Shared Ownership Week 2023

WELCOME!

A welcome letter from Lynda Clark, Editor of First Time Buyer magazine

Getting a foot on the property ladder is often difficult, especially at the moment with the cost of living and ever-increasing rents. Help is at hand though through shared ownership – the part-buy, part-rent Governmentbacked scheme which is a very affordable way to buy your first dream home. One big advantage of shared ownership is that it enables households to access homeownership with a much lower deposit. You only need to get a mortgage for the percentage you are buying and pay a subsidised rent on the part you don’t own, making it much more accessible to many first time buyers. Shared ownership has been around since the 1980s and has helped thousands of first time buyers get a foot on the ladder.

To highlight the scheme, Shared Ownership Week runs from 20 September to 26 September. Go to sharedownershipweek.co.uk and sign up to get exclusive access to the full week of events, with a mix of online webinars, podcasts, hybrid events and more.

This supplement is packed with easy-to-understand information about how shared ownership works that will guide you through the process, benefits of buying a new build and an informative feature on mortgages – we hope you find them useful. Plus, there are also some very affordable shared ownership homes featured, which we hope will inspire you to get the keys to your first front door!

Lynda Clark, Editor, First Time Buyer magazine

WELCOME!

A welcome letter from Legal & General Affordable Homes, the headline sponsor, outlining the shared ownership scheme and the benefits it brings to first time buyers who desire to own their own home

I expect you’re reading this as you might be considering buying your first home – congratulations! If you are simply looking for a bit more information about shared ownership, then you are in the right place too.

At Legal & General Affordable Homes, we believe that getting on the property ladder helps provide security and stability – even more so with the current climate.

Shared ownership can provide a more affordable way to own your own home. Think of it as your own stepping stone to help build your future. Getting on the property ladder is a hugely exciting milestone in your life, and it is a possibility for more people than realise it, thanks to shared ownership.

BUT WHAT EXACTLY IS SHARED OWNERSHIP?

Shared ownership is a Government-backed scheme to help those who are unable to purchase a property on the open market, something that is particularly common for first time buyers. With shared ownership, you buy a percentage of a property, then pay rent on the remaining portion, with the option, if you choose, to increase the share you own over time.

As you only buy a percentage of the property, the deposit you need is usually much lower than if you bought the property outright. This means getting on the housing ladder is typically much more accessible to those who don’t have high incomes or benefit from financial support from family.

With the current cost of living and increases in the private rental market, especially in London but throughout the rest of the country as well, the stability that shared ownership can offer is huge.

FINDING SECURITY WITH SHARED OWNERSHIP

We know that buying a home can be stressful, especially with households feeling the squeeze around the rising cost of living and higher interest rates. Buying a home through shared ownership may actually help you tackle some of the recent spikes, such as private rent increases and ongoing energy costs.

At Legal & General Affordable Homes we recognise that meeting living costs is a real challenge for some people and we have been committed to supporting our residents. That’s why, in April 2023, our residents received a voluntary monthly rent credit payment from us for the next 12 months to help with increasing household costs.

Another benefit of shared ownership is that the homes are typically new build properties, which are usually much more energy efficient compared to an average older property, and can keep bills low. In addition, Legal & General Affordable Homes is supporting a transition to gas-free net zero-carbon homes that help buffer residents from energy price volatility and help protect the environment.

LIVE WHERE YOU LOVE – AND LOVE WHERE YOU LIVE

Buying a home through shared ownership could also mean that you don’t have to compromise on other aspects of your home, such as location, specification or size. It can be a great option for

you whether you are a first time buyer, couple or a growing family looking for security.

There is also a huge range of homes available. At Legal & General Affordable Homes, we have shared ownership homes available in urban and rural locations across England, including luxury apartments with fantastic London views at The Acer Apartments in White City, to beautiful townhouses in Kent or family sized houses in the West Midlands or Preston.

As a company, we want to be the byword for reliability, integrity and trust – something that is enshrined in our Customer Charter outlining our commitment to the highest standard of customer service for our residents.

SOUND GOOD TO YOU?

You can find out more about shared ownership, see our available properties and check your eligibility at landgah.com where you will find FAQs. You can also ask us your property questions on Instagram and Facebook (@legalandgeneralaffordable) #LandGAH

Happy house hunting!

Denise Stewart, Director of Sales and Marketing, Legal & General Affordable Homes

SHARED OWNERSHIP EXPLAINED

Shared ownership is the most affordable way to take a first step on to the housing ladder. Kay Hill looks at how the scheme works

Shared ownership is a Governmentbacked scheme that helps first time buyers take a first step on the housing ladder. Established over 40 years ago, around 200,000 households already live in shared ownership homes, and the scheme is growing rapidly in popularity as rising interest rates have made it harder for many first time buyers to purchase a home on the open market.

WHAT IS THE SCHEME?

Shared ownership helps lower income individuals and families take a first step on to the housing ladder by buying a share of the leasehold of a house or apartment from an accommodation provider such as a housing association and paying a controlled rent on the other portion. The amount they are able to buy varies according to the family income, the home and the provider, but starts from as little as 10% of the full market value of the property in the latest schemes. Over time, buyers can purchase additional shares in a process called “staircasing”, which means they can ultimately own the whole home and no longer pay rent. This is a very real possibility – data shows that around 2,000 shared owners staircased to 100% ownership last year in London alone.

WHAT IS THE ADVANTAGE?

The biggest barrier to homeownership for many households is saving up the deposit. According to the Halifax House Price Index, the average house price in June 2023 was £285,932, which for a family buying on the open market with a 90% mortgage would mean a £28,593 deposit. Buying 25% of the same house using shared ownership, however, would require a minimum 5% deposit of just £3,574, putting it within reach of far more potential buyers. For buyers in London, the difficulty of saving a deposit is even more acute, with the average £533,057 home requiring £53,306 for a 10% deposit, while a 25% shared ownership share could be accessed with a deposit of £6,663.

Many buyers also struggle to borrow enough money from mortgage providers to buy on the open market – with shared

ownership you only need a mortgage for up to 95% of the share you are buying, reducing the income that is required.

HOW IS IT DIFFERENT TO RENTING?

With shared ownership, as well as paying a mortgage, you also pay rent on the percentage of the property that you haven’t bought, as well as a service charge; but there are significant differences between shared ownership and just renting.

• You have complete security; as long as you pay your mortgage and rent, the only time you will have to move is when you choose to – not when a landlord decides to sell.

• You have a stake in the value of your home, which may increase in worth over time (although this is not guaranteed).

• The rental part of the payment is controlled, so rises are predictable, rather than at the whim of a landlord. Most shared ownership leases peg annual rent rises to the inflation-based Retail Price Index plus 0.5%. However, as inflation has been so high, housing associations have accepted a Government recommendation to cap 2023 increases at 7% (although forprofit shared ownership providers are not bound by this).

• Unlike renting, in most cases as a shared owner you are responsible for repairs and maintenance to your home, either through paying yourself (replacing a leaking tap or repairing a boiler) or paying service charges (maintaining communal areas). Newer scheme require providers to pay up to £500 a year for the first decade for certain essential repairs.

• Many housing associations allow pets, but you will usually need permission.

• There are fewer restrictions. If you rent from a private landlord you may not even be allowed to put up a picture hook, but with shared ownership the home is yours to decorate as you please – so you can paint, wallpaper, put up shelves, add fitted wardrobes etc. However, you will need permission for structural changes such as a conservatory, extension or loft conversion, and there may be restrictions on hard flooring if you live

in an apartment. Replacing a kitchen or bathroom may need permission from some housing associations.

WHO CAN USE THE SCHEME?

Households must have a combined income of not more than £80,000 or £90,000 in London to use the scheme. Shared owners can be first time buyers, people who have sold a previous home and are unable to buy on the open market (perhaps because of a relationship breakdown or a divorce), or those who are selling a home but cannot afford the kind of home they need (to accommodate a larger family for example) on the open market.

Buyers need to be over 18, with no rent arrears or bad debts, and must be able to afford the legal and other costs involved in buying a home, and the ongoing costs of mortgage, rent and service charge. It helps to have a good credit history, but some providers are more accepting than others of poor credit as long as you are still able to get a mortgage for your share.

WHAT TYPE OF HOMES ARE AVAILABLE?

Shared ownership is available right across England on purpose-built new homes, and on secondhand homes known as “resales”. Property types tend to reflect the surrounding area – in Greater London, apartments outnumber houses 33 to one, but in central and northern England the position is reversed with more than four out of five properties being houses. All shared ownership properties are sold as leasehold, although houses (but not flats) can usually be converted to freehold if you eventually own them outright.

WHAT’S THE BUYING PROCESS?

You can find shared ownership homes through Homes for Londoners, Sharetobuy.com or direct from housing associations websites. You may need to fill in a registration form to check your eligibility. When you

find a home you like the look of, contact the provider and arrange a viewing. If you want to go ahead, the provider will ask for a reservation fee of up to £500 to hold the property for you while you have a full financial assessment, which will look at your income, savings and outgoings and will set the percentage of the home that you are able to buy. You will need to provide proof of your identity and detailed financial information at this stage, so make sure you have everything ready. If all goes well at the assessment you can then arrange a mortgage and instruct a solicitor to handle the conveyancing.

