiq Khan and how will the changes he is proposing help to improve the property market in central London? Kay Hill looks at the document in detail and explains what it is all about.

44 East Enders The second in our new series following the story of a young family who with the help of SiteSales take their first steps on the property ladder and buy their dream home.

46 Forget the property ladder, take the lift! Over three years ago Thames Valley Housing launched So Resi Plus, a unique shared ownership scheme designed to allow faster homeownership. We explain how it all works.

First Time Buyer February/March 2018

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CONTENTS MARTEL MAXWELL, PAGE 18

GETTING A DEPOSIT TOGETHER AND SAVING IS VERY HARD, AND SOMETIMES IMPOSSIBLE, SO IT IS A GOOD IDEA TO ASK A FAMILY MEMBER IF THEY CAN HELP.

Martel Maxwell

REGULARS

buyer

whether this is the ideal solution to get a foot on the ladder.

119 Buyer’s Guide

READERS’ AWARDS 2018

Check out FTB’s Buyer’s Guide, which walks you through the whole property buying process.

First Time Buyer Readers’ Awards 2018

124 The first time buyer guide to leasehold

A chance to view the shortlist of all the different categories, plus details of how to cast your allimportant votes.

34 Hotspot We look at Lichfield as a place to live.

58 Hotspot With huge regeneration plans, we look at Stratford as a place to live.

108 First home, first meal

ftbawards.com

107

Competition Win a Blink XT outdoor 5 camera system worth £499.99.

If you like Mexican inspired food then this is the perfect recipe for you - chipotle and quinoa chilli with avocado cream and toasted pitta bread created by Steve Rodgers, Head Chef at The Lost & Found restaurant, Knutsford. We test out the best warming soups from the UK’s leading supermarkets.

Everything you need to know about buying a leasehold property from Bill Dhariwal, Managing Director and Maxwell Green, leasehold law specialist at Lawcomm Solicitors.

126 Directory Where and how to contact your Help to Buy Agents or providers.

134 Spotlight on... We talk to some of the key players in the property world to get their views and ideas of how to get on the ladder and this issue we speak to Simon Scott, Head of Sales and Marketing, Origin Housing.

110 Mortgage Clinic David Blake of Which? Mortgage Advisors answers your mortgagerelated questions.

112 Stamped out Kay Hill looks at the recent Budget changes, which included making Stamp Duty avoidable for most first time buyers, and how they will impact on the housing market.

114 The rise of the micro home, how new homes are getting smaller With space at a premium, micro homes are leading the way when it comes to new builds. Ginetta Vedrickas looks at the options and

First Time Buyer February/March 2018

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LETTERS

Mailbox BUYING TOGETHER

WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine. First Time Buyer Letters, 37 Ivor Place, London, NW1 6EA lynda@firsttimebuyermag.co.uk

My girlfriend and I want to buy a flat together, but we’re worried about what would happen in the future if we ever decided to go our separate ways. Tom Usher

PAWS FOR THOUGHT

FTB: When buying a property with someone else you need a legal agreement confirming how ownership is shared. A joint tenancy agreement, where each person has equal ownership of the property, is normally selected if the co-owners don’t see themselves living separately in the future. If one tenant dies, the home automatically passes on to the other owner. Neither of the joint owners can be forced to leave, and the property can only be sold if both parties agree to it. A tenant in common agreement is where each buyer has a specific share in the property, which makes it easier to organise if you do sell. Whichever option you choose, to avoid further issues it would be best to agree now, in writing, what would happen if either of you wanted to leave or sell the property.

I have, at last, saved enough to put down a deposit and buy my first home; however I have now heard that many apartments do not allow pets. This leaves me in a difficult position as I do own a cat and would hate to have to be parted from her. Do you have any advice? Lily Glover FTB: Any apartment you buy will be leasehold, and whether you can keep a pet really depends on the terms of the apartment’s lease.

There is most likely a covenant in the lease against a noise nuisance, but I doubt that a cat would cause too much disturbance. I suggest you look at garden apartments, but remember that, often, new developments have communal gardens, which will probably be covered by other regulations. When you start to look for your home, you should tell the agents that you have a pet and that you will only consider buying if they agree to let you keep your cat. That way you will not have any nasty surprises later on.

The issue’s star letter wins a Judge white marble pestle and mortar worth £14.50; ideal if you want to crush a few spices at a time and don’t have space for lots of gadgets. The pestle is cleverly designed to fit snugly into the mortar so the spices are trapped beneath it and you simply rotate the pestle to grind them. judgecookware.co.uk 0117 940 0000

BUILDING WARRANTY My husband and I are thinking about buying a new house that is still being built, and the agent has said that it will not be issued with a National House Building Council certificate. My daughter and son-in-law have just bought a new house that comes with the NHBC certificate, which makes me question if we should consider this further before making a buying decision? Jenny Matthews FTB: It is always good to question these details. Most mortgage lenders require a property that has been built in the last 10 years to have some kind of

building warranty, although some mortgage lenders will accept a certificate from a qualified professional such as a consultant or architect. This doesn’t provide you with a warranty, but does confirm that the consultant has overseen the construction of the property and will be liable to you and to any lenders for six years. But, please note, that not having a building warranty by a reputable provider like the National House Building Council may affect the property’s marketability in future years. A building warranty generally guarantees the quality of the build for 10 years and covers any problems that arise within this time.

COUNCIL TAX I am just about to start looking for my first home, but I am a little confused about council tax and how it is worked out. Could you give me some idea of what I am likely to pay? Max Williams FTB: Properties are classified in bands ranging from A to H., with the bands determined by the value of your property. The seller or estate agent should be able to tell you which band the new property is in. The good news is that you can apply for a 25% discount if you live alone.

To apply for a single person’s discount, write to your council when you receive a council tax bill. They may ask you for supporting evidence and have two months to make a decision. If you disagree with the council’s verdict, you can appeal to a valuation tribunal. For the address of the tribunal contact your council, or go to valuationtribunal.gov.uk.

VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com

First Time Buyer February/March 2018

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FTB LOVES

s e v o l FTB

What’s hot in the shops? Always on the lookout for exciting and innovative new ideas and accessories that will help create the perfect space, here are our favourites this issue

Flipping fun!

A co sy night in Create a cosy romantic setting this Valentine’s day for you and your loved one with this gorgeous hand-crafted bedding. The set includes a heart-shaped duvet cover and two pillow cases complemented by a bold and colourful patchwork throw. This bed set will brighten up any bedroom and is a perfect addition to make your day extra special. Jan Constantine heart quilt cover set, £60; Jan Constantine patchwork bedspread, £100, Dunelm dunelm.com

Dynamic drying Solve the problem of drying your washing whatever the weather with this mini heated airer with adjustable shelves, perfect to use in tight spaces. The slimline heated airer takes up a bit less of your living space than conventional airers and has a strong over-door hook so you can store it on the back of a door and forget all about it between laundry days. When the airer is out, the big hook can also be useful as it will hold up to six hangers of clothing while you’re doing the ironing. It allows you to dry your washing quickly at any time with modest running costs of only 4p an hour, and it features a generous10m of drying space. A control panel at the top makes it easy to operate the airer, while a simple timer function can be set to switch the unit on and off up to 12 hours in advance. Dry:Soon mini deluxe two-tier heated dryer, £99.99, Lakeland lakeland.co.uk

Make sure you make the best pancakes on Shrove Tuesday with the help of these two pans from Lakeland. The 24cm crêpe pan has a comfortable, rubberised heat-resistant handle and a non-stick lining, perfect for making light, fluffy pancakes. For smaller, American-style pancakes the mini pan is ideal; it is made from aluminium for quick, even heating, has a durable non-stick coating and stay-cool silicone-coated handle. This quick and easy recipe is a twist on the traditional pancake Ingredients (to make eight pancakes) 1 egg, beaten 150g Greek-style yoghurt 175ml milk 1 tsp melted butter (plus extra to grease) 1 tsp caster sugar ½ tsp salt 150g wholemeal flour To serve 20g blueberries 20g raspberries Runny honey for drizzling Instructions 1. Whisk the egg, yoghurt, milk and melted butter together. 2. In a separate bowl, combine the sugar, salt and flour. 3. Add the yoghurt mixture to the dry ingredients and beat until smooth. 4. Lightly grease a frying pan and warm on a medium heat. 5. Use 2 tbsp batter for each pancake and cook for approximately two minutes each side until golden brown. 6. Serve with berries and runny honey. Crêpe pan, £18.99; mini pancake pan, £9.99, Lakeland lakeland.co.uk

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Homepage LIVING

Breezy Botanicals

Tropical leaf mirror, £45, Dunelm

From luscious greens to pop art pinks, introduce bold and bright colours to your home with these lovely leafy accessories

Pineapple pasta bowl, £3.50; pineapple side plate, £2; pineapple cereal bowl, £2, George at Asda

Leaf vase, £25, Lakeland

Leaf bowl, £8.99, Home Sense

Glass sphere, £30; blue sofa, £149; print cushion, £6; tropical cushion, £6; crocodile ornament, £8; terrarium, £12; pot, £6; coffee table, £119, George at Asda

C O N TA C T S » Debenhams debenhams.com » Dunelm dunelm.com » George at Asda george.com » Harvey Norman harvey-norman.co.uk » Home Essentials homeessentials.co.uk » Home Sense homesense.com » JD Williams jdwilliams.co.uk » Lakeland lakeland.co.uk » Next next.co.uk » Wilko wilko.com » Woodchip and Magnolia woodchipandmagnolia.co.uk

First Time Buyer February/March 2018

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Homepage LIVING

Metal leaf string lights, £7, Wilc o

Leaf print wall paper, £99, Woodchip and Magnolia

Green watercolour cushion, £30, Harvey Norman

Tealight holder, £12, JD Williams

Artichoke ceramic table lamp, £55, Next

Turquoise vase, £10, Debenhams

Tropical leaf mirror, £45; palm leaf ceiling light, £115; brass bedstead, £269; side table, £79; Florista duvet, £28; green wool rug, £55, Dunelm

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Homepage LIVING

At home with:

Anthea Turner

Anthea Turner has been in the spotlight for 31 years. She was the star of the BBC series Perfect Housewife where she gave homemakers intensive training on how to organise their homes. She has recently launched the UK’s first subscription box service with holistic lifestyle expert Sarah Jones, offering home and lifestyle products. She talks to Lynda Clark about the new venture and her own home, and reveals some excellent tips for first time buyers

FTB: Tell us about your first property experience? AT: I was renting a place, and then when I was married to Peter Powell in 1994 we bought a piece of land that had planning permission – the house had just been started and was really only a couple of bricks along. It was in a conservation area and took a year to build. It had to be in a period style because there were a lot of building regulations, but I really loved it. We eventually sold it in 1999 and I moved to the country. It was a real milestone for me to actually own my own home and a very special feeling. FTB: Tell us about your home now? AT: I have owned my apartment since 2005 and I used to rent it out. I then had it completely refurbished and moved back in and I absolutely love it. The apartment overlooks the Thames in west London, and what is great is that it has the most beautiful balcony. In fact, whatever the weather, I really enjoy having the doors open and being able to look down on the river; it is always fascinating. I am quite high up and so I get amazing views and I certainly never feel claustrophobic. The interior is very light and bright and has a super open-plan kitchen/lounge/dining area. I am a great believer in keeping things neutral and I couldn’t live in a home which was too dark.

“MOST PEOPLE WILL NOT STAY IN THEIR FIRST HOME FOREVER, SO IT IS A GOOD IDEA TO LOOK TO THE FUTURE AND REMEMBER THAT YOU WILL BE SELLING IT ONE DAY” 12

FTB: How did the idea for your new venture come about? AT: Sarah and I have been friends for a very long time and we were always talking about doing something together. Sarah is a superb holistic practitioner and has a successful chain of beauty salons across the UK. Following my BBC series The Perfect Housewife, I wanted to use my knowledge and passion for the home in a new way. We spotted a gap in the market to offer both home and lifestyle gifts, working with small and medium businesses to source the box content. We hand pick all the gifts, which range from candles to beautiful crockery, exclusive home scents and some fun lifestyle products. FTB: What is the name of the company? AT: It is The At Home Box Company. It is a very simple concept – each month we select the products that we love, pack them in a beautiful box that you will want to keep and

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Homepage LIVING

it is sent straight to the members’ doors. We help find new products, get new ideas and send lifestyle treats to help take care of the mind, body and spirit. You can subscribe for one month and cancel at any time, which is a great way to sample what we do, or you can subscribe for three, six or 12 months. With all our boxes we offer free postage and packing to mainland UK. FTB: It sounds like the ultimate goody bag – is there anything else members get? AT: Absolutely - I haven’t mentioned the golden feather. Every month one lucky member will find a gold feather in the box. The golden feather is our way of saying thank you, and in exchange for a picture we send them a special gift. For example, we just sent a member a gorgeous leather writing case from Aspinal. In addition to the four regular gifts in each box, we also have surprise free gifts every month as our partners send us lots of lovely things and we pass them on. We call it “drop from the sky”as you will always be showered with additional bonus treats.

“UNLESS YOU ARE A GIFTED INTERIOR DESIGNER IT IS IMPORTANT TO KEEP THINGS PLAIN AND SIMPLE. IF YOU FIRST CREATE A CLEAN CANVAS, YOU CAN THEN PLAY WITH ACCESSORIES TO PUT YOUR MARK ON THE PLACE”

FTB: Can you give an example of what is in a box? AT: In our November box, there was a soap and body lotion from Chuckling Goat, sauce from Family Secrets, a slate from The Derwent Slate Company and a stylish basket from Chickidee, plus a few lucky members got the drop from the sky extra gift, which was an exquisite spoon from cutlery expert La De Da. FTB: What advice do you have for first time buyers? AT: Unless you are a gifted interior designer it is important to keep things plain and simple. If you first create a clean canvas, you can then play with accessories to put your mark on the place. Most people will not stay in their first home forever, so it is a good idea to look to the future and remember that you will be selling it one day. So don’t get carried away and put crazy wallpaper everywhere or paint the walls hot pink as this will probably appeal only to you. It is also important to invest in some wise purchases like a good sofa and bed as they will last a long time and you can easily take them with you when you eventually move. thehomeboxcompany.com

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Homepage FIRST RUNG

The

HOUSE HUNTER

What we found… LEAFY OUTLOOK Malborough Grove, Slough

RURAL RETREAT FROM £287,000

Langford Park, Spencer’s Wood

FROM £390,000

This month FTB goes on the hunt with Joseph Woods who is after a one or more bedroom home in Slough or the surrounding areas

PROFILE

Name Joseph Woods, 39 Occupation Marketing manager Maximum budget £380,000 Requirements A one or more bedroom home in Slough or the surrounding areas with shops and facilities close by, parking and good travel links

What he wanted… I have been working in Slough for almost five years, commuting from my rented flat in west London every day. I’ve been living in London since I left university and now I feel ready to make the leap to somewhere a bit more leafy. I love my job, and as I approach 40 I’d like to buy my own home, settle somewhere that feels more permanent and cut my commuting time down. I’ve seen Slough flourish over the past few years and I think that living there, or within a 30-minute drive, would be ideal for me. I’m looking for a minimum of a one bedroom home, but would love more space if possible. I definitely want parking and I need to be close to shops or a town centre. It’s important to me to have good rail links into London, as I will still be going to meetings every few weeks. I have been saving up to buy a property for several years and my parents have also helped me out with a gift, so in total I have a deposit of almost £40,000.”

Located two miles east of Slough, this new collection of one and two bedroom apartments and four bedroom houses occupies a fantastic location with shops and good transport links close by. The one bedroom properties feature open-plan living/dining areas and a fitted kitchen with integrated appliances, while French doors open to a Juliet balcony to provide plenty of natural light. The homes are just a few minutes’ walk from Langley rail station for speedy services to London Paddington, which will take just 24 minutes when Crossrail arrives next year.

The pretty rural village of Spencer’s Wood is home to this attractive new collection of two, three, four and five bedroom properties, which lie five miles south of the bustling city of Reading. The three bedroom terrace houses, which start at £390,000, are arranged over two floors, with a separate kitchen and living room on the ground floor and bedrooms upstairs. There’s also private parking and a rear garden. Slough can be reached in 30 minutes by car, while travel into London by rail will take around an hour.

barratthomes.co.uk

bellway.co.uk

What he thought… This development really is in a great location, only a couple of miles from the town centre. I’m really into running, so could see myself jogging into work most days, it wouldn’t take long at all. I really do like the idea of having a brand-new kitchen with all the mod cons, it would be such a treat for me. I think the Juliet balcony is a nice touch, too. In summer months I’d be throwing the doors open for a blast of fresh air and sunshine.”

Moving to such a rural location would be a big change for me, but something I will certainly think about. I could afford a three bedroom property here, which is something I never imagined possible. The homes are lovely and I would really enjoy having family and friends over to stay in the spare bedrooms, and entertaining in the garden. It would take around 30 minutes to drive to work, which is absolutely fine.”

14 First Time Buyer February/March 2018

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Homepage FIRST RUNG

COUNTRY CONNECTION Littlebrook, Shinfield

FROM £390,000

WATERSIDE APARTMENTS Chapel Wharf, Maidenhead

FROM £340,000

First choice! CE NT RA L LO CATIO N Trinity, Slough

Located on the outskirts of Reading in the picturesque village of Shinfield, this new development of three, four and five bedroom homes offers the best of country and city life. The three bedroom semi-detached properties feature a spacious living area with French doors opening to a rear garden, and a separate kitchen. Upstairs there’s a family bathroom, while the master bedroom has an en suite. Transport links to Reading are speedy by bus, from where London can be reached in 50 minutes, while Slough is around a 30-minute drive away.

These sleek waterside homes occupy a prime spot in pretty Maidenhead, just moments from the town centre. The one and two bedroom apartments on offer here are beautifully finished, with open-plan living/dining areas opening to a private terrace or balcony, with some enjoying views out over the recently rejuvenated waterways. With Crossrail arriving next year, rail journeys to Paddington will take just 35 minutes from nearby Maidenhead rail station. Slough, which is five miles east, can be reached in just seven minutes by train.

bellway.co.uk

shanlyhomes.com

This is a very pretty village, and is certainly very different to my current city location. The homes are great – there’s so much space and I love that there’s a downstairs toilet. There are shops nearby and I’d probably end up in Reading a lot, which is a great city. I’m so excited by the idea of having a three bedroom home, but I’d need to weigh it up with the slightly longer journey into London – though I’d probably get used to it in no time.”

I’ve been to Maidenhead a good few times as it’s so close to work and some of my colleagues live there – it’s a really nice town. These apartments are very impressive – the location is amazing, right in the town centre, and they’re really attractive and stylish, too. I like the idea of being so close to shops and bars, and getting to work would be so easy by train or car. It’s even close enough to jog to work a few times a week!”

FROM £329,000

has just r development in Slough Phase two of this popula s available. ent rtm apa m roo bed two launched, with 42 new living/ spacious, with open-plan The homes are bright and enjoy and y con bal to a good-sized dining rooms that open ps, sho h wit tre, cen n Slough tow a leafy, green outlook. rt walk al amenities, is just a sho loc d goo and ts ran restau can be or nds ns of Eton and Wi away, while the pretty tow rt. spo tran lic s by car or pub reached in a few minute shanlyhomes.com

THE NEXT STEP

“I have already consulted a mortgage advisor and have a mortgage offer in principle, so this should help speed the process up. Because I know Slough so well, there’s no need to check out the area, but I will be bringing my dad to have a look around the town and the apartments – I think he’ll love my potential new home!”

Well this is about as near to Slough as you can get. The town centre is really close and I’d be able to get to work so quickly – I keep thinking of all those extra minutes I could spend in bed in the morning! I’m really impressed by these apartments – they’re light and airy, contemporary and stylish. I could also afford a two bedroom place here. Transport links are excellent, too – Paddington is around half an hour away on the train, and it’s really exciting that the town will soon benefit from Crossrail. I think these are exciting times for Slough and I love the idea of being so close to the job that I love, so I think it’s definitely a goer for me.”

First Time Buyer February/March 2018

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ADVICE

Developer’s Doctor Sue Dance is Head of Sales and Marketing for Octavia Living, which is a subsidiary of Octavia, a not-for-profit affordable homes provider in central and west London. Sue has been with the organisation for five years and manages its portfolio of shared ownership properties, with profits from sales used to help provide additional affordable housing. Sue has worked in property marketing for more than 25 years and specialises in first time buyer products and shared ownership

Sue Dance, Head of Sales and Marketing, Octavia Living

CHRONICLE HEIGHTS London, NW2

Question… My boyfriend and I met while we were both working at the V&A museum in London. We would like to live together and we want to buy a shared ownership property near to where we work (which is in the borough of Kensington and Chelsea). However, we have failed to get a place on several schemes we have applied to, because priority is given to those who already live in the borough. How can we get around this issue and purchase something near to our work so that we can save money and time on our current long commutes? At the moment I rent in Hammersmith and my boyfriend commutes into London from Watford every day.

Answer … It is true that there are many hurdles to get over when trying to buy a shared ownership property in London; particularly as the scheme was originally started to assist those who grew up in an area but found themselves priced out of it when looking to buy a home of their own. However, there are a couple of tips which may assist you. First of all, you could look into buying a shared ownership property that is not brand new, but rather one being sold by owners who are moving in order to upsize or to live in a different area. These ‘secondhand’ shared ownership properties often have fewer restrictions on what borough you currently need to live in to qualify to buy. In addition, they are also generally more affordable. You may not get the benefits of a new-build, but you can get better value for money. For example, we are currently reselling a

shared ownership one bedroom duplex in Kensal Green in Kensington and Chelsea for £162,500 for a 25% share. Shared ownership resale properties are often advertised on the Share to Buy website, the Government’s portal for all shared ownership properties available in London. Watch out for a change coming up though, as this portal will be accessed via a new website, Property Booking, from 1 April 2018. Most London boroughs will consider applicants for shared ownership from those who have lived in the borough for six months, although some stipulate one year. So another option is to move into a privately rented home together in the borough of your preference. During your time spent renting, you can get more of a feel for the area and sort out your shared ownership registration, while waiting for the next schemes to be released. There is a third option of buying through one of a small number of new schemes that are not borough-restricted, such as Octavia Living’s schemes near Dollis Hill; Chronicle Heights, which offers two and three bedroom apartments from £215,250 (35% share) and Gladstone Village, where we offer a limited number of houses (priced from £425,000 for 50% share). These are Octavia’s own shared ownership schemes and they are not restricted to people currently living in the borough (Brent). Anyone living in any London borough can apply (subject to the usual affordability criteria). The area is good for commuting, with the V&A museum around a 40-minute journey from Dollis Hill by public transport. Whichever London borough you choose to live in, research carefully all of your options. Register with the borough’s homeownership team as well as all housing associations developing new shared ownership homes or managing resales in the area.

Chronicle Heights is a small development of two and three bedroom apartments close to Dollis Hill station, London NW2. A two bedroom apartment is priced at £215,250 for a 35% share, and a three bedroom is priced at £218,750 for a 35% share. The scheme is open to anyone currently living in any London borough. octavialiving.org.uk/about/our_projects

GLADSTONE VILLAGE

London NW2

Gladstone Village is an exclusive development next to Gladstone Park, London NW2. The scheme is open to anyone currently living in any London borough and offers a selection of three or four bedroom houses in a quiet green space location, overlooking parklands near Dollis Hill. Houses are available for shared ownership starting from £425,000 for a 50% share. gladstonevillage.co.uk

THE RETRO London W10

A beautifully renovated heritage building, The Retro, London W10, is situated close to the heart of west London, with Portobello Road just a short walk away. Octavia Living is managing a resale at The Retro of a one bedroom duplex with study, which is priced at £162,500 for 25% share. For more information please contact the Octavia sales team on 0208 354 5500

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THE VIEW

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THE VIEW

! e c a p s s i h t h c t a W

Martel Maxwell is a journalist, broadcaster and presenter with a fascinating and highly successful career history. She is now the latest presenter on the popular television show Homes under the Hammer on BBC1, which she absolutely loves. She talks to Lynda Clark about her exciting life and her new home, and dishes up some good advice for first time buyers Martel was actually born in London but her heart is most definitely in Scotland; Dundee to be exact. When she was only two years old, Martel’s parents split up and her mother Anne moved to Scotland where she brought her up. Her mother eventually remarried, and Martel, 40, has a sister Holly, 23, to whom she is very close. “I had a wonderful childhood and I enjoyed school, then I decided to go to university which was pretty unheard of – I was the first person in the family to actually go on to uni. I decided that I would study law, mainly because I fancied myself as a criminal lawyer after watching the television series L.A. Law, which I really enjoyed. But I found that it wasn’t like that in reality at all and we didn’t go to court and wear wigs everyday – it was, in fact, really rather murky. I did my degree and then my diploma at the University of Dundee, which allowed me to practice law, but eventually I made up my mind that this really wasn’t what I wanted to do, so I decided to change my career path. "I thought that maybe journalism was the route I should take, and strangely enough the two often go hand in hand. You have to have an investigative mind to be either a lawyer or a journalist.” At that time emails were just beginning to take off, but Martel decided to handwrite a letter to every national newspaper to see if they would take her on. Eventually a woman who worked for The Sun had a spare five minutes and contacted Martel. “She told me about the first graduate trainee programme that they were launching and I decided to apply. It was pretty tough and there were 3,000 applicants.

I wanted it so badly though, and I really did my absolute best. I actually called every other day to see if I had got the traineeship – I was that keen.” Martel was obviously a shining star because she beat the other 3,000 hopefuls and began a two-year apprenticeship which started at London’s City University in its prestigious postgraduate print school. “It was such an exciting new start to my life and I loved every moment. I knew that this was completely the right move and exactly what I wanted to do. I worked in the Manchester, Glasgow and London offices and even did a stint in Australia which was an amazing experience. "So, after two years of training, I got a call when I was in Sydney from the editor who told me that he felt there were not enough women working in the role of city reporter. I was never great at maths or figures and to be honest I really wasn’t sure I was up for the job! It was very scary and I was confused about what to do for the best." She decided to take on the challenge and worked very hard; eventually she covered everything from news, features, sport and finally to Sun Woman where she covered women’s interests. But at that time Martel was a real party girl and enjoyed a very full-on social life. “People at work realised that I was always out and about and eventually I was headhunted and asked to join the Bizarre showbiz desk. It was an absolute dream job and I interviewed so many top-flight stars including Tom Cruise, Nicole Kidman, Sir Sean Connery and Kylie Minogue. I had a wonderful time and was constantly travelling and spending time on the red carpet!”

