This summer, L&Q will launch a range of new, affordable homes across the historic borough of Greenwich.
As one of London’s most desirable boroughs, Greenwich saw the largest jump in house prices in the UK in 2014 – a rise of almost 25%, according to the Halifax.
Leaving more first time buyers feeling priced out of the market, a recent survey conducted by L&Q revealed that rented properties rarely feel like ‘home’ and less than a quarter believed they’d actually be able to get a foot on the property ladder. A study of 2,000 under 35’s found, despite government help, up to 70% of those who had been saving had given up to pay for cars or bills as the economy extinguished their property buying plans.
Responding to this growing crisis, L&Q is launching one, two and three bedroom shared ownership homes across the borough. Backed by the Government, the part-buy, part-rent initiative is a lifeline for London’s first time buyers, who are able to buy a portion of the property and pay a subsidised rent on the remaining share. L&Q then support homeowners to buy more shares over time, staircasing up to 100% ownership.
Cathy Lloyd, Sales Director at L&Q, comments on the survey findings, “With the average first time buyer deposit in London now £76,435, according to a recent Halifax report, it is increasingly important to support buyers trying to get on to the property ladder and increase awareness of initiatives like shared ownership. Greenwich continues to be an aspirational area to live, and our new homes will give local residents in particular a chance to step on to the ladder.”
After renting in London for four years, Lina, a project manager working in advertising, and Nick, an industrial designer, were desperate to buy their own place and start a family. After looking at properties online, however, the couple were shocked at the capital’s soaring prices.
Lina, 34, who moved to the UK almost five years ago from Columbia with Nick, 37, said, “We have been looking for our own place ever since we moved to the UK, but the prices were astonishing – we would have been lucky to afford a shoebox within our budget!”
After meeting with L&Q and purchasing a three bedroom apartment at one of the organisation’s central Greenwich developments, Lina comments, “As soon as we stepped in, it just felt right. We’ve always had our eye on Greenwich because of its history and village-like buzz. When we looked at properties on the open market however, nothing was within our price range. Shared ownership was a lifeline, and now we have the space for a family – so that’s the next thing!”
Launching across the summer, L&Q’s new shared ownership homes will give priority to those already living or working in Greenwich.
L&Q @ Greenwich Peninsula (Pictured above)
Already dubbed, ‘London’s ultimate village’, Greenwich Peninsula will transform 190 acres of marshland to deliver 10,000 new homes, 150 retail units and 48 acres of open green space, all set along 1.6 miles of prime Thames waterfront. L&Q’s first shared ownership phase launch will comprise a stunning mix of one and two bedroom apartments.
L&Q @ Enderby Wharf (Pictured above)
Providing a variety of property sizes and options, Enderby Wharf is set to be one of the finest and most high-profile new developments on the north Greenwich Peninsula.
L&Q’s 46 one, two and three bed shared ownership apartments are just a short walk from the iconic Cutty Sark and key transport links.
L&Q @ Platinum Riverside
L&Q @ Platinum Riverside will offer a selection of 14 stylish one, two and three bedroom shared ownership apartments, situated in the Riverside district of Greenwich Peninsula.
Situated close to Greenwich Millennium Village and the O2 Arena, homeowners will be spoilt for choice for things to do and see.
For more information, go to lqpricedin.co.uk