RECENT CHANGES TO SHARED OWNERSHIP

The Government has made changes to shared ownership that are designed to widen access to the scheme, but as the old scheme is being phased out gradually until 2026, you will need to check whether a home you are considering falls under the old scheme or the new one.

The changes include:

• With the new scheme, buyers can purchase as little as 10% of a property, instead of the previous minimum of 25% (although you must buy the largest amount that the financial assessment says your income can sustain).

• The standard lease length on the new scheme is 990 years, up from 125 years.

• Buyers can increase their share in 1% increments for the first 15 years without a new valuation (rather than the previous 10% minimum staircasing and

requirement for a survey).

• Providers must contribute towards essential repairs and maintenance for the first 10 years, but this is capped at £500 a year and only covers things like structural repairs to walls, floors, ceiling and stairs and repairing or replacing sinks, baths, radiators and boilers. You will have to get approval from the landlord that the repairs are essential, use a tradesperson approved by the landlord, pay for the repairs yourself and claim the cost back.

THERE’S NOTHING LIKE NEW

Kay Hill looks at the top 10 reasons to choose a brand new property for your first home

There’s a lot to think about when you are becoming a homeowner for the very first time – but at least when you buy a brand new home, working out how to combat rising damp or get rid of rodents doesn’t have to be on your worry list! If you want to make the transition to being a homeowner as smooth and simple as possible, then a new build home has many advantages:

1 WARM AND ECONOMICAL

It’s easy to be seduced by the thought of a thatched cottage with roses round the door or a Georgian townhouse, but the reality is that the older the home you buy, the more likely it is to be cold, draughty and miserable in the winter – and your first electricity or gas bill could bring with it a very nasty surprise.

New homes are proven to be considerably cheaper to run thanks to improvements in Building Regulations over the years – homes sold today will have better insulation, more thermally efficient doors and windows and more efficient appliances than similar properties built even a couple of decades ago. You can get a good idea of how energy efficient a home will be by looking at the energy performance certificate (EPC) that every home that goes on sale (with a few exceptions such as historic buildings) must have. The EPC rates properties from A (the best) to G (the worst). In 2022, 84% of new build properties were given an EPC rating of an A or a B, compared with just 4% of existing homes. In fact, 85% of older homes that were assessed received a rating of C or D, 9% scored an E and the rest an F or G¹

This translates directly into how expensive the home will be to run.

According to the latest Watt a Save report from the Home

Builders Federation², released in July 2023, those who live in brand new homes can expect to save 55% or £1,628 a year on their energy bills, paying around £1,318 a year instead of the £2,946 average annual bill paid by those in older properties, alongside reducing their carbon emissions by 60%.

Upgrading an older home with energy saving measures like cavity wall insulation, double glazing and loft insulation can work out very expensive, and more serious improvements, such as flooring insulation or cladding can be very disruptive, so it’s good to know that when you move into a new build it will meet the very latest standards and bills will be much lower.

2 PEACE OF MIND

New builds come with a 10-year warranty, which will protect you from any major structural defects. The first two years are normally covered by the developer, who will respond to any complaints about snagging. After that, an insurance-backed warranty covers a wide variety or problems that might occur if the builder failed to follow the correct technical standards. Various parts of the building are covered, such as roofs, flues and chimneys, external walls, stairs, windows, doors and foundations, giving you additional peace of mind.

3 NOT IN THE CHAIN GANG

When you buy a secondhand property you are likely to be trying to move in on the same day as the owner moves out (and into their new home, currently occupied by someone else who needs to move out and into a new home – and so on).

This is called a chain, and it can be one of the most stressful aspects of moving house. You might have all your finances ready and your boxes packed, but all it takes is for the solicitor of the third house along to find a problem, or someone’s mortgage to fall through, and everyone grinds to a halt. With a new build home, the only people involved are you and the developer, so there’s no chain to worry about. Sometimes new builds might be delayed a little, because of bad weather, for example, but you should know in plenty of time when your moving date will be.

4 CHOICES, CHOICES

Depending on the developer, and at what stage of construction you put down a deposit, you are quite likely to be able to customise your new home. So, no avocado bathroom suite – unless, of course, you really want one! With a new build you are often able to choose a colour scheme, flooring, kitchen colour or style, bathroom cabinet colour and other variables, especially if you are buying off-plan. You might also have the opportunity to upgrade from the standard finishes.

5 SQUEAKY CLEAN

One of the best things about buying a new build is the fact that everything is indeed new, so you won’t have to scrape someone else’s pizza crumbs out of the oven, scrub grime from the bathtub or extract pet hair from the carpet. Instead,

you will move in to a fresh, blank canvas, with clean tiling, paintwork, kitchens and bathrooms. There will be no rush to decorate, you can simply move in, unpack and take your time as everything will look perfect just as it is.

6 EXTRAS INCLUDED

It depends on the developer, but in many cases you will find a whole host of extras are included with your new home. Few developers these days hand you a property with splintery floorboards and bare concrete; instead, you are likely to find carpets, tiles and hard flooring provided to make you comfortable from day one. It’s standard to find an oven, hob and extractor, and you could find that your home comes with dishwasher, washing machine, tumble dryer, fridge and freezer as well, saving you all the expense of having to buy these when you first move in.

7 SECURITY AS A PRIORITY

New homes also come with higher levels of security. Windows will have locks, and doors will all have up-to-date locking systems that meet the latest requirements from insurance companies, often bringing down the cost of your contents insurance. In apartment buildings you might even find CCTV, a security-conscious concierge or even a sophisticated keyless entry system.

8 SAFE AS HOUSES

If you buy a secondhand home, especially an older one, you need to get an electrician to check that your wiring is safe, otherwise you could be at risk from faults and even fires. With a brand new home, you not only have the latest quality in wiring, but also fire-resistant materials and smoke alarms to keep you and your family safe, as well as circuit breakers to protect you while you are cutting the grass.

9 MODERN LIVING

Older homes reflect the way of life that was prominent at the time – for example, in a Victorian home you might have a series of small, dark rooms, including the “front parlour” that was only used for guests, the “morning room” that was more like a family room, and a dining room used for only an hour or so a day. Each room tended to have only one purpose, so families were separated by geography. Most new build homes have egalitarian, family friendly open-plan layouts with break-out areas, so multiple tasks from cooking to homework can take place in a sociable space, facilitating conversation and creativity. Developers are also aware of the importance of having a

home working space, so you are bound to find somewhere to put a desk.

Some new builds also have shared spaces and services such as a gym or concierge, cinema room, bookable working areas or meeting spaces so even the smallest apartment can have great facilities (although there will be management charges to cover these extras).

10 BOOSTED BUYING POWER

Finally, some Government schemes are only available on new builds, including First Homes, Rent to Buy, Discounted Sales and shared ownership (although shared ownership resales are available).

1 gov.uk/government/statistics/energy-performanceof-building-certi cates-in-england-and-wales-july-toseptember-2022/

2 hbf.co.uk/documents/12662/

Watt_Energy_Ef ciency_ New_Homes_ nalv2.pdf

LEGAL & GENERAL

See what Legal & General Affordable Homes has to offer

Legal & General has been involved in housing for over 20 years and established Legal & General Affordable Homes (LGAH) in 2018 with the aim of becoming the leading private affordable housing provider in the UK.

Dedicated to tackling the current housing crisis by delivering high-quality, enduring homes, LGAH seeks to make a positive difference to the affordable housing sector and offer an alternative route on to the property ladder.

Its mission is to better people’s lives and ensure everyone has access to a safe and secure space to call their own. Whether it’s a first time buyer, young couple or growing family, LGAH wants to demonstrate the benefits of shared ownership for a variety of circumstances and lifestyles.

LGAH strives to create sustainable communities with high-quality homes, reflected by its key principles of quality, sustainability and customer service that underpin every decision made. Recognising the strength of partnership and collaboration, LGAH works with local housebuilders, housing associations and contractors to deliver dream homes that are affordable and accessible.

Across its fast-growing portfolio and upcoming developments, LGAH offers social and affordable rent as well as shared ownership homes.

Denise Stewart, Director of Sales and Marketing, Legal and General Affordable Homes

FROM £96,875* FROM £99,375*

EAST RIVER WHARF

East London

East River Wharf is a collection of one, two and three bedroom apartments in Newham’s Royal Wharf, east London. A four-minute walk to West Silvertown DLR, the development is perfectly situated to use the DLR to get to Canary Wharf, London City airport and beyond in moments. The luxurious homes at East River Wharf have been built for a contemporary lifestyle, including open-plan living areas, private balcony, sizeable bedrooms and kitchens with integrated appliances. There is also a large range of local amenities including a concierge, 24-hour security, spa, pool, jacuzzi, gym and residents-only Sky Lounge offering amazing city skyline views. In addition, the Community Dock is a community centre that hosts a long list of clubs, events and activities. With a bustling high street and market square surrounding Royal Wharf, you can find essential services, independent shops, cafes and pubs all within walking distance.

landgah.com/scheme/east-river-wharf/

THE MOORINGS

West London

The Moorings offers two bedroom apartments situated in a prime location at Brentford Lock on the Grand Union Canal, within close proximity to world-famous heritage parks such as Kew Gardens and Gunnersbury Park. All homes have a larger-than-average private balcony, integrated appliances in the kitchen, a modern bathroom and access to a roof terrace and communal space. The development is close to local shops, cafes and restaurants along Brentford High Street and the development is within easy reach of Westfield London. The Moorings is within walking distance of Brentford station, from where trains take you to London Waterloo in 30 minutes. By car, the M4 and A4 are close by and you can easily drive to Heathrow airport in less than half an hour. With access to the waterside and parks, there is also plenty of outdoor space to enjoy and benefit from.

landgah.com/scheme/the-moorings/

Rebecca, aged 29, was living at her parents’ home in London when the whole family decided they fancied a change of scenery and a different lifestyle. When the family moved to Dartmouth, Devon, Rebecca decided she wanted to get on to the property ladder. Working part time and receiving benefits, she was unable to afford a property outright and went down the route of shared ownership with Legal & General Affordable Homes.