"I FANCIED MYSELF AS A CRIMINAL LAWYER AFTER WATCHING THE TELEVISION SERIES L.A. LAW, WHICH I REALLY ENJOYED. BUT I FOUND THAT IT WASN’T LIKE THAT IN REALITY AND WE DIDN’T GO TO COURT AND WEAR WIGS EVERYDAY – IT WAS, IN FACT, RATHER MURKY" First Time Buyer February/March 2018

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THE VIEW These experiences inspired her to write her first novel, Scandalous, which was a real insight into the world of showbiz. “It was really my own personal story but disguised; it was fun to write and I enjoyed doing it. But then I felt it was time for a big change as I couldn’t work in the glamorous world of showbiz forever. I decided to move on to the next stage of my career and thought about going freelance. But to be honest, I was very concerned that I would be giving up a good salary and pension. Then, one day when I was walking on the beach with my mum, she gave me possibly the best piece of advice I could ever have had. ’If it feels scary then it’s the right decision, so just go for it,’ she said." Martel did just that and she started getting guest appearances on radio and television and wrote an opinion column for the Scottish Sun. One thing soon led to another. “I had a regular show on a radio station in Edinburgh every Saturday morning and as I drove a convertible car someone thought I was a real petrol head and asked if I would co-present a car show. Actually, I was already interested in cars as my mum had been a car saleswoman – so it was really the perfect job! I would say that I was a real grafter and turned my hand to so many different things.” For seven years Martel covered all the showbiz news on the Lorraine Kelly show and she reported on what was happening on the red carpet. Around this time she met up again with a man who, back in their schooldays, was the first boy she

"I THINK THAT DOING RESEARCH IS PROBABLY THE MOST IMPORTANT ASPECT TO START WITH; IF YOU KNOW ANYONE WHO HAS RECENTLY BOUGHT A HOME THEN TALK TO THEM AND REALLY PICK THEIR BRAINS" 20

had ever kissed! “I had met Jamie when I started school at five and had kissed him when we were teenagers. We never really lost touch and we met up every so often with other friends. Eventually, we were both going to a music festival and afterwards I invited him to a party at a friend’s house and I suppose you could say we never looked back after that. We ended up living in my flat in London and are now married with three gorgeous sons.” Very sensibly, Martel had decided it was a good investment to buy a property in London, which she has only just sold. “I saved up for a deposit and it was much easier in those days to get a mortgage. My mum’s husband helped me out as well and it was great when I recently sold the place and paid him back. As I did a lot of work in Scotland I was always rushing back and forth and it was tough at times. Jamie loves the countryside but I am more of a city girl. We decided that we should move back to Scotland permanently when I was heavily pregnant with our first son, but we looked for ages for a home that suited us. We searched all around the Dundee area but nothing seemed right; so in the end we decided to build our own place, which was quite an undertaking. The plot had no water or electricity and it really is in the middle of nowhere. It was exciting but stressful for a time, although luckily we lived in a flat while the work was being done. We had two young sons at the time so you can imagine how hard it was! I started to feel a lot more relaxed once the foundations were in, but it took about a year to finish it. We have five bedrooms which seemed massive to start with, but now we have three boys it doesn’t seem that big. The garden is lovely too, so the children have plenty of space to run around and left off steam.” When Martel was pregnant with her third child she had a meeting at the BBC where she was asked if she would like to do Hammer. a screen test for Homes under the Hamme “They knew I had always had an interest in property and even though I was pregnant I got the presenter's job as. It’s such a great role and I love every second of it. The team get on so well and it has a huge following. I get stopped in the street sometimes and people are so complimentary and are keen to tell me their stories.” Having worked and been involved in property, Martel has some excellent advice for first time buyers. “It is a scary prospect

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"DON’T JUST RELY ON PROPERTY WEBSITES OR ESTATE AGENTS AS I THINK THAT DOING YOUR OWN RESEARCH IS INVALUABLE. WALK AROUND THE AREA YOU WANT TO LIVE IN AND DON’T BE AFRAID TO KNOCK ON DOORS AND SEE IF ANYONE IS THINKING OF SELLING"

to buy your first home and I do think that fear stops a lot of people taking the plunge. I think that doing research is probably the most important aspect to start with – if you know anyone who has recently bought a home then talk to them and really pick their brains. Getting a deposit together and saving is very hard, and sometimes impossible, so it is a good idea to ask a family member if they can help. Of course you can pay it back when circumstances allow you to, as I did after borrowing from my mum’s husband. “Also, be inventive about where you look for a place and think outside the box. Prices in central London will be sky high, but decide what you can really afford and think about commuting from the suburbs. Definitely consider looking at places that are being regenerated, as buying before they become too gentrified means you should get a good deal and the property will eventually go up in value. You should also consider what you are really looking for and what your needs are. For example, is location your biggest priority? Or transport links, or schools? How many bedrooms do

"BE INVENTIVE ABOUT WHERE YOU LOOK FOR A PLACE AND THINK OUTSIDE THE BOX. PRICES IN LONDON WILL BE SKY HIGH, BUT DECIDE WHAT YOU CAN REALLY AFFORD AND THINK ABOUT COMMUTING FROM THE SUBURBS" you need and do you want to have outside space? The answers will be very different for everyone. Think carefully, but by taking the plunge at least you will have a foot on the ladder and most people don’t stay in their first home forever. Sometimes it is a good idea to consider buying off-plan as you often get a better deal at the development stage. Finally, some first time buyers might want to make a real investment and decide to buy a home and rent it out. You can pick up

something in Wales, for example, which is a real bargain.” Martel certainly has a bright and busy future ahead of her. She has plans to write more books, alongside combining her talents with Homes under the Hammer, running a home and being a mum. She has a great deal to look forward to and I’m sure we will be seeing a lot more of her. Homes Under the Hammer is on BBC1, weekdays at 10am

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STAMP DUTY

WHAT DO THE CHANGES MEAN TO FIRST TIME BUYERS?

What is Stamp Duty? How does it affect me? And why is everyone celebrating recent changes to the way it is paid? Read on to have all your Stamp Duty questions answered and find out why the Government’s scrapping of Stamp Duty Land Tax really is something to be celebrated The Autumn Budget came with a significant announcement for first time buyers. The Chancellor has announced that Stamp Duty will be scrapped on properties that are £300,000 or below. What’s more, on properties up to £500,000, first time buyers will only have to pay Stamp Duty on anything over £300,000. The changes to Stamp Duty will save first time buyers an average of £1,700, which will make a huge difference to those taking the first step on to the property ladder.1

WHAT IS STAMP DUTY? Stamp Duty is a tax paid on residential properties costing more than £125,000. The tax paid varies on the value of the property, ranging from 2% up to 12% for the most expensive properties. Prior to the announcement, a first time buyer purchasing a £500,000 property would have had to pay £15,000 in Stamp Duty tax. This would have been on top of their deposit, and any other necessary fees.2 The changes to Stamp Duty mean that a first time buyer purchasing a £500,000 property will now pay £10,000 in Stamp Duty. This is a huge saving, and is a positive step for the Government in helping first time buyers to purchase a home.3

HOW WILL THIS AFFECT FIRST TIME BUYERS? For those purchasing properties that are £300,000 and under, there will be zero Stamp Duty tax charges. It is estimated that 95% of first time buyers who pay Stamp Duty will benefit, and a staggering 80% of people buying their first home will pay no Stamp Duty whatsoever.4 All first time buyers purchasing a home up to £500,000 will also benefit in one way or another. For homes up to the value of £500,000, buyers will be charged 5% Stamp

Duty tax on the remaining value of the property over £300,000. Alongside the Stamp Duty exemption, first time buyers can also benefit from the Government’s Help to Buy scheme. This is available on properties up to £600,000 in England, and will allow first time buyers to purchase their own home by saving up just a 5% deposit. There is more help than ever to get people on to the property ladder, so there really has never been a better time to buy. Jeremy Duncome, director at Legal & General Mortgage Club, says, “This is a promising move from the Government which will no doubt be welcomed by thousands of younger buyers. For too long Stamp Duty has stood as just another barrier to homeownership, but with this

exemption the path to owning a home has been made just that bit easier.”

IS IT ALL GOOD NEWS? The scrapping of Stamp Duty is largely a positive announcement, and a step in the right direction. Martin Walshe, head of new homes at Cheffins, comments, “Scrapping Stamp Duty for first time buyers up to £300,000 is a welcome move for those struggling to get on to the housing ladder. Any help we can give to first time buyers to alleviate the burden of funding high deposits, as well as footing the bills for all other moving costs, should be considered.” However, there is a fear that Stamp Duty exemptions alone will not be enough to help

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first time buyers. Walshe continues, “The issue in the main, however, is the actual pricing of homes coupled with the lack of affordable property. and unfortunately cutting Stamp Duty cannot help that.” There must be a commitment from the Government to increase affordable housing and to ensure that properties do not outprice first time buyers. Stamp Duty exemptions are ineffective if there are not enough suitable properties under £300,000 for first time buyers to snap up. However, while there is some concern about housing prices, the Stamp Duty exemption will undoubtedly have a positive effect on the accessibility of purchasing a property for first time buyers. It is a welcome

announcement and a positive scrapping that will help a vast majority of first timers.

WHAT CAN I BUY? The good news is that there are numerous exciting properties available that will now be exempt from Stamp Duty. From sleek apartments to spacious homes, there are properties suiting every buyer’s needs, putting more money back into the pockets of first time buyers. 1 bbc.co.uk/news/business-42095146 2 gov.uk/stamp-duty-land-tax/residential-property-rates 3 bbc.co.uk/news/business-42095146 4 gov.uk/government/news/autumn-budget-2017-25things-you-need-to-know

AVAILABLE – WITHOUT STAMP DUTY! Here is a stylish selection of properties that will now be available for first time buyers to purchase without facing any Stamp Duty charges at all.

HYTHE

Martello Lakes

FROM £209,995

Martello Lakes comprises a range of contemporary two bedroom apartments and spacious three bedroom houses that offer coastal living alongside the buzz and convenience of nearby town. The apartments feature two good-sized bedrooms, one with an en suite, and the combined lounge/dining area optimises space. The houses offer a traditional façade with modern interiors, boasting a separate kitchen area with open plan living/dining room, and three bedrooms with one including an en suite. The properties are conveniently located just 13 miles from Ashford International station – a 33-minute train journey to St Pancras International and Kings Cross then seamless onward journeys by tube.

Henry and Tinika had been renting a room in a friend’s home in Haslemere, Surrey, and trying to save money to buy a home in the future. They both knew they would like to take their next steps to find a new home together as soon as possible. At first Henry and Tinika thought that renting was their only feasible option, unaware that they might be able to take advantage of a shared ownership scheme. But thanks to seeing an advertisement for the shared ownership properties at Silent Garden in Liphook, they went and investigated further, only to find out that they qualified to buy a new home and their renting days were soon going to be over. Henry grew up in Liphook and his parents still live there now. The couple both have jobs in Godalming, so Silent Garden seemed a great place to commute from and make their ideal first home. Henry says: “Liphook has a lot to offer; it’s lovely and quiet but there’s still lots going on locally for us to enjoy too.’’ Henry and Tinika have been able to purchase a 40% share in their new two bedroom apartment for £100,000 while paying a low cost rent on the remaining unpurchased share. This means that the deposit and mortgage payments were based on the purchased share value, making their £250,000 home a reality rather than a distant dream. This is something the couple are extremely happy about as it leaves them with enough money to enjoy their hobbies and interests each month, ranging from amateur photography to taking trips to the local theatre. Their new home offers lots of space and beautiful views out to the communal garden. Not only this, the property is energy efficient and the couple have been pleasantly surprised by the low energy bills that they have received so far. radian.co.uk 0800 145 6663

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PECKHAM RYE Lyndhurst Grove

£299,995

Mundays is marketing a neat studio apartment in a beautiful patch of Peckham Rye where you can feel the buzz of the city while still maintaining a pleasant living environment. Azenby Road sits just off Lyndhurst Grove and is opposite Warwick Gardens. A large communal garden area with an outdoor swimming pool sits to the rear of the building. The property is a short, seven-minute walk from Peckham Rye Station for Overground and mainline services. From here, train commuters can reach London Bridge in just12 minutes or get to London Victoria in 13 minutes. mundays.com

FROM 5 2 £ 65,99

WOKINGHAM Montague Park

Montague Park offers a quiet lifestyle, situated in the traditional market town of Wokingham in Berkshire. The town has been awarded the best place to live in England and Wales, so this is the perfect opportunity to relocate to a highly desirable location. The modern two bedroom apartments available there offer an open-plan design to maximise space and light and benefit from an allocated parking space. Wokingham is extremely well placed, with road links to the M4 and a train service that takes commuters to London Waterloo in just over an hour or to London Paddington in 56 minutes. barratthomes.co.uk

BRACKNELL

The Fitzroy Collection The Fitzroy Collection is a brand new collection of stylish apartments in Bracknell. Secured in a gated development for privacy and safety, the apartments have FROM convenient underground £ 2 59,950 parking. Each home comes with either a private patio or spacious balcony. There are one, two and three bedroom apartments available, offering a spacious and luxurious lifestyle.The development is just a few minutes’ walk from Bracknell town centre and the mainline train station which offers a journey of just over an hour into Waterloo. hodsondevelopments.com

HELP TO BUY Don’t forget that if you are buying a brand new home, as well as now not having to pay stamp duty, with Help to Buy you will only need a 5% deposit. Both of these savings mean that buying your first home suddenly becomes a much more affordable option. Help to Buy was launched in 2013 and since its introduction, Greenwich is the biggest winner in the scheme according to new research from Private Finance, the independent mortgage broker. Of all the Help to Buy hotspots (the 51 local authorities where 100 or more Help to Buy equity loans have been completed each year since the scheme was introduced) homes in Greenwich have increased in value the most since 2013, relative to the original equity loan amount borrowed. This puts buyers there in the best position to repay the equity loan and still benefit from capital gains when selling their home. Original adopters of the scheme will start to incur interest on their loans next year, providing motivation for them to second step. Borrowers in the scheme must repay 20% of the property value at the time of selling (rather than the original loan). Average first time buyer house prices in Greenwich have risen from £221,852 to £357,710 since April 2013, a 6% increase. Applying the same rate of house price growth to the original equity loan (to provide an estimated repayment figure) increases this from £27,082 to £43,666. However, extensive house price growth in this area means borrowers can repay their debt and still benefit from £92,192 in capital gains, notwithstanding any further gains made via mortgage repayments. Not all Help to Buy borrowers have fared so well since joining the scheme in 2013. In Stockton-on-Tees, average first time buyer house prices have risen from £102,409 in April 2013 to just £114,265, an increase of 12%. This is far less than the original equity loan (£26,679) which would be worth £29,767. This leaves borrowers in this area with a repayment loan that is £17,911 more than their capital gains. Other regions where house price growth has failed to cover the cost of the equity loan include County Durham (where repayment loans are £17,140 higher on average than capital gains), Rochdale (£11,503), Barnsley (£8,895) and Wolverhampton (£8,313). In total, borrowers in 19 Help to Buy hotspots have not seen enough house price growth to cover their equity loan.

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BEXHILL-ON-SEA

FROM £264,99 5

Oakhurst Place

In the beautiful open countryside of North Bexhill sits Oakhurst Place, a stylish collection of three and four bedroom family homes. The seaside town is a great place to frequent, and there is ample countryside on the doorstep. Each home offers a stylish kitchen and an open plan living/dining area, perfect for entertaining guests or relaxing with the family. There are also two parking spaces available with each property. Bexhill is in easy reach of all main south coast destinations. For commuters it takes an hour and 48 minutes to reach London Victoria by train.

CHATHAM

FROM £192,50

Horsted Park

The Bidborough and Dallington apartments at Horsted Park offer a stylish collection of one and two bedroom apartments. Contemporary in design, the homes offer flexible, open plan living spaces, ideal for first time buyers. Horsted Park is perfectly located for commuters, less than two miles from Chatham station, providing direct rail services into central London in as little as 42 minutes and serving a range of mainline stations including London St Pancras International, Victoria and Cannon Street. Prices for a one bedroom apartment start from £192,500, with Help to Buy available. countryside-properties.com/kent

barratthomes.co.uk

BARKING

FROM £249,99

Caspian Quarter

FROM £204,99

Beaufort Place is a stylish collection of one, two, three and four bedroom apartments and houses, and offers a blend of traditional design with modern interiors. Apartments come with a private balcony and open-plan designs to maximise space. There are also private parking spaces allocated with each property. Buyers at this development, which is located in Ifield, Crawley, can expect to enjoy town life in the bustling Crawley town centre, or can have an equally enjoyable quiet day out in the leafy High Weald, North and South Downs. The development is just over two miles to Crawley railway station which offers a 42-minute train journey to London Victoria.

Bellway has just released one, two and three bedroom apartments at the award-winning Barking Riverside development, just 12 miles from central London. Situated near the river Thames, Caspian Quarter is an ambitious development of apartments and houses designed to breathe new life into this area of London. Barking Riverside is a vibrant new community designed and built to offer the best in contemporary London living. Initiatives incorporated into the development include green roofs, communal gardens and high levels of insulation to reduce energy consumption. Many apartments come with a balcony or terrace. Good transport links, first-rate community facilities and fantastic new homes in a variety of well-designed layouts make it an ideal neighbourhood in which to get on the property ladder. Apartments at Caspian Quarter start from £249,995 for a one bedroom apartment.

barratthomes.co.uk

bellway.co.uk

CRAWLEY

Beaufort Place

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LONDON LIVING

Recent research conducted by price comparison site Service Octopus has revealed that homes close to some of London’s tube stations have increased in value by up to 57% over the past decade. Using Zoopla and information gleaned from Google Maps, the study has shown that those who bought property near the capital’s tube network in the early noughties are now quids in, with those able to buy in Zone 1 seeing the biggest returns on their investment.

ZONE 1 RULES THE ROOST The research showed why the London property market remains one of the most competitive in the world, with homes in the centre of the city sky-rocketing in value over the past 10 years. Properties near to Oxford Street, Bond Street, Piccadilly Circus and Tottenham Court Road have gone up by an average of 57% over the past decade. Compare this to just 32% in Upton Park, 34% in Chesham and 35% in Epping.

EAST V WEST Although prices in Zones 2, 3 and 4 can’t compare with the booming values of central London, homes in the suburbs are still making a profit for their owners. In particular, north west London has seen a big increase in demand in the past 10

Many first time buyers struggle to buy their dream home, especially near good transport links where property prices are often sky-high. But how have property values changed around underground stations over the past 10 years? years, with properties on the Bakerloo Line going up by up 55%. In the east, the District Line can’t compare – some of the homes around its terminus in Upminster increased by just 32% over the same period. Overall, west London seems to be edging ahead, however when Crossrail opens in 2019, this may well even out. One of the most desirable routes in London is the Victoria Line. From Walthamstow Central (up 52%) in the north east to Brixton (up 44%) in the south, the line has proved to be lucrative for those living nearby.

ARE PRICES LEVELLING OUT? Over the past five years, many homes across the capital have seen their values rise meteorically. However, this trend looks to be slowing and over the past year, homes near many tube stations have actually dipped in price. In Mile End, homeowners have seen their property drop 2.29% in value over

the past year, while properties in Lancaster Gate are now worth 4.95% less than they were 12 months ago.

WHERE IS THE NEXT PROPERTY HOTSPOT? House prices in many of the London suburbs continue to show strong growth, with homes close to Hendon Central, Harlesden, Kingsbury, Kensal Green, Park Royal and Royal Oak all increasing in value by between 2% and 4.5% in the past 12 months. Another area that is showing strong growth is west London; last year homes near tube stations in Queensway (up 5.04%), Shepherd’s Bush (up 3.99%) and Warwick Avenue (up 4.86%) all increased in value. This could be down to house hunters being priced out of more central areas. Improvements in transport infrastructure are also tempting people out of the heart of the capital, with the extension of the London Overgound reducing travel times for those living in the suburbs.

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LONDON LIVING CA S E S T U DY FAC T F I L E For eager property hunter Michela Forconi, the dream of buying her own home initially seemed to be out of her reach. However, with the help of shared ownership she has now Properties still available: Two managed to purchase her first home at The Wren in Oval bedroom apartment Quarter, SW9, by Southern Home Ownership. Full market value: £595,000 After coming to the UK from Italy eight years ago, 32-year(25% share: £148,750) old area manager Michela had been renting in London. She Approximate monthly costs: £1,958 explains, “I'd settled in London and had been renting for quite a long while, then I decided the time was right to look into buying my own home. After exploring what options were available to me, I found the shared ownership scheme through Southern Home Ownership and knew it would be the perfect solution.” Michela, who purchased a 35% share in a one bedroom apartment, explains, “The cost of renting in the capital is very high and although I did have some savings, I initially thought that owning my own home in London would be out of reach. However, I discovered that if I could purchase a property through shared ownership it would significantly reduce my monthly outgoings and provide an investment for my future. My monthly costs, including rent, mortgage and service charge, are now less than the £1,250 a month rent I was paying for a one bedroom apartment in Brixton. If it wasn’t for this scheme I wouldn’t have been able to afford to buy in London and most definitely would have had to continue renting.” The Wren is a collection of stylish one and two bedroom apartments located in Oval Quarter, SW9. The location is ideal for city workers as it has excellent connections via Oval tube station on the Northern Line and nearby Stockwell station on the Victoria Line. “The development itself has such a nice feel about it,” says Michela. “Everyone gets on really well and the owners are young city professionals, similar to myself. The Wren is in a quiet residential area, something you can’t often say living in London, and I love that I can walk to the surrounding shops, restaurants and bars. I work for a company that designs kitchens, and when I viewed the apartment I was really impressed with the high-quality finish throughout, especially in the kitchen. Moving into a new home that didn't need any work was just what I needed. I can honestly say that using the shared ownership scheme with Southern Home Ownership has been the best decision of my life. It supports young people like me who want to get on the property ladder.”

shosales.co.uk/wren

London Underground Map Property Value Increase Over The Past 10 Years

Epping Cockfosters Chesham

Chalfont & Latimer

34%

Chorleywood

Amersham

42%

34%

42%

West Ruislip Hillingdon

44%

42% 42%

41%

43%

41%

44%

42%

West Harrow

41%

43%

41% 55%

41%

52%

Maida Vale

41%

51%

Westbourne Park

Ladbroke Grove

Park Royal

50%

49%

East Acton

North Ealing

51%

49%

West Acton

49%

51%

South Ealing

49%

37%

41%

Hounslow Central

37%

Hatton Cross

37%

Heathrow Terminals 2 & 3

49%

Boston Manor

49% Chiswick Park

48%

Hounslow East

37%

Turnham Green

48%

51%

Hammersmith

51%

Stamford Brook

51%

Gunnersbury

48%

Hounslow West

37%

42%

37%

Heathrow Terminal 4

50%

Notting Hill Gate

51%

Ravenscourt Park

51%

51% 53%

48%

West Brompton

Kew Gardens

38%

37%

57%

46%

Earl’s Court

46%

48%

Russell Square

Victoria

57%

St. James’s Park

43%

46%

Liverpool Street

46%

49%

48%

Aldgate

47%

Becontree

35%

Hornchurch

35%

Dagenham East

38%

Temple

46%

41%

32%

West Ham

48%

Whitechapel

46%

Canning Town

Tower Hill

47%

Fenchurch Street

47%

London Bridge

Canary Wharf

51%

43%

Barking

Upton Park

44% Monument

Blackfriars

45%

46%

Aldgate East

47%

Cannon Street

Embankment

45%

Bromleyby-Bow

49%

St. Paul’s

45%

Bow Road

Stepney Green

Moorgate

Bank

Mansion House

Charing Cross

46%

41%

Plaistow

45%

46%

40%

Covent Garden

Westminster

46%

Barbican

Chancery Lane

46%

Sloane Square

35%

38%

Upney

46%

Mile End

47%

Old Street

Holborn

43%

46% 46%

South Kensington

46%

Leicester Square

Piccadilly Circus

Knightsbridge

Bethnal Green

46%

40%

57%

Green Park

Hyde Park Corner

48%

50%

West Kensington

57%

Gloucester Road

Dagenham Heathway

48% Angel

Tottenham Court Road

46%

Barons Court

50% Stratford

Farringdon

51%

57%

Upminster

35%

East Ham

Euston Square

Goodge Street

Oxford Circus

Marble Arch

High Street Kensington

Kensington (Olympia)

57%

51%

Queensway

44%

51%

57%

50%

Upminster Bridge

Elm Park

Leyton

Euston

Warren Street

Bond Street

Lancaster Gate

40%

49% 49%

King’s Cross St. Pancras

51%

Regent’s Park

44% Bermondsey

50%

North Greenwich

Canada Water

50%

49%

Waterloo

Fulham Broadway

44%

51%

Pimlico

46%

Parsons Green

Richmond

Heathrow Terminal 5

50%

51%

Bayswater

Shepherd’s Bush

Goldhawk Road Acton Town

51% 50%

Latimer Road

Wood Lane Shepherd’s Bush Market

51%

Mornington Crescent Great Portland Street

Baker Street

Edgware Road

Holland Park

49%

Northﬁelds

51%

Marylebone

50%

North Acton

Ealing Common

Osterley

White City

51%

55%

Royal Oak

51%

48%

Edgware Road

41%

Gants Hill

Camden Town

St. John’s Wood

50%

Warwick Avenue

Hanger Lane

Ealing Broadway

54%

Paddington

51%

Perivale

Swiss Cottage

Barkingside

40%

Leytonstone

Highbury & Islington

44%

54%

55% Queen's Park 52%

Kilburn Park Alperton

40%

Caledonian Road

Chalk Farm

Finchley Road

Willesden Junction

52%

54%

52%

55%

40%

Greenford

West Hampstead

Kensal Green

48%

44%

41%

Newbury Park

40%

Wanstead

52%

Finsbury Park

Holloway Road

Kentish Town

Belsize Park

Redbridge

49%

Walthamstow Central

46%

52%

54%

51%

Snaresbrook

52%

49%

Arsenal

Tufnell Park

Hampstead

Kilburn

42%

Harlesden

Sudbury Town

51%

48%

46%

56%

Willesden Green

42%

52%

45%

Blackhorse Road

Tottenham Hale

Hainault

Fairlop

41%

South Woodford Seven Sisters

Archway

Golders Green

Wembley Central

Stonebridge Park

41%

43%

55%

Wembley Park

41%

North Wembley

Sudbury Hill

Northolt

55%

Dollis Hill

South Kenton

41%

42%

47%

Manor House

47%

Brent Cross

40%

47%

Highgate

Grange Hill

Woodford

Turnpike Lane

47%

53%

55%

Northwick Park

South Harrow

South Ruislip

43%

East Finchley

Hendon Central

Neasden

40%

Wood Green

47%

54%

43%

Preston Road

Roding Valley Chigwell

Bounds Green

Finchley Central

Colindale

Kingsbury

Kenton

Harrow-on-the-Hill

41%

Rayners Lane

Ruislip Gardens

43%

North Harrow

44%

Ickenham

42%

Harrow & Wealdstone

47%

Burnt Oak

Queensbury

Pinner

Eastcote

Uxbridge

42%

Ruislip Manor

Ruislip

42%

40%

43%

West Finchley

35%

Buckhurst Hill

Arnos Grove

42%

52%

Edgware

43%

Woodside Park

Mill Hill East

Canons Park

Northwood Hills

Northwood

42%

43%

41%

Theydon Bois

Loughton

Southgate

42%

Stanmore

Moor Park

42%

43%

Totteridge & Whetstone

Croxley

Rickmansworth

35%

42%

Oakwood

39%

43%

Debden

41%

High Barnet

Watford

44%

Southwark

51%

Putney Bridge

Lambeth North

44%

51%

Borough

51%

East Putney

42%

Vauxhall

Elephant & Castle

51%

Southﬁelds

43%

51% Oval

Wimbledon Park

52%

41%

Wimbledon

41%

Kennington

52%

Stockwell Clapham North

43%

Balham

BROUGHT TO YOU BY

Tooting Broadway

45%

South Wimbledon

41%

Morden

38%

Brixton Clapham South

45%

Tooting Bec

45%

Colliers Wood

41%

Central District

45%

Clapham Common

43%

Waterloo and City

44%

Victoria Piccadilly Jubilee Hammersmith & City Circle Metropolitan

August & September 2017. Data sourced by Service Octopus using Google Maps API and Zoopla's average property prices via their historic listings

Northern Bakerloo

Top 10 Highest Property Value Increases (%) Over 10 Years Bond Street Goodge Street Great Portland Street Green Park Marble Arch Oxford Circus Piccadilly Circus Tottenham Court Road Warren Street Golders Green

Continued on page 30 First Time Buyer February/March 2018

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LONDON LIVING CA S E S T U DY

Buying a home together had always been on the cards for Jonny and Ben but they hadn’t expected to be able to purchase their first property so quickly. The couple had been renting together for the past four years. Ben, 30, a graphic designer, says, “Jonny’s job used to be based near Cambridge and FAC T F I L E I was working in London, so we lived between the two in Purchased: One bedroom Hitchin, although we were apartment with balcony always travelling into London Full market value: £510,000 at the weekend to see friends. (purchased a 40% share When we moved to London £204,000) in 2014, our first flat was in Deposit: £30,600 Bermondsey. The day we moved Approximate monthly costs: £1,490 in the flat was filthy and full of rubbish from previous tenants.” Jonny and Ben have just bought a 40% share of a spacious one bedroom apartment at Quebec Quarter, Canada Water, with a southfacing balcony overlooking neighbouring Russia Dock Woodland. Jonny, 28, a communications executive, says, “We have friends who’ve bought through shared ownership so we started looking into it. Initially I thought we wouldn’t have enough money to find a property right for us, but after loads of research I realised the costs involved weren’t as high as I’d presumed. Our route home from work took us past another L&Q development so we registered for its shared ownership scheme. We saw Quebec Quarter on the website and went to visit the weekend after the launch. “It strikes the perfect balance for us as a couple. I like being quite central and not too far from the buzz of the city and Ben likes to be surrounded by green, open spaces. Despite wanting different things it really feels like we haven’t had to compromise.” Ben adds, “Jonny is 6ft 2in, so in all our previous flats he has always been a bit hemmed in by low ceilings and poky rooms, but here everything is so well designed and spacious. We’ve been really impressed by the build quality; I’ve struggled to see fault since moving in. The cherry on the cake is the exterior – it’s sympathetic to the surrounding greenscape and the landscaped gardens really ticked a box for me. Our southfacing balcony isn’t overlooked so the flat is always filled with light. It makes quite a change from our last ground floor flat.” Quebec Quarter is a major contribution to the regeneration of Canada Water, sitting on the edge of London’s second largest area of redevelopment south of the Thames. “We didn’t know anything about the masterplan but we’re looking forward to seeing how the area is going to change over the coming years. I’m sure we’ll see the value in our property increase – it seems we’ve bought at the perfect time.” Equidistant from Canada Water and Surrey Quays stations, the location is perfect for Jonny, “We’re only a hop, skip and jump from everywhere, it’s so well connected. My commute is just a quick tube journey to Southwark or I can run to work in half an hour. I have thought about buying a bike and taking advantage of the cycle quietway routes near us. Because we moved in January I feel like we’ve not made the most of the outdoors yet. There’s so much to explore, we feel so lucky to have bought our first home here.” Jonny concludes, “The development is a credit to L&Q; shared ownership has enabled us to buy a home in an ideal location – it’s an excellent response to the housing crisis. Ultimately, we’d like to staircase to 100% ownership but we have a wedding to save for first!” lqpricedin.co.uk/quebec-quarter

GETTING ON THE MAP For first time buyers who feel they may never be able to afford to live in or around central London, there are some very affordable homes with excellent transport links which are near to an underground station.

