Are you a first time buyer looking to get on the London property ladder? Buying your first property is a daunting task for many. However, it isn’t as scary as it might seem, particularly when there are many schemes out there that make high value areas in London affordable to ftbs
The first step is understanding the various payment options that are out there on the market. For example, Peabody, London’s oldest housing association, offers various affordable options such as:
Shared ownership – a cross between buying and renting, aimed at first time buyers; you own a share and then rent the part you don’t own at a reduced rate
Help to Buy – Help to Buy Equity Loans are available for up to 40% of the purchase price, dependent on the individual having at least 5% of the purchase price as a deposit and a mortgage of up to 55% to cover the rest.
Secondly, shared ownership and HTB are available where you would least expect, making these homes more affordable. For example, Peabody’s award-winning development, Merchants Walk, offers first time buyers an affordable option to get on the property ladder without having to compromise on location. The Bow scheme comprises a collection of 79 affordable studio, one and two bedroom apartments, available from £360,000 through private sale.
The development provides the chance to live close to the City without the large price tag. Merchants Walk is ideally located in Tower Hamlets, just three miles away from central London. A one bedroom apartment offers, on average, 536 sq ft, including a private balcony. However, buyers would be looking to pay significantly more in other popular zone 2 locations, such as Canary Wharf, for a similar apartment.
Residents can enjoy a range of bars, restaurants and shops as well as the Queen Elizabeth Olympic Park, which offers an alternative day out away from city life Located adjacent to Devons Road DLR, Merchants Walk is just a short commute into the City and within walking distance of Canary Wharf. Residents can also reach central locations, such as Bank and Liverpool Street, in under 20 minutes.
Sales and Marketing Director for Peabody, Sarah Butler said, “Merchants Walk is an exceptional, high-quality development, with multiple transport links, that suits the City lifestyle completely. With lower deposit requirements, Help to Buy gives first time buyers an affordable option to secure their dream home in a great location.”