Rebecca’s mother Christine said, “My husband has been coming here for many years and we didn’t know Dartmouth at all, but we came on holiday and then we were looking to move out of London and we both agreed that we really like Dartmouth and we’ve not looked back since. We absolutely love it.”

Rebecca decided she wanted to buy her first home and her mother added, “She only works part time and she’s on benefits as well, so shared ownership was the perfect choice. It’s very safe and we could see that there was a community already, and she’s got neighbours who are concerned about each other.”

Rebecca said, “I liked picking all my own furniture and deciding where everything goes. The neighbours are really friendly. Some of them have pets. I think my favourite part of living in Dartmouth is probably just walking around and I like to sit on the front. Suzanne from Legal & General Affordable Homes was absolutely fantastic. She took us all the way through the journey, which was great because we knew nothing about shared ownership.”

Finally Christine added, “Legal and General Affordable Homes has helped me to help Rebecca move independently into a property that’s absolutely fantastic and that she would never, ever have been able to afford herself.”

HYDE NEW HOMES

See what Hyde New Homes has to offer

Hyde New Homes is one of the UK’s leading shared ownership providers, assisting thousands of buyers in turn with its vision to provide “Great homes for everyone”. Offering both brand new and pre-owned shared ownership homes for sale, buyers can purchase a 25% to 75% share of their selected home and pay a subsidised rent to Hyde on the remaining share. They can increase the equity they own at any time through a process called staircasing and buy their home outright, if they wish. Homes for outright sale are also available on selected developments.

Hyde New Homes’ award-winning approach to both new homes and large-scale regeneration creates thriving and sustainable neighbourhoods with public space, which improves the lives of everyone. Buyers benefit from innovative, award-winning design, outstanding sustainability features and desirable locations.

With a variety of styles to choose from, each home is generously sized, boasts a balance of stylish, yet functional design, and is finished to the highest standard, with flooring, integrated kitchens and turfed gardens where applicable. Most homes also come with their own designated outdoor space.

To discover Hyde New Homes’ latest developments, please visit hydenewhomes.co.uk

Minnie Dando, Head of Marketing, Hyde New Homes

BLUEBELL HEIGHTS

Brighton & Hove

Bluebell Heights, situated at the foot of the South Downs National Park, offers one, two and three bedroom apartments that include allocated parking, a private balcony, terrace or patio, and landscaped terraced communal gardens. The open-plan homes feature large windows and outdoor space to take advantage of the breathtaking views of the natural surroundings. With the beautiful expanse of the South Downs on the doorstep and the fun and activity of Brighton within easy reach, residents are spoilt for choice in either direction. Just a short drive or bus ride away, Brighton’s famous North Laine is within easy reach. The nearby A23 and A27 roads out of Brighton head towards London, Worthing, Chichester and Eastbourne, while the train from Brighton, accessible from nearby Falmouth station, reaches London Victoria in just over an hour.

hydenewhomes.co.uk/bluebell-heights

EASTMAN VILLAGE Harrow

Hyde New Homes’ Eastman Village, located on the historic site of the former Kodak factory, offers one, two and three bedroom apartments and has been dubbed a “well-connected urban oasis”, supporting residents with green choices while helping the local ecosystem to thrive. Eastman Village has an on-site, carbon-efficient energy centre, providing heating across the development and reducing carbon emissions by over 35%, meaning a typical home on site could be up to 65% cheaper to run. Harrow & Wealdstone station is just a 10-minute walk away, from where residents can reach London Paddington in less than half an hour. In addition, the London Overground service to Euston takes just under 15 minutes. Harrow-on-the-Hill station, which is just a short bus ride away, connects to the Metropolitan Line and national rail services. When complete, Eastman Village will feature new offices, restaurants and cafes set against a stunning landscaped park that will serve as a new green link.

hydenewhomes.co.uk/find-homes/developments/shared-ownership-ateastman-village

A young couple have realised their dream of buying their first home together at Spring Acres, after spotting the opportunity at a nearby development from Hyde New Homes.

Tom and Emily, both aged 23, are among the first new residents at Spring Acres in Bapchild. The couple are thrilled with their new home, having identified the possibility of becoming homeowners through shared ownership.

They explained, “We came across one of Hyde New Homes’ developments a couple of years ago called Blossom Grove, not far away in Teynham. It was a lovely development and we realised it could be affordable for us with the use of shared ownership, but the timing wasn’t quite right. Because of the pandemic, we had the opportunity to save some money and when we saw that Spring Acres was coming to the region, we knew it would a good move for us!”

Tom, an estate agent in nearby Maidstone, and Emily, who is training to be a schoolteacher in Sittingbourne, decided they wanted to invest in their own home rather than put their money into a rental property where they wouldn’t see a return.

After leaving university, where the couple met, they initially moved in with Tom’s parents in Stratford-upon-Avon. The duo then moved in with Emily’s parents, who live close to Bapchild, and were able to start saving towards their dream home. The couple chose a two bedroom “Burdock” style house, securing a 40% share for £126,000, with a deposit of £12,600.

The couple plan to staircase to buy more shares in their home and eventually own it outright. In the meantime, they are enjoying decorating it to their own taste – putting their own stamp on their first home, and they are also getting to know their new neighbours.

“Everyone is really friendly,” said Emily. “We know some people who have moved into the development too, so we’ll be organising a get-together soon!”

“Emily knows the area well having grown up here,” said Tom, “but we always find new things to do. Access into London is great for day trips and Bluewater isn’t far away for shopping.”

L&Q

See what L&Q has to offer

L&Q is one of the UK’s leading housing associations and developers.

Social purpose is at the heart of everything we do. All the money we make is reinvested into new and existing homes, creating successful communities and providing excellent services.

The safety of residents is our top priority. We are an early adopter of the Government’s building safety proposals and have committed £250m to implementing the recommendations from Dame Judith Hackitt’s review of building safety.

We own and manage more than 110,000 homes nationwide, and we are actively involved in the communities we help build, staying locally based and responsive. We listen to our customers and make sure they have a strong and influential voice throughout every part of the business.

We hope to build aspiration, opportunity and confidence among residents through our community foundation and skills academy. Last year, the L&Q Foundation awarded £5.7m in grants to good causes, including grassroots initiatives to tackle social issues like gang violence and homelessness.

L&Q Living provides care and support services to people with a wide range of needs, including older people, those with learning difficulties and mental health needs, and people dealing with homelessness.

Claire Brenlund, Sales & Marketing Director, L&Q

FROM £103,750* FROM £85,000*

L&Q AT QUEEN’S QUARTER Croydon

L&Q AT BRUNEL STREET WORKS Canning Town

L&Q at Brunel Street Works offers a collection of one, two and three bedroom homes in a vibrant new neighbourhood on the doorstep of Canning Town. Homes include a kitchen with integrated appliances, underfloor heating, private outdoor space and a 24-hour concierge service. The development also has an on-site Sainsbury’s, well-regarded schools, gyms and trendy eateries, and is ideally located close to both the River Thames and the River Lea. Canning Town station is within walking distance, offering quick access to Canary Wharf and Stratford in just six minutes and London Bridge in 12 minutes. The IFS Cloud Cable Car is also within walking distance, giving wonderful views over the city.

lqhomes.com/brunel-street-works/

L&Q at Queen’s Quarter is a collection of one, two and three bedroom homes located in the beating heart of Croydon. Homes are a short walk from a wealth of leisure and retail facilities including the vibrant food court at BOXPARK, independent boutique stores in Croydon Old Town and big brand high street shopping. Homes in Queen’s Quarter bring modern flexible living, with each apartment designed to a fully inclusive specification with integrated appliances in the kitchen and an en suite to the main bedroom. Each home comes with a private balcony or terrace, and residents also have exclusive access to a rooftop landscaped garden. Just 15 minutes from both central London and Gatwick airport by train, transport links from L&Q at Queen’s Quarter are extensive. The development is located just moments from East Croydon station, which enjoys a regular service into London Victoria and London Bridge, as well as connecting to the London Overground that travels through New Cross, and up into east London.

lqhomes.com/queensquarter/

CASE STUDY

After renting in London together for three years, Floss and Joe, both 27, had made the decision to buy their first home. Seeing a rental price hike of over £800 per month on their Battersea-based apartment after Covid, Joe and Floss realised that buying a home could actually be more affordable each month than renting one.

