Ever popular with first time buyers, London’s leafy suburb of Harrow offers its residents the best of both worlds: a buzzing town centre complete with a plethora of shops and restaurants, combined with quick transport to central London and attractive green spaces. All this alongside the picturesque village-feel of Harrow on the Hill
Despite its appeal, rising prices in Harrow, as in many areas across the capital, mean that getting on to the property ladder in this part of London can seem increasingly out of reach.
Simon Scott, Head of Sales and Marketing at Origin Housing, comments, “Data shows that property prices in Harrow have risen considerably in recent years, and by the end of this year, the average home in Harrow will cost more than £500,000! As a result, homes will be even further out of reach for first time buyers, making schemes which help buyers get their feet on to the ladder, such as shared ownership, more important than ever.”
Origin Housing has two landmark schemes soon to come to market in this up-and-coming hotspot that may help first time buyers. The first of Origin’s new schemes to launch in Harrow is Echo1; 116 apartments on Northolt Road. Designed by award-winning architects, the striking development will feature straight, clean lines, inset glass balconies, with upper floors including duplex penthouses.
Offering spectacular views across London and the Home Counties, Origin’s second development will offer 186 new homes, a number of which will be set within a 17-storey architecturally striking new landmark tower. Both schemes are ethically designed to reduce carbon emissions and lower living costs.
Both schemes will launch later this year, with a proportion of homes available to first time buyers through Origin’s shared ownership scheme. This allows those unable to save for a large deposit to purchase just a share of their new home, and then staircase up – buying more of the property at a time that they can afford.
Highlighting just how straightforward getting on to the housing ladder can be with shared ownership, recent purchaser Emma, a chartered surveyor and mum to two teenagers, describes how she recently purchased a 25% share in a three bedroom property at an Origin Housing scheme in Hertfordshire. She said, “For me, the biggest challenge was finding a home I could afford in the right area. I needed to be in Hertfordshire – I have family close by in Bushey and Watford, and it was essential for me to be near to my father, who suffers with health conditions, as I visit most days.”
It is a common misconception that shared ownership is solely available to those buying a house for the very first time. In fact, the scheme is open to anyone who does not currently own a property.
Emma continues, “I had been a homeowner in the past, but I had been renting for nearly six years. Securing a mortgage wasn’t the issue, however, as a single parent, getting together the large deposit required to get back on to the property ladder would have been virtually impossible without shared ownership. The scheme has allowed me to buy my own home with a manageable deposit of just 5% of the share I purchased – a fraction of what I would need on the open market.”