FROM 3 £ 50,000

MET

ROP

OLIT AN

HARROW

LINE

Bradburys Court, Lyon Square Redrow has recently launched the latest phase of its Lyon Square development in the well-connected London suburb of Harrow. Bradburys Court offers one and two bedroom apartments available with London Help to Buy. The apartments are minutes away from the town centre and Harrow-on-the-Hill underground station, offering links to central London and the City in less than 25 minutes. The open plan apartments feature spacious modern kitchens with Siemens appliances and underfloor heating throughout. The ground floor apartments open out on to terraces, while the other apartments feature a balcony. Residents will also benefit from a concierge service, underground parking, cycle storage and a residents gym. redrow.co.uk/lyonsquare

EAST ACTON

FROM £440,0 00

Vida

Housing developer Hill has launched Vida, which offers 84 one, two and three bedroom apartments centrally located close to bustling Shepherd’s Bush street market, Westfield and Hammersmith waterfront. The one and two bedroom apartments are available with London Help to Buy. The area is set to be transformed with the arrival of Crossrail in 2019, which will take commuters from Acton Station, which is a 15-minute walk from Vida, to central London in CEN just nine minutes. TRA L LINE

vida-apartments.com

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LONDON LIVING FRO £159,2M 50*

BRIXTON

Southwest Nine

Southwest Nine from Metropolitan offers 81 one, two and three bedroom apartments nestled in a quiet, residential corner in the heart of Brixton, available to buy through shared ownership. From the apartments it takes just under10 minutes to walk to Brixton tube station, from where it will take around 13 minutes to arrive in central London. Perfect for first time buyers, the scheme is open to people from all areas, and offers the opportunity of moving into an up-and-coming location. Brixton Village is less than five minute away and offers a wealth of bars, restaurants and cafes as well as a local market. The apartments include fitted appliances in the kitchen, fully fitted bathrooms, carpeting, a private balcony or terrace and storage space. VICT

ORI

sw9apartments.co.uk

A LI

COLLIERS WOOD Cavendish House

Metropolitan has just launched Cavendish House, a new development of homes located only a minute on FRO foot from Colliers Wood £100,6M 25* station in Zone 3, which now provides 24-hour access to central London on the Northern Line. From there commuters can reach London Bridge in just 24 minutes and Bank in 26 minutes. The development offers one, two and three bedroom apartments; all the homes include a fully integrated Italian kitchen and carpeted bedrooms while the two and three bedroom apartments feature an en-suite. Local supermarkets, The Tandem Centre and Priory retail park are all within comfortable walking distance and Colliers Wood also has its own local market, Merton Abbey Mills. In addition, Cavendish House is situated on Cycle Superhighway 7, offering fast access to central London for the fitness minded. N ORT

cavendishhouse/london

HER

N LI

*Based on a 25% share with a full market value of £402,500

*Based on a 35% share with a full market value of £455,000

BARKING Weavers Quarter

FROM £71,25 0*

The 221 shared ownership homes at Weavers Quarter in Barking are the first of 1,575 new homes that are being built on the former Gascoigne Estate which is being transformed into a stunning new development complete with two schools, new high-quality public open space and a community centre. The first phase of 50 one, two and three bedroom apartments and duplexes has recently launched to those who live or work in the borough of Barking and Dagenham. Design features include fitted kitchens with a range of integrated appliances, carpet to the bedrooms and each apartment has a private outdoor area as well as access to communal gardens. Barking station is less than half a mile from Weavers Quarter, connecting to the City in just 15 minutes. The station also connects directly to Westminster on the District Line in less than 40 minutes and to Liverpool Street on the Hammersmith & City line in 25 minutes.

POPLAR

Lansbury Square

FROM £387,9 95

Bellway has launched the second phase of its Lansbury Square development where many of the apartments are available through Help to Buy. The developer is offering 64 apartments in a mix of one, two and three bedroom layouts, and residents HAM also benefit from a concierge and fully equipped gym. MER SMI TH & The apartments have high-quality interiors with fitted kitchens CITY LINE and integrated appliances, there is a choice of flooring on offer and energy efficient lighting is included throughout. Each home features a private outdoor living space with either a balcony or terrace. Residents will also be able to enjoy relaxing in the communal landscaped podium. DIST RICT Lansbury Square is conveniently located for a wide range LINE of amenities and has excellent transport links. Langdon Park DLR station is a short walk away, connecting with Canary Wharf in just five minutes, while Bromley-by-Bow underground station is a 15-minute walk away.

weaversquarter.co.uk

bellway.co.uk *Based on a 30%share with a full market value of £237,500

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LONDON LIVING

ACTON GARDENS, W3

FROM £445,000

Acton Gardens

These contemporary one bedroom apartments at Acton Gardens offer excellent connectivity into central London, reaching Bond Street and Waterloo in less than half an hour. For a limited time, Countryside is providing paid TfL travel for three years on all one bedroom homes, as well as offering the London Help to Buy scheme and paying the full stamp duty. The open-plan homes feature kitchens with Siemens integrated appliances and master bedrooms have generous fitted wardrobes. Expected to be completed in 2026, Acton Gardens will create 2,500 new homes and new community facilities, over a total of 52 acres. A central plaza is also being created, offering a focal point within the new community. Health and leisure facilities will include a GP, dentist and community centre, alongside a supermarket, cafe and nursery. South Acton station on the London Overground and Acton Town underground are both adjoining the development. Residents can also gain easy access to Acton mainline station, which will benefit from becoming a station on the Crossrail line when it opens in 2019.

PICC

ADI

LLY

LINE

DIST

RICT

LINE

actongardens.co.uk

GREENWICH

FROM £128,125*

Greenwich Peninsula

The next phase of homes has now launched at Greenwich Peninsula, offering a collection of 64 one and two bedroom shared ownership apartments alongside 1.6 miles of prime Thames waterfront. Set in one of London’s largest regeneration projects, the ever-growing site will offer 10,000 new homes, 150 retails units and 48 acres of open green space. The development is close to North Greenwich station on the Jubilee Line which takes JUB ILEE LINE commuters to London Bridge in just eight minutes. lqpricedin.co.uk/Greenwich-peninsula *Based on a 25% share with a full market value of £512,000

FROM 0 4 £ 15,00

BOW

Countryside has launched St Paul's Square in Bow offering a selection of one, two, three and four bedroom apartments set across a series of elegant contemporary buildings. The development is surrounded by landscaped gardens and many of the apartments have private outdoor space in the form of a balcony or terrace. The open-plan apartments include integrated appliances in the kitchen, and the master bedroom has fitted wardrobes and en suite shower room. There is also a guest bedroom and a further bathroom. St Paul’s Square is less than a mile away from Mile End underground station with five-minute journey times to Liverpool Street and Oxford Circus can be reached in less than15 minutes. countrywide-properties.com

CEN

St Paul’s Square

HAM

MER

TRA

SMI

DIST

L LIN

TH &

RICT

CITY

LINE

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LOCATION

HOTspot

FAC T F I L E

Average property price (October 2017) – £223,807 Property breakdown* (Lichfield) Detached – £340,996 Semi-detached – £211,014 Terraced – £179,327 Flat – £201,527 *According to the Land Registry House Price Index October 2017

Lichfield – Where the heart is...

A hidden treasure, Lichfield is a city that's steeped in heritage and happily marries history with culture. Ticking every box, it's the perfect location for savvy first time buyers It seems it’s pretty much impossible to find a review of Staffordshire’s Heritage City of Lichfield that doesn’t begin with the legend: "The birthplace of Samuel Johnson." However, despite being home to the great 18th century writer and lexicographer, several other famous historical figures, (of which there is more, later) and over 230 listed historic buildings, Lichfield is a great bet for modern first time buyers, with a plethora of new homes on the market and in the pipeline. Lichfield has recently been named as one of the best places to live in the UK by the Halifax Quality of Life Survey 2017, and has even climbed a place in the chart since last year. The survey looks at key factors such as residents’ health and life expectancy, earnings, employment, crime rates and weather, with Lichfield putting in a sterling performance across the board.

Bore Street

HOMES AND RESIDENTS Lichfield is a charming, Cathedral city, much sought after for its prized position on the crossroads of several excellent commuting roads, right in the heart of England. This, and the fact that the cost of living in the West Midlands remains below the national average, makes Lichfield hugely appealing to young families and to professionals who want an easy commute, combined with the perfect balance of city and rural living. Alongside the Council’s commitment to protect Lichfield’s architectural legacy, civic and residential development is flourishing in the centre and the suburbs of the city. Thanks to concentrated investment in Staffordshire’s tourism industry over recent years, and multiple local regeneration plans, Lichfield’s residents and visitors can look forward to plenty of new facilities. These include a large shopping centre, restaurants, a multiscreen cinema, a new bus station and hundreds of additional parking spaces, all under construction near Lichfield City railway station. The anticipated increase in population, attracted by new jobs and Lichfield’s burgeoning popularity as a commuter city, will be accommodated by the raft of residential developments that form part of Lichfield’s ambitious housing strategy. New homes in the pipeline include

93 proposed residential units that will form part of the city centre Friarsgate development, and hundreds of properties across a burgeoning range of developments by leading developers throughout the district. Whether your dream home is a one bedroom city apartment, or a four bedroom executive home in the country, Lichfield is a great place to look.

OUT AND ABOUT Lichfield’s most famous historic landmark and visitor attraction isn’t hard to spot, given that it is an enormous, threespired medieval cathedral, which gives Lichfield its small (but beautifully formed) city status. As well as making Lichfield an important ecclesiastical centre, the stunning building provides the backdrop to the city’s calendar of public events, which include a spectacular Christmas market and annual arts and music festivals. Lichfield was home to many celebrated historic figures, as you can tell by the frequency with which its streets and squares are punctuated with blue plaques. Alongside the ever present Dr Johnson, eminent alumni include Erasmus Darwin, (grandfather of naturalist Charles), a leading 18th century doctor, scientist, botanist, inventor and poet. His eponymous Georgian mansion is open to the public, and showcases his wide expertise. Lichfield

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LOCATION was also home to the 18th century actor John Garrick, after whom the city’s vibrant theatre is named. The purpose-built complex was opened in 2003, and hosts a year-round programme of professional and amateur productions. As well as plenty of green spaces within the city itself, Lichfield offers lovers of the great outdoors easy access to one of the most unspoilt areas of the British Isles. Cannock Chase, classified as an Area of Outstanding Natural Beauty, is less than 10 miles from Lichfield. The former Royal forest is an idyllic area, renowned for its leisurely walks and cycle tracks, roaming over rolling hills, though purple heather and along miles of quiet woodland routes. For those whose pleasures lean more to the gourmet, Lichfield has an awardwinning array of restaurants, cafes and pubs on offer, with favourites including the 2017 Taste of Staffordshire’s Tea Room and Coffee Shop of the Year, Pom’s Kitchen and Deli; and Independent Restaurant of the Year, The Four Seasons Restaurant at Swinfen Hall Hotel.

Market Place

of independent, quirky shops housed in streets lined with fascinating medieval buildings. However, the city will soon be even more appealing to shopaholics, with the opening of the much anticipated Friarsgate Shopping Centre. Three Spires is located in Lichfield’s popular Bakers Lane shopping street, and offers a mix of independent retailers and an array of high street favourites. Thriving markets are still held on Lichfield’s historic Market Square and offer a mix of foodstuffs alongside household goods and bargain clothing.

SHOPPING

TRANSPORT

Lichfield is already a shopper’s playground, with plenty of established high street brands and a treasure trove

Lichfield offers outstanding transport links, thanks to being centrally located on the UK road network. Historically, the Roman

roads Watling Street and Ryknild Street crossed two miles south of the city. Today the A5 and A38 follow similar routes, with the A5 running west towards Wales and south east towards Tamworth, and the A38 running south to Birmingham and north east to Derby. The A51 lies along the western perimeter of the city, running north to Chester and south east to Tamworth. Rail access to London Euston from Lichfield Trent Valley can take as little as an hour and a quarter, to Manchester Piccadilly from an hour and 24 minutes, and the business centres of Derby, Sutton Coldfield, Walsall, Birmingham, Tamworth and Burton upon Trent are all easily reached by commuters. Birmingham International and East Midlands airports are each within a 45 minute drive of the city.

5 REASONS WE LOVE… …LICHFIELD

1 Excellent commuter links 2 Charming historic buildings 3 Great restaurants, bars and cafes 4 A shopaholic’s dream 5 Easy access to stunning countryside

HOMES on offer in the area… LICHFIELD Saxon Gate

FROM £TBC

STREETHAY

Roman Heights

FROM £TBC*

First phase soon to be released Orbit is offering 40 outright sale and 40 shared ownership properties at its Saxon Gate development at Eastern Avenue, just minutes from the centre of Lichfield. The development launches in early 2018, and offers one bedroom apartments and two, three and four bedroom houses. Set just on the outskirts of Lichfield, residents at Saxon Gate will benefit from easy access to excellent transport links, great local schools, and the huge variety of amenities and attractions on offer in Staffordshire’s Heritage City, coupled with beautiful countryside right on their doorstep. All properties come with high-end fitted kitchens, bathrooms and appliances, and are built to be energy efficient. There is a show home and sales suite at the beautifully landscaped development.

First phase soon to be released At Roman Heights, in the pretty Lichfield village of Streethay, Orbit offers an attractive selection of two and three bedroom houses for sale with shared ownership. Streethay is a beautifully maintained residential village, within the catchment for several good schools. There is a well-equipped children’s play park near the development, and Roman Heights’ residents will enjoy easy access to beautiful walks in the open countryside that surrounds them on all sides. Streethay is less than a mile from the amenities of the lively city of Lichfield and is connected by a regular bus service. Lichfield Trent Valley Station is less than a mile away, offering services between Crewe and London Euston.

orbithomes.org.uk

First Time Buyer February/March 2018

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THE LONDON PLAN

Property Squeeze The latest draft of the London Plan, open to public consultation until March 2018, is not a light read – it has more than 500 pages dedicated to every facet of life in the city. from the closure of pubs to the shortage of public toilets. But by far the most major issue it deals with is the housing crisis in the capital. The plan admits at the beginning what every would-be homeowner in London already knows, “The growth in population and jobs has not been matched by the growth in the number and type of homes London needs, driving up rents and house prices to levels that have priced many Londoners out of the market.” So what does the London Mayor plan to do to improve matters? In a nutshell, build houses on a massive scale and at a higher density than has been seen in the past, while ensuring that new homes are built to a minimum size and with sustainable transport options. It’s a proposal he refers to as “Good Growth” – concentrating new housing near to transport hubs, making the best use of available land, ensuring a quota of 35% affordable homes, reducing car

First time buyers in London face terrifyingly high property prices – but could the new London Plan from Mayor Sadiq Khan provide a solution? Kay Hill looks at the document in detail dependency and improving air quality and public health along the way. In terms of overall numbers the plan is ambitious, “The lack of supply of the homes that Londoners need has played a significant role in London’s housing crisis. London needs 66,000 new homes each year, for at least 20 years.” To ensure that building keeps pace with need, the Plan proposes 10-year housing targets for every London borough, with the six seeing the heaviest growth as follows: Newham 38,500 new homes, Tower Hamlets 35,110, Greenwich 32,040,

Barnet 31,340, Croydon (already one of the cheapest places to buy) 29,490 and Brent 29,150 new homes. The plan admits that finding space for all these homes may not be easy; and more controversial elements of the plan will see building in back gardens no longer frowned upon. “To meet the growing need, London must seek to deliver new homes through every available means,” says the report. “Reusing large brownfield sites will remain crucial, although vacant plots are now scarce, and the scale and complexity of large former industrial sites makes delivery slow. Small sites in a range of locations can be developed more quickly, and enable smaller builders to enter the market.” The Plan also proposes big clusters of housing growth around existing and planned transport links, backing up the Mayor’s desire to see 80% of all London journeys being made by walking, cycling and public transport. Key growth spots to look out for include: 9 Southwark and Lewisham which will be served by an extension of the Bakerloo

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THE LONDON PLAN T H E R E AC T I O N

Ben Derbyshire, President of The Royal Institute of British Architects (RIBA): “‘The UK’s housing crisis is at its worst in the capital, so I am pleased to see the Mayor of London taking the issue of affordability seriously. We particularly welcome plans for a rapid densification across London, including the sparsely populated outer suburbs - where there is existing or planned public transport infrastructure, we should be building more new homes.”

Line, and in the longer term Catford which could benefit from the Bakerloo Line Extension Phase 2 9 Croydon, Sutton, Wimbledon, Clapham Junction, Lee Valley, Ponders End, Leyton and Stamford Hill which could all be linked by the proposed Crossrail 2 9 Areas east of Stratford and west of Southall which will be served by the Elizabeth Line In all developments, density will be important, so first time buyers can forget about having a parking space in the city. “For London to accommodate growth in an inclusive and responsible way every new development needs to make the most efficient use of land. This will mean developing at densities above those of the surrounding area on most sites. The design of the development must optimise housing density and in general, the higher the public transport access and connectivity of the site, and the closer it is to a town centre or station, the higher the density and the lower the car parking provision should be.” This doesn’t mean, however, that people will be forced into rabbit hutches – the plan spells out minimum spaces for homes that are far above what some developers are currently offering. For example, a studio or one bedroom home for one adult will have to be at least 37 sq m in size if it has a shower room or 39 sq m with a bathroom,

while a one bedroom home designed for two adults must have at least 50 sq m of indoor space. By way of comparison, microapartments currently on sale in Croydon start from just 30 sq m, and new flats in Manchester have been built with just 26 sq m of space (and first time buyers are snapping them up). In addition, the proposed new rules will entitle every new homebuyer to some outdoor space where they can relax or grow fruit and veg, “A minimum of 5 sq m of private outdoor space should be provided for one/two person dwellings and an extra 1 sq m should be provided for each additional occupant. All dwellings should have level access to one or more of the following forms of private outside spaces: a garden, terrace, roof garden, courtyard garden or balcony.” Almost all apartments will also have to have at least two aspects to provide lots of natural light and ventilation. Developers will inevitably claim that raising standards will make new homes even less affordable than they are now, but the Mayor is insisting that 35% of homes in any development of more than 10 units will have to be affordable (at least 30% low cost rental homes and the rest using other schemes such as shared ownership), along with the fact that a massive increase in supply should hopefully naturally reduce prices for everyone and make London truly affordable again.

Ben Rogers, Director at Centre for London: “London is under pressure from all sides. With population growth continuing, land and infrastructure are under strain and soaring housing costs are increasing inequality. This is threatening the city’s future as a fair and prosperous global capital. Some of the solutions proposed, such as more housing and higher densities in London’s suburbs, will be controversial, but London needs a step-change in housing delivery to meet its needs, so radical thinking is not only justified, but essential.”

Andrew Boff, London Assembly member: “With the publication of this London Plan, Sadiq Khan has declared war on the suburbs. For all the Mayor’s talk of increasing green space, we are instead facing a land grab for every inch of garden in our capital. The abandonment of sensible unit restrictions will see families crammed into rabbit hutch developments with no provision made for parking cars if they live anywhere near a train station. The Mayor’s entire approach signals a downgrading in the quality of the capital’s housing.”

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AFFORDABLE HOMES

MILLENNIALS GET MORE FOR THEIR MONEY IN EAST LONDON

Four boroughs within east London have been voted within the top five hotspots for millennials seeking affordable homes, according to research from The House Shop¹, suggesting that when it comes to the rival of the regions, east really does come up trumps. The London boroughs of Barking and Dagenham, Tower Hamlets and Redbridge were among the top five. For home hunters planning to make the move to these increasing popular locations, L&Q is offering a choice of several perfectly placed developments Welcoming first time buyers on to the property ladder with shared ownership, L&Q has a number of developments in east London and others to look out for in the year ahead:

NEW UNION WHARF, ISLE OF DOGS, E14

WEAVERS QUARTER, BARKING, IG11

Weavers Quarter is an ambitious regeneration project in partnership with the London Borough of Barking and Dagenham Council, transforming the Gascoigne Estate. Ideal for first time buyers, the development offers one and two bedrooms homes, available for shared ownership, built to a high specification. The development also incorporates plenty of open green space throughout, ideal for the community to come together. At the heart of the neighbourhood will be a brand new 690-pupil primary school, an 1,850-pupil secondary school, a community centre, retail and office space, as well as a public square. The development offers excellent travel connections around London, with Barking station less than half a mile from the development, connecting to the City in just 15 minutes. One and two bedroom apartments are currently available at Weavers Quarter. Prices for a one bedroom apartment start from £71,250 for a 30% share, with a full market value of £237,500.

Launching in March, the latest phase within the New Union Wharf regeneration will comprise a contemporary collection of one, two and three bedroom homes, available using the shared ownership scheme or for private sale. The homes, which boast a prime riverside location with scenic views of the Thames, are ideally suited for professionals working in nearby Canary Wharf. Each property offers a high specification throughout, providing flexible spaces for modern city living with the added bonus of a private balcony. Ideal for commuters, nearby DLR Crossharbour station and South Quay are a short walk from the development.

NEO, STEPNEY, E14

Located at the heart of Tower Hamlets, Neo, E14, is expected to launch in March. Neo is the latest phase of new homes within the Ocean Estate regeneration project, which is transforming the area and investing £220 million, creating a place people will love to

live. The development will comprise a contemporary collection of one, two and three bedroom homes available for shared ownership and private sale. Ideally situated for travel around London, the development is located just a short walk from Stepney Green underground station on the District and Hammersmith & City lines.

OAKLANDS HAMLET, CHIGWELL, IG7

Oaklands Hamlet provides the perfect balance between rural and urban living, nestled between a golf course and open countryside yet just 30 minutes from central London. The development features a range of contemporary five bedroom homes for shared ownership, properties which will provide affordable, yet contemporary accommodation for the modern-day purchaser. Each home also boasts a private rear garden and a parking space included within the cost of the home. Prices for a five bedroom house start from £166,250 for a 25% share, with a full market value of £665,000. For more information on L&Q’s current and upcoming developments in east London, visit lqpricedin.co.uk 1 thehouseshop.com/property-blog/in-the-press/ where-are-londons-top-millenial-hotspots

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OPEN MARKET

LUXURY FOR ALL Magna Homes believes that luxury and excellence should not be confined to a certain size or a certain place. So by using clever design solutions, quality high-end specifications and with a focus on detail, it creates beautiful living spaces in desirable commuter locations, perfect for first time buyers. Lynda Clark talked to Chris Madelin, CEO of Magna Homes to find out what makes Magna Homes so special Magna Homes is a fast-growing new developer in the market, how did you get your start in the industry? I started in residential construction. I was a self-taught construction professional and then later evolved into a self-taught businessman. Both my uncle and father had quite serious jobs in the construction industry, although that isn’t why I ended up starting Magna. I transitioned from residential construction and got involved in property investment with my business partner, Oliver Mason. We were successful in small scale property land trading and development and realised together we could design and build a really serious property company, which one day will become global. We saw a gap in the market, which has laid the foundation for our ethos at Magna Homes of “luxury for all”. When I was buying my first home I looked around the market and realised that there was nothing out there that met my needs. I thought to myself, I want to create homes that I would want to live in. I realised clever design was the key to first time buyer living and that’s how Magna was started. What is it about Magna Homes that makes the company unique? It’s really about the product for us at Magna, and creating “Luxury within reach”. We focus on the customer experience and staying on trend with the latest products. Where other developers may cut back while being concerned with profit margins, we want to invest in quality. For example, we use digital thermostats, underfloor heating and digital shower controls. We use high-quality gloss kitchens that are well made, and composite stone or granite worktops. We always look for high-end options for our appliances. We do all this because we want people to feel like they have bought their own small piece of luxury that will last for

ander

years. I think this sets us apart because we are offering this level of detail at an affordable price point for a first time buyer. You have sites all across Surrey, how do you decide where you will build next? As a developer we have to look at the market and understand where we can address a housing need. Of course, from a business perspective we have to consider supply and demand, but for us picking locations is about price point. We ask, does this location enable us to offer our properties on the Help to Buy scheme? We also look at urban density with a preference for towns outside of cities or large towns looking to get city status. We look for good transport links – ideally within seven or eight minutes’ walk from the station because we know that’s important to first time buyers. We also look at green space. We are currently a commuter belt developer and want to ensure that places we build are places people want to live. Magna Riverside in Godalming is a great example of a site that ticks all of these boxes, with its proximity to the High Street, riverside location and 0.5 mile walk to the station. How does your apartment design cater to a first time buyer market? Our first time buyer led design on all of our developments is key. We have a fairly standard size format for the apartments, which aren’t large, but we are very careful to maximise space. Using

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OPEN MARKET

clever solutions, we avoid putting in excess doors and corridors, which waste valuable square footage. We use clever cupboards. By lowering the ceiling in a small portion of the property we create overhead storage, because as we all know, you can never have enough cupboards. We fit in baths where possible for our purchasers to enjoy at the end of a long day. Personally, my favourite item is our slimline wine cooler, which takes up very little space but can hold up to seven bottles; not that I am encouraging people – but it is great for entertaining. You offer Help to Buy on all of your properties, what do you think the main benefit of the scheme is for purchasers? The main benefit of Help to Buy is that the scheme enables people to afford a property now, that otherwise they might only have been able to purchase after years of savings. With the government’s relaxation of Stamp Duty Land Tax, as well as incentives offered by developers – for example at Magna Riverside we help with legal fees – you can focus on saving for your 5% deposit. Not to mention we often find that people are surprised that their monthly mortgage repayments are less than what they had been paying out for rent. With all the support being offered to first time buyers at the moment, it is definitely the time to buy.

GODALMING Magna Riverside

FROM £245,000

Magna Riverside offers a collection of one and two bedroom apartments in a beautiful riverside location, moments from Godalming High Street. This lovely waterside location is just a 10-minute walk to Godalming station, with trains taking 45 minutes to reach London Waterloo. The elegant apartments offer a luxury specification, private parking and Help to Buy is available.