“We loved renting together, but after our monthly payment was put up so much, we made the joint decision to put our savings together and buy our first home. We moved out of our one bedroom apartment and into an annexe in Cockfosters that we found online, where we were paying significantly less than at our home before. We already had our individual savings and agreed that we would continue to save for a deposit, and from there, start looking for our dream home.”

Once the couple had saved enough they begin their house hunting, “We researched different purchasing options, and ultimately decided that for us, shared ownership was the most financially secure option and the most affordable way for us to step on to the property ladder in London.”

Having agreed on the key elements, and armed with the knowledge of what they could afford, they continued to view apartments, eventually coming across L&Q at Kidbrooke Village in Greenwich, where they purchased a 30% shared of a two bedroom apartment.

The couple’s monthly outgoings for their new two bedroom shared ownership apartment now come to £1,569.18, just under 50% less than the £3,000 monthly cost for their one bedroom rented apartment in Battersea.

“The home itself feels so roomy, with loads of windows creating a really bright and airy space. A priority for us was also safety, as Floss has always commuted and walked home from the train station and wanted to continue doing so. The train station here is within the complex, so it’s a short walk home through the development.

“There are also lots of other amenities and facilities on the site here, including a Sainsbury’s, a Starbucks and a local pub, as well as changing food stalls on the square and a coffee van.

“We would definitely recommend shared ownership. We also now have the option to staircase over time once we have more money to do so, and would love to own 100% of our home in years to come.”

NETWORK HOMES

See what Network Homes has to offer

Network Homes is a charitable housing association providing over 21,000 affordable homes for more than 38,000 people across London, Hertfordshire and the South East. The company was originally established in 1974 to support people in housing need. This remains at the heart of Network Homes’ operations to this day.

At the core of Network Homes’ operations is a belief that good homes make everything possible. The business focuses on delivering a blend of quality and affordability, reinvesting every penny of its profits into building more affordable homes and delivering services for its residents and local communities. Its mission is to deliver safe, secure and affordable homes for as many people as possible. Network Homes’ foundational objectives, meanwhile, are to provide good homes and reliable resident services, be a great place to work and remain financially resilient.

In March 2023, Network Homes announced plans to merge with Sovereign. The proposed new organisation, Sovereign Network Group (SNG), will be one of the largest housing associations in the UK, with over 82,000 homes in London and across the South of England.

£91,875*

£85,000*

ARC Wembley

With a prime location beside Wembley Park, Arc offers a selection of 75 new and affordable one and two bedroom apartments providing the very best of London living. Each apartment boasts an open-plan living/dining space, a private balcony, a kitchen with integrated appliances and ample storage. Nearby Wembley Park offers a wide choice of shops at the London Designer Outlet, restaurants, world-renowned sporting events at Wembley Stadium and excellent entertainment options. There is also a gym, landscaped green spaces and a cinema within easy reach. Pedestrian access links Arc directly to Wembley Stadium station, with trains running to London Marylebone in just 12 minutes, giving easy access to the West End. The Jubilee and Metropolitan Lines, linking Canary Wharf and the City, can be accessed from Wembley Park tube station.

networkhomessales.co.uk/find-your-new-home/arc-wembley/

ICON

Burnt Oak

Comprising a stunning collection of 75 new homes ranging in size from one bedroom apartments to three bedroom duplexes, Icon offers the very best in contemporary urban living within gleaming highspec residences in two distinct buildings, wrapped around a central landscaped garden. Apartments are spacious, with plenty of light, and are fitted out with everything needed for comfortable modern living including benefiting from their own balcony or terrace plus communal areas. There is a multitude of eating, shopping and entertainment options close by for residents to enjoy. Ideal for London’s commuters, Icon is just a five-minute walk from Burnt Oak underground station, from where central London can be reached in as little as 24 minutes. Alternatively, Mill Hill Broadway station is 13 minutes away by bus, and provides regular services to St Albans, Luton Airport Parkway and St Pancras International.

networkhomessales.co.uk/find-your-new-home/icon-at-burnt-oak/

Kalumba Musambachime, Head of Sales and Build to Rent, Network Homes

Ana Fernandes, 27, and her partner Diogo Daniel, 30, have had a fresh start this year. Having only recently moved out of their family homes, the pair are taking their first step on to the property ladder using the Government-backed shared ownership scheme. After three years of saving, the couple’s dream to live together became a reality when they discovered a premium two bedroom home at Network Homes’ development, Faber Green Northolt, London, which ticked all their boxes.

Ana is a Mortgage Team Leader and Diogo is an Estate Manager. Ana comments, “Diogo and I felt that we were ready to take the next step and find a home of our own together. We were both already living in Northolt and were keen to find a home locally so that we could stay close to our workplaces and families. Frustratingly,we had been looking online for a while, but finally in August we headed down to view the homes at Faber Green. It was the first home we had viewed in person, and to our surprise and delight it happened to be exactly what we were looking for and more, so we reserved it that very same day. A new build home feels like an exciting blank canvas, just waiting for us to make it our own.”

Surrounded by Ealing’s vibrant and evolving neighbourhoods, Faber Green combines a relaxed, more suburban atmosphere with fantastic transport connections into central London and beyond. Ana continues, “Our new home is ideally located for us in terms of our work commutes, and the wider development has such a relaxed vibe that we absolutely love it here. We have the best of both worlds as we can enjoy a slower pace of life without sacrificing on easy transport connections. I have my own office space to work from home, but if I need to commute it’s a breeze, as I can walk to Northolt train station in under 10 minutes. Our home also has designated car parking space – Diogo and I have managed to fit both our cars here, so parking is never an issue.”

Ana and Diogo’s new home allows them to convert their office space into a spare bedroom for hosting guests and the rest of their home features an openplan living and dining area and bifold doors opening out on to the rear garden. Ana continues, “I’ve never been particularly interested in gardening, but now I have outdoor space of my own, I am feeling inspired to make it as nice as it can be!” Ana adds, “We bought a 25% share of our £485,000 home, meaning we could enjoy the independence of homeownership by paying a deposit of just £6,000 between us.”

NEWLON LIVING

See what Newlon Housing Trust has to offer

Newlon Housing Trust is a charitable, not-for-profit housing association, founded in Hackney in 1968.

Today we provide 8,400 affordable homes in a range of boroughs in north and east London.

We are a major provider of new affordable housing in London, including high-quality shared ownership homes for people taking their first step on the property ladder through our specialist Newlon Living brand.

We are proud of our record of developing sustainable communities and have been partners in award-winning regeneration programmes at Hale Village in Haringey and the Arsenal Regeneration project in Islington.

Other recent landmark developments include providing new high-specification shared ownership homes at the heart of Tottenham Hale. This is currently one of London’s most exciting regeneration projects, with a revitalised urban centre set around a central square with new housing, leisure, health and retail facilities nearing completion.

Colleagues in our dedicated in-house sales team have long-term experience of assisting people to find shared ownership homes that meet their needs and can support prospective buyers at each step of their journey.

You can find out more about shared ownership with Newlon at newlonliving.co.uk or for more information about us visit newlon.org.uk.

Qammer Hussain, Assistant Director, Property Sales & Marketing, Newlon

DOMINION APARTMENTS Walthamstow

On the site of the 1930s art deco cinema and music hall that gives this new development its name, Dominion Apartments sits in the heart of Walthamstow. Surrounded by creativity and nature, this exclusive collection of one and two bedroom contemporary homes, designed by award-winning architects, forms a stylish addition to this historic corner of east London.

The development is about a five-minute walk from St James Street Overground station and 15 minutes’ walk from Walthamstow Central underground station, and less than a minute from the High Street. From a quick commute by train into the city or a leisurely bike ride to pick up the weekend provisions, Dominion is perfectly placed to make the best of London, close to the energetic hubs of Tottenham Hale, Hackney, Leyton, Dalston and Stratford. Each apartment has been carefully designed to provide a light and airy open-plan living area, and features stylish fitted kitchens with integrated appliances, plush bathroom suites and luxurious carpets fitted to each bedroom.

newlonliving.co.uk/properties/dominion-london-e17

HALE WORKS

Haringey

Hale Works is an exciting collection of one and two bed apartments in the heart of Hale Village. Sitting moments away from the tranquil waterways of the River Lee in one of north London’s most innovative new neighbourhoods, Hale Works offers the best of both worlds. Through the charcoal steel entrance there is a 24-hour concierge in a stylish and spacious lobby, while a breathtaking sky garden with views down to the Walthamstow Wetlands sits on top of the building. Homes have a light and airy open-plan living area that mixes 21st century style with the best of home comforts. A two-minute walk brings you to Tottenham Hale station with access to Oxford Street in just 16 minutes.

newlonliving.co.uk/properties/hale-works/

CASE STUDY

Dominion Apartments occupies the site of a former cinema in the heart of Walthamstow and is Newlon’s most recent shared ownership development. New shared owners Naveed and Nazish explain how finally having a place to call their own has improved their family’s lives beyond all recognition.

“We’ve always lived in Walthamstow and love the area. I work from home as a Quality Assurance Manager and my wife works at a local school and in a nearby chemist. We used to privately rent but just before Christmas 2021 we found out that we had to leave our family home at short notice because it was being sold. It was a really tough time for everyone and it meant that we were relying on the local authority to house us. We had never been in a position like this before. We ended up being housed temporarily but decided then that we never wanted to be in that position again.

