Sunday, July 21, 2024
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Location Regeneration for First time Home Buyers: A Comprehensive Guide

When it comes to buying your first home, a desirable location takes priority for most. But what if your budget simply doesn’t stretch to the area you would love to live in? Should you compromise on square footage? Settle on a home in desperate need of modernisation? Or invest in an area of “regeneration”? Debbie Clark takes a look at what this buzzword means in reality, and takes a whistlestop tour of some current regeneration hotspots.

Regeneration typically involves the investment of public money, with the support of private investors, into areas identified as being in need of lasting improvement. Some of the best-known examples include the construction of the Millennium Dome and the creation of the 2012 Olympic Park, but the reality is that regeneration is all around us. Successful regeneration projects will always be designed with sustainability in mind, and will have positive economic, social and environmental impacts on an area, improving the quality of life for all residents. Local regeneration efforts typically include improving transport and infrastructure, providing access to high-quality facilities focused on health and wellbeing, and land renewal to develop affordable homes and open green spaces. Investing in an “up-and-coming” area sounds like a no-brainer, but how can you be confident that those ambitious plans will come to fruition? We recommend taking a closer look at the regeneration plans for areas local to your preferred locations, which can typically be found though a quick internet search. These will give you a good idea as to the scale of investment. Next, visit and see for yourself what has already been achieved in the locality. Finally, take a look at who is already investing – developers with a proven track record for providing high-quality homes only put their resources into projects they are confident will deliver a return. All looking good? Take a leap of faith – then you can benefit from that return too!

COLINDALE

Colindale is one of the largest growth and regeneration areas in the Delivering for Barnet programme, offering substantial but sustainable housing growth and a new compact neighbourhood centre. The area will benefit from improved public transport services, with improved bus links and significant improvements to Colindale underground station, including the provision of step-free access. There will also be a new pedestrian/ cycle bridge linking Montrose Park to the hospital site and tube station and improvements to key junctions and roads. Colindale’s regeneration programme will deliver 10,170 new homes across various sites and a new Neighbourhood Hub comprising health, children’s and community facilities. The project also promises high-quality public open spaces including a Youth Zone in Montrose Playing Field.

Heybourne Park

From £88,125 *Based on a 25% share of the full market value of £352,500

There is an initial release of 149 shared ownership homes at this development, conveniently located just a 15-minute walk from Colindale underground station and surrounded by green, open spaces. Apartments include high-quality, contemporary interiors with versatile kitchen space, integrated appliances and wood-effect flooring through the spacious kitchen and living areas. All two bedroom homes at the development feature two bathrooms, including an en suite, and parking is also available on selected two bedroom properties. Residents will also benefit from the library, cafe and supermarket at Heybourne Park.

nhghomes.com/developments/heybourne-park

020 4579 6251

BARKING

The area’s most significant development is Barking Riverside, a collaborative project of epic proportions. The infrastructure includes new homes, an Overground station and Uber Boat by