FRIMLEY Magna Vita

From TBC COMING SOON A short walk from Frimley REGISTER YOUR High Street, Magna Vita INTEREST is a stunning development, offering a collection of 91 modern studios, and one and two bedroom apartments, bringing luxury living to West Surrey. Set in a peaceful location, Magna Vita combines contemporary architecture with a clean and elegant finish to create beautiful, flexible living spaces. Register your interest at magnahomes.co.uk

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AFFORDABLE HOMES

DOWN BY THE RIVERSIDE... Norwich is a thriving, historic city that is fast becoming one of Britain’s best places to live, and Orbit is offering first time buyers an excellent lifestyle opportunity; not just to take that vital first step on the local property ladder, but to be part of a stylish new riverside community St Anne’s Quarter is a spectacular new development, set within the original city walls of Norwich. The development is in a great location, set on the old St Anne’s Wharf site, between King Street and the River Wensum, and offers a comprehensive choice of apartments, from studios to penthouses, for outright sale or with shared ownership (Help to Buy: Equity Loans are also available to qualifying purchasers on outright sale properties.) Orbit has over 50 years’ experience of building new communities, and it is this experience that is finally allowing St Anne’s Quarter to fulfil its potential, and help Norwich to regain its former stature as a riverside city. Despite its central location, the area adjoining King Street had stood derelict and unloved for more than 20 years. Various plans for the site have come and gone, but finally, thanks to a comprehensive regeneration programme aimed at creating a sustainable community, including residential and commercial properties and a scenic riverside plaza, this location is quickly emerging as one of Norwich’s most sought-after addresses. The Lady Julian footbridge across the Wensum was optimistically opened in 2009, amid high hopes of connecting a future residential community to the far bank,

which is now home to a riverside complex offering restaurants, bars, bowling, the graVity trampoline park, a multiplex and an IMAX cinema, all clustered around a waterfront piazza. At last, the launch of Orbit’s St Anne’s Quarter in 2018 will allow the bridge to finally do its intended job, and provide its inhabitants with easy access to a wealth of appealing local facilities and leisure amenities. As well as a fabulous location, underground parking, and impressive landscaping that includes attractive public and communal open spaces, buyers at St Anne’s Quarter are assured of the excellent build quality, service and extras that Orbit guarantees for all its customers. Every spacious apartment has a National House Building Council (NHBC) 10-year warrantee, and includes Bosch and Zanussi kitchen appliances as standard. The City of Norwich as a whole is a compelling place to live, with its combination of pretty medieval streets, two stunning cathedrals, a wealth of bars, pubs and eateries, huge selection of theatres, historic buildings and museums, and a breadth of shopping venues that make it one of the country’s top destinations for weekend breaks. The Cathedral Quarter and historic cobbles of Elm Hill are picture-

postcard pretty and draw camera-wielding tourists from all over the world. As well as offering the delights of modern city living, Norwich is only 30 minutes from the unspoilt Norfolk coastline, and the delightful beaches of Wells, Brancaster and Holkham. On top of all this, Norwich is the only UK city set entirely within a National Park, with the glorious waterways and villages of the Norfolk Broads right on its doorstep. St Anne’s Quarter is just a third of a mile from Norwich Station, making it perfect for commuters to towns and cities along the Great Eastern Main Line. Peak time journeys to Cambridge take just an hour and 13 minutes by train, Peterborough is reached in an hour and 27 minutes, and London Liverpool Street is just an hour and 50 minutes away via half-hourly services. A welcoming marketing suite, including a fully dressed show apartment, is now open at St Anne’s Quarter and further information can be found by visiting orbithomes.org.uk. One and two bedroom apartments for outright purchase are available from £163,000, with shared ownership options coming soon. orbithomes.org.uk

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OFF-PLAN

EAST ENDERS

EXPERT COMMENT

The second in our series following the story of a young family taking their first steps on the property ladder

Silver Quarter is a premium product shared ownership scheme which is attracting keen interest from first time buyers who wish to buy an affordable property with good access to Canary Wharf and central London from Canning Town station which is located opposite the development. Danielle, Fabio and their family epitomise the type of people we wish to attract to Silver Quarter and we look forward to helping them move into their new apartment in the near future. Eloise Robins Assistant Director SiteSales Property Group

It’s nearly time for the big MOVE and Danielle Dos Santos and Fabio Ferreira together with their two young children are getting ready to start life in their first new home. They are buying a two bedroom apartment in Canning Town off-plan through shared ownership at One Housing’s Silver Quarter development through SiteSales Property Group. Danielle said, “We are keeping our fingers crossed that we will be able to move in soon. We are all so excited and I am keen to let our landlord know the date we are leaving. It will make all our lives so much easier and I won’t have to commute to Hackney in east London from our current home in north London to take the children to school, which can be very stressful especially during the winter months.” Danielle and Fabio have bought a 40% share of their apartment as well as a secure underground parking space. They fell in love with the home as soon as they saw it at an open day as it is five minutes away from her husband’s work, is near to Danielle’s work and there is a great school nearby for the children.

“We have started to pack but in fact we have decided that as this is the beginning of a new life and a new start we want to buy everything new. I have managed to sell quite a lot of my old things on eBay so we are investing the money to go towards lots of new furniture and accessories. We recently saw an advert for a sofa that we liked and went over to Fulham to see it. I usually go for very safe colours like grey or brown but I absolutely fell in love with the teal shade they had and so we have taken the plunge and bought it. It’s a beautiful colour and although I was a little nervous at first I have chosen to have the sofa in velvet fabric, which looks and feels so luxurious. “We are going to visit the apartment again at the weekend and take lots of measurements for curtains and I want to buy some rugs as well. I have it in my mind’s eye to decorate the whole apartment in a retro 60s style. It’s a look that we both really like and I think it will work well. We are even splashing out on bunk beds for the children and my daughter is very excited because Peppa Pig, her favourite character, sleeps in one. We did buy them new beds a

short while ago but we decided that bunk beds were ideal for the children’s room as it will give them a decent space to play in as well. We have been married for 14 years and we thought it was about time to really give ourselves a treat.” One Housing appointed SiteSales to manage the sale of the properties at Silver Quarter because of its 25 years’ experience handling all types of developments including affordable homes for first time buyers. The development has 55 one, two and three bedroom apartments and is part of a £3.7bn ongoing regeneration of the Canning Town and Custom House area. The contemporary homes have fully fitted kitchens, open-plan living areas, private outdoor spaces and retail units on the ground floor of each block. Danielle said, “We are counting down the days now and it is a dream come true. When we finally open our own front door with our own keys we will know that this isn’t a dream at all but our marvellous first home that we own.” site-sales.co.uk/silverquarter

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AFFORDABLE HOMES

FORGET THE PROPERTY LADDER, TAKE THE LIFT!

Shared ownership allows you to buy your home in sections – but one scheme also cuts the red tape and helps you to achieve full ownership faster Shared ownership schemes can be excellent ways to get a foot on the housing ladder, especially in more expensive parts of the country such as London and the South East. Instead of buying a property outright, the homeowner buys a share, usually between 25% and 75%, and then pays a monthly payment to the housing association for use of the rest of the property. A process of purchasing further

CHISWICK Chiswick Gate

shares as the years go by is also available, with, in most cases, the eventual possibility of owning the home outright. That’s the theory. The reality, according to developer Thames Valley Housing (TVH), is that the vast majority of shared ownership buyers never go on to completely own their own homes, and many don’t increase the share that they own at all thanks to the costs involved. A report by Cambridge

FROM £131,875

The leafy west London district of Chiswick still retains a village feel, home to indie shops, wine bars and restaurants, but with good connections via the London Underground and Overground into the heart of the City. Homes at Chiswick Gate are available to purchase through So Resi and feature one, two and three bedroom apartments arranged around landscaped communal gardens. The homes benefit from secure cycle storage and a dedicated underground car parking space, and many have access to a balcony. Prices for a one bedroom apartment start from £131,875 for a 25% share of the full market price of £527,500, while a 25% share of a £697,500 two bedroom apartment can be bought for £174,375. For more information call 020 8607 0550 or visit soresi.co.uk *Based on a £131,875 for a 25% share with a full market value of £527,000

University’s Centre for Housing and Planning Research, commissioned by TVH, found: “Some had looked into increasing the share they own in a shared ownership home but were deterred by the costs associated. Upfront costs (such as the valuation) were a particular barrier.” Determined to increase the number of buyers taking advantage of the opportunity to buy a bigger share of their home, just over three years ago TVH launched So Resi Plus, a unique shared ownership scheme designed to allow faster home ownership. While the traditional method of increasing a share requires shared owners to buy a minimum of a 10% extra share at a time, and to pay for valuation and other fees each time they purchase extra shares, So Resi Plus allows purchases of as little as 1% at a time, with no new valuation required. Shared owners on the scheme are allowed to buy an additional 1% share in the home every year for 15 years (up to a total of 79% of the home value). In addition, under the So Resi Plus scheme there are no solicitors’ fees or valuation fees to pay when each additional 1% of the home is bought – instead, after the first year, the cost of the share simply increases at a flat rate of 3% each year. According to the most recent Land Registry figures, annual house price inflation across the UK is running at 4.53%, although the Halifax Price Index puts it at 2.7%, and the Right Move Property Index actually showed that prices in London dropped by

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AFFORDABLE HOMES CA S E S T U DY

Aveen Kelly, 32, was determined that she would one day own her own home, but the price of houses in Tooting, close to where she worked for Wandsworth Council, meant it was always going to be a challenge. “I saved up hard by sacrificing holidays and saying no to meals out, which was difficult in the beginning,” says Aveen. Fortunately, Aveen was already aware of the benefits of buying through shared ownership, so when she saw a new development going up called XV11 and found out that it could be bought with So Resi, the dream of a place of her own began to come within reach. “I could see the progress of the site every day on the way to work, which was a real incentive to keep going – I was adamant that this is where I would buy and how I would get on the property ladder.” After a trouble-free application process, Aveen reserved a one bedroom apartment with a deposit of £25,200. She initially bought a 60% share for £168,000, but has since taken advantage of the unique So Resi Plus option that enables shared owners to buy an extra 1% of the home each year, without the cost of arranging a solicitor each time a share is purchased. “I’ve gone from renting in London to getting on the property ladder, to now being on the road to owning 100% of my home,” says Aveen. “It sounds like a cliché but I have a brilliant quality of life; I’m so thankful for the scheme. I never would have been able to afford a home on the open market and my outgoings are cheaper than if I were renting on my own in a similar-sized property in the area.”

EXPERT COMMENT We launched So Resi Plus because

CA S E S T U DY

our research showed that 70% of our existing shared ownership

Adel Whitworth, 33, was beginning to feel she would never own a home after previous attempts to buy in Tooting Broadway had fallen through. When she found out about the So Resi shared ownership scheme, however, she jumped at the chance to apply for a home at Battersea Bridge Road, and persuaded her friend and flatmate James to do the same. The friends both had their applications accepted and are now neighbours in a striking new apartment building linked by a glass atrium to the former Battersea Police station. Adel, who works as a project controls manager for Mott MacDonald, working on Crossrail at Canary Wharf, explains, “It was a no brainer. There was nothing available on the open market which matched the high specification of the homes available at this development, and purchasing through shared ownership meant I wasn’t competing with investors.” Adel purchased a 35% share of a one bedroom apartment for £177,625 (full price £507,500) and put down a deposit of £32,000. “To finally be a homeowner after years of trying – I couldn’t be happier,” she says. “Having had experience dealing with the complications of trying to buy on the open market, I was over the moon with how easy it was buying through shared ownership; So Resi guided and helped me through the entire buying process.” She has now signed up to So Resi Plus which means she can buy an extra 1% of her home each year for up to 15 years, without the cost of arranging a solicitor each time. “For me, the best part of purchasing through shared ownership is feeling settled,” Adel says. “I don’t have to worry about moving for a very long time and I can decorate my apartment exactly how I like it. Plus, I still have my friend and former flatmate living nearby!”

homebuyers would like to increase the share they own in their home but found the process of doing so confusing. This was a worrying statistic because the ability to increase the share is a key benefit of shared ownership; it enables homebuyers to buy more share when they are able to, eventually leading to 100% ownership. People weren’t doing this due to misperceptions of the scheme, so we needed to encourage homebuyers to take advantage. We introduced So Resi Plus over three years ago, but have recently reconsidered the way we describe the process to make sure it’s clearly explained with simple imagery and information. Rather than sharing too much information up front, we focus on the homebuyer’s situation and describe the process using real life examples directly relating to their situation. That way they can easily make a decision as to whether signing up to So Resi Plus will work

1.8% over a year, so of course shared owners would be advised to consider local house price movements carefully before making a decision to buy a larger share of their home. This simplified process has resulted in a big increase overall in the number of shared owners who go on to buy a larger share. Analysing the results of the scheme, TVH found that while only 3.3% of shared owners managed to increase the share they own in a shared ownership home in the traditional fashion, 16% of buyers on So Resi Plus bought a further share of their home over a

three-year period, and more than a third of those expected to buy even more in the next five years. The scheme is proving popular with homebuyers as a 1% share is seen as a manageable amount to save up for, rather than requiring additional borrowing, and homeowners have the freedom each year to decide whether or not to make the purchase. Such has been the success of the scheme, that TVH has now extended it to existing buyers to help even more people increase their share in their own home.

for them for now and in the future. Of course, we’re with them every step of the way, guiding them through the whole process.

Kush Rawal Commercial Director, Thames Valley Housing

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AFFORDABLE HOMES

LUXURY LIVING IN KINGS HEATH

Located in the heart of Kings Heath, one of Birmingham’s most sought after suburbs, these 32 one and two bedroom high-specification apartments from Regency Residential offer affordable, luxury living and excellent commuter links for first time buyers Situated directly on the bustling Kings Heath high street, the 32 apartments that make up Fifteen the High Street are just a stone’s throw away from Birmingham city centre. The popular area provides fantastic transport links to the city, made easily accessible by one of the many regular bus services which run seven days a week or by a quick 10-minute car journey via the area’s well-positioned motorway links. Just south of Birmingham city centre, Kings Heath is renowned for its urban village feel. The borough is known for providing residents with everything they could need right on their doorstep: green spaces, sought-after schools and state-ofthe-art leisure centres are all close by. Kings Heath high street is the beating heart of the suburb’s shopping and leisure experience, boasting big chain brands and a diverse range of independent, boutique shops, bars and eateries in a desirable cosmopolitan location. What’s more, Kings Heath Village Square hosts an annual calendar of regular monthly markets; including farmers’ produce, street food, arts and crafts and vintage fairs, showcasing the many local traders and businesses rising from the creative sector of the area. Each apartment within this boutique conversion is available with one or two bedrooms, boasting 510 sq ft and 721 sq ft of open-plan living space respectively. The properties feature Juliet balconies as well as

modern, fully fitted kitchens and bathrooms, all finished to a high specification. A fantastic opportunity for first time buyers, or investors who want to benefit from owning a carefully renovated, deluxe property in the midst of this dynamic neighbourhood, prices start as low as £135,000 for a one-bedroom property or £195,000 for two bedrooms. Both will offer projected annual yields of up to 6% on the rental market, ideal for the growing number of young professionals moving into the area. Chris Taylor, managing director at Manchester-based Regency Residential,

said, “Kings Heath is an exciting borough of Birmingham. Not only is it a vibrant community in itself but it’s also very wellconnected to Birmingham city centre and popular student areas. These apartments have already been incredibly popular and will sell out fast!” To secure a property, a special reservation fee rate of just £1,000 is available for first time buyers and owner occupiers. For more information, please contact the Regency Residential team by emailing enquiries@regencyresidential.co.uk, call 0161 274 0472 or visit regencyresidential.co.uk

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COMPETITION

HELP SHAPE THE FUTURE OF HOUSE BUYING AND WIN CASH PRIZES

First Time Buyer has teamed up with some leading housebuilders and other media organisations to find out what buying a house is really like - and what house buyers are looking for from their homes and housebuilders You could win £500 cash by simply completing our online survey which you can find at tiny.cc/ftb-survey. Plus, there is the chance to win an additional £500 for taking part in a brief telephone conversation with one of our researchers. We are keen to hear from anyone who is searching for a new house at the moment, or who has purchased a new house in the past 12 months. Whether your search and purchase involved a brand new home or an established property, your views will help to shape the way housebuilders meet the needs of homebuyers in the future. The

Lynda Clark, Editor at First Time Buyer, said, “The builders who are working with us on this survey have a genuine interest in your opinions – they are investing to find out what you think! So share your views at tiny.cc/ftb-survey. You could win £500!”

survey covers everything from the type of property you are looking to buy or have bought (whether it’s for your own use or as an investment) as well as topics such as location, size and energy efficiency.

The research is being undertaken by OlsenMetrix Marketing (olsenmetrix.com) working with First Time Buyer and other partners. Survey responses will be anonymous. Names and contact details will be collected only to let you know if you have won one of the prizes and will not be used for marketing purposes. Further information is available on the survey website at tiny.cc/ftb-survey.

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HELP TO BUY

HELP TO BUY EAST AND SOUTH EAST WILL BE BACK ON THE ROAD IN 2018

Is this the year that you take your first step on to the homeownership ladder? Not sure where to start or what opportunities might be available to you? Get the best out of Help to Buy and come and join one of their free and friendly home show events. “Our Help to Buy Home Show feedback is always so positive. It’s incredibly useful to have so many housing professionals in one place. These events provide a unique chance for buyers to make really informed decisions about their future,” says Ansonia Burgess, Help to Buy East and South East, Manager. Help to Buy East and South East host regular events with all you need to know about the various schemes conveniently gathered under one roof. With housing associations and developers on hand to explain the products specifically designed to make buying a home more affordable, such as Help to Buy Equity Loans and shared ownership options. Furthermore, we will have independent financial advisors offering crucial financial and mortgage advice alongside, independent legal advisors. Whatever your position, whether you are merely browsing or in a position to buy, we recommend this opportunity to speak directly to friendly industry professionals and get your questions answered on all things related to home ownership. bpha is the Help to Buy agent for the East and South East of England. If you think you would like to buy in one of the following counties with Help to Buy then the first step will be to register with us at helptobuyese.org.uk

NORFOLK

BEDFORDSHIRE CAMBRIDGESHIRE SUFFOLK

BUCKINGHAMSHIRE

ESSEX

HERTFORDSHIRE

SURREY

WEST SUSSEX

KENT

HELP TO BUY HOME SHOW CALENDAR Remember, there is no need to book, you can just drop in! SATURDAY 24 MARCH 10:30am – 3pm Chelmsford City Racecourse, Moulsham Hall Lane Entrance (Gate 11), Great Leighs, Essex CM3 1PZ WEDNESDAY 18 APRIL 4pm – 8pm Holiday Inn Hemel Hempstead M1, Junction 8, Breakspear Way, Hemel Hempstead HP2 4UA WEDNESDAY 02 MAY 4pm – 8pm Holiday Inn Aylesbury, Weston Turville, Aylesbury HP22 5QT SATURDAY 12 MAY 10:30am – 3pm Arora Hotel, Southgate Avenue, Southgate, Crawley RH10 6LW SATURDAY 30 JUNE 10:30am – 3pm Holiday Inn Cambridge, Lakeview, Bridge Road, Impington, Cambridge CB4 9PH We have more dates to be confirmed so keep an eye on the news and events section of our website for more information – helptobuyese.org.uk as we may be coming to a place near you.

EAST SUSSEX Get social with us to find out about the latest properties and Help to Buy news:

Want to come along this Spring? Read just a few of our comments from previous shows. “I’m so pleased I attended, the whole event has been very useful and everyone has been so friendly”

“Fantastic, all my questions answered!”

“Really pleased, we didn’t think we could afford to buy, so I was delighted to discover we could!”

facebook.com/HelptoBuyESE twitter.com/helptobuyEaSE W: helptobuyese.org.uk T: 03333 214 044 E: helptobuyeastandsoutheast@bpha.org.uk

Come and find out for yourself if homeownership is closer than you think.

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LOCATION

HOTspot Photo © Queen Elizabeth Olympic Park/Facebook

There’s something about Stratford

FAC T F I L E

Average property price (Oct 2017) – £223,807 Property breakdown:* (Stratford) Detached – £340,996 Semi-detached – £211,014 Terraced – £179,327 Flat – £113,183 *According to the UK House Price Index, October 2017

S O M E FA M O U S RESIDENTS

With world-class amenities, great new venues, and plenty of new homes attracting fresh, young buyers, the east London town that fell under the world’s gaze in 2012 continues to bloom The East End town of Stratford enjoyed a stratospheric rise to fame when the London Olympics landed on its doorstep in 2012. The area attracted attention from around the world and, with billions invested in regeneration, it was touted as a new London hotspot for young buyers. Nearly five years on, Stratford continues to bloom. There is a strong arts and culture scene, with theatre, performance and music at its heart, as well as a love of on-trend eateries, bars and cafes. It is, after all, a stone’s throw from the trendy East London locales of Hackney and Hackney Wick. Aside from the brilliant local amenities, including world-class sporting and shopping facilities, getting around London is also easy. From the Zone 2 stations, commuters will arrive in central London in around 15 minutes.

HOMES AND RESIDENTS There have been thousands of new homes built in Stratford and the surrounding areas in the past few years, with new developments continuing to be planned and constructed. With these new homes, many of which are affordable, comes a younger demographic of professionals

looking for a well-connected part of town that still fits a certain budget. The town’s population is increasingly younger: in 2011, 70% of the population was under 40, and 33% under 25, and the area’s transformation continues to attract a younger resident. It is also a diverse population – with the 2011 census showing that over 70% of residents were from an ethnic group, or background, other than white British. The area is also big on arts and culture – with several arts organisations helping to embed performance, art and theatre into the local culture.

OUT AND ABOUT In recent years, East London has become a byword for trendy and alternative fun – and Stratford has certainly played its part. You’ll find everything from table tennis bars and outdoor cinemas to rooftop golf, all accompaniedby a cocktail in a jam jar! Climb the steps at Stratford's original multi-storey car park to rooftop bar Roof East. After supping some spectacular cocktails, step into a cosy cabin for some karaoke, courtesy of Lucky Voice, or partake in some seasonal sports. Last

• Poet Benjamin Zephaniah • Actor Idris Elba • Actor Danny Dyer • Actor Honor Blackman • Singer Vanessa White

summer, the vast car park space was used for crazy golf, while this winter, guests can enjoy a spot of curling. For more by way of sporting fun, visit Bat & Ball in Westfield Stratford City to enjoy ping-pong, pizza and craft beer. Lovers of all things craft must make a stop at Tap East, a specialist beer bar and microbrewery located in the Great Eastern Market, also at Westfield. The bar is home to over 100 types of bottled beer, as well as many, regularly changing draughts, and also serves up plenty of pizza and snacks to keep you going. If you’re looking for something a little more cultured, book tickets at the Theatre Royal East. This wonderful Victorian playhouse, known as ‘the people’s theatre’ has a long and varied history of putting on plays ‘for the people’ and is a great

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LOCATION

SHOPPING The arrival of Westfield Stratford City in 2011 really helped to put Stratford on the map. The shopping centre is one of the largest in Europe and is home to over 250 shops, eateries and bars as well as several destination venues. All Star Lanes Bowling is a popular choice, where, as well as tenpin bowling, you’ll also find live music, a cocktail bar and an American Diner. Step out of the comfort of Westfield (which is conveniently under the same roof as the tube station) and there’s still plenty of shopping opportunities to explore. Stratford Shopping Centre, just across the road from

Westfield Shopping Centre Photo © Flikr/e Guide Travel

advocate for new writers. Catch plays and live music throughout the week. There is also plenty to do in the great outdoors. The River Lea runs through the town, along which you’ll find plenty of great walks and cycle rides. Visit the huge Queen Elizabeth Park – a legacy of London 2012 – and wander the many acres, take a swim at the aquatics centre, or even try track cycling at the VeloPark. Victoria Park, one of London’s most beautiful green spaces, is around two miles away and is a great space to visit for lazy summer afternoons, picnics and outdoor concerts.

Westfield, has really stepped up to the plate to provide some local competition. As well as the 50+ stores, including many independent retailers, this centre hosts one of the borough’s oldest East End markets, which has over 30 stalls. And if you love picking up a bargain and a nice bite to eat, head to the outdoor market on Broadway, which is open Tuesday to Saturday.

into central London (around 15 minutes), west London as well as further east and to Essex. From Stratford International, commuters can reach St Pancras in seven minutes, for Eurostar connections, while Dover – for international ferry connections – can be reached in under one hour. Stratford Coach Station runs a regular shuttle bus service to Stansted Airport and is also a stop for coaches travelling all over the country. Local transport is also excellent – there are multiple bus routes travelling through and around Stratford town centre, 24 hours a day, including regular services to nearby West Ham, Leyton and Canning Town as well as into central London and south of the river to Lewisham.

5 REASONS WE LOVE… …STRATFORD

TRANSPORT Stratford sits on the border of the London travel zones 2 and 3, and boasts fantastic transport connections. Stratford rail station is served by the Jubilee and Central Line tubes, as well as TFL Rail, DLR and Overground, aiding fast and easy journeys

1 A choice of great parks 2 First-class transport connections 3 World-class sports facilities 4 Young, creative population 5 Amazing shopping facilities

HOMES on offer in the area… CANNING TOWN

LEYTON

Silver Quarter

STRATFORD

Leyton Place

FROM £160,000*

Stratford Central, E15 1BG

FROM £325,000

FROM £TBC

Silver Quarter is an exciting new community of 55 one, two and three bedroom apartments offered through shared ownership in the heart of one of London’s most upand-coming areas, part of the £3.7bn regeneration of Canning Town. Within a short walking distance from Canning Town station, it is part of a larger re-development programme and offers stylish modern housing at an affordable price. The contemporary apartments offer streamlined, fitted kitchens, open-plan living areas and bold modern bathrooms, and there is also access to private outdoor spaces.

Launching this spring, the new collection at Leyton Place features six, one and two bedroom apartments, set in a quiet residential road, perfectly located only minutes from the local shops. A short walk to the nearest underground station provides direct access to central London, and the varied leisure amenities of Stratford are all within easy reach. Each apartment is designed to make the most of urban living, with meticulously designed kitchens, sleek, stylish bathrooms and a private balcony or terrace to enjoy relaxing summer evenings.

L&Q are launching Stratford Central, a brand-new collection of one, two and three bedroom apartments, located next door to Stratford underground station. Available to buy through shared ownership, Stratford Central launches in April 2018. Situated in a highly popular area with excellent transport links through underground, overground and DLR, Canary Wharf and Liverpool Street are easily reachable within 10 minutes. The homes come with fully integrated kitchen and built-in wardrobes to master bedrooms. There is also a communal green area that can be enjoyed by the residents.

silverquarter.site-sales.co.uk

leytonplace.site-sales.co.uk

lqpricedin.co.uk/stratford-central

*Based on a 40% share of the full market value of £400,000

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FOR SALE

FOR SALE THE CREAM OF THE CROP Each month, FTB scours the market for the best starter homes for first time buyers. Whether you’re looking for a place to call home that’s close to city life, a new pad for your growing family, or simply somewhere to fit a tight budget, we hope you will enjoy our selection.

OLD TRAFFORD, MANCHESTER

HOIC FIRST C

NORTHERN

TS LIG★ H ★★

Affordable homes p62-63

LAMBETH, SOUTH LONDON

HOIC FIRST C

POPULAR

LO★C★A★LE Family homes p64-65

CROYDON, SOUTH LONDON

HOIC FIRST C

LANDMARK

BUIL★ D★ ★ING Urban retreats p66-67

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FOR SALE

AFFORDABLE HOMES OLD TRAFFORD, MANCHESTER

HOIC FIRST C

FROM £127,950

NORTHERSN T LIGH ★★ ★

Trafford Plaza Just two miles from the centre of Manchester, these sleek new apartments are perfect for buyers looking to enjoy the best of city life. A total of 174 one and two bedroom homes make up this 15-storey landmark development, each finished to a high specification and with great views over the city. The homes are set within 1.5 acres of landscaped grounds, while inside they feature floorto-ceiling windows for maximum light, open-plan living areas, fitted kitchens and private balconies. There are plenty of local amenities nearby, while travelling into town is easy from Trafford Bar tram stop. Regency Residential 0161 274 0472 regencyresidential.co.uk

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FOR SALE CHICHESTER, WEST SUSSEX

FROM £120,000* E B B S F L E E T, K E N T

FROM £220,000

Priors Orchard This pretty new development just outside Chichester sits on the doorstep of some of West Sussex’s most stunning countryside and rural coastline. The remaining two bedroom homes have a separate kitchen and living room downstairs and a private turfed garden, and two well-sized bedrooms

upstairs. The historic city of Chichester is a short drive away, while the nearby A27 makes for easy connections to Brighton, Southampton and Portsmouth. Nearby Southbourne rail station offers direct links to London. Radian Homes 0800 145 6663 radianhomes.co.uk

*Based on a 40% share of the full market value of £300,000

FROM £44,000*

C H AT H A M , K E N T

Springhead Park Set within nine acres of open land, and with city links minutes from the door, this new collection of homes will mix urban and rural life. The properties range from one and two bedroom apartments to three and four bedroom houses, and include eco features throughout. The two bedroom apartments include

E L Y, E A S T A N G L I A

open-plan living areas with double doors to a Juliet balcony, and an en suite from the master bedroom. From nearby Ebbsfleet International station, trains take just 12 minutes to Stratford. Countryside Properties 01474 335 195 countryside-properties.com

FROM £199,995

Cross Street The 50 new homes at Cross Street will form part of a multimillion pound regeneration scheme that’s helped transform the surrounding area. The one and two bedroom homes available through shared ownership will feature highquality fitted kitchens with integrated appliances, and private balconies or terraces.