“I had heard a bit about shared ownership properties and decided to investigate this option further. When I found out that shared ownership could be cheaper than private rent, I knew that it was the only way for us to own a home in London and to get on the property ladder in an affordable way.

“We wanted to stay in the Walthamstow area because we felt that being in London could provide better opportunities for our 16-year-old twin boys. It was also important to stay in Walthamstow for our 10-year-old daughter, who has additional medical and educational needs.

“We already had some money towards a deposit as we had been saving while privately renting. I immediately liked Dominion’s central location close to Walthamstow High Street and transport links, and it offered spacious three bedroom apartments complete with their own private outdoor space. It was better than we could have ever imagined. Our new home is extremely energy efficient, soundproofed and, despite living in a central location, it’s actually very quiet and peaceful. I would absolutely recommend buying a shared ownership property – it is 10 times better than renting.”

PEABODY

See what Peabody has to offer

Now, 160 years after it was established, Peabody is one of the oldest and largest not-forprofit housing associations in the UK. Following a merger with Catalyst Housing in April 2022, Peabody is responsible for over 104,000 homes and 220,000 residents across London and the Home Counties.

Our mission is to help people flourish.

We are relentlessly committed to creating great places and building sustainable, highquality new homes that stand the test of time. With significant development, placemaking and regeneration expertise, we provide top-quality new homes and invest in communities for the long-term.

Founded by the American financier and philanthropist George Peabody in 1862, we continue to invest in our homes and communities, designing inclusive neighbourhoods that support wellbeing. We invest around £11m each year through our Community Foundation, to support people to be healthier, wealthier and happier. We aim to make a positive impact on climate change for our residents, communities and the environment, with an ambition to achieve net zero carbon in our new and existing homes by 2050.

You can find out more at peabodysales.co.uk/more-than-just-a-place-to-live

Lisa Crush, Sales Director, Development, Peabody

THREE WATERS Bow Creek

NEW MANSION SQUARE

Battersea

Nestled on the banks of the River Thames and originally designed almost 100 years ago, Battersea Power Station is being transformed into one of the most prominent new neighbourhoods in the UK with New Mansion Square the newest addition. Carefully crafted studio, one and two bedroom apartments have been meticulously designed for modern living and include a private balcony or terrace, concierge service, fully integrated kitchens and modern bathrooms. Battersea has a wealth of pubs, bars and independent coffee shops and ample shopping opportunities. Regular free events at Battersea Power Station mean residents and visitors can enjoy the best that Battersea has to offer, whilst Battersea Park is within walking distance. With a brand new tube station, two national rail stations and a riverboat pier just moments away, residents are spoilt for choice for transport options around the capital.

peabodynewhomes.co.uk/developments/new-mansion-square/

Three Waters offers an exciting collection of one, two and three bedroom apartments at Bow Creek. The development includes raised gardens, a roof terrace and private balconies that enjoy direct views across the water and the City. Residents benefit from a 24-hour concierge service, a screening room and apartments built to the highest specification. Just a six-minute walk away is Bromley-by-Bow underground station which hosts Hammersmith & City Line and District Line services. Alternatively, Devons Road DLR station is a 10-minute walk away, connecting commuters to Canary Wharf, King’s Cross and St Pancras International in as little as seven and 22 minutes respectively. Positioned on the border of Tower Hamlets, buyers at Three Waters can enjoy access to more water space than any other London borough. Keen shoppers can reach the array of designer brands and popular high street chains at Westfield in 15 minutes. For first-class entertainment, the O2 is 31 minutes away on the tube, hosting a variety of concerts, performers, comedians and sporting events.

peabodynewhomes.co.uk/developments/three-waters/

CASE STUDY

Conrad Brown, 59, was renting in Kent for six years, but tired of his commute into central London for work, he began looking to purchase a home closer to the capital.

He comments, “I work as a personal trainer in Canary Wharf, so travelling into London every day was becoming quite tiring; I knew in the long term it wasn’t going to be sustainable. Towards the end of last year I began looking to move, but assumed I’d be priced out of London.”

Having already owned properties in the past, Conrad spoke to his financial adviser about his options for purchasing a new home, who suggested he look at shared ownership.

He continues, “I had accumulated some savings during lockdown, and when I heard about the shared ownership scheme it sounded like a great opportunity for me to get a foot back on the property ladder, particularly given my age. I was originally sceptical about being a leaseholder – I had real tunnel vision about wanting to own a freehold property, however, after doing some research I realised what I could get through shared ownership and it was a no-brainer.”

Conrad found out about Southmere and was impressed by the development and high-quality specification of the apartments. He wasted no time in visiting Southmere himself to find out what was available and ended up buying straight away.

“Having commuted to Canary Wharf from Kent, the fact I’m now able to reach work in 11 minutes is truly amazing. I love being in nature, and coming from Kent it was all about the outdoors for me. The fact I’m in proximity to amazing green space, lakes and canals, all while being in London, really ticked all the boxes.

“I couldn’t be happier with my home. The finish of the apartment is fantastic and I really love that it’s brand new, with no previous owners. I’m already seeing the benefits of a new build – it feels so low maintenance compared to the other properties I’ve lived in.”

Looking to the future, Conrad plans to staircase until he owns the home outright, so he hopes he’ll be able to leave a legacy for his son.

PLACES FOR PEOPLE

See what Places for People has to offer

As the UK’s leading social enterprise, community matters to us.

We believe we can improve our customers’ lives through the communities we build and maintain. We do this by honouring our long-term commitment to creating and supporting thriving communities socially, economically, and environmentally.

Our vision isn’t just a pipe dream – it’s a proven blueprint for commercial and social success. To date, over 500,000 people live in our homes, and 300,000 customers visit our leisure centres weekly.

To us, community doesn’t stop with the thousands of customers we help each day – it also extends to our people. We prioritise creating happy, healthy, and inclusive environments to live and work. To achieve this goal, we utilise a “people first” strategy that values customer, community and colleague input to find effortless, effective and efficient solutions to issues troubling our communities.

The strategy combines a range of national customer discussion groups, anonymous employee feedback and insight sessions to identify areas of improvement and highlight examples of excellence. This data is then used to develop initiatives, positive social impact, and improvements to working conditions. Together, we can make communities that work for everyone.

David Hnyda, Group Sales & Marketing Director (Development and Regeneration), Places for People

DOMINION Doncaster

Dominion, just south of Doncaster city centre, offers two, three and four bedroom homes ideal for family living, with modern features including a Symphony fitted kitchen with integrated appliances, and flooring throughout. Homes come with a garden, parking, as well as communal shared spaces outside for all to enjoy. Properties are also built using energy-saving technology and materials that are environmentally friendly. The development combines the convenience of a nearby town centre with the beauty of surrounding countryside. If you like to get close to nature, the Potteric Carr Nature Reserve is only a five-minute walk away. Just a short seven-minute drive away you can visit the Lakeside Village Shopping Outlet with a large range of shops and amenities. Doncaster city centre is only a 10-minute car journey away.

homestobuy.placesforpeople.co.uk/find-a-home/dominion-doncaster/

MAYFLOWER PLACE Hull

Mayflower Place is an exciting new development of two and three bedroom homes in Hull. Conveniently located in the bustling community at Hawthorn Avenue, Mayflower Place has many amenities nearby including bars, restaurants and supermarkets. It’s also just a 10-minute drive away from Hull city centre. These two and three bedroom homes are ideal for everyday life, with good-sized living spaces, and include integrated appliances in the kitchen. They also benefit from a private garden and a dedicated parking space. There is also a regular bus service into Hull city centre. The development is well served by a range of shops and facilities nearby, including a newsagent, grocery stores and two large supermarkets.

homestobuy.placesforpeople.co.uk/find-a-home/mayflower-place-hull/

CASE STUDY

Jason Palmer, 53, and his partner, Helen Collins, 53, successfully purchased their home together by using shared ownership with Places for People and bought a brand new two bedroom house at Flagshaw Pastures in Ashbourne, Derby.

Having been renting with friends for a year after getting divorced, Transport Manager Jason explains, “Helen and I had been together for a while and rather than both of us waste money on renting separately, we decided to buy a property together. I was living in a rented house with two friends, Helen was renting a flat with her son, Liam, in Derby. I also have friends who had purchased using shared ownership and knew it would be an affordable way to buy a home, and at our age we wouldn’t be able to tie ourselves into a large, long-term mortgage. We found a shared ownership development nearby we liked, were approved by a financial adviser to purchase a 75% share, however all the properties were allocated before we even had a chance to view. We saw a few other properties and had no luck, in fact we were starting to get quite disheartened that we wouldn’t find anywhere suitable, then Helen was searching online and found Flagshaw Pastures with Places for People.

“The development was ideal, its located less than a mile away from where Helen was renting, where she works and where her son goes to school. We had viewed a two bedroom property online, and when we enquired the house was still available, so arranged to view – it was like it was meant to be. We were qualified by the independent financial adviser with Places for People who confirmed we were eligible to purchase a 75% share of £217,000. We paid £162,750 and put down a deposit of £16,275, our monthly mortgage payment is £955.10 and the rent we pay to Places for People is £166.77. Thankfully we managed to secure a five-year fixed-term mortgage at 3.1%, and we still have more than four years before we need to think about an alternative product, we were really lucky considering how much the interest rates have now risen. Since then, I have received a promotion and pay rise at work, so we hope to be able to staircase and buy the remaining 25% share, and even reduce our mortgage term too. We were paying around £1,400 a month in rent payments between us, we now pay less than £1,200 per month. We are very happy here and don’t foresee any reason to move – it’s perfect for us.”

