With house prices in central London continuing to increase, many first time buyers are feeling priced out of the property market. A recent survey, conducted by L&Q, found that a third of all wannabe homeowners have now given up hope of ever owning a property >>
Cathy Lloyd, Sales Director at L&Q, who commissioned the study, says: “It’s clear that despite signs of recovery, many of the younger generation view the prospects of owning their own home as an unlikely dream. In the current climate, shared ownership is being increasingly seen as a way for first time buyers to get on to the property ladder in London.”
With central London property prices continuing to rise, first time buyers are increasingly looking outside Zones 1 & 2 for an affordable alternative.
Tucked away in the north-east suburbs of London lies Waltham Forest, an area still undiscovered by many first time buyers but one that is home to an abundance of green space, heritage, local amenities and excellent transport links.
Leyton – an area that has benefited hugely as a result of the 2012 Olympic Games, receiving more than £2.5 million for investment – has all the signs of becoming the next London hot spot for young professionals. With excellent transport links to the City, Leyton High Street has also undergone a transformation and now boasts brightly painted, independent cafes and shops.
Situated in the heart of Leyton is Capworth Court, offering 83 brand-new, one, two and three bedroom apartments, available from £64,750 for a 35% share of the property. Less than a five-minute walk away is recently launched Cornwell Square, consisting of 32, one and two bedroom apartments available from £68,250 for a 35% share.
Both developments offer excellent transport connections, with Leyton Midland Road Overground station, providing easy access to Blackhorse Road (Victoria line) tube station and King’s Cross St. Pancras in less than 25 minutes, being just a few minutes away.
Further north in the borough lies Walthamstow – whose name is believed to mean ‘welcome place’ – which has a celebrated village feel, strong arts community and thriving local market. Located just 15 minutes from Walthamstow Central (Victoria line) L&Q’s development, The Grangeway, offers a selection of one and two bedroom apartments as well as three bedroom houses. Coming soon, all homes will be available through shared ownership.
Located just 10 minutes away from London’s historic Epping Forest lies Abbots House, L&Q’s latest development in the area that will provide 27, one and two bedroom apartments. Launching in spring 2014, all the homes are available through shared ownership, making this tranquil pocket of London affordable.