Private parking will also be available. Chatham high street lies within easy reach, while the historic city of Rochester is a short car or bus journey away. Commuting is easy, too – highspeed rail links to London take around 45 minutes. Red Loft 0844 225 3070 redloftsales.co.uk

*Based on a 40% share of the full market value of £110,000

King’s Row These stylish one and two bedroom apartments lie at the heart of Ely, a city that was recently named as one of the best places to live in the UK. The homes feature open-plan living areas with quality wooden flooring, fitted kitchens, and en suites in the larger apartments. Private parking is also available.

There’s plenty to do in the area, with the cathedral, park, quaint pubs and restaurants within walking distance. From Ely station, trains to Cambridge take 15 minutes, or an hour and a quarter to London King’s Cross. Cheffins 01353 654 900 cheffins.co.uk

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FOR SALE

FAMILY HOMES FROM £175,250*

LAMBETH, SOUTH LONDON

HOIC FIRST C

POPULAR

LO★C★A★LE

Oval Quarter There are a number of three bedroom apartments available through shared ownership at this new collection of homes in south London. The apartments are beautifully finished and feature sleek, fitted kitchens, en suite from the master bedroom, and a good-sized balcony or terrace. Oval Quarter is superbly located for enjoying the very best of London life. The popular locales of Camberwell, Brixton and Peckham lie within easy reach, while central London is just a few miles north, via a short bus ride. Loughborough Junction rail station is less than a mile away for direct trains to Farringdon. Notting Hill Housing 0203 815 1234 nhillsales.com *Based on a 25% share of the full market value of £705,000

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FOR SALE FROM £525,000

HACKBRIDGE, SURREY

ST MARY’S ISLAND, KENT

FROM £222,500

Maple Grove These beautiful three and four bedroom homes occupy a tranquil spot along the tree-lined River Wandle, yet close to the busy towns of Carlshalton and Croydon. The three bedroom homes are arranged over three storeys, with separate kitchen and living room downstairs, two bedrooms on the first floor

and the master bedroom and en suite at the top. A leisure centre, supermarkets and beautiful Beddington Park are nearby. London Victoria can be reached in just 25 minutes from nearby Hackbridge rail station. Site Sales 0845 241 6070 maplegrove-london.co.uk

CROWTHORNE, BERKSHIRE

FROM £245,000

The Docks at Azure Located on the former site of the Royal Naval Dockyard, this new collection of homes enjoys wonderful views over the marina. The one, two and three bedroom apartments and three to five bedroom houses have been beautifully designed with modern living in mind. The two bedroom apartments feature spacious

living areas that open to private balconies – many overlooking the water. Private parking is also available. Rochester station is a short drive away, with trains to St Pancras taking under 40 minutes. Countryside Properties 01634 891 200 countryside-properties.com

FROM £71,750*

S TA N D I S H , W I G A N

Bucklers Park Set within parkland, and with speedy transport connections, this new development will eventually consist of 1,000 homes, offering the best of both city and quieter life. The first phase launched 200 one bedroom apartments and two, three and four bedroom houses. The two-storey, two bedroom

homes include a car port. The site will eventually be home to amenities including shops and a community centre. From nearby Crowthorne station, direct trains to Paddington take 50 minutes. Legal & General Homes 01344 568 164 landghomes.com

Barrowcroft Green This new collection of family homes is set in a pretty rural location, just outside tthe small town of Standish. There are 11 three bedroom homes available through shared ownership. Inside, the properties are bright and spacious, with sleek fitted kitchens, and living rooms that open to private gardens. There

are also several eco features throughout the homes to help keep living costs down. Standish is home to many good local amenities, while Wigan and Bolton can be reached in as little as 15 minutes. Plumlife 0161 447 5050 plumlife.co.uk

*Based on a 35% share of the full market value of £205,000

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FOR SALE

FAMILY HOMES CROYDON, SOUTH LONDON

FROM £350,000

HOIC FIRST C

LANDMARK

BUI★LD★ ★ING

Leon House Located in the heart of Croydon, Leon House is an iconic part of the town’s landscape. The 20-storey former office block has been regenerated into a fantastic collection of sleek one and two bedroom homes with unbeatable views out over the surrounding areas and beyond. Residents will have access to the very best on-site facilities including a communal rooftop garden and private dining room. Transport links are fantastic. From East Croydon station, trains to London Victoria take under 20 minutes, while Brighton and the south coast can be reached in as little as 45 minutes. Leon House Marketing Suite 0208 686 9434 rightmove.co.uk/property-for-sale/property-51704631.html

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FOR SALE FROM £126,000*

ENFIELD, NORTH LONDON

FROM £231,995

MACCLESFIELD, CHESHIRE

Broomfield at Aspire Leafy Enfield is home to this impressive new collection of one, two, three and four bedroom homes, with many available through shared ownership. These stylish properties are well sized, with open-plan living/ dining areas and private outdoor space, while the three bedroom properties are on two storeys.

Transport links are excellent: from Arnos Grove, Piccadilly Line services run to central London in around 25 minutes, while trains from Broomfield run north via Stevenage, or east to Moorgate. Notting Hill Housing 0203 815 1234 nhillsales.com

*Based on a 40% share of the full market value of £327,500

W E M B L E Y, N O R T H W E S T L O N D O N

FROM £134,000*

Hope Park Mews The centre of thriving Macclesfield and all its fantastic amenities is just one mile from the new homes at Hope Park Mews. The collection comprises 34 three and four bedroom homes, and with West Park just moments away, and the Peak District nearby, it’s perfect for growing families. The three

bedroom homes are arranged over two floors, with a separate lounge and kitchen and a w/c downstairs, while the bedrooms and family bathroom are on the top floor. Homes have rear gardens and allocated parking. Elan Homes 0845 481 8801 elan-homes.co.uk

ELEPHANT AND CASTLE, LONDON

FROM £132,000*

Parkside Place With green space in every direction and speedy transport links, these homes are perfect for commuters who enjoy a bit of distance from city life. The one, two and four bedroom homes have been designed with modern living in mind, with bright open-plan living/dining areas, fitted kitchens with integrated

appliances, en suites in the larger properties, and balconies for enjoying private outdoor space. From Sudbury & Harrow Road station, Marylebone can be reached in just 17 minutes. Notting Hill Housing 0203 815 1234 nhillsales.com

*Based on a 40% share of the full market value of £335,000

The Levers With the Thames, London Bridge and many iconic landmarks all within easy reach, this new collection of one and two bedroom homes is ideal for enjoying London life. Arranged around a private courtyard, the contemporary apartments are bright and spacious, with openplan living areas, fitted kitchens

and private balconies. Residents can also enjoy the communal roof terrace. Elephant and Castle station for the Bakerloo and Northern Lines and mainline rail is a short walk away, while central London is a short cycle. Peabody 020 7021 4842 peabodysales.co.uk

*Based on a 30% share of the full market value of £440,000

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REAL LIFE

Shared ownership: Haggerston, London E8 FAC T F I L E

Property: One bedroom top floor apartment with balcony Full market value: £495,000 Share purchased: £173,250 for a 35% share Deposit: £26,000 Approximately monthly outgoings: £1,400 Service charge: £180

Damian had been renting in Dalston for six years but was keen to find somewhere permanent to settle down. Eager to stay in east London, he started looking at properties for sale nearby, but just couldn’t save enough for a deposit Damian, Head of Academic Services at CASS Business School said, “I was working out the numbers one day and figured that I’d have to save for 50 years to afford a deposit for the homes I was looking at! I almost gave up looking – I thought I’d be renting forever. I knew a bit about shared ownership beforehand, but all the properties I’d seen in the past were tiny and really far out of London, so I thought it wasn’t for me. “When I came across The City Mills, I was really impressed. I went for a viewing and put my name down immediately. There were only two flats left, but I luckily managed to secure my top floor flat. The sales process was extremely smooth, and, unbelievably, there was only six weeks between viewing the flat for the first time and moving in!” Damian bought a 35% share of his one bedroom apartment with a balcony for £173,250 and put down a deposit of £26,000. His approximate monthly costs are around

£1,400 and the service charge is £180 and subsidised rent, £800. “The only hiccup was trying to find someone to fill my old flat in such a short space of time! “My standard of living has gone through the roof! My apartment is incredibly light and airy. It feels so spacious, and has an enormous balcony overlooking Haggerston. The City Mills is in a fantastic location; I’m right next to the canal, so I can walk

to work that way, which I love, or I can just hop on a train at Haggerston or Dalston. I’m close to Broadway Market and plenty of parks and fields, which is where I love to spend my weekends, and I can get to Shoreditch in five minutes. It couldn’t be better really. I am definitely staying put. I’d love to staircase to 100% actually, maybe in a couple of years. This is my home now, and it would be such a great feeling to own it completely!” To view the full range of shared ownership properties in London, or for further information about the options after purchasing a shared ownership home, visit lqpricedin.co.uk/future

“I WAS WORKING OUT THE NUMBERS ONE DAY AND FIGURED THAT I’D HAVE TO SAVE FOR 50 YEARS TO AFFORD A DEPOSIT FOR THE HOMES I WAS LOOKING AT! I ALMOST GAVE UP LOOKING – I THOUGHT I’D BE RENTING FOREVER”

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VOTE NOW! We take our readers very seriously and want to know your views as first time buyers. That’s why we need you to vote for your favourite developments, housing providers and other categories, listed on the following pages, in our First Time Buyer Readers’ Awards 2018. You could win £250 Ikea vouchers! For more details, see page 104.

Friday 20 April Vote at ftbawards.com FTB 72-105 FTB-Awards February-March18.indd 73

23/01/2018 16:29

Sponsored by

BEST SMALL DEVELOPMENT AFFORDABLE HOMES

THIS AWARD WILL BE GIVEN TO SMALL DEVELOPMENTS THAT HAVE USED THE BEST DESIGN AND QUALITY TO CREATE DESIRABLE, AFFORDABLE AND INSPIRING ENVIRONMENTS IN WHICH PEOPLE WISH TO SET UP THEIR FIRST HOME. THE AWARD IS FOR SCHEMES OF FEWER THAN 30 HOMES.

FAMILY MOSAIC | LENNARD ROAD Family Mosaic, now part of the Peabody Group, created an affordable and highquality development that appealed to the varying audience of first time buyers. At Lennard Road, a 100% affordable housing development, Family Mosaic successfully created a popular, modern collection of homes. The development compromises 26 one, two and three bedroom apartments, including 17 for shared ownership and nine for affordable rent. It offered first time buyers, comprising young professionals, couples and families, a great opportunity to get on to the property ladder with prices starting at just £87,000 for a 30% share of a one bedroom apartment.

PLUMLIFE | THE FIRS The Firs development, by leading affordable housing specialist Plumlife, was created to appeal to local buyers looking for modern and affordable living in the heart of Salford. The development consisted of 30, two and three bedroom terraced homes, specifically aimed at family buyers and working professionals. All homes featured a modern layout with light and spacious rooms, efficient energy saving systems and contemporary designs with allocated parking spaces – perfect for a growing family. Homes were for sale through shared ownership and proved to be a great way for local first time buyers to step onto the property ladder in an established community. Demand was incredibly high and all properties were reserved within two weeks of our VIP launch. We worked with Salford Council to ensure only buyers with a link to the area could purchase a home.

SOUTHERN HOME OWNERSHIP | LONDON LANE London Lane is a stunning new development close to London Fields, offering the best about modern day living. It has been cleverly designed to provide distinctive, innovative, boldly designed homes today’s Londoners are looking for. London Lane offers one bed apartments to family homes close to the tech hubs of Old Street, the financial centres of the City and Canary Wharf, the studios of Hackney Wick or the media heartlands of Soho and Fitzrovia. London Lane will be contributing to the future of the housing market by reinvesting 100% of the profit to build new homes and improve existing ones.

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BEST URBAN REGENERATION PROJECT AFFORDABLE HOMES

THIS AWARD IS FOR THE BEST DEVELOPMENT WITHIN A NEIGHBOURHOOD REGENERATION SCHEME THAT CAN DEMONSTRATE THE BENEFIT IT HAS BROUGHT TO THE AREA.

HIGGINS HOMES | CLISSOLD QUARTER Clissold Quarter – the transformation of the Kings Crescent Estate in Stoke Newington, London by Higgins Homes and the London Borough of Hackney – is providing new and refurbished homes, high-quality public realm as well as social and economic improvement. The current first phase has delivered 273 new homes (79 homes for affordable rent, 36 homes for intermediate sale, 158 for private sale of which two-thirds were bought using London Help to Buy). The funds generated by the private sale are being redeployed to refurbish 101 council homes. The regeneration has already been cited as a best practice project in such sources as the Architects’ Journal Exemplary Housing Estate Regeneration in Europe publication. Not only is Clissold Quarter a quantifiable success in regeneration terms, it is also a great new place to live, especially given its proximity to Clissold Park as well as Arsenal, Manor Park and Finsbury Park underground stations.

HOME GROUP | RAYNERS LANE At Home Group we’re hugely proud of the new Rayners Lane and its awardwinning success. Unrecognisable from the tired, run-down neighbourhood it once was, the former council estate has been transformed into a thriving hub of newfound opportunity for the people and businesses living and located there. Great partnerships are at the heart of this success, achieved through collaboration with the London Borough of Harrow, local residents and our specialist team of development partners.

L&Q AND LONDON BOROUGH OF BARKING AND DAGENHAM | WEAVERS QUARTER One of the capital’s most ambitious regeneration projects, Weavers Quarter, a pioneering partnership between L&Q and the London Borough of Barking and Dagenham, will transform the once run-down, eastern side of the Gascoigne Estate in Barking, East London, into a sustainable and long-term community, ultimately housing over 5500 people. Once complete in 2024, Weavers Quarter will bring 1575 new affordable homes, 690 primary school places and 1850 secondary school places, a community centre, retail and office space and a new public square to Barking town centre. More than just a collection of high-quality homes, the £300 million multi-phase scheme makes a significant contribution to the changing face of Barking – one of London’s last remaining genuinely affordable districts for first time buyers. Through carefully considered design, quality specification and an extensive community engagement programme, Weavers Quarter will create a remarkable new neighbourhood, which people will undoubtedly be proud to call home.

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READERS’ AWARDS 2018

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LOVELL HOMES | PLATTING VILLAGE

READERS’ AWARDS

An exemplar of regeneration for New East Manchester and beyond, Platting Village is a vibrant new community, which when complete, will deliver more than 900 new homes. The first two phases of Platting Village have proved incredibly successful, exhibiting a phenomenal sales pace due to high demand. By offering a revitalised housing stock for the local population, the developments have maintained a real sense of community spirit whilst attracting new residents into the area with a high number of first time buyers. The development has delivered a 40% net increase in the number of properties currently available in the wider area, with a mix of residences that deliver greater choice and variety to the community in terms of size, style and tenure. Platting Village is located less than 15 minutes walk from Manchester city centre.

ST. MODWEN HOMES | TRENTHAM MANOR Prior to St. Modwen Homes breathing new life into Trentham Manor, it was an inactive and unused site of a former colliery that brought no benefits to the local community in Stoke-on-Trent. Today, it is a beautiful residential development that has delivered a variety of contemporary new homes, as well as creating thousands of new jobs and introducing a range of leisure and retail facilities. Trentham Manor has been particularly popular with first time buyers, many of whom have used Help to Buy or one of St. Modwen Home’s initiatives. Plus, all purchasers benefit from the luxury specification that is included in the homes as standard, as well as the high quality build and modern design that St. Modwen Homes is known for. St. Modwen Homes has also put a key focus on the local community, leading site safety lessons with local schools, naming streets after Stoke’s war heroes and setting up a Sunday League football team. Proving just how popular Trentham Manor is, 100% of new purchasers would happily recommend St. Modwen Homes and Trentham Manor to a friend.

TAYLOR WIMPEY EAST LONDON | ASPEXT Taylor Wimpey East London’s Aspext is one of the latest key elements of a masterplan which is creating a dynamic new metropolitan centre in east London. Set on the fringes of Queen Elizabeth Olympic Park, the community of 175 homes will transform an unappealing industrial site, while providing a substantial increase in employment space with the inclusion of 15 commercial units. The mix of one, two and three-bedroom apartments will help to increase the quality of Tower Hamlet’s housing stock, providing local people with more choice, while also attracting new people to what is a thriving area that’s definitely ‘on the up’ thanks to the Olympic legacy. The inclusion of 40% affordable homes, and a range of buyer incentives, will also help local people, first-time buyers and key workers to put down roots at Aspext. Aspext will provide a visual stimulus to a run-down area, while complementing a nearby conservation area.

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MOST INNOVATIVE REDEVELOPMENT OF AN EXISITING PROPERTY AFFORDABLE HOMES

THIS AWARD LOOKS FOR PROPERTIES THAT HAVE BEEN REDEVELOPED USING FRESH IDEAS THAT UPHOLD THE INTEGRITY OF THE ORIGINAL BUILDING AND MAKE BEST USE OF THE RETAINED FEATURES AND SURROUNDINGS.

COUNTRYWIDE | LEON HOUSE Leon House is a Croydon landmark, built in the 1960s and is considered a great example of ‘Brutalist’ architecture. Now Leon House is being remade, revealing the original sculptured interiors and creating spacious, light-filled interiors. When researching the architecture, the current Leon architect, Roy Collado, discovered previously hidden sculptural artwork by the renowned artist William Mitchell. This is purportedly the largest piece of artwork created by the artist and is being carefully restored to offer a central focal point to the double storey lobby of the new Leon House. Above the lobby are 20 floors of apartments, one and two bed, fully designed by interior designers Love Interiors. The apartments offer fantastic floor to ceiling windows. Unlike any other office to residential conversion, the apartment sizes are London Design Standards. Leon House offers fantastic amenities, such as, a sky garden, concierge, residents’ private dining room and live/work areas.

INSPIRED HOMES | CENTRAL CROSS Central Cross by Inspired Homes is an innovative redevelopment of a 1970s office building in the heart of Croydon’s restaurant quarter, creating 82 affordable but high-end micro-apartments. Rethinking design conventions and ushering in a new era of urban living, Inspired Homes has created high-spec, high-tech, ultra-high quality private homes in Greater London that are affordable to first time buyers. The design, styling and finish in this development is a best in class.

SITESALES & BARNARDO DEVELOPMENT LTD | BARNARDO’S GARDEN VILLAGE Set in a beautiful and tranquil location in Barkingside, East London, Barnardo’s Garden Village, created by Dr Barnardo in 1875 as a sanctuary for young homeless girls, has grown to become one of the capital’s most innovative redevelopment projects; now providing a prestigious collection of new homes. In partnership with Barnardo Developments Ltd, SiteSales Property Group assisted in the design and delivery of a stunning new development comprising 210 homes across three phases. The financial model of the scheme is unique as a portion of the profits is being given back to Barnardo’s to aid the construction of their new head office, as well as funding important charity work. SiteSales and Barnardo’s were keen that as many of the homes as possible were sold to local residents. To date, over 90% have been sold to those living in the local area, particularly first time buyers.

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BEST FTB MEDIA COVERAGE AFFORDABLE HOMES

THIS AWARD IS LOOKING FOR THE BEST PROPERTY NEWS SUPPLEMENT THAT PROVIDES ACCURATE AND USEFUL INFORMATION, EITHER IN PRINT OR ONLINE, TO HELP FIRST TIME BUYERS ON TO THE PROPERTY LADDER. THE SUPPLEMENT MUST REACH OUT TO AT LEAST 1,000 READERS AND SHOULD PROVIDE REGULAR ARTICLES AIMED AT THOSE LOOKING TO PURCHASE THEIR FIRST HOME.

HAM & HIGH PROPERTY Ham & High Property, part of local newspaper Hampstead & Highgate Express, is a print supplement and micro-site all about property, interiors, and gardening in and around Hampstead and Highgate. This is one of the most affluent parts of London, and therefore often out of first time buyers’ reach. This does not mean we don’t cover the topic, however. We know that many of our readers will have children hoping to get on the ladder and keen to understand how they can help them. Not only have we written ‘How to buy your first home’ guides, we regularly report on government changes affecting first time buyers, and offer comment on the issue.

METRO PROPERTY

Property ON THE METRO Property

BURYING THE PAST...

The home built on the site of a coffin workshop (well, it is Halloween)

Home Page 31 »

PROPERTY SUPPLEMENT OF THE YEAR

PHOTO: GETTY

An established leader in first time buyer coverage, Metro’s weekly Property section reaches 1.93 million readers and more first-time buyers than any other national paper. Its award-winning features continue: weekly exclusive case studies, the popular My First Home series, in which celebrities chat about their first steps on to the ladder, and all the latest news about development launches. It has also considered whether Philip Hammond’s Stamp Duty changes will benefit first time buyers, with comment from a range of industry experts, and published a four-page guide to less traditional routes to homeownership, as well demystifying shared ownership and Help To Buy schemes. There have been features about first-time buyer hotspots, as well as ways to get on the ladder with a deposit as small as £5,000. Written in Metro’s accessible and jargon-free style, Metro Property provides a lively, entertaining mix of information and is a must-read free resource for every aspiring homebuyer.

FOR LESS Given up the idea of buying your first home? Have no fear, Andrea Dean has good news

HEN trying to buy a place of your own there’s nothing more soul-destroying than constantly coming up against a brick wall because the figures simply don’t add up. You’ve probably made various sacrifices to save a deposit − bringing in your own packed lunch, giving up takeaways and ditching pricey gym membership. You might even have moved back in with your parents but you still can’t find anywhere remotely affordable. You may also have looked into the Help to Buy equity loan and

shared ownership schemes but decided they’re not for you. Or perhaps you’ve considered moving miles away but feel that a long commute, and not having friends and family nearby, would be a compromise too far. But if you’re at the point of giving up and resigning yourself to renting forever, don’t despair. The good news is that if you’re willing to do some homework, and keep your options open, it is possible to find a first home for far less that you’d normally expect to pay. Turn to page six for our comprehensive first-timer guide...

SQUARE MILE Property has long been a cornerstone of the Square Mile brand. The majority of our readership are City professionals in their 20s and 30s, many of whom are looking to step on to the property ladder for the first time and are looking for guidance on how and where to buy in an increasingly crowded market. Through our website and property newsletters, we promote a range of stylish properties with easy access to the City. Due to our uniquely tailored audience, we can ensure these properties fit with both their budget and their workplace.

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Sponsored by

BEST LAW FIRM FOR CONVEYANCING

FINANCE

THIS AWARD CELEBRATES LAW FIRMS WITH OUTSTANDING CONVEYANCING PACKAGES FOR FIRST TIME BUYERS.

LAWCOMM SOLICITORS At Lawcomm Solicitors we take pride in providing a valuable service for first time buyers, with separate specialist teams for New Build, Help to Buy, and Shared Ownership transactions, as well as catering for all other usual purchase methods. We were very proud to receive the Highly Commended Award at the First Time Buyer Readers’ Awards 2017, and hope to do even better this year after working tirelessly for the past 12 months to further improve our service, which includes Fixed Fees, No Move No Fee Policy, Online Case Tracking and Document Collaboration for clients and third parties. We also regularly attend customer facing trade shows including the First Time Buyer Show to find out from prospective buyers what questions and concerns they have when purchasing new homes so that we are constantly improving our service with the aim of being one of the best conveyancing firms in the UK.

PRINCE EVANS Prince Evans is a leading West London law firm with a young, energetic outlook and approach. Our practice combines the best of City of London skills with an efficient and friendly service. Our practice was founded on the basis of a client-focused service which is of the highest of standards. We’re also proud members of The Housing Associations’ Legal Alliance, and were recently awarded Silver for the ESTAS awards for West London, highlighting the high quality service based on research conducted with customers. We offer our clients a broad-base of additional industry experience and are proud to hold a national reputation in a growing number of niche areas. Our friendly and approachable conveyancing teams ensure that we help first time buyers navigate the conveyancing minefield with ease.

STEPHENSONS Stephensons is an award-winning, multi-service top 150 law firm, with 34 partners and more than 470 staff based in seven offices nationwide, providing tailored legal services to individuals, businesses and government organisations. The firm includes an experienced team of award-winning residential conveyancing solicitors dedicated to ensuring that property transactions run quickly and smoothly for clients buying or selling a house or with any other residential property requirement to get them moving.Stephensons’ conveyancing solicitors have a vast amount of experience of guiding first time buyers through the entire process in a timely and affordable manner.The team also works alongside estate agents to ensure that they provide their clients with a professional and experienced conveyancing service.

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BEST FIRST TIME BUYER APARTMENT AFFORDABLE HOMES

THIS AWARD IS FOR AN APARTMENT SUITABLE FOR A FIRST TIME BUYER, WHICH IS AFFORDABLE AND ALSO OFFERS EXCELLENT DESIGN FLAIR, BOTH INSIDE AND OUT.

BROADWAY LIVING | ALTON COURT The two bedroom, two bathroom show apartment at Alton Court, Copley Hanwell W7, by Broadway Living, showcases the high quality of the new homes that are regenerating the Copley Close estate in Hanwell. This beautifully designed home has everything a first time buyer needs: plenty of space, great design and a convenient location within easy reach of central London, combined with affordability. Extending to 798 sq ft, the space is enhanced by a large balcony. The open-plan living space features vast floor-to-ceiling, triple glazed windows that flood in natural light to create a peaceful, cosy and energy efficient home. Timber-effect flooring, full-height tiling in the bathrooms, linear oak internal doors and recessed spotlights in every room are examples of the excellent specification that make this home exceptional value for a first time buyer. Prices start from £430,000 with Help to Buy or shared ownership available.

CLARION HOUSING GROUP | THE ATRIUM AT EAST CITY POINT According to Halifax, a first time buyer in the capital needs a deposit of around £106,000 (or 23%) to buy a new home, making homeownership out of reach for most Londoners. At Clarion Housing Group’s East City Point, however, a new apartment can be acquired with a deposit of less than £7,000 – with no compromise on standards or quality. All of the 43 one and two bedroom apartments and duplexes offered within the development’s The Atrium building offer high-quality interior design and facilities, as well as access to both inside and outside communal spaces with panoramic London views. The development also benefits from excellent transport connections, with the Canning Town interchange providing access in minutes to the City of London, Canary Wharf, Stratford, the West End and London City Airport via the Jubilee Line and the Docklands Light Railway. When the Elizabeth Line arrives in December, those connections will improve even further. Starting prices at time of launch: £115,500 for a 35% share of a one bedroom apartment, full value £330,000.

THE GUINNESS PARTNERSHIP | ELECTRIC QUARTER Electric Quarter is a collection of 133 one, two and three bedroom apartments at Brixton’s iconic Loughborough Park, all available with shared ownership. Ideal for first time buyers, these brand new homes by The Guinness Partnership are located in an excellent Zone 2 hotspot, and start from just £85,000 for a 25% share. The new development of shared ownership apartments brings the total number of affordable homes at Loughborough Park to 487, including those for social and affordable rent. Brixton is in the heart of South London and has become a go-to hotspot for many, from foodies and clubbers to artists and rockers – these apartments are ideal for the first-time buyer market.