SOUTHERN HOUSING

See what Southern Housing has to offer

At Southern Housing New Homes we know how important it is to find the perfect home. Our mission is to help you do just that by providing the best quality, affordable homes, while creating communities that people love.

We provide homes to suit families of all sizes, from vibrant city centre apartments to traditional family homes in the countryside, available through shared ownership, London Living Rent and open market sale and are committed to building high-quality, energyefficient, sustainable homes that are fit for the future.

As part of the wider Southern Housing organisation, we’ve a long and proud history of providing affordable homes, with residents at the heart of all we do. We’re one of the largest housing providers in the UK with over 77,000 homes across London, the South East, the Isle of Wight and the Midlands, giving over 167,000 people somewhere to call their own.

Our history stretches back to the early 20th century, but our social purpose of helping those with a housing need remains today. shnewhomes.co.uk

Vikki Walker, Director of Sales and Marketing, Southern Housing

CORNER PLACE

Bethnal Green

Corner Place is an exciting development of stylish and contemporary one, two and three bedroom apartments. The light and spacious homes offer an open feel, with large windows, and all come with a private balcony and a high speci cation including integrated appliances in the kitchen. With convenient access to central London, there is an eclectic mix of upscale bars, restaurants, amenities and nightlife in the local area. Old Spital elds Market, Brick Lane, Bethnal Green Gardens and Weavers Fields are all close by, offering residents the very best in city living, but with easy access to facilities and tranquil green spaces. Bethnal Green underground station is nearby with services to take residents to Oxford Circus in just 12 minutes.

shnewhomes.co.uk/properties/corner-place

VODION

Hackney Wick

Vodion is a collection of one, two and three bedroom apartments located in one of London’s most desirably rejuvenated areas – Hackney Wick. Homes feature contemporary tted kitchens with integrated appliances. There is plenty of storage, a mirrored tted wardrobe to the main bedroom and a balcony to each home. Hackney Wick is a home to artists hubs, quirky coffee shops and cafes, craft breweries, Post Of ce and local shops, plus the Here East business park, while the Queen Elizabeth Olympic Park gives residents plenty to explore. The River Lee canal also offers plenty of vibrant bars and eateries. Situated between Hackney and Stratford, the development is conveniently placed for fast and easy access into central London via Bow Road and Stratford stations, making it a superb location for commuters.

shnewhomes.co.uk/properties/vodion-1

BE WEST

See what BE WEST has to offer

BE WEST, a small but mighty brand creating new homes in west London, is an expert at helping you to find a place where you can really thrive. The award-winning sales arm of Shepherds Bush Housing Group, BE WEST’s brand new homes span this popular area of the capital, from up-and-coming Acton to thriving Hayes, with a selection of resale homes also available. Major current developments include Bollo Lane, W3, a stylish collection of one and two bedroom apartments in a buzzing part of Acton, which offers superb transport links.

Helping hopeful buyers on to the ladder at every turn, the team is made up of experts in shared ownership. Expanding the brand’s offer, Shepherds Bush Housing Group is due to merge with the Guinness Partnership over the next 12 months, which will help grow the number of homes available from BE WEST.

BOLLO LANE Acton

Bollo Lane is a stunning collection of one and two bedroom apartments located in the heart of Acton, with excellent transport connections providing easy access to the rest of London. Homes are ooded with natural light and meticulously designed for luxury city living. With two spacious landscaped roof terraces

offering views over the water as far as Canary Wharf, these homes are unique for their stunning cityscapes and bespoke interior design. The development is surrounded by leafy streets with a unique character, with Chiswick, Gunnersbury and Acton on its doorstep. Travelling and commuting is easy, with excellent transport links including the District, Piccadilly, and Central Lines. The Elizabeth Line operates from Acton Main Line station providing ef cient commuting between Acton, Heathrow, Paddington and Canary Wharf. Nearby Gunnersbury Park allows residents to meet with friends, walk the dog, go for a run or enjoy a Sunday afternoon stroll.

bewest.co.uk/listing/bollo-lane-new-homes-in-acton

RENAISSANCE WEST Acton

Located in a highly popular area of west London and within an easy commute of the centre, Renaissance West offers one and two bedroom apartments designed to a high speci cation. Homes include a kitchen with integrated appliances, spacious open-plan living and dining areas and a private balcony or terrace. Acton has a thriving, dynamic community surrounded by some of London’s most sought-after areas. There are plenty of options nearby for shopping and entertainment, plus a library, gym, football and tennis centre. Within walking distance are four tube stations and there are regular Overground services from Acton Central. New Elizabeth Line (Crossrail) services give access across London from Acton Main Line station. The area is also well served by many bus routes and cycle lanes.

bewest.co.uk/listing/renaissance-west

Lauren Parfitt, Sales & Marketing Manager, BE WEST

FINDING SECURITY WITH SHARED OWNERSHIP: GETTING THE FINANCES RIGHT

Does it feel impossible to get on the property ladder at the minute? While there has been a huge shortage of affordable housing in the UK for a while, the increasing cost of homes is putting the dream of owning a home out of reach for many people. Coupled with the high deposits that are often required to buy a property outright, the result is that very few people can get on the property ladder right now

Everyone deserves a safe and secure space to call their own, and that’s where shared ownership plays a key role –especially in our current climate.

The Government-backed shared ownership scheme is simple. You purchase part of a property, normally between 25% and 75%, depending on what you can afford. The deposit will be a minimum of 5% of your portion of the property, dependent on affordability checks, which is significantly lower than buying outright. For example, if you want to buy a 25% share of a flat worth £200,000:

• The value of your share: £50,000

• Deposit required based on 5%: £2,500

• Value of portion owned by the housing association: £150,000

• Value of mortgage required: £47,500. The first step towards your shared

ownership home is understanding it all – whether it’s right for you, the financial aspects and how to get started with a shared ownership mortgage.

HOW DOES A SHARED OWNERSHIP MORTGAGE WORK?

You might have questions about how a mortgage works with shared ownership. It is simple really, as you only need a mortgage for the share of the property that you buy, so it is generally much smaller than a traditional mortgage.

You will also pay less rent compared with private renting – the bigger your share, the lower your rent. Getting out of private renting also means added security because there’s no risk of a landlord terminating

your tenancy. You decide if and when you want to move on and sell your share.

HOW DO I KNOW IF I AM ELIGIBLE FOR A SHARED OWNERSHIP MORTGAGE?

If you earn or have an annual household income up to a maximum of £80,000 (or £90,000 in London), you could be eligible. You can use shared ownership to buy alone or with another person as long as your joint incomes don’t exceed the maximum earnings bracket. You cannot currently own another property and you must have a good credit history.

You can purchase any share from 25% to 75% of the initial purchase price, but some properties may carry specific minimum share restrictions. You will be asked to

many people. that are often property outright, the result on the property ladder right

speak to a financial adviser to assess what share you can buy that is both affordable and sustainable. The better your credit history, the better position you will be in when it comes to buying your shared ownership home.

WHAT FACTORS DETERMINE MY CREDIT RATING?

To help you understand some of the key factors determining your credit history, the following statements must be true:

• I have not been declared bankrupt within the past six years

• I do not have an unsatisfied County Court Judgement (CCJ) registered against my name

• I am not in arrears with any tenancy payments or mortgage repayments

• I do not have any active Individual Voluntary Credit Agreements in place

• I have not had a home repossessed in the past five years.

If the above statements are true and your credit history is not as good as it could be then consider the following factors that might be affecting your credit history:

• History of late or missed payments

• Errors or fraudulent activity on your credit report that’s not been detected

• Going over your credit limit

• Defaulting on credit agreements

• Making too many credit applications in a short space of time

• Joint accounts with someone with a bad credit record

• Frequent cash withdrawals using your credit card

• Not being on the electoral roll. Addressing these factors will help improve your credit history. For impartial advice relating to debt or money concerns, contact your local Citizens Advice Bureau.

IS A SHARED OWNERSHIP MORTGAGE THE SAME AS A REGULAR ONE?

Shared ownership mortgages work in much the same way as traditional mortgages, they are designed to enable you to purchase through the Government-backed shared ownership scheme.

The good news is that mortgage rates charged by lenders for shared ownership properties are favourably comparable to outright mortgages. Shared ownership mortgages are smaller but remember you will be paying rent too. But as the mortgage amount and deposit requirement is lower, your monthly rent is likely to be cheaper than if you rented from a private landlord.

WHAT ARE THE TWO TYPES OF SHARED OWNERSHIP MORTGAGES?

The two main types of shared ownership mortgage are fixed rate and variable rate.

• Fixed rate: this type of mortgage is offered at a flat rate for a certain period, normally two to 10 years. A fixed-rate mortgage means you know exactly what you must pay each month for a set period

• Variable rate: as the name suggests, with this type of mortgage the interest rate can vary. It may come down in your favour or it may increase, meaning a rise in your outgoings. It’s calculated so that you should be able to cover any increases should they arise.

