A recent survey by the London Assembly found that Londoners aged 25-29 on low incomes spend an average of 77% of their wages on housing, compared to their peers outside of the capital who spend an average of just 33% of monthly earnings on their home. Providing an alternative route to homeownership for young Londoners, less than 10 two bedroom shared ownership homes remain in the current phase of the in-demand East London development, Leaside Lock.
Situated in Bromley-by-Bow, the apartments from Guinness Homes at their flagship development Leaside Lock have already proven popular amongst budding buyers looking for a premium, yet affordable London home. Offering more accessible prices for first time buyers navigating the capital’s turbulent housing market, a 25% share of a two bedroom apartment at Leaside Lock starts from £122,500– typically requiring lower monthly payments than comparable apartments on the open market in London.
Hellyn Fairbrother, London Sales Manager at Guinness Homes, comments,
“It is now more important than ever to provide alternative routes onto the property ladder, helping Londoners to reduce their monthly costs and actually put down roots in the city they call home.”
“Available through shared ownership, the last remaining two bedroom homes at Leaside Lock in the current phase mean buyers won’t have to compromise on location, style or size, but also, crucially, budget. Following the success of our previous releases at Leaside Lock, we are anticipating that these final 10 units will be snapped up in the coming weeks, and we look forward to welcoming the new shared owners to the community here.”
The major development will ultimately comprise of 965 homes once complete and is already a significant focal point for the area. Apartments at Leaside Lock are finished to a high specification throughout, featuring contemporary open-plan kitchens, complete with integrated Bosch appliances. Bathrooms and en suites are finished with sleek sanitaryware and underfloor electric heating is fitted in all apartments. Recognising the importance of outdoor space in London, private balconies offer spectacular views across London, acting as an extension of the interior living space.
Set on the banks of the River Lea, residents can easily enjoy East London’s bustling canal network, home to stretches of outdoor space. A short walk away is Roman Road, a historic East End street lined with independent cafés, boutiques and bakeries, where three times a week a 150-year-old market brings fashion stalls, fresh produce and delicious street food to both locals and visitors. Leaside Lock’s local pub, The Galvanisers Union, offers an impressive beer menu, locally renowned roast beef and weekly comedy nights, while further afield, Hackney Wick and Stratford provide a multitude of independent establishments and chain restaurants. For residents looking to engage with East London’s diverse cultural scene, Shoreditch, Hackney and Dalston can be reached in under 30 minutes from Bromley-by-Bow Underground station.
As well as outdoor space within the neighbourhood itself, Leaside Lock is close to some of London’s best parks. Stratford and Olympic Park can be reached along the river towpath where residents can find stretches of vast outdoor space, while Victoria Park is close by and is ideal for outdoor sports with its running trails, tennis courts and sports ground.
A number of good local nurseries and schools are also in close proximity to the development, including the Rainbow Nursery in the Bromley-by-Bow Centre, Old Palace Primary School and Bow Secondary School.
Leaside Lock benefits from superb transport connections across the capital – a rarity for many shared ownership homes. With Bromley-by-Bow Zone 2 Underground Station just a three-minute walk away, connecting to central London and out towards Stratford on the District Line and Hammersmith and City Line, buyers are well-placed for commuting into Soho, The City and Canary Wharf, as well as exploring the capital at weekends.
Nearby road links offer direct journeys to London City Airport and out of the capital, while several local shopping and cultural destinations can be reached on foot or bicycle along the river towpath.
Shared Ownership prices start from £122,500 for a 25% share of a two-bedroom home (full market value: £490,000).
Shared ownership terms and conditions apply.
Call our sales team on 0208 131 7495 or visit leasidelock.com to book an appointment.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