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FINANCE

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READERS’ AWARDS 2018

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HIGGINS HOMES | CLISSOLD QUARTER

READERS’ AWARDS

At Clissold Quarter by Higgins Homes in Stoke Newington, first time buyers have a great choice of one, two and three bedroom apartments located a short distance from three underground stations, as well as the open space of Clissold Park. Using London Help to Buy, the one bedroom apartments can be purchased for £285,300 (FMV: £475,500). From 544 sq ft and with all high specification fixtures and fittings included as standard within the sale price – and not as an optional extra – the homes offer exceptional value for money. There’s no compromise on space either, with storage exceeding Lifetime Homes standards and all homes featuring private outdoor areas. Buyers also benefit from access to a car club, new communal gardens, allotments and a new community centre. Local buyers are prioritised with sales on multiple homes and overseas buyers restricted. Most of the two bedroom apartments are priced under the £600,000 price limit for London Help to Buy.

JOSEPH HOMES | 43 DURNSFORD ROAD 43 Durnsford Road provides a design-led collection of 20 loft style studios and seven one bedroom apartments in Wimbledon, ideal for first time buyers. The properties combine innovative, space-efficient layouts and a contemporary urban specification to create modern homes for purchasers who care about style as well as value for money. Carefully converting a former office building, acclaimed architecture studio Alma-nac has created a cutting edge design with clever features that creatively maximise the use of space. The apartments represent excellent value for money in what is a sought after SW19 location where affordable first time buyer options are otherwise limited. All of the homes were available through Help to Buy, giving first time buyers an added boost. The two final units to be sold in December 2017 were able to reap maximum benefit from the abolition of stamp duty on properties up to £300,000, being priced at £295,000.

LOVELL HOMES | TRINITY WALK The two bedroom show apartment at Trinity Walk is the first show home to highlight this superb collection of apartments by Lovell Homes, just a mile from the new Crossrail station in Woolwich. At 1,006 sq ft, the show apartment, also wheelchair accessible, is completed to a high specification, with many elements considered a rare find in a first time buyer home, such as a separate utility room which can be repurposed as a home office space. The availability of two bathrooms and bedrooms of large and equal size means this home is ideal for two friends wishing to purchase together. Already offering an affordable option thanks to the availability of London Help to Buy, Trinity Walk’s location (Zone 4) means first time buyers can get even more for their money compared to buying in the capital, without compromising on great transport links. Prices for a two bedroom apartment start from £278,000 with London Help to Buy (full market value £420,000).

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Sponsored by

BEST LARGE DEVELOPMENT AFFORDABLE HOMES

THIS AWARD IS FOR DEVELOPMENTS OF MORE THAN 80 HOMES THAT HAVE USED THE BEST DESIGN AND QUALITY TO CREATE AN AFFORDABLE, DESIRABLE AND INSPIRATIONAL ENVIRONMENT AND THAT HAVE PROVIDED ADDITIONAL FACILITIES TO BENEFIT THE LOCAL COMMUNITY AND SURROUNDING NEIGHBOURHOODS. THESE HOMES ARE IN LARGE DEVELOPMENTS IN A MIXED-TENURE ENVIRONMENT, OR STAND-ALONE DEVELOPMENTS.

BARRATT HOMES AND VIVID HOUSING | CHAPEL GATE Chapel Gate is a sustainable, new residential community of 600 homes located in the heart of Basingstoke, Hampshire, by VIVID Housing and Barratt Homes. Together, the partners have transformed a disused, run down industrial estate into much needed housing, including the refurbishment of a cherished local Art Deco landmark building. From one bedroom apartments to four bedroom family homes, the diverse range of high-quality contemporary new homes at Chapel Gate, combined with affordable price tags, purchasing options and appealing town centre location, mean it is selling fast. Each home has been designed to be flexible and suit every lifestyle, with open-plan living and plentiful outdoor space. With pedestrian and cycle routes into the town centre from the development, generous open space including a central park and play facilities, Barratt and VIVID have created an urban paradise for residents to enjoy at Chapel Gate.

CATALYST | ST BERNARD’S GATE St Bernard’s Gate is a mixed tenure development that provides a high proportion of new affordable housing on brownfield land. Built by Catalyst, a leading housing association based in Ealing, the scheme makes innovative use of existing listed buildings to create a buzzing new neighbourhood that mixes modern housing with the area’s unique heritage. Once complete, the St Bernard’s Gate development will deliver 270 new homes, consisting of 130 market sale, 98 shared ownership, 22 social rent and 20 at the new London Living Rent, giving potential first time buyers an opportunity to save for a deposit and make their first step on the housing ladder at a later date.

ST. MODWEN HOMES | LOCKING PARKLANDS Natural parkland, a thriving community and bespoke house designs are just some of the many reasons why so many people have chosen to call Locking Parklands home. Located just minutes from the seaside at Weston-super-Mare and surrounded by picturesque countryside, Locking Parklands is a mixed use development of homes, shops, new leisure facilities and plenty of open green parkland, with new employment space and a primary and secondary school being delivered in the coming years. Homeowners can also enjoy the new community centre which hosts toddler groups, Brownies and a range of other social activities; helping to bring neighbours together. As always, St. Modwen Homes puts design and quality at the forefront of its new homes. Proving popular, more than 80% of purchasers stated their main reason for buying a new home at Locking Parklands was the house designs, with people attracted to the large windows, bright, open rooms and luxury specification. Plus, 90% of new homeowners are first time buyers, with St. Modwen Homes providing lots of support throughout the buying process.

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BEST WEBSITE FOR FTBS AFFORDABLE HOMES

THIS AWARD WILL LOOK AT THE BEST PROPERTY PORTALS THAT OFFER CLEAR, PRACTICAL ADVICE AND EASY NAVIGATION.

LARKFLEET HOMES The design and content of the Larkfleet Homes website (larkfleethomes.co.uk) pay careful attention to the needs of first time buyers. The site includes mortgage and stamp duty calculators. First time buyers can work out quickly what they can afford. Detailed information of finance options and how to find them is presented clearly and concisely. Advice pages and information about schemes such as Help to Buy are tailored for first-time buyers. Navigation is easy. Buttons and links are clear and easy to see. Information is presented in plain English to make all the options and services on offer clear. Jargon busting pages offer clear definitions of finance and property terms. First time buyers can make informed decisions about their choices. Larkfleet Homes developments feature many properties suitable for first time buyers. Details of these properties and the help available to assist them in their purchase is clearly signposted for a perfect user experience.

MILLER HOMES The Miller Homes website millerhomes.co.uk really does have everything a first time buyer would need when looking for their first home. Plus, we are the only UK housebuilder that allows our users to easily search, select and purchase their home online via their PC, tablet or even their mobile phone! With an easy to navigate search tool, personalised property recommendations, property release email and sms notifications, mortgage and stamp duty calculators, practical first time buyers advice, virtual tours and video flythroughs, kitchen visualiser, ability to complete credit checks and a blog with the latest tips and trends, there should be no need for a first time buyer to look elsewhere when looking for their first home. Did we mention they can also actually buy their first home on our website?

PLUMLIFE Our brand new website makes it easy for our customers to search for a new home by providing quick, relevant information at their fingertips. All features have been designed with the customer in mind â€“ from search filters and property displays to helpful advice and guidance on affordable housing schemes, including jargon busters to simplify complex terminology. Customers can favourite properties, book viewings and even get directions to the development to help them into their new home. Each shared ownership property has a chatbot link which customers can determine financial eligibility and what size share they can purchase. Website pages are easily digested and navigated and interactive features including our map view feature which allows the customer to see the exact location of the development they are looking for. Social media features also allow customers to share their ideal home with friends and family.

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BEST ARCHITECTURAL DESIGN

FINANCE

THIS AWARD IS FOR THE DESIGN OF A BUILDING THAT EXCEEDS NORMAL ARCHITECTURAL STANDARDS AND MAKES A SUBSTANTIONAL CONTRIBUTION TO THE LOCAL ENVIRONMENT.

L&Q | THE QUARRY A collection of 600 new homes and a state-or-the-art primary school, The Quarry is a highly desirable environment for first time buyers, thanks to its unique architectural design. Set within stunning retained ecological areas and newly provided open space, the development, a joint venture between L&Q and The Anderson Group, will breathe new life into the site of a former quarry in Erith, Bexley, which has lain neglected for the past 30 years. Multi-award winning architects, Studio Egret West, have created an innovative design concept driven by the site’s topography, with its network of streets arranged to hug the contours of the landscape and gently climb the hill in a series of terraced platforms. The streets and homes have been designed to integrate with the landscape, creating a distinct yet harmonised architectural appearance, taking aesthetic influence from the history of the site.

PEABODY, HILL AND LYNDON GOODE ARCHITECTS | FISH ISLAND VILLAGE The Lanterna Building is the ‘pearl’ in Fish Island Village, a vibrant canalside neighbourhood set in the heart of Hackney Wick. The 580 home development by Peabody and Hill offers a collection of stylish one, two and three bedroom apartments, innovative workspaces and picturesque courtyards. Designed by Lyndon Goode Architects, Lanterna is at the entrance to Fish Island Village and spills out onto Lofthouse Square, the social hub of this energetic community. The building is the most modern interpretation of the architectural influences within Fish Island Village. Its iconic pavilion design features a collection of canal facing apartments, so many residents will be able to enjoy waterside views. The ground floor commercial space, with an impressive 5m high ceiling, is described as “breathtaking”. This is anticipated to be a café/bar, providing opportunities for al fresco dining and socialising, making Lofthouse Square the ultimate place for people to come together and collaborate.

TAYLOR WIMPEY EAST LONDON | ASPEXT Taylor Wimpey East London’s Aspext is one of the latest key projects in the London Legacy Development Corporation’s masterplan to create a dynamic new metropolitan centre in east London. Set on the fringes of Queen Elizabeth Olympic Park, this mixed-use community of 175 new homes and 15 commercial units is an architectural gem. Aspext comprises six individual buildings, each with a unique character, varying heights, masses and materials, offering an overall appearance of organic development rather than an imposing single style. This design has been driven by the appearance of the nearby Fish Island conservation area with its characterful geometric architectural composition and dynamic roofscapes. Bordered by residential developments, a warehouse, an industrial area and a conservation area, the appearance of the site has been sympathetically designed to fit both within the context of the local area and avoid creating a homogenous wall of development – with stunning results.

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Sponsored by

MOST INNOVATIVE MARKETING CAMPAIGN AFFORDABLE HOMES

THIS AWARD WILL BE GIVEN TO THE MOST INNOVATIVE MARKETING CAMPAIGN THAT HAS BEEN CARRIED OUT USING ALL FORMS OF MEDIA. ENABLING FIRST TIME BUYERS TO FIND AFFORDABLE HOUSING, GOVERNMENT SCHEMES AND MORTGAGE DEALS.

LOVELL HOMES | TRINITY WALK When a development marks the critical start of a major regeneration, it requires an exceptional and eye-catching initiative to market the first homes, especially when they are off plan. By installing Virtual Reality (VR) show apartments and creating downloadable versions through Augmented Reality (AR), Lovell Homes has surpassed its off-plan reservation targets at its landmark development Trinity Walk in South East London. The VR technology is easy to use. It is activated by an Xbox controller, a technology with which many people are familiar. Using the analog sticks, potential homebuyers can then ‘walk through’ a one and two bedroom apartment, which are displayed on a large, curved screen directly in front of them. Downloaded as an app, AR technology was also created to help buyers visualise the new homes to an even greater extent, as the technology enables the user to view the interiors and exteriors in 3D.

THE MEDIA PEOPLE | SHARED OWNERSHIP WEEK Shared Ownership Week returned in September 2017, reaching millions of people trying to get on or move up the property ladder. The annual awareness Week took aspiring buyers on all-inclusive journey – explaining, advising, myth-busting, and educating. The multi-faceted yet cohesive campaign ensured the target audience of first time buyers absorbed shared ownership inspiration and information in the press, online, on social media and broadcast media. The skilful way in which the campaign was executed, ensured the right messages were chosen for each medium and channel and was critical to the success of the Week. Now in its fifth year, the Week had a higher impact than ever before. Supported by Wayne Hemingway MBE and Housing and Planning Minister Alok Sharma MP, it resulted in thousands of people registering to find out more about shared ownership and saw nearly 10,000 unique visitors to the dedicated website during the Week.

THAMES VALLEY HOUSING (TVH) | SO RESI In a year when unaffordable housing dominated the news agenda, and purchasing a home seemed more out of reach than ever before for first time buyers, Thames Valley Housing (TVH) saw an opportunity to give the marketing behind shared ownership an overhaul. Despite the enormous potential for the scheme to help homebuyers priced out of the open market, there was still, worryingly, many misconceptions about shared ownership’s purpose and benefits. In order to encourage more first time buyers to consider shared ownership as a solution to the housing problem, TVH dared to be different, rebranding its shared ownership homes to So Resi, creating a new way of explaining the scheme, a marketing strategy led by So Resi’s strapline, ‘making home ownership possible’. TVH removed the jargon associated with the scheme, and created engaging but clear visuals for use in all forms of media, making the simple concept of buying a share in a home much easier to understand.

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BEST SHOW HOME AFFORDABLE HOMES

THIS AWARD GOES TO THE COMPANY WITH THE BEST SHOW HOME ALLOWING THE BUYER TO SEE THE PROPERTY TO ITS MAXIMUM POTENTIAL, GIVING THEM A REALISTIC INSIGHT INTO THEIR NEW HOME.

BROADWAY LIVING | ALTON COURT The interior design of the two-bedroom, two bathroom show apartment at Alton Court, Copley Hanwell W7, by Broadway Living, gives first time buyers a clear sense of what it would be like to live here and provides inspiration for the design of their own home. Vast floor-to-ceiling windows create a light and airy home; this is enhanced by the calming grey and green colour scheme that exudes style and is comfortable for day-to-day living. Touches such as striking copper tables and ceiling lights add drama and interest. A seat that incorporates a drawer, in a bedroom, and simple stone seating for guests on the balcony, are examples of how this home is practical as well as beautiful. Most of the furnishings and decorations were sourced from online companies or from modestly priced shops like Ikea, making it easy for buyers to replicate the flair and impact of the design with a modest budget.

L&Q | THE QUARRY A joint venture development by The Anderson Group and L&Q, The Quarry is an exceptional collection of 600 homes and a state-of-the-art three form-entry primary school, built on the former Erith Quarry site in the London Borough of Bexley. The contemporary homes and generous landscape have been designed with a distinct yet harmonised architectural appearance, taking aesthetic influence from the history of the site. Placing equal emphasis on open space, play, and the diversity and quality of housing, the new eco-development will be surrounded by woodland and will offer a 3.35 hectare ecologically rich grassland area. With the properties in this multi-phase project being marketed off plan, a purpose-built three bedroom show home has been constructed â€“ a fully-functioning practical indicator of the innovative design, layout and quality a buyer can expect from their potential new home.

MAGNA HOMES | MAGNA RIVERSIDE Magna Riverside is a luxury conversion development, offering 17 lateral apartments in an impressive waterside location. Situated within the historic commuter town of Godalming and offering a superior specification throughout, The Mayfair Collection brings a touch of glamour to the first time buyer market. The inspiration for the one bedroom show home came from the opulence of the most exclusive and expensive locations in London. The area of Mayfair is synonymous with luxury and the aim was to bring this to a first time buyer audience at an affordable price. This was replicated on a budget, sourcing materials which a first time buyer could imitate. The apartment gives first time buyers an insight into how to make the most from a small space and let their apartment reach its full potential.

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READERS’ AWARDS 2018

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PEABODY | MERCHANTS WALK

READERS’ AWARDS

Merchants Walk is a stunning collection of modern apartments designed specifically with first time buyers in mind, providing high quality, well designed homes at an affordable price point in a prime East London location. Collaborating with leading consultancy, Suna Interior Design, the show apartment design reflects the aspirations of a first time buyer, striking a balance of urban appeal and luxury finish. A neutral palette combined with rich materials helped to achieve a high end feel on a first time buyer budget, and with clever design, were able to utilise readily available resources to maximise the impact of the apartment, whilst remaining within a first time buyer’s financial reach. Peabody have created a show apartment at Merchants Walk that a purchaser is able to affiliate themselves with, and aspire to, whilst also ensuring that the layout of the space is addressed to allow a purchaser to envisage living in the apartment themselves.

PLUMLIFE | POETS PLACE Poets Place, a contemporary new development located in Levenshulme, Manchester, featured a stunning show home which was aspirational, yet attainable within a ftb budget. The charming two bedroom semi-detached show home was a fullyfurnished, ready-made family home which perfectly captured the traditional craftsmanship of modern living on the outside, yet with the beautiful and most affordable design and stylish décor on the inside. Every detail was taken care of by the experts from Woodward-Kelly & Co giving the customer a realistic insight to life in their new home. The design was inspired by Manchester, with artwork purchased from local artists. Modern furniture was purchased from affordable high street shops allowing buyers to relate to the designs and feel. Light coloured carpets and fabrics added a feel of warmth to the home. Poets Place gave a unique blend of contemporary design and modern specification which gave uniqueness, individuality and personality.

TAYLOR WIMPEY EAST LONDON | CHOBHAM MANOR A world-class setting deserves the ultimate show home, and Taylor Wimpey East London has certainly delivered with its stunning three bedroom apartment at Chobham Manor. The in-demand development is a key part of the post-2012 Olympic Games legacy at Queen Elizabeth Olympic Park, in Stratford – something which adds extra pressure when designing a show property. Happily, Taylor Wimpey has risen to the challenge and created a spacious showpiece home with a layout that’s proved to be a massive hit with potential purchasers. And its choice of interior designer for the flagship development’s show apartment was as inspired as the property’s impressive design, with Taylor Wimpey enlisting its long-time collaborator Derek Taylor, star of TV’s 60 Minute Makeover, to work his magic. Derek’s savvy styling provides potential purchasers with the inspiration they need to create their perfect retreat at Chobham Manor.

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BEST FIRST TIME BUYER FAMILY HOME AFFORDABLE HOMES

THIS AWARD IS FOR A FAMILY STARTER HOME WHICH IS AFFORDABLE FOR A FIRST TIME BUYER. IT SHOULD OFFER A COMFORTABLE ENVIRONMENT, AT A REALISTIC PRICE WHICH IS IDEAL FOR FAMILY LIVING.

BARRATT HOMES | CANE HILL PARK The Chaplin is a highly attractive three bedroom detached family home at Barratt Homes’ Cane Hill Park development in Coulsdon. Appealing by both design and location, these successful homes have been sold as fast as they could be built. Given its sought after South London location with fantastic commuter options into London in under half an hour, the price tag of this impressive house type under £600,000 means that any family is able to purchase the home more affordably thanks to Help to Buy London and a 5% deposit. Thoughtfully laid out over three floors and offering stunning views across South London, this property is a gem for families. Its flexible layout will appeal to a range of purchasers given its bright and open plan spaces, well-proportioned bedrooms and stylish finish. Set in an award-winning family friendly development with superb facilities for outdoor play, this home is the perfect option for a growing family looking to tick all of their boxes.

CLARION HOUSING GROUP | EBBSFLEET GARDEN CITY The first phase of Castle Hill at the government’s flagship Ebbsfleet Garden City development is one of Clarion Housing Group’s most exciting shared ownership offerings, comprising 15 high quality two and three bedroom houses each with their own private garden. It represents the first of 426 homes Clarion will deliver at Ebbsfleet. These homes were brought to market in March 2017 and by the end of the first day 100% had been reserved. That success was based in part on the scale of ambition at Ebbsfleet but also the quality of these family houses plus the superb transport links into central London. Feedback from the first residents at Castle Hill has been highly positive, with the project allowing people to buy family houses at prices they can afford without having to compromise on location or quality. Starting prices at time of launch: £135,000 for a 45% share of a two bedroom house, full value £300.000.

HOME GROUP | TRINITY PLACE This exciting new development is situated in the quaint market town of Rothwell in Northamptonshire. Buyers can enjoy a comfortable lifestyle in a tight-knit community with plenty to do and with Kettering just down the road, residents also benefit from easy access to London. Built on the site of a former football club, which was not only unsightly but an unsafe environment, this mixed tenure scheme is now home to charmingly designed two and three bedroom apartments and houses. Trinity Place is less than 500 metres from the centre of Rothwell allowing access to a wide range of facilities within the town itself as well as providing great transport links to nearby Kettering and Corby, with great rail links further afield to Leicester and beyond.

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READERS’ AWARDS 2018

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LARKFLEET HOMES | HEMPSTED PARK

READERS’ AWARDS

Hempsted Park in the cathedral city of Peterborough is a popular development of one, two, three and four bedroom houses. Discerning buyers have access to sustainable, eco-friendly homes designed to help first time buyers with growing families on to the housing ladder. Properties such as the three bedroom Windsor include solar photovoltaic (PV) panels that produce electricity from daylight, generating useable power even on cloudy days, which reduces electricity bills. Hempsted is a developing neighbourhood on the outskirts of the historic and thriving city which gives homeowners the best of both worlds – easy access to the vibrant city life plus excellent communication links by road and rail to London, Cambridge and Stansted Airport. The heritage city of Peterborough boasts thriving shopping centres such as the nearby Serpentine Green, Queensgate and historic Cathedral Square, with its farmers’ markets, street entertainment and chic wine bars,

LOVELL PARTNERSHIPS LTD | THE MILL The Mill is a mixed tenure brand-new urban village in Canton, Cardiff of one and two bedroom apartments and two, three and four bedroom homes for sale with Lovell Homes, in a convenient riverside location to the west of Cardiff city centre. The two-bedroom Ashton house style with parking, is beautifully designed for first time buyers, featuring an inviting open-plan dining room and modern kitchen, a large separate living room and two double bedrooms. A high specification throughout including Bosch hob and oven, Symphony fitted kitchen with soft closers to cupboards and drawers and turfed front gardens as standard. Owning a home at one of the Welsh capital’s most desirable new addresses has become a reality for first time buyers, without premium prices, full price £178,000-£194,000. Purchasers have taken advantage of the Government Help to buy-Wales Scheme, with Help to Buy prices of £142,400-£155,200.

OCTAVIA LIVING | GLADSTONE VILLAGE Affordably priced for first time buyers, the Olive house type home offers extremely comfortable living for families. It is a three bedroom house on a quiet development, close to acres of open space and recreational parkland. The contemporary designed property is perfectly suited for family living. Situated next to Gladstone Park in Cricklewood the house is realistically priced for families seeking a rare opportunity to buy a new family house within London’s North Circular. Attention to detail in the design of the property ensures it excels as a comfortable family home. Inside it has been fitted to a high standard throughout. Outside it has a small garden and off road parking. It is sited within a gated development of houses and flats for sale and affordable rent, with easy access to local communities and central London.

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BEST NEW DEVELOPMENT IN THE NORTH AFFORDABLE HOMES

THIS AWARD IS FOR THE BEST DEVELOPMENT OF ANY SIZE IN THE NORTH OF ENGLAND (BIRMINGHAM AND ABOVE). AN AREA OF THE COUNTRY WHERE HOUSEBUILDING IS INCREASING AND OFFERS A HIGHLY COMPETITIVE MARKET PLACE, THIS AWARD RECOGNISES AN EXCEPTIONAL RANGE OF NEW HOMES THAT STAND OUT FROM THE CROWD, WHILE REMAINING ACCESSIBLE TO FIRST TIME BUYERS.

LOVELL | NEW ACRES Located within the Raffles estate in Carlisle, which has undergone a transformative regeneration over the last decade, New Acres is a development of 52 houses, which has helped to breathe new life into an existing community, creating new homes, facilities and a fresh outlook. Our range of two and three bedroom homes appeal to a range of purchasers, from local first time buyers looking for an attractive, sustainable home to start their climb on the property ladder, as well as attracting new residents from further afield who have moved to Carlisle for work, studies or retirement.

MILLER HOMES | CATHEDRAL VIEW The village of Streethay, close to the historic Staffordshire town of Lichfield, is home to one of Miller Homes’ latest developments, Cathedral View. Surrounded by trees and open green spaces, this picturesque neighbourhood comprises of a mix of two to five bedroom houses. This includes a number of housetypes geared specifically towards the first time buyer market in terms of style, layout and affordability and, to date, almost a third of properties on the development have been purchased by this demographic of purchasers. As well as the properties on offer, this cohort has also been attracted to Cathedral View’s location in the heart of the Midlands and the local amenities within easy reach. Its proximity to Birmingham, Stoke-on-Trent and Derby, mean it has become a popular choice with those getting a foot on the property ladder, including young professionals and families.

RIVERSIDE HOME OWNERSHIP | SILVERBIRCH Silverbirch in Camperdown, Newcastle, is Riverside’s flagship development of 40 affordable homes in North Tyneside. With five property sizes and styles available through shared ownership, Riverside Home Ownership offers first time buyers and other eligible purchasers the opportunity to get on to the property ladder in a popular yet cosy village. Levels of homeownership in the North East have traditionally been below the national average. Shared ownership means purchasers at Silverbirch buy the share they can afford and pay a reduced monthly rent on the remainder to the housing association, with the option to own outright in the future. The properties are built to a very high specification, with quality finishes throughout and integrated appliances as standard. Buyers also benefit from advice and support from RHO’s expert team throughout the whole process and beyond.

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BEST NEW DEVELOPMENT IN THE SOUTH THIS AWARD IS FOR THE BEST DEVELOPMENT OF ANY SIZE IN THE SOUTH OF ENGLAND (BELOW BIRMINGHAM). A HIGHLY COMPETITIVE MARKET PLACE, WHERE THE CONSTRUCTION OF NEW HOMES IS INCREASING, THIS AWARD RECOGNISES AN EXCEPTIONAL RANGE OF NEW HOMES THAT STANDS OUT FROM THE CROWD, WHILE REMAINING ACCESSIBLE TO FIRST TIME BUYERS.

HENLEY HOMES | CONSTANCE COURT Constance Court by Henley Homes is a contemporary new build development of 51 one and two bedroom apartments, in Battersea, London SW11 – a stone’s throw from the Thames. Consisting of three attractive blocks, two for private sale and one available as affordable housing through Wandle Housing Association, with two commercial units at ground level and a landscaped courtyard garden at the rear. All apartments have private balconies, gardens or terraces, and underground car parking is available to purchase. Constance Court, finished throughout to Henley’s trademark high standards and attention to detail, is on the market at a blended average of £826 sq ft (£789-£911 sq ft) and is eligible for Help to Buy. Apartments in neighbouring blocks are being marketed by others at in excess of £1,000 sq ft, making Constance Court an attractive prospect for first time buyers seeking a high specification apartment in a desirable, central location with great transport and leisure links.

PEABODY | FISH ISLAND VILLAGE Fish Island Village will be a vibrant canalside neighbourhood set in the heart of Hackney Wick. The mixed-use development by Peabody and Hill offers a collection of stylish one, two and three bedroom apartments, innovative workspaces and picturesque courtyards. Building on the area’s legacy, Fish Island Village takes inspiration from the existing neighbouring buildings, fusing traditional industrial architecture with forward-thinking design. When complete, the development will provide 580 new homes to rent and buy and 57,000 square feet of commercial space. A partnership with workspace provider, The Trampery, will support up to 500 people working on-site, creating an active, vibrant and harmonious village. The beautifully specified apartments at Fish Island Village include features such as underfloor heating, silestone worktops and private balconies. Space and light have been optimised to create homes of real distinction, with fantastic open spaces overlooking the water, including a new public square which will be the social hub of this energetic community.

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BEST ESTATE AGENT FOR FTBS

THIS BRAND NEW AWARD CATEGORY FOR 2018 IS FOR AN ESTATE AGENT THAT HAS GONE ABOVE AND BEYOND THE CALL OF DUTY TO HELP FIRST TIME HOMEBUYERS. PERHAPS THEY HAVE AN EXCLUSIVE SERVICE TO SUPPORT FIRST TIME BUYERS INTO THEIR FIRST HOME OR THEY HAVE ATTRACTED RECORD NUMBERS OF FIRST STEPPERS THIS YEAR.

BELVOIR BROMLEY Belvoir Bromley believes in helping first time buyers. Seeing itself as not ‘just another high street agent’ the recently opened estate agent understands the issues faced by this pressurised market place and focusses its efforts on helping others on the property ladder. Supporting first time buyers through a number of ways including building relationships with local developers, mortgage brokers, solicitors and removal firms; Belvoir helps to ease the process for those buying for the first time. Going further still, Belvoir holds regular first time buyer workshops, where it offers free financial advice from an independent mortgage broker where a range of professionals are also on hand. The friendly agent will also accompany buyers on viewings, explaining the buying process and any schemes available to them. First time buyer focussed activity is promoted through its social media platforms, window display, A-board advertising and leaflet drops; making finding out everything they need to know easy. Continuing its commitment into 2018, Belvoir is also working on a scheme to help first timers raise a deposit – watch this space.