There are around 20 lenders offering shared ownership mortgages. These include Barclays, Halifax, Leeds Building Society, Lloyds Bank and Skipton Building Society. A good mortgage adviser will be able to explain which approach and provider is best for you.

WHEN SHOULD YOU SPEAK TO A FINANCIAL ADVISER ABOUT TAKING OUT A SHARED OWNERSHIP MORTGAGE?

If shared ownership sounds like the way forward, it’s good to have a solid understanding of the process before setting the wheels in motion. It is important to speak to a qualified independent financial adviser to see how much of the home you can buy.

At Legal & General Affordable Homes, we work with experienced financial advisers who understand the intricacies of shared ownership and we advise our prospective buyers to use them.

Once you’ve made a plan for how big a share you’d like and have the green light from your financial adviser, you can reserve your home. This is where the lawyers come in. You will have to instruct a solicitor to work on the legal paperwork before you officially make the home yours. Buying a shared ownership home does slightly differ from a traditional property purchase, so we recommend solicitors who fully understand the process.

ARE THERE ANY TERMS I WILL NEED TO KNOW TO GET A SHARED OWNERSHIP MORTGAGE?

When you’re looking for a new home, you will come across a wide array of

terminology that you probably weren’t familiar with before. We break down the key terms that you will see when exploring a shared ownership mortgage.

• AGREEMENT IN PRINCIPLE: A document provided by the mortgage lender to show how much money they are prepared to lend you, subject to a full application and supporting documents.

• ARRANGEMENT FEES: An amount that you pay for the lender to set up your mortgage. You can usually choose between paying the fee upfront and adding it to the mortgage, which can work out more expensive as you will pay interest on the fee. Sometimes it is charged as a percentage of your loan, rather than a flat fee.

• BROKER: Someone who gives you advice on your mortgage. Some brokers are independent, and others work for banks or lenders.

• EQUITY: The difference between the value of your mortgage and the value of your property.

• MORTGAGE: A mortgage is a loan from a bank or building society that you use to buy property or land. The loan is “secured” against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back. It is important to consider the estimated completion date of your property as a mortgage offer will usually be valid for a maximum of six months.

• STAMP DUTY LAND TAX (SDLT): A tax the Government charges you when you buy a new property. The amount varies depending on the value of the property with the rates banded with thresholds in the same way as income tax.

• VALUATION SURVEY / MORTGAGE VALUATION: A basic survey of a property to estimate its value for mortgage purposes. Mortgage lenders will insist on this before lending.

TAKE THE NEXT STEP WITH SHARED OWNERSHIP

The shared ownership scheme has successfully helped lots of people on to the housing ladder and into secure housing in places they want to live. If you think it might be the right move for you, then you can start the conversation and get the process underway by contacting Legal & General Affordable Homes through its website landgah.com

ON THE MARKET...

Check out the latest shared ownership homes for sale

MILLSTREAM TOWER

Tottenham Hale

Millstream Tower comprises one and two bedroom apartments in one of north London’s most eclectic cultural districts. Over the past few years, changes have seen this diverse area grow into a ground-breaking artistic hub. While Tottenham was previously known for its array of restaurants and colourful markets, it’s now also home to a new community of artists, musicians, venue owners, brewers and baristas mapping out its creative future. Tottenham Hale is within easy reach of all of London’s boutiques, markets and other fashion hubs, with many a short walk away. Tottenham Hale station is nearby, from where Victoria Line services reach King’s Cross in 10 minutes or Oxford Street in 16 minutes, while regular Overground trains reach Stratford in 10 minutes or Liverpool Street in 15. Apartments are built to a high specification and include a modern bathroom, kitchen with integrated appliances, fitted carpets in the bedrooms and ample storage space.

newlonliving.co.uk/properties/millstream-tower

FROM £107,500*

ARCADIA VIEW Hackney

Arcadia View offers a collection of one, two and three bedroom apartments, situated in the sought-after area of Hackney, surrounded by the green spaces of Millfields Park and Hackney Marshes. The development is contemporary and stylish, designed to create a light and modern feel. All homes are sustainable and of the highest quality, with the bonus that all are within easy reach of city hotspots. Arcadia View is built to a high specification throughout, which includes integrated appliances plus a good-sized private balcony. Residents can make the most of the nearby recreational parks and open space, while enjoying close proximity to the various bars, restaurants, coffee shops and shopping of Lower and Upper Clapton, as well as the Lee Valley Ice Centre. Clapton railway station is just a 10-minute walk away, while Homerton station is 25 minutes away.

shnewhomes.co.uk/properties/arcadia-view

WEST ACRE SQUARE

Southall

£TBC

West Acre Square, part of Berkeley’s The Green Quarter development in Southall, is a range of studio, one and two bedroom apartments designed with spacious open-plan kitchen/living areas, integrated kitchen appliances, and a private outdoor space. Homes are situated conveniently in Zone 4 of west London, just a short walk from Southall Crossrail station, which has created a fast-track connection in either direction to central London or to Berkshire or Essex, so you can be at Heathrow in eight minutes and the City in just 17 minutes. On the doorstep, Southall itself is a vibrant and diverse area. Its main shopping area runs along Southall Broadway where markets run a few times a week. Ride the Elizabeth Line or hop on a bus to Ealing Broadway with its high street retailers, cinema, bowling alley and an abundance of places to eat and drink.

shnewhomes.co.uk/properties/west-acre-square

*Based on a 25% share with a full market value of £350,000

*Based on a 25% share with a full market value of £430,000

LACONIA PLACE

Milton Keynes

FROM £TBC FROM

MEADOW BROOK Oxfordshire

Meadow Brook is a stunning collection of new two, three and four bedroom homes located in the picturesque village of Chalgrove in South Oxfordshire, where history, community, natural beauty and the allure of Oxford city centre harmoniously come together. Each home features a modern, thoughtfully considered layout offering generous living space with all the room you need to relax, work and entertain. Homes also benefit from private gardens and allocated parking. Just a stone’s throw away is the vibrant city centre of Oxford, adding an exciting dimension to any lifestyle, offering a plethora of cultural, educational, and entertainment opportunities.

homestobuy.placesforpeople.co.uk/find-a-home/meadow-brook-chalgrove/

Embrace modern living in a vibrant community close to great amenities at Laconia Place, Milton Keynes. With a choice of one, two and three bedroom homes, a mix of houses and apartments, you can expect thoughtfully designed and generously sized homes with plenty of flexible living space, ample storage and lots of outdoor space. High-spec kitchens and bathrooms combine convenience with a dash of luxury, while superior fixtures and fittings, coupled with attention to detail, ensure an exquisite finish. Situated within walking distance of Lautier Park, you will find everything you could want for a healthy lifestyle and all-round feeling of wellbeing. The outdoor space is perfect for spending time with family and friends and there is a selection of local amenities on your doorstep including shops, restaurants and schools. Another major advantage is that it’s only 50 miles from London and enjoys great transport links, making the capital only a 30-minute train ride or a 90-minute car journey away. homestobuy.placesforpeople.co.uk/find-a -home/laconia-place-milton-keynes/

£117,500*

*Based on a 25% share with a full market value of £435,000

CITY ANGEL Islington

City Angel is a brand new collection of studio and one bedroom apartments in the heart of Zone 1. The development connects leafy, lively Islington with the tech start-ups, bars and restaurants of Old Street and is just a stone’s throw from both the high street and the picturesque waterways of Regent’s Canal. All homes feature contemporary kitchens along with underfloor heating throughout. Spacious living areas are connected to private outside space with the majority overlooking the landscaped communal podium garden. City Angel is a 12-minute walk from both Angel underground station and Old Street station. From Angel, King’s Cross can be reached in just two minutes, while high-speed connections on the Elizabeth Line can reach Farringdon in four minutes. London Bridge is only seven minutes from Angel, providing further options for commuters. Angel has a vibrant social scene, meaning residents at City Angel can enjoy everything from vintage boutiques in Camden Passage to classic British pubs and artisan cafes in Upper Street.

peabodynewhomes.co.uk/developments/city-angel/

*Based on a 25% share with a full market value of £470,000

THE BEAT Hayes

SOUTHMERE, CRANE COURT Thamesmead

Crane Court is the latest release of two and three bedroom homes at the award-winning Southmere development in Thamesmead, boasting five lakes, set within an area with double the amount of green space per person than the London average and all just 11 minutes by train to Canary Wharf on the Elizabeth Line. New restaurants, cafes, independent shops, a pop-up market place and leisure spaces are all set to open in the near future. Designed to create a feeling of space, open-plan living/kitchen/dining areas have been thoughtfully designed. Most homes benefit from a private balcony, so residents can enjoy their own private space. Homes at Crane Court includes access to an exclusive podium garden and benefit from amenities including a concierge service, residents’ lounge, meeting rooms and workspaces.

peabodynewhomes.co.uk/developments/southmere/

*Based on a 25% share with a full market value of £450,000

FROM £93,250*

Situated in Hayes town, an area that has a strong musical history, The Beat offers a collection of two and three bedroom homes blending style, comfort and space. Open-plan living maximises light and versatility and every home benefits from a sleek fully fitted bathroom, high-quality integrated kitchen appliances and a private balcony. Less than a 20-minute walk from The Beat, The Old Vinyl Factory is bringing a new selection of shops and restaurants to the centre of Hayes, as well as a gym, cinema and live music venue. Hayes also boasts a 50m outdoor swimming pool, a new indoor climbing centre and lush greenery at Minet Country Park. Residents are just an eight-minute walk from Hayes & Harlington station, from where London Paddington can be reached in as little as 21 minutes. The M4 is also just a mile away, while the M25 is four miles away and Heathrow airport five miles, making not only London but Europe and beyond easily accessible.

networkhomessales.co.uk/find-your-new-home/the-beat-hayes/

FROM £112,500* FROM £76,250*

*Based on a 25% share with a full market value of £375,000

FABER GREEN Northolt

With its 14th century church, old coaching inn and abundant green spaces, Northolt village is a picturesque, leafy retreat surrounded by Ealing’s vibrant and evolving neighbourhoods. Consisting of a range of one and two bedroom apartments, homes include a kitchen with fully integrated appliances, a private outdoor space and spacious bedrooms. Northolt is home to a variety of shops, restaurants and leisure facilities while nearby Northolt Leisure Centre features a gym and two swimming pools. Though Victoria Retail Park and a selection of shops are easily available in Northolt, buyers at Faber Green are also only a short drive from popular high street chains in Ealing. Faber Green is just a 10-minute walk from Northolt underground station where Oxford Circus is a little over 30 minutes away. Alternatively, Northolt station can be reached in just 13 minutes on foot and provides direct services to London Marylebone in as little as 16 minutes.

networkhomessales.co.uk/find-your-new-home/faber-green-northolt/

*Based on a 25% share with a full market value of £305,000

FROM £156,000*

L&Q AT MARLEIGH Cambridge

L&Q at Marleigh is a collection of three bedroom houses located in a desirable area offering the best of both worlds, located just three miles from the shops, restaurants and entertainment of Cambridge city centre as well as the idyllic surrounding countryside. Home to an abundance of historical architecture and top educational institutions as well as parks, squares and luscious green spaces, the county town of Cambridge has much to offer. Homes include contemporary Symphony kitchens complete with integrated appliances, modern bathrooms and generous living and bedroom areas. Each home also has a turfed garden that comes with a shed and paving, as well as allocated parking. Just a short drive from the development, the station at Cambridge North and the main Cambridge Station offer regular rail services into London, giving access to King’s Cross in under 50 minutes and Liverpool Street in just over an hour.

lqhomes.com/marleigh/

L&Q AT REGENCY HEIGHTS Park Royal

L&Q at Regency Heights is a collection of one and two bedroom apartments that are well positioned in London’s Zone 3 for quick transport links via the Piccadilly, Central and Elizabeth Lines. Each home comes with its own private outdoor space and kitchen with integrated appliances, while parking is included with selected apartments. There is also an on-site nursery and supermarket. The new Old Oak town centre, just two miles away, will be home to Old Oak Common station – the only interchange in the UK to serve both Crossrail and HS2 – and with a new Overground stop also being planned, this will be one of the city’s best-connected areas. The new town centre at Old Oak has plenty of options for dinner or drinks, while nearby green spaces give opportunities to get outdoors and relax.

lqhomes.com/regencyheights/

FROM £74,000*

ROGERSON GARDENS

Preston

Rogerson Gardens is a collection of beautiful two and three bedroom houses in the rural town of Whittingham, Lancashire. Nearby Preston railway station offers excellent rail connections across the country including regular services to Blackpool, Manchester, Liverpool and London. The nearest bus stop is a short walk away, with regular bus services to Preston, Blackburn and the local area. Modern and energy efficient, the homes at Rogerson Gardens are spacious and full of light, with ample space for a home office, and a large, private garden. There is a village pub, local supermarket, primary school, post office and medical centre all within easy reach, and the amenities of Preston are less than half an hour away offering a great choice of shopping opportunities, restaurants, cinemas and a theatre.

landgah.com/scheme/rogerson-gardens/

*Based on a 25% share with a full market value of £335,000

*Based on a 30% share with a full market value of £520,000

*Based on a 40% share with a full market value of £185,000

SPRINGACRES

Bapchild, Kent

RIVERSIDE SQUARE Canterbury

Riverside Square is a collection of one, two and three bedroom apartments and three bedroom houses, a short walk away from The Riverside, a £115m mixed-use development at the centre of a new leisure quarter in the historic city of Canterbury. It includes an array of bars, restaurants and fast food outlets, while a new Curzon cinema means residents can catch the latest releases. Canterbury itself also offers a wide range of entertainment, dining and shopping options and is also the ideal location for exploring the whole of Kent, from stunning seascapes to the rolling countryside. Canterbury West and Canterbury East stations are both less than two miles away, offering easy access to London in under 90 minutes. Homes include a fully integrated kitchen, a modern bathroom, allocated parking and a turfed garden.

hydenewhomes.co.uk/find-homes/developments/riverside-square

*Based on a 30% share with a full market value of £485,000

FROM £81,000*

Springacres is a new community within a country park setting, offering a collection of two, three and four bedroom homes. Ideal for commuters seeking a slower pace of life, the development boasts excellent road and rail transport links to London and the Kent coast, while sitting just minutes away from the popular town of Sittingbourne. Homes are designed to a high-quality specification including contemporary kitchens and bathrooms and neutral flooring With easy access to the A2, M2 and M20, Spring Acres is an ideal haven for those escaping the hustle and bustle of city living, but also want a simple commute to work. For those travelling to London, Sittingbourne and Teynham stations offer regular train services. Families with children will appreciate the availability of local schools with Good or Excellent Ofsted ratings. Bapchild itself boasts a vibrant town centre with a range of shops, eateries and leisure facilities, so residents can enjoy the convenience of nearby amenities and leisurely strolls.

hydenewhomes.co.uk/spring-acres

FROM £145,500* FROM £53,750*

*Based on a 30% share with a full market value of £270,000

KILNWOOD VALE Horsham

Set in 140 acres of natural open space, Kilnwood Vale provides a range of one and two bedroom apartments. This new development has a new community green, neighbourhood park and sports areas for residents to enjoy in addition to footpaths, cycle paths and bridleways. The development also benefits from excellent local amenities including a primary school, a selection of nearby restaurants, a shopping centre, country park and access to London in less than an hour from Faygate station. Located between Crawley and Horsham, Kilnwood Vale is ideally positioned near to the M23 and A23, providing convenient access to both London and Brighton, and is just a 15-minute drive to Gatwick airport. Homes come with a modern kitchen with a selection of integrated appliances, a private balcony or patio area and an allocated parking space.

landgah.com/scheme/kilnwood-vale/

*Based on a 25% share with a full market value of £215,000

MAKE PROPERTY’S BUSIEST SEASON WORK FOR YOU

Leading first time buyer property portal Share to Buy has revealed that autumn is the best time to search for a shared ownership property, with more homes available than any other time of the year

Based on data from the last four years, Share to Buy, a proud supporter of Shared Ownership Week, typically sees an average of over 1,900 new properties listed on the website between September and November, an average of 14% more homes compared to other seasons.

But how can first time buyers make the most of this busy time?

Shared ownership expert Nick Lieb, Head of Operations at Share to Buy, comments, “Such a busy time may feel daunting at first, but as a buyer, timing your property purchase for one of these peaks in the market can really work in your favour, with more properties meaning there’s likely to be less competition for each home. Many prospective purchasers may also feel that September, in particular, is an ideal time to buy, with the busy summer holidays behind them and enough time to complete on a property before Christmas.

“Based on data from the past few years, we consistently see the most property launches between September and November, with an average of 24 new homes being uploaded to our website each day during the autumn months.”

Helping house hunters get ready for the industry’s busiest period, Share to Buy is bringing the London Home Show, the capital’s largest event for first time buyers, back to Westminster on Saturday 23 September 2023. Completely free to attend, attendees will have an unparalleled opportunity to find out all there is to know about buying a home. The last London Home Show, which took place in April of this year, welcomed over 4,800 guests through its doors, and September’s

event is set to be just as popular. To celebrate its 10th anniversary, there will be a host of special activities on the day. This includes a range of brand new workshops, Q&A sessions and a seminar from London-based property influencer Lexie Carducci.

Taking place at the QEII Centre in the heart of Westminster, attendees will have the opportunity to hear from mortgage brokers, conveyancing solicitors and sales teams from leading housing providers. Highlights include Shared Ownership 101 Q&As, Affordability Workshops with mortgage experts, and First Time Buyer Workshops covering a range of topics from

affordable rental options to interior design. A full schedule of sessions will be released closer to the event so that budding first time buyers can plan their day accordingly.

As well as access to hundreds of properties across London and the Home Counties, guests can also learn about alternative housing schemes such as London Living Rent and Discount Full Ownership. What’s more, if attendees find a home they like, they can register their interest there and then.

The London Home Show has partnered with some of the housing industry’s leading names, with L&Q, Peabody New Homes, NHG Homes, FABRICA, SO Resi, Legal & General Affordable Homes, Square Roots, SiteSales, Southern Housing New Homes and Guinness Homes sponsoring the event. On the day, 50 industry specialists will be exhibiting, including First Time Buyer magazine, ready to share their wisdom on everything homebuying.

To find out everything you need to know about shared ownership, check out the hundreds of property listings available nationwide, or register for your free ticket to the London Home Show, visit sharetobuy.com