Did you know renters in London are splashing out an additional £1,200 per year, equivalent to an extra month’s rent annually¹? For aspiring homeowners, finding a ready-to-move-into property is an attractive prospect to get out of the renting rut. But with first time buyers putting down an average deposit of £53,414 in 2023², many may fear that desirable London Zone 1 hotspots like Oval, Islington, and Battersea are out of reach. However, with Peabody New Homes’ range of shared ownership apartments, renters can take their first steps onto the property ladder in 2024 with deposits from as little as £6,813.*
Lisa Crush, Sales Director at Peabody New Homes, explains why now is the right time for renters to take their first steps onto the property ladder, “For many renters, increasing costs can be a real challenge when looking to save a deposit for a new home. Shared ownership could be the solution for those hoping to get onto the property ladder with a lower deposit. Through shared ownership, you only need to put down a deposit based on the share you buy – typically between 25% and 75% of the property’s full value – which can be significantly more achievable, meaning you may be able to buy a great quality home without having to compromise on location!”
Rented: Balham – Bought: Battersea
With the lease ending on her shared rental home in Balham, Olivia, 26, decided to fly solo and purchase a place of her own at New Mansion Square. “I was determined to have my own space, but when I looked at one-bedroom rental properties in the area a lot of them were really expensive and I can imagine that I’d be looking at a minimum of £3,000 to rent somewhere nice in the area. Buying through shared ownership at New Mansion Square means I am investing in a space of my own, in a location I love.” Deposits at New Mansion Square start from £14,125.*
Rented: Wapping – Bought: Oval, Vauxhall
Tabby, 29, was co-renting a three-bedroom maisonette in Wapping when she discovered she could afford to buy in Zone 1 through shared ownership. “I saw an advert for Zone at Oval Village on social media, and I was shocked to see that the price being advertised was within my budget.” “Now I can call it my home, the biggest surprise for me was the incredible roof garden. It has 360° views across London and you can see every single one of the typical London tourist attractions, from Canary Wharf, round to Big Ben and the London Eye and then towards the Battersea towers.” Like many young professionals, Tabby enjoys meeting friends at the weekend, and her new home has made this even easier: “Every time I go into central London I’m shocked at just how close I am.” As well as three underground stations close by, Vauxhall is just an eight-minute walk away and river boat services can be accessed from St George Wharf. Deposits at Zone at Oval Village start from £6,813.*
City Angel, Islington EC1 – Deposits from £11,750*
For buyers looking to make themselves at home in one of Islington’s most exciting neighbourhoods, City Angel ticks a lot of boxes. Residents at City Angel can enjoy more than just a home, with access to a variety of on-site amenities opening soon including a gym and residents’ lounge. Buyers can also explore the development’s extensive green space, from tree-lined parkland to intimate garden squares. With average monthly costs for those buying a one-bedroom apartment through shared ownership at City Angel £964 below the average rental costs for similar properties in the area³, buying a property could be more affordable than people think.
All the homes mentioned here are ready to move into now, so discover shared ownership and a more affordable way to own your own home with Peabody New Homes at peabodynewhomes.co.uk/deposits
- zoopla.co.uk/discover/property-news/renters-paying-an-extra-months-rent-per-year-january-2024/
- lloydsbankinggroup.com/media/press-releases/2024/halifax-2024/almost-two-thirds-of-first-time-buyers-teaming-up.html
- Average monthly cost of a one-bedroom apartment at City Angel compared to average rental prices of a one-bedroom new build apartment within a half-mile range of City Angel. Data: Rightmove Rental Private Data, September 2023 *Deposits subject to availability of selected shared ownership homes. See development details and web pages for further details and T&Cs. Figures accurate as of 19 February 2024. Computer-generated image for guidance purposes only.
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