SAWYER & CO At Sawyer & Co we know that every buyer is different, and that’s especially true when it comes to first time buyers. Buying your first property is exciting and daunting in equal measure, so we make things as easy and enjoyable as possible. Some estate agents treat every buyer in the same way. We pride ourselves on providing a bespoke service, doing the little things that matter such as making viewings relaxed and unhurried so FTBs can really get the ‘feel’ of a property. We ensure reliable mortgage and legal advice recommendations are freely available, our ‘next step’ service talks FTBs through the buying process, we source residents parking permits to start on move-in day, and make ourselves available out of hours. We also offer an after sales ‘Welcome to the Area’ service including a guide to local amenities, to make sure our FTBs really settle into their new home!

SITESALES PROPERTY GROUP SiteSales Property Group is an experienced, London based sales agent with an established brand that is recognised across the new homes sector by developers and buyers alike. SiteSales has delivered out some of the capital’s most prestigious schemes for its clients including the former London 2012 Olympic Athletes Village in Stratford, the exciting redevelopment of the Walthamstow Stadium and the former Dr Barnardo’s children’s home in Barkingside. SiteSales deal with all tenures of housing, including many entry level and affordable homes aimed at first time buyers. These housing schemes are a mix of outright sale, shared ownership, shared equity and government schemes such as Help to Buy. The team at SiteSales work closely with contractors, architects and designers to gain a clear and concise understanding of the homes that they sell. This in-depth knowledge allows for an informative and reassuring experience for all buyers throughout their customer journey.

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PRIVATE DEVELOPER OF THE YEAR AFFORDABLE HOMES

THIS AWARD WILL FOCUS NOT ONLY ON THE DESIGN AND QUALITY OF THE PROPERTIES BUILT, BUT ALSO ON ALL ASPECTS OF THE DEVELOPERâ€™S PERFORMANCE.

MAGNA HOMES Magna Homes is a residential and mixed use property developer, specialising in the transformation of commercial buildings and undervalued brownfield sites in to stylish, high-quality residential developments in and around London, putting luxury new homes within reach of younger buyers. Magna Homes, established in 2014, runs on the principle of delivering creative and desirable schemes, catering to a rapidly growing and increasingly discerning market. As a pioneering developer, Magna believes that luxury and build excellence should not be confined to a certain market segment, location or development size. This paves the way for a significant expansion of the Magna development programme with exciting new residential schemes planned in prime commuter belt locations. Magna successfully brings together exceptional levels of quality, expertise and a total commitment to urban revival, with contemporary and intelligent design.

MILLER HOMES Miller Homes is a leading private housebuilder building a range of high quality homes for first time buyers in sought after locations across the UK. We pride ourselves in our commitment to the customer journey and ensuring our first time buyers receive all the help and assistance they need as they embark upon the most significant purchase and journey in their lifetime. Regular customer feedback helps shape and inform our approach to ensure we are exceeding expectations and meeting the needs of our target demographic. This extends beyond our expertise to offering affordable, high quality homes and attractive, innovative ways to purchase along with utilising technology to help our buyers get the most of living in their new Miller home. The recent launch of our new online reservation system, which enables buyers to reserve and pay a deposit for a new Miller home online, is a clear example of this commitment.

REGENTA Regenta prides itself on providing construction excellence, supported by a high quality and level of specification within its projects located in key commuter areas as demonstrated by the developments in Leyton, Romford, Hertford and Ware. With 50% of the programme concentrating on the sub 750k bracket, the directors see this as a key area of under-supply, especially so in the under 600k arena with a lot of first time buyers leaping straight to a house by utilising the highly attractive Government-backed schemes. With a high emphasis on quality, the homes delivered to date have been very well received by buyers and as Regenta are fully owned by SiteSales Property Group, it is able to draw upon the services of the Group, which provide a high level of customer care. With a pipeline of 150 homes over the next five years, with a target to double this, we intend to continue providing the finest quality properties at prices that respect our target groupâ€™s desires and incomes as well as their need for good, commutable locations.

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AFFORDABLE HOUSING PROVIDER OF THE YEAR AFFORDABLE HOMES

THIS AWARD WILL GO TO AN ORGANISATION THAT HAS SHOWN INNOVATION IN THE WAY THEY DESIGN, BUILD AND MARKET THEIR PROPERTIES AS WELL AS OFFERING A VARIETY OF SERVICES WHICH CAN HELP FIRST TIME BUYERS ON TO THE PROPERTY LADDER.

L&Q One of the UK’s most forward-thinking developers, L&Q is committed to delivering 100,000 new homes. Creating the best possible homes for first time buyers, quality design and build are a priority; this is exemplified in schemes such as The Quarry, Erith, where award-winning architects, Studio Egret West, have created an innovative design concept driven by the site’s unique topography as a former quarry. Other recent major launches include Weavers Quarter, a joint venture with the local borough, leading the regeneration of Barking and forming one of London’s largest shared ownership developments. As well as shared ownership and Help to Buy, the team tirelessly invests in new means of helping first time buyers on to the ladder, with properties available through schemes such as London Living Rent. Marketing campaigns go beyond just selling homes. Instead, L&Q’s revolutionary PricedIn campaign is the ultimate informative guide for first time buyers.

PEABODY Peabody has been building new homes in London for more than 150 years. Its mission is to help people make the most of their lives by providing good quality affordable homes, working with communities and promoting wellbeing. The new, larger organisation, created by the merger between Peabody and Family Mosaic, is working to deliver more new homes for low-cost rent and low-cost homeownership than ever before, as well as homes for those who can afford to buy outright. Peabody provides a variety of products and services to help people buy their first home, including shared ownership, Help to Buy and resale properties. The organisation helped 394 first time buyers on to the property ladder in the last year, and has ambitious plans to build 2,500 new homes each year by 2021. From initial enquiry to full completion of a new home purchase, Peabody offers outstanding customer service, with 95% of new homeowners recommending Peabody to others looking for a new home.

TVH Thames Valley Housing (TVH) is a forward-thinking housing association unlocking new housebuilding opportunities in London and the South East. Through its diverse building model and range of partnerships, TVH builds over 1,500 homes each year, helping to make homeownership possible for thousands, all whilst growing the social fabric within its communities. TVH doesn’t just build affordable homes, but provides a combination of traditional rented housing, shared ownership, key worker and student accommodation. TVH also builds Private Rented Sector (PRS) homes through its subsidiary Fizzy Living, as well as homes for private sale through Opal, the first venture between a housing association (HA) and housebuilder, Galliford Try. 2017 saw the exciting launch of SO Resi by Thames Valley, its latest innovative approach to delivering more affordable homes to first time buyers, and has seen its shared ownership offering successfully rebranded. With Thames Valley continuing to grow its reputation for being innovative, ambitious and commercial, SO Resi was designed to enable the HA to find new ways of building quality homes, use new technology to achieve their goals, and keeping people at the heart of the business.

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JUDGES SPECIAL AWARD FOR DEDICATED SERVICE TO FTBS AFFORDABLE HOMES

THIS BRAND NEW AWARD FOR 2018 WILL RECOGNISE THE OUTSTANDING CONTRIBUTION MADE BY ONE INDIVIDUAL TO THE FIRST TIME BUYER MARKET. THIS AWARD WILL CELEBRATE THE WORK OF AN INDIVIDUAL WHO THROUGH THEIR INNOVATIVE APPROACH TO THE MARKET HAS HELPED FIRST TIME BUYERS OVERCOME THE USUAL CHALLENGES FACED IN THIS SECTOR.

TONY HARKER | DIRECTOR, SALES & CUSTOMER SERVICE, L&Q EAST REGION Tony Harker is renowned for his passion, knowledge and commitment to helping ftbs. Starting as a sales negotiator at Barratt in 2004, he showed a natural flair for understanding the customer and the importance of after sales care. Through his time spent at Home Group and then One Housing Group he managed the sales and lettings of the whole Group Home Ownership programme. While at Family Mosaic, Tony took on the role of Resident & Commercial Sales Manager and was promoted to Head of Residential and Commercial Sales and pioneered the integration of four business areas into one. While Head of Commercial at Genesis in 2014, Tony continued to thrive in his role and also became chair of LHOG. Joining East Thames in 2015, he is responsible for the Sales and Marketing of New Build, IMR/RNBL conversions and resales, Home Ownership products, staircasing, lease extensions, enfranchisement and all leasehold legal transactions, customer services aftercare and quality control. He is responsible for a 20,000 plus pipeline of sales.

JIM MUNSON | HEAD OF SALES & MARKETING, GENESIS Customer service is paramount to Jim Munson, who most people will know from his time at Metropolitan Housing where Jim spent over 16 years in Marketing & Customer Care. During his time there he was given full responsibility for customer service as well as the homeownership sales and marketing team, which went on to achieve 100% satisfaction ratings on aspects of service and also won a sector customer service award, twice! Further career highlights include supporting the delivery of a sales surplus of c. £15m-£20m annually through effective lead generation, the production of successful new business tenders, writing, editing and producing winning award submissions, TV appearances and ministerial site visits. A well-known figure in the industry, Jim is often found leading industry discussions with his peers at LHOG and the National Housing Federation practitioner group and is heavily involved in the annual Shared Ownership Week campaign.

KUSH RAWAL | COMMERCIAL DIRECTOR, THAMES VALLEY HOUSING Kush Rawal, Commercial Director of Thames Valley Housing, has been instrumental in the forward-thinking housing association’s pioneering approach to shared ownership, helping over 1,500 first time buyers on to the property ladder last year alone. Responsible for spearheading Thames Valley Housing’s So Resi brand in 2017, which was specifically designed to promote the benefits of shared ownership, Kush has gone one step further than most in helping improve homeownership rates for first time buyers. Kush was also responsible for launching Thames Valley Housing’s innovative SO Plus scheme, which enables customers to buy an extra 1% of their home each year at a predetermined price. Thames Valley Housing is still the only housing association to offer this. Writing a study on why housing associations need to work more closely with the NHS Trust as part of his MBE in 2017, Kush is a firm believer in developing key partnerships to support the delivery of much needed housing. Kush is using partnerships and his expertise to do more and go the extra mile for first time buyers.

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READERS’ AWARDS 2018

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READERS’ AWARDS SIMON SCOTT | HEAD OF SALES AND MARKETING, ORIGIN HOUSING Simon Scott, Head of Sales and Marketing for Origin Housing, is a leader within the sector, constantly going above and beyond to help first time buyers on to the housing ladder. Simon consistently drives sales and exceeds targets in a challenging market. His marketing campaigns focus on education, for example, helping first time buyers make the most of their shared ownership home through staricasing - which contributed to Origin exceeding its staircasing targets for that year. What really sets Simon apart is his impeccable customer service; Simon knows that every buyer is different, and, despite having a plethora of customers at any one time, he delivers an incredibly personal service – helping all of his buyers, even in challenging situations.

LISA WESTERMAN | GROUP HEAD OF SALES, PLUMLIFE For over 23 years, Lisa has been helping first time buyers to get on the property ladder, particularly through her work with shared ownership. Lisa started her career with Barratt Homes before moving to Great Places Housing Group 20 years ago where she set up the sales division for affordable housing brand Plumlife Homes from scratch. Lisa is passionate about shared ownership. In one year alone, Lisa led the Plumlife sales team in delivering over 400 sales, including shared ownership and Help to Buy, over 115 different housing developments. Lisa is committed to first time buyers and to ensuring they can access homeownership and have all the right information about government schemes. She is a member of the National Housing Group, which shares insight and helps to form housing policy.

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READERS’ AWARDS 2018 Please note, you are not able to vote in this category. The winner of this category was pre-chosen by our panel of expert judges in January.

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AFFORDABLE HOMES

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READERS’ AWARDS 2018

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HOW TO VOTE

READERS’ AWARDS

VOTE NOW FOR YOUR FAVOURITE IN EACH CATEGORY AT FTBAWARDS.COM AND YOU COULD WIN £250 IKEA VOUCHERS! Voting closes at midnight on 9 April 2018. FTB Award winners will be announced during the Awards Lunch at the Waldorf Hilton in London on 20 April 2018. A full list of winners will be published in the June/July issue of First Time Buyer.

TERMS & CONDITIONS • • • •

•

Your details will automatically be entered in a free draw to win £250 Ikea vouchers. Voting closes on 9 April 2018. The winner of the vouchers will be notified by email. Voting is open to First Time Buyer readers, aged 18 and over, with the exception of employees of shortlisted nominees, their immediate families, agents, or anyone else associated with the administration or production of these awards. Random authenticity checks will be made.

SPECIAL THANKS TO ALL OF OUR SPONSORS

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COMPETITION

e r u c e S d Safe an

Keep your home humidity free with the latest hybrid dehumidifi fromyou Ecoair Feel at easeerwhile are away with the Blink home security system, perfect for indoor or outdoor use, with no wires and batteries that last two years! Blink provides a watchful eye and one-click connection to your home through the Blink app, for an iOS or Android device

WIN! WIN A

B OUTD LINK XT 5 C OOR SYSTE AMERA M W £499. ORTH 99

HOW TO ENTER Answer the following question:

Protect your home, inside and out, with the Blink wireless home security and HD video monitoring system. It detects motion, and immediately sends a push notification alert and a HD quality video to your iOS smartphone or Android device. The system can be armed/disarmed remotely, and live video can be watched anytime from anywhere. The Blink XT provides extraordinary image quality – and it’s the only battery-operated camera where you can select between the 720p HD default or 1080p for crystal clear full HD video. There is a battery life of over two years, running on two AA lithium batteries. It’s easy to set up and is IP-65 rated to ensure that the water-resistant unit delivers clear, HD quality video no matter the conditions. There’s also infrared night vision, allowing for round-the-clock surveillance, day or night, giving you the peace of mind you deserve.

What is the IP rating that makes the Blink XT system waterresistant? Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag. co.uk Closing date: 1 March 2018

THE PRIZE… A BLINK XT OUTDOOR 5 CAMERA SYSTEM WORTH £499.99 T&Cs The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.

The security system is a perfect solution for every homeowner and especially for those who are worried about their property or loved ones while away. The integrated features are designed to suit your needs and fit in perfectly with your lifestyle. blinkforhome.co.uk

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FIRST MEAL

FIRST HOME, FIRST MEAL Steve Rodgers, Head Chef at The Lost & Found, Knutsford, shares a unique take on his Mexican-inspired chipotle chilli. This smoky delight is perfect for a weekend lunch or simple supper

CHIPOTLE & QUINOA CHILLI WITH AVOCADO CREAM AND TOASTED PITTA BREAD

Ingredients (Serves 4) Chilli             

50 ml sunflower oil 1 white onion 1 red bell pepper 4 garlic cloves ½ tsp chilli powder 1 tsp cumin ground 400g chopped tinned tomatoes 100g hot chipotle BBQ sauce 1 can red kidney beans 150g sweetcorn 250g quinoa organic grain 200ml water Salt & pepper

Avocado Cream     

125g guacamole 125g full fat sour cream 1 lime 1 tsp Sriracha sauce Pinch of salt

To Serve  4 spring onions  5g micro coriander  4 pitta breads

METHOD TO MAKE THE CHILLI 1 2 3 4

Cut the peeled onion and pepper into rough 1cm dice. Crush the garlic cloves. Heat the oil in a large pan. Add the diced onions, peppers and garlic and cook on a medium heat for 5 minutes or until onions are soft. Add the chilli and cumin powder to the onions, peppers and garlic and cook for 1 minute to cook out the spices. Add the chopped tomatoes, chipotle sauce, sweetcorn, kidney beans, water and quinoa, bring to the boil then turn down the heat, season with salt and pepper, mix well and simmer slowly for 30/45mins until the quinoa has swelled and is cooked. Check the seasoning.

FOR THE AVOCADO CREAM 1

Zest and juice the lime, add the guacamole, sour cream, Sriracha sauce and salt. Blend with a stick blender until smooth.

TO SERVE 1

Spoon the cooked chilli into a serving bowl, top with a spoonful of the avocado cream, garnish with finely shredded spring onion and micro coriander. Serve with toasted pitta breads.

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Steve had his first taste of the food industry aged just 15 where he joined a Youth Training Scheme (YTS) as a kitchen apprentice in Ronnie’s Café Bar in Manchester. His passion for all things culinary stems from childhood memories of cooking with his grandmother and enjoying many meals together, prompting his life-long kitchen philosophy where he always asks himself or his team, "Would you serve it to your grandmother?" If you wouldn’t, it simply isn’t good enough. With over 30 years' experience, Steve spent 15 years at Café Rouge where he was Group Training Chef and later went on to become Area Chef of Frankie and Benny’s. He now heads up the kitchen at The Lost & Found in Knutsford where he brings the control and discipline needed to deliver the compelling food dishes for the brand. Steve is a firm believer that team work is at the centre of a successful restaurant and having a motivated team delivers happy and satisfied customers. the-lostandfound.co.uk

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FIRST MEAL

FTB’S FAST FOOD There is nothing like a warming bowl of soup when the weather is cold. We tried a selection from the UK’s top supermarkets to see which ones were the tastiest SOUPS

TEST WINNER TESCO

SAINSBURY’S

CO-OP

ALDI

Mexican soup, £2.50; Moroccan soup, £2.50; Thai green soup, £2.50 FTB SAYS: The Tesco soup range was

TtD Jamaican jerk chicken soup, £2.20; TtD petits pois & ham soup, £2.20; tomato & basil soup, £1.50

by far and away the best we tried

FTB SAYS: Sainsbury’s has some

Irresistible tomato & lentil soup, £1.79; carrot & coriander soup, £1.79; Irresistible garden pea & shredded ham hock soup, £2.69

here at the FTB office. Each gives

interesting options in its soup range.

FTB SAYS: The two soups from

Specially Selected vine tomato & lentil soup, £1.49; Specially Selected chicken & multigrain soup, £1.49; Specially Selected mushroom & rice soup, £1.49

a different and definitive flavour

They taste good and there is a

Co-Op’s Irresistible range were

FTB SAYS: The Aldi range of soups

from around the world and they are

variety of flavours available. From

very pleasant and filling. The pea

lacked in terms of taste and texture,

packaged slightly differently to your

the ones we tried, the Jamaican jerk

and ham option has a lovely sweet

especially the mushroom and rice

average soup, leaving a little DIY to

chicken was by far the best, packing

and minty flavour to it with a good

soup, which was very bland. The

create the perfect bowl. We found

a real punch in terms of taste and

liquid to solid ratio. The tomato and

tomato and lentil soup was a

that adding the given amount of

spiciness. The petits pois & ham also

lentil soup has a warmth and a nice

little watery compared to the other

water made the soup a little watery

had a good flavour with generous

balance of flavour with the cannellini

tomato-based soups we tried. The

so you may want to adjust this, but

chunks of ham. The tomato and

beans giving texture to it as well.

chicken and multigrain was

the flavour in each of the soups

basil was average and fairly bland.

The carrot and coriander soup was

slightly better than the others with

really is good. Each one is suitable

Overall though, soup lovers out there

average compared to the other two

more texture to it, although again the

for vegans and is also gluten free.

should give these a go.

with the flavour not being quite as

flavour was lacking. All in

Close your eyes, taste a spoonful,

★★★

strong, and it was also a little watery.

all, a bit of a disappointment.

★★

★

and temporarily transport yourself to Thailand with the lovely green soup, to Morocco with it’s warm harissa flavours or to Mexico with the fiery chilli, red rice and butterbean base.

★★★★

A TASTE OF ITALY

With frittatas becoming increasingly popular, this range by Higgidy is a a real delight. The egg-based Italian dish is similar to an omelette, but frittatas can be made with a wide variety of different ingredients and flavours, making them varied and interesting. Higgidy's range is also baked instead of fried for a healthier frittata. The range has three different flavours: chorizo, feta and roasted pepper; Welsh goat’s cheese and leek; and cherry bell pepper, feta and spinach. Another plus is that these frittatas are versatile, convenient and can be shared or eaten individually. They would be good for a picnic, as part of a tapas selection, or go well with a salad. If you want to keep up with the latest food trends then these are a perfect pick, and at £4 they are an affordable treat. Available from Waitrose and Tesco. Higgidy frittata, £4 higgidy.co.uk

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FINANCE

Mortgage Clinic As a first time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difficult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer to answer your mortgage-related questions

Q A

Can a first time buyer get a buyto-let mortgage?

A first time buyer can get a buy-to-let mortgage, but it won’t necessarily be straightforward. There are many factors to consider, not least that lenders can be more selective in these cases. First, you must remember that you cannot live in a property that you own with a buy-to-let mortgage. If you are planning on living in the property you are purchasing, you should be applying for an ordinary residential mortgage. Most mortgage lenders will require a 25% deposit for a buy-to-let mortgage, so this might put the purchase out of reach. In contrast, a residential mortgage will only require 5-10% from a first time buyer. Be aware that becoming a landlord as a first time buyer will have an impact on your future ability to borrow. When you come to buy a property that you would like to live in, your lender will assess your full financial situation and you may not be able to borrow as much money as a result. Applying for a buy-to-let mortgage can be complicated even if you aren’t a first time buyer, so make sure you have the support you need from an independent adviser to ensure you are fully informed throughout the process.

How will the Bank of England’s interest rate rise impact my mortgage costs?

Although the Bank of England base rate does not have a direct impact on mortgage lending rates, the recent rise has increased costs for lenders. In turn, these costs have and will be passed onto customers, leading to more expensive mortgages. We’ve seen evidence of this recently, with many lenders increasing their standard variable rate. An interest rate rise will impact a tracker

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David Blake has more than nine years of experience in the financial services industry and prides himself on helping first time buyers get onto the property ladder. In his current role at Which? Mortgage Advisers, David (along with the entire team) provides independent, impartial advice and searches thousands of mortgage deals, to help buyers find the deal that is right for them.

mortgage and may impact a variable mortgage, depending on the provider. A rise of 0.25% would increase the monthly cost of a £150,000 tracker mortgage by over £30 per month. That may not seem like a significant amount of money but it could make a big difference if you are on a tight budget as a new home owner. Despite the rise, interest rates remain very low. The market continues to be competitive and there are still some great deals out there for first time buyers, with fixed rates of 2-3% still possible. Seek the advice of an independent and impartial mortgage adviser to discuss your options.

My parents want to gift or loan me some money to help me with my deposit. What options do I have?

We regularly receive questions from first time buyers who have parents or grandparents, and sometimes even siblings, who want to support them with their

deposit. The good news is there is a range of options available to prospective buyers in this position. If a family member wants to directly gift some money to you to help towards your deposit you need to make sure you have informed your mortgage provider during the application process, usually with a gifted deposit letter. Most lenders will be happy for you to accept gifts from family members without changing the terms of the mortgage product. The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back. There are other options if a family member doesn’t want to directly gift or loan the money to you. For example, a family offset mortgage allows a family member to put savings into an account linked to the mortgage. No one can access the money, but it works like a deposit on the property being bought, lowering the interest charges. The value of the savings is deducted from the value of the loan, until a time when the owner of the property can take on a loan for the full value. Another option to consider is a guarantor mortgage. This allows a borrower to take on a larger loan than the lender would normally be prepared to extend if a close family member is prepared to act as a guarantor on the debt. For further help and advice from Which? Mortgage Advisers, visit which.co.uk/ ftbmortgages, or call 0808 159 4852

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FINANCE

EXPERT COMMENT The Stamp Duty reduction is a promising move from the Government which will no doubt be welcomed by thousands of younger buyers across the country who are struggling to get their foot on the housing ladder. For too long, Stamp Duty has stood as just another barrier to homeownership,

The recent Budget announced that most first time buyers will now be exempt from Stamp Duty. Kay Hill looks at what the Budget changes will mean for individuals and the property market

another cost to overcome, but with this exemption the path to owning a home has been made just that bit easier. However, a major reason for a shortfall in housing supply is due to our outdated green belt regulations. Nimbyism is preventing the homes needed for the next generation from being built and it’s an outdated view that needs to be changed. There are some areas of the green belt that are ripe for development, without spoiling the countryside. We hope the Government will re-consider this issue soon to ensure all available land is used as constructively as possible. In addition, the lack of clarification in the Budget about the future of the Help to Buy scheme will no doubt have left some housebuilders in a state of limbo. Having only been guaranteed until 2021, we urgently need confirmation as to what will happen to the scheme after this date.

Jeremy Duncombe Director, Legal & General Mortgage Club

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In a Budget that brought little else in the way of good news, anyone saving for their first home would at least have been celebrating the announcement that Stamp Duty will be out of the equation for the 80% of buyers who purchase a property for less than £300,000. Stamp Duty (properly known as Stamp Duty Land Tax) is a tax paid by the buyer when purchasing a property costing more than £125,000. Until the Budget, for properties between £125,000 and £250,000, the tax cost 2% of the amount in that band, while amounts of the purchase price between £250,000 and £925,000 were taxed at 5%. So a buyer purchasing an average first time buyer home in Wales for £129,456 would have paid £89 in tax, an average purchaser in the West Midlands would have paid £640 on a £157,031 property, a buyer in the South East would have paid £2,980 on a £259,591 home and an unlucky buyer in London would have had to stump up £11,119 on an average £422,380 first home. Now there is no tax to pay at all for those purchasing a first home at less than £300,000, so our average buyer in Wales, the West Midlands and the South East will pay nothing at all, and a reduced bill for those buying homes priced from £300,000 to £500,000, (since the 5% band will not kick in until £300,000 for first time buyers), so our average first time buyer in London will pay £6,119, saving £5,000. The tax cut benefits most those who are struggling with

the highest property prices - according to Moneysaving Expert, the average saving will be around £1,640, while the maximum possible cash saving will be £5,000 on homes from £300,000 to £500,000. There are a few important details in the fine print:  If you buy a home for more than £500,000 there is no discount at all  You must be buying the house to live in, not as a rental home or investment  It doesn’t apply to purchases in Scotland  It applies in Wales only until April 2018  Both parties must be genuine first time property owners The Government’s definition of a first time buyer is quite strict, “A first time buyer is someone who has never owned freehold or leasehold interest in a dwelling before and who is purchasing their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first time buyer. Where there are joint purchasers, all purchasers would need to be first time buyers.” In other words if one of a couple owned just a part share in an inherited property or a holiday flat in Spain, there will be no discount at all. While first time buyers are busy cheering, economists are less impressed with the policy. Independent watchdog The Office for Budget Responsibility examined

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FINANCE

OTHER BUDGET MEASURES IN BRIEF

 The Help to Buy Equity Loan Scheme will get a £10bn boost to continue to help people buy a home with just a 5% deposit  Technology will be developed to enable credit scores to take into account regular payment of rent  Housing density will be increased in city centres and around transport hubs  Five new garden towns will be created  The Government will invest a further £630m to accelerate building on small sites by funding infrastructure  £204m of funding will be provided for training in construction skills to ensure the availability of an adequate workforce

EXPERT COMMENT In the run-up to the Budget, Phillip Hammond suggested he would be

the plan and concluded that it was likely to lead to a rise in property prices, since it will simply allow first time buyers to put what they would have paid in Stamp Duty towards higher asking prices. It estimates that prices will jump by 0.3% purely as a result of the changes, which, it says, would mean that “the main gainers from the policy are people who already own property, not the first time buyers themselves”. If the prediction is correct, the effect will be worse for those buying cheaper properties - a 0.3% rise in the average Welsh house price would be £388, far more than the £89 saving in Stamp Duty, although those buying more expensive homes will still see savings. Claudia Wood, Director at think tank Demos noted, “Stamp Duty exemptions for first time buyers will only increase the ability of buyers to pay more for property, inflating already exorbitant prices.” Others feel that measures to reform Stamp Duty don’t go far enough. Tanya Jackson, Head of Corporate Affairs for Yorkshire Building, said, “Reform of Stamp Duty is long overdue, so we are very pleased that the Chancellor has decided to abolish this tax for 80 per cent of first time buyers. In the last year, a staggering 267,000 first time buyers paid Stamp Duty on the property they bought: a nine per cent increase year on year, which is why we have campaigned for reform. The Chancellor was right to say, however, that further reform is required. This should include help for growing families trying to

move to a bigger home – something that is essential to free up homes for first time buyers. At present, second steppers pay an average of £8,000 in Stamp Duty, rising to £23,000 in London.” Damien Seaman, Head of Brand at Buzzmove, agreed, “This abolition of Stamp Duty for first time buyers of properties up to £300,000 is a great start, but the Government needs to address the fact that Stamp Duty is also now stopping older people looking to downsize and families looking to upsize. It’s gumming up the housing market for everyone, which is bad news. Helping first time buyers is a good first step, and could help kick-start the market, but it would make sense for the Chancellor to consider more changes to Stamp Duty in the future as this would have massive benefits for the UK economy as a whole.” For others, measures such as this are seen as simply putting a sticking plaster on the gaping wound that is the shortage of affordable new homes – a problem that the Budget also sought to address with measures to speed up planning and release new building land. According to James Allen, Head of Walker Crips Alternative Investments, “Abolishing Stamp Duty on the first £300,000 spend by any first time buyer is a welcome help to those looking to get onto the housing ladder, but it does not address the real issue, which is affordability.”

leading a concerted Government effort to deliver 300,000 homes a year. While some industry concerns have been taken into account, overall the announcements don’t match up to that ambition. Breaking it down, scrapping Stamp Duty for first time buyers may stimulate activity at a time when the market is subdued, but this does not tackle the underlying problem and is something of a distraction from the need to increase supply. If the Chancellor really wants to increase supply to a degree that will transform UK housing, he should implement a comprehensive housebuilding programme incorporating direct commissioning by central and local government. There should also be a more fundamental review of the planning system than was announced in the Budget, including a policy of green belt swaps so that appropriate sites on the urban edge can be considered for housing supply. As far as they go, measures to provide extra support for small building firms (£1.5bn) and to speed up developments where planning permission has been granted are also welcome. Nevertheless, they are too small to make a real dent in the challenge we face.

Lewis Johnston RICS Parliamentary and Public Affairs Manager

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MARKET

The rise of the micro home, how new homes are getting smaller Space is at a premium and nowhere is this truer than in our new homes. Micro homes seem to be the buzzword among today’s developers, but is this the future for the housing market? When it comes to building new homes, developers have always had to stick to size guidelines, but in 2015, the government introduced the Nationally Described Space Standard. This move was supposed to improve the quality of new-build homes by ensuring they are built to an adequate size, but since then there have been many concerns that it’s not working, with evidence that most local authorities are simply ignoring the new rules. Following the issue of the new size standards, The Royal Institute of British Architects (RIBA) looked into the issue and produced its own report HomeWise: Space Standards for Homes. The organisation concluded that the government guidelines are much too complicated and onerous for local authorities to actually implement. According to RIBA, this means that too many new homes are sub-standard, and more than half of the new homes being built today are simply not big enough to meet the needs of the people who buy them. RIBA believes that a fairer and simpler process would be to embed the national minimum space standard within the existing Building Regulations. Following the HomeWise report, the government listened to RIBA’s concerns and last year it announced a review of how the national space standard was working, in which it credited RIBA’s research and campaigning on the issue of space.

RIBA’S RESEARCH RIBA discovered that – outside the capital – new homes are even smaller. New three bedroom homes in London are 25 sq m bigger than in Yorkshire, the size of a double bedroom and family living room. The smallest three bedroom homes surveyed

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were missing 9 sq m - about the size of a double bedroom. RIBA warns that this “squeeze on the size of our houses is depriving thousands of families of the space needed for them to live comfortably”. But it thinks it’s likely local authorities will wait until a wider planning review to introduce the space standard. RIBA believes that even if local authorities wanted to introduce the space standard, it could take years; and once the space standard is introduced, it won’t even apply to all new homes. It also warns that the bureaucratic processes involved in introducing the standard will place an excessive and unnecessary burden on local authorities, limiting its introduction.

EXPERT COMMENT With the average London microproperty selling for £279,000, smaller homes can represent a more realistic opportunity for many, but can be harder to mortgage. Smaller properties can put lenders off due to concerns around the future value of the investment. However, some lenders are receptive to properties of this nature, if demand is high enough and sustainable. David Blake Principal Mortgage Adviser, Which?

THE RISE OF MICRO HOMES According to national guidelines, studio apartments must not measure less than 37 sq m, yet plenty of properties are now being built that are smaller than this, as these standards aren’t yet legally binding. To understand just how small these homes are, that’s about the same internal space as a tube carriage, but a bit larger than the average Travelodge room, which typically measures 28 sq m. In areas with housing shortages, ie most of our cities and towns, developers can apply to local authorities for permission to build smaller homes and councils in these areas cannot reject properties on grounds of size alone.

Mortgage Advisers

EXPERT COMMENT We are committed to ensuring we provide homes that meet the relevant space standards on funded housing types, which is something that private developers are not bound by. This means our square footage may often be larger by unit type than in some equivalent properties in the private sector. The space standards that Housing Associations are governed by mean that the bigger the household, the larger the home that is sold.

PERMITTED DEVELOPMENT RIGHTS (PDR) In 2013, the government introduced Permitted Development Rights (PDR), which allow builders to convert offices into residential homes without submitting

Jim Munson Head of Sales and Marketing, Genesis Housing Association

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MARKET

EXPERT COMMENT Any new-build development where a planning application is submitted will be required to meet the nationally described space standard, meaning a one bedroom apartment should be a minimum of 50 sq m. However, space standards don’t apply to conversions, so office-to-residential permitted development rights opened the door for developers who are converting existing buildings to go smaller if they want to. Our apartments typically start at 30 sq m, this is the minimum size

planning applications. Since then, the number of new micro-properties has rocketed as developers have bought up disused office spaces and split them into many small studios and one bedroom flats. Britain already has some of the smallest homes in Europe, on average 76 sq m, just slightly larger than the size of a squash court (62.4 sq m). By comparison, in Denmark the average home measures 137 sq m, according to research published in 2014 by Find Me A Floor.

Which? looked at the growing prevalence of micro homes, which areas have the most such homes, and considered how micro homes increased in value compared to larger properties. It also uncovered research which showed that some mortgage providers won’t lend on small properties. The report warned that, while micro homes can be a cheaper way of getting onto the housing ladder, it’s important to consider whether your investment will grow in value over time and how easy it will be to sell if a lender won’t provide a mortgage on it.

THE CASE FOR MICRO HOMES

SMALLER OR BIGGER?

With rents and house prices rising

But, as property prices rise, many believe that building smaller units that cost less than standard-sized homes is the only way that first timers can get on the property ladder and that these micro homes could go some way to help solve the UK’s housing shortage. In 2016, properties in London smaller than 37 sq m cost just £279,000, according to Land Registry data, which was less than half the average price of a London home sold in the same period (£580,000).

Some developers are specialising in converting former offices into smaller homes either to rent or buy, such as Inspired Homes which has developments in Croydon, Sutton, Epsom, Crawley, Chertsey and Manchester. At Central Cross in Croydon, a predominantly micro apartment development with penthouses in the top floor, apartments start from £285,950, comparing favourably to prices of larger homes on the market. On the other hand, some housebuilders, in particular housing associations, are resisting the urge to produce smaller homes and are instead building units that are actually larger than the standards laid down. One example is L&Q’s new scheme, Quebec Quarter in Southwark, London SE16, where three bedroom apartments measure up to 115 sq m, making them up to 23% larger than the UK average for new builds. Some of the apartments also have over 20% more outside space than official London requirements.

desperate to buy a property of their

WHICH? REPORT Consumer campaigning organisation Which? undertook a special investigation looking into whether pint-sized apartments are the future of property, and it found that the trend for small homes isn’t just affecting London. The organisation’s research showed that high numbers of micro-properties are also being built in many urban areas such as Leicester, Liverpool, Cambridge and Bristol.

you can go before you begin to have issues with mortgageability. Some lenders are reluctant to lend on very small apartments.

Martin Skinner CEO, Inspired Homes

EXPERT COMMENT

year on year, first time buyers are own but it is becoming harder and harder. By building smaller units we’re able to offer new homes at lower prices than space standard compliant new-builds in the same location. In doing so, we can create opportunities for people in the area that they didn’t previously have. PDR has also helped re-purpose empty buildings and bring them back into the community (for example, we recently bought an office building which had been sat empty for seven years). This not only helps reduce an oversupply of certain types of buildings in the area but it also means we can build more much-needed homes. Greg Kuzdenyi Director, Property Link Nationwide

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EXPERTS

Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers

THIS MONTH’S PA N E L O F E X P E R T S Ria Saulter Associate Director, SiteSales Property Group

Lynnette St Quintin Sales Director, Barratt Homes, Southern Counties

Simon Scott Head of Sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)

T E S T T H E PA N E L

We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk

Help to Buy or shared ownership?

Q A

After saving for some time I am now looking to buy my first property. A lot of my friends have recently got on the property ladder through Help To Buy or shared ownership, but how can I decide what’s best for me? Guy Lovett, Dagenham This is a question we at SiteSales are often asked by prospective customers looking to buy their first property with us. Both Help oo Buy and shared ownership offer a great way for first time buyers to get on the property ladder but the best option comes down to your eligibility, the amount you can afford to pay out monthly and what facilities you need nearby. Firstly, shared ownership is a great opportunity to buy a share of your home (between 25% and 75% of its value) and you simply pay rent on the remaining portion, which is owned by a housing association or registered provider. This is often the most affordable way to get on to the property ladder, although the products are in high demand, so move quickly if you find something you really like. You have the option of increasing your share up to the total amount. which is called staircasing and is based on the current market value of the property but does involve other costs, including legal fees. Another option is the very popular government-backed Help to Buy scheme. Through this method, people with a 5% (minimum) deposit can get a Help to Buy: Equity Loan for an interest-free investment of up to 40% of the total value of the property (20% outside Greater London). The loan is interest free for five years, but you need to obtain a mortgage to make up the shortfall. When you choose to sell your home you will have to pay back the loan calculated on the current market value of the property. With both options there is a lot of information to take in. The truth is, there is no definitive route you should choose, so it’s important to spend some time talking to a member of the property’s sales team or a dedicated financial adviser who can fully understand your budget and future income profile. This is one of the most important decisions you will ever make. At SiteSales our sales team are trained to help you in this search and will offer you support and guidance throughout your journey, advising on the different products available. My last piece of advice is that once you have decided on the best route on to the property ladder; visit as many schemes as possible, as you may find that your dream home is in a location that you hadn’t previously thought about. And if you do find it, BUY IT! Ria Saulter

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EXPERTS

Affordable family homes

I am a single parent with two teenage sons, looking to get on the housing ladder in Hertfordshire. However, I have found that saving up for a large deposit to buy on the open market is a real struggle. I have been told that shared ownership is a more affordable way to buy a home. How does it all work? I’ve heard that shared ownership properties are usually small one bedroom apartments – as a family, we need a three bedroom house, ideally with some outside space! Are larger properties also available for shared ownership? Deborah Stevens, Welwyn Garden City

You’re right, shared ownership is a great way for people just like yourself to get on to the housing ladder! You would just need to purchase a minimum 25% share of the property, paying

a mortgage on the proportion that you own, and renting the ‘un-owned’ share at a subsided level. The deposit required can be as little as 5% of the share being purchased. While this does vary from scheme to scheme, the deposit is almost always considerably lower than it would be if you were buying on the open market. As and when circumstances change, you might want to purchase more of the property. This can be done through a process called staircasing –

Help to Buy

Help to Buy seems like it’s a really good scheme but I am concerned that there is a hidden catch. I understand there is a loan involved – is there anything else that I really should be aware of? James Wilson, Purley

Help to Buy really is a fantastic equity loan scheme that has literally helped thousands of buyers purchase their own home. I wouldn’t be

meaning you can eventually own 100% of the property, at a time that is right for you. There are conditions surrounding criteria. For instance, you must earn less than £80,000 if you are buying outside of London, or £90,000 in London. Also, priority is often given to those who already live or work in the area, which is great for you as we have a lot of developments near Welwyn Garden City. And don’t worry, our sales advisers are here to guide you through

concerned about any hidden pitfalls – it actually is a very straightforward scheme and as its entirely backed by the Government you have extra peace of mind. The way it works is simple. First of all, you only need a 5% deposit – which is great news if you are struggling to save a large amount. The Government then lends you 20% of the value of the property which gives you access to some great mortgage rates. The only thing you need to remember is that this is an equity loan rather than a straightforward loan. This means as your property rises in value, so too will

the process and will not leave any questions unanswered. So, Deborah – shared ownership homes aren’t exclusively one bedroom apartments! Here at Origin Housing we have a number of new homes that are ideal for families – including three bedroom houses with gardens – across Hertfordshire. For further information, tweet us via @OriginNewHomes or visit originsales.co.uk Simon Scott

the amount you pay back – although it will always be to the value of 20%. This also works the other way too, and if your property decreases in value, you will have less to pay back. The loan is interest free for the first five years and then after that there is a fee of 1.75% of the loan’s value. After this, the fee will increase every year in line with inflation. However, the loan doesn’t need to be paid back until after the property is sold, so you can decide if you want to pay it back sooner or later. So, all you really need to do is decide where you want to buy your home. You can purchase your brand-new Barratt home with Help to Buy up to the value of £600,000 – so you should have a good choice in a number of different locations. Any of our helpful sales advisers would be happy to talk anything through with you, so do just call into any development where you can discuss it in more detail. Lynnette St Quintin

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Buyers’ guide FTB EXPLAINS ALL THE OPTIONS TO HELP FIRST TIME BUYERS

Your options What are your funding options if you want to get on the housing ladder?

FIRST STEPS

ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 126.

BUYING ON THE OPEN MARKET

FUNDING OPTIONS

JARGON EXPLAINED

G O V E R N M E N TBACKED SCHEMES

EQUITY LOAN

HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.

NEWBUY Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000.Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.

NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PARTBUY, PART-RENT

Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.

This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’.

PRIVATE INITIATIVES

RENT TO HOMEBUY

Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.

With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.

This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).

HOMES AND COMMUNITIES AGENCY This is a government organisation that funds affordable homes including those under Help to Buy.

STAIRCASING This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.

FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T I V E S

To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.

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BUYERS’ GUIDE

The ftb process TIPS

Buying your first property can be a daunting experience. It’s a big decision, so it’s important to get it right. We take you through all the steps involved

Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is normally repayable over 25 years. The loan is ‘secured’ on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason it’s vital only to buy a property you can realistically afford. Before you start, find out how much money you can borrow. A mortgage adviser at a bank will need details of your income, outgoings, savings and credit history – they will then be able to give you an ‘agreement in principle’, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the bank, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally at least 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.

inance

APPLICATION You will need to have at least three months of bank statements, payslips or tax returns, a valid passport and information on any outstanding loans. Banks will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better the mortgage rate you’ll be offered.

BUDGET Work out how much you can afford to repay each month. Look at your income and outgoings, including bills, council tax, food, insurance and travel. If you are buying a leasehold flat, you’ll also have to budget for service charges, so find out how much they will be.

MORTGAGE BROKERS VS BANKS CREDIT SCORE Get a credit report from Experian or Equifax, and make sure there are no default accounts, CCJs (county court judgements) or missed payments. If you are making lots of enquiries to find the best deal, make sure the lenders log your enquiry as a ‘quotation’ (soft) search rather than an ‘application’ (hard) search. Too many applications will leave ‘footprints’ on your credit score and can affect your rating. To improve your credit score, make sure you’re on the electoral roll, and pay your bills and any loan repayments on time.

You can apply for a mortgage via a mortgage broker (or financial adviser) or direct from a lender. A broker can look at the deals available and advise you which one would be best for your circumstances. Some mortgage products are only sold through brokers, not directly to customers. A broker will help you with the paperwork and deal with the lender on your behalf up until completion. You may have to pay them a fee or they may earn commission from the lender – find out how they are paid before committing to anything. Mortgage advisers in banks will only be able to sell you products offered by that particular bank, so it’s unlikely they will be able to offer you the very best deal for your circumstances. It’s important to shop around. You can compare mortgage deals yourself using websites such as SET A BUDGET

FINANCE

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Work out how much money you have for fees, deposit and the monthly mortgage you can afford.

CREDIT SCORE

Make sure your credit rating is sound, and pay off any debts you can.

moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.

FIXED-RATES Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).

VARIABLE-RATE MORTGAGES Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to fluctuate, so you need to be sure you could afford higher repayments if rates rise.

REPAYMENT OR INTEREST-ONLY You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interestonly mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.

SHOP AROUND

Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.

RESEARCH

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BUYERS’ GUIDE

TIPS

RESEARCH AN AREA

a floor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.

Buying a home is a big investment. You need to buy a home you can afford and one

horough research

you’ll be happy living in.

LOCATION IS KEY The first step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.

PROPERTY SEARCH Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as findaproperty.com or propertyfinder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have DECIDE ON A LOCATION

Be practical. Think about the commuting time and if you can afford to buy in the area.

RESEARCH THE AREA

Check out crime rates, future regeneration or new transport links.

Check online for prices of sold properties in the area, and make sure properties you like fit your budget. You can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year. If you like a property, aerial shots of the area can be viewed at earth.google.com

VIEWING Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.

Before you put in an offer, visit the street at different times to make sure it’s safe. Ask neighbours and local shop owners about the area.

BEFORE YOU BUY When looking at buying apartments, check exactly what is included in the service charge and how much it is. Also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.

ESTATE AGENTS It’s a buyers’ market, so make use of agents’ legwork in finding properties that fit your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell. SEARCH

VIEWINGS

Look at several properties, and visit ones you like more than once and with someone else.

OFFER

When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.

SURVEY

BUYING

Make sure you get a survey done – it could save you money in the long run.

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uying process

BUYERS’ COSTS SURVEYS AND VALUATIONS

Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.

SOLICITOR’S/CONVEYANCING COSTS £500-£1,500

MORTGAGE FEE £0-£1,000

VALUATION £0-£300 (depending on your mortgage deal)

SURVEY £300-£500 (depending on the type of survey you have done)

SOLICITORS After the offer is accepted, you will also need to appoint a solicitor or conveyancer who will oversee the contract, deal with the finances and exchange the deeds. Your solicitor will carry out searches, check the terms of any lease and tell you how much stamp duty you have to pay. The seller will also appoint a solicitor, and the two legal teams will be in regular contact to make sure the purchase goes as smoothly as possible.

TIPS

A QUICK SALE Push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price.

EXCHANGE AND COMPLETION Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. On exchange of contracts, you pay a deposit, and a completion date is set. At this point, there’s no going back – the seller could sue you if you pull out, and you could lose your deposit. The exchange can be on the same date as the completion, but they are usually a week to 10 days apart. On completion, the final paperwork is done, and the property is legally yours.

Use a recommended solicitor who you know to be reliable and can move fast. Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs. English property law is different to Scottish law: in England, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in Scotland, an agreed price is binding.

SOLICITORS

Compare quotes from solicitors, and ask your friends if they can recommend someone. A good solicitor can make a big difference to a purchase completing or falling through.

LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)

LAND REGISTRY FEES £50-£920 (depending on the property’s value, e.g., £200 on a property costing between £100,000 and £200,000).

MORTGAGE BROKER’S FEE 0-1%

STAMP DUTY 0% for properties costing up to £125,000

2% for properties costing between £125,001 and £250,000

5% for properties costing between £250,001 and £925,000

10% for properties costing between £925,001 and £1,500,000

BUILDINGS INSURANCE £300 per year, payable monthly or in advance. Buildings insurance can cost a lot more if your property is at risk of flooding.

TIME SCALE From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.

SEARCHES

Look at the results of searches your solicitor has done. They will tell you, for example, if a main road is about to be built at the end of your garden.

INSURANCE

After you’ve exchanged contracts, arrange buildings insurance – this will be a condition of your mortgage offer.

REMOVALS

Shop around for a removals firm, and find one that can move your possessions on completion day.

SERVICE CHARGES AND GROUND RENT ON LEASEHOLD FLATS £100-£4,000

COMPLETION

Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).

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BUYERS’ GUIDE

Home buying glossary Confused by financial acronyms and industry terminology? Buying your first house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand AGREEMENT IN PRINCIPLE

DISBURSEMENTS

The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.

These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.

APR APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.

EARLY REPAYMENT CHARGE

ARREARS

EQUITY

This is a term used to describe payments that haven’t been made on time.

The difference between the value of the property and the value of the mortgage you have secured.

BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate to set their own charges.

BROKER

This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.

EXCHANGE OF CONTRACTS This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.

A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.

FREEHOLD

BUILDING SURVEY

When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.

A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.

COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.

COMPLETION The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.

CONVEYANCING The legal process of transferring ownership of a property.

A freehold is when you fully own a property and the land it stands on.

GAZUMPING

GUARANTOR A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.

HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders charge you an extra fee. This is because the more money you borrow the more of a risk the lender is taking.

LAND REGISTRY FEES This is a fee you have to pay in order to register your ownership of the property with the Land Registry.

LEASE A type of contract where you buy the right to occupy the property for a fixed period of time. You usually have to pay annual ground rent each year.

LTV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.

LUMP-SUM REDUCTION In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.

REDEMPTION Paying off your mortgage in full is known as redemption.

REPAYMENTS The amount you have to pay back each month to your mortgage provider

STAMP DUTY Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.

TITLE DEEDS The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.

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BUYERSâ€™ GUIDE

First time buyer guide to buying a

Bill Dhariwal, Managing Director and Maxwell Green, leasehold law specialist at Lawcomm Solicitors provide a guide to buying a leasehold property for aspiring first time buyers A leasehold property can be a secure investment for your future on the basis that the lease is well written and the property management arrangements are reasonable. However, purchasing a leasehold interest differs from freehold ownership and requires a number of careful considerations. What are the basic differences between a freehold and a leasehold property? Purchasing a freehold property means that you own the property outright including the land that it stands upon. Purchasing a leasehold property means that you own the property for a fixed term but not the land upon which it stands. The land generally remains with the freeholder or landlord who created the lease. You agree to the terms of the lease granted by the landlord. The sales particulars for the property you are considering should make clear which type of ownership is being sold.

Generally, most houses in the UK are freehold and most flats are leasehold. What is a lease? A lease is a contract between a leaseholder and a landlord. A landlord will generally manage, maintain, insure and repair the building structure, common parts and exterior, subject to receipt of service charge payments and ground rent. A leaseholder will generally agree to keep the property in good order, agree not to do certain things such as to keep animals, sub-let or to make structural alterations without the landlordâ€™s consent and agree to pay any ongoing payments under the lease such as service charge and ground rent. Is the length of the lease important? Lease lengths vary. Generally, lease terms of 99, 125 or higher are considered normal in respect of a new build leasehold property. Your mortgage lender may stipulate a minimum length of lease such as a

minimum unexpired lease term remaining of 75 years before issuing you with a mortgage. You will need to ensure you are fully aware of the remaining term left on the lease and that it is suitable for your mortgage lender. Can I extend my lease? If you own a leasehold house subject to a long lease, provided that you have held the lease for at least two years you will have the legal right to extend your lease by 50 years. If you own a leasehold flat subject to a long lease, provided that you have held the lease for at least two years you will have the legal right to extend your lease by 90 years. In addition, you have the right to have any ground rent, payable under the terms of the lease, reduced to a peppercorn rent (effectively nil). If you are purchasing with the intention of extending your lease you will need to budget for any premium together with associated professional costs.

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BUYERS’ GUIDE

What does share of freehold mean? If you are purchasing a leasehold property which is described as a having a share of freehold, this means that as well as purchasing the leasehold interest you will also be buying the seller’s interest in the freehold title. In this scenario, you will usually find that a specific company has been set up to hold the freehold interest in the building in which your property is situated. Each leaseholder who has a property within the building will become a member of the company upon completion of the purchase of their leasehold interest. This can be advantageous, as you and the other leaseholders will have more control over how the property is managed and can make decisions, such as agreeing to extend the length of your leases, without applying a premium. Can I purchase the freehold during my ownership? If you have owned a leasehold house for a minimum of two years, you can purchase the freehold interest. You will need to serve notice on the current freeholder and the price is then negotiated between the parties. If you own a leasehold flat, the process is more complex. The freehold building is likely to contain multiple leasehold properties and therefore the freehold can only be purchased by a collective group of leaseholders. The process is known as collective enfranchisement. There are specific qualifying criteria, the detail of which is beyond the scope of this article. Professional advice should always be sought in advance. Are there any restrictions? The lease will include a number of restrictions which you must comply with. It is important that you read these carefully. If you do not comply, the landlord will be able to take enforcement action against you. These restrictions typically include not being able to keep any animals at the property, having to decorate the property periodically, not to sub-let and not to carry out any structural alterations. If you are purchasing an existing lease, you should ensure that the seller confirms that they have not breached any of these restrictions. If they have, it is essential that they remedy the breach or obtain retrospective consent from the landlord otherwise you could be liable to enforcement action as the new owner. What are service charges? The service charge is a fee which the leaseholder pays to the landlord to cover their share of the cost of maintaining

the leasehold property. This can include decorating the common areas, cleaning the windows, buildings insurance and repairing the roof. The lease should specify your percentage contribution to the overall costs. There will also be a charge for managing the building and this is normally performed by the landlord or by an external management company. The service charges for a leasehold property vary depending upon the terms of the lease. It is important that you are provided with a summary of these payments and understand how they may be increased in order that you can budget accordingly. It is also vital that your solicitor ensures that all arrears of service charge are cleared before you purchase. Can you challenge the service charges? The landlord is obliged to carry out certain services and, as a leaseholder you have a responsibility to pay for these services. While the landlord is not obliged to secure the cheapest service, he is responsible for ensuring that the costs are reasonable. You are entitled to request invoices evidencing the costs incurred during any service charge period to enable you to obtain equivalent estimates and assess whether you are getting value for money. If you are ultimately unhappy with the charges levied, you can make an application to the First Tier Tribunal for a determination as to their reasonableness. What is ground rent? Ground rent is a fee which the leaseholder pays to the freehold owner to rent the land upon which the leaseholder’s property stands on. The charge can range from a “peppercorn” which equates to no charge, to as much as thousands of pounds depending upon the terms of the lease. The lease may contain a provision for the ground rent to increase on specified dates during the term. It is important that you are aware of these payments and understand how they may be increased in the future. There has been recent controversy concerning developers selling new build houses as leasehold properties. It is likely

that following a government consultation, legislation will be introduced banning the sale of new-build leasehold houses. What is a sinking fund? This is a fund set up to cover major works or emergencies such as replacing communal boilers or the roof. You should ensure that your solicitor obtains details of any notice of forthcoming major works and confirmation of whether the sinking fund has sufficient amounts to cover the costs. Are there any other charges? Most buyers are unaware of other charges involved in purchasing a leasehold property. These can include having to pay for a notice of transfer (payable for adding a new owner) and a notice of charge fee (payable for adding a new mortgage lender). When selling a leasehold property, the landlord may charge a fee for providing a management pack. This pack includes all the information required from your buyer’s solicitors. The pack often includes information in relation to service charges, maintenance, buildings insurance, fire risk documents and proposed works. This fee is often a few hundred pounds but can vary depending upon the landlord. The lease may also contain clauses which result in you having to pay a fee to the landlord to obtain consent to a restriction in the lease. For example, obtaining consent for an alteration. Once again, these fees can vary depending upon the terms of the lease. Make sure you are vigilant and well informed with regard to other potential charges in respect of leasehold properties that may arise in the future. As always, take professional advice from specialist property solicitors before buying a leasehold property and do not hesitate to ask questions. Should you require any further information regarding this article or the services provided by Lawcomm Solicitors, please do not hesitate to contact Bill Dhariwal (E: bill.dhariwal@lawcomm. co.uk) or Maxwell Green (E: maxwell.green@ lawcomm.co.uk)

Lawcomm Solicitors provide a specialist conveyancing services to first time buyers including Help to Buy and shared ownership transactions, and can also assist with lease extensions, purchasing freeholds and leasehold disputes. Our services for first time buyers are provided for competitive Fixed Fees, with a NoMove-No-Fee Policy, and includes automatic updates and secure document sharing via our online portal where you and associated third parties can keep track of your case progress at any time. Call 0333 202 1132, email advice@lawcomm.co.uk or visit lawcomm.co.uk to make an enquiry now.

First Time Buyer February/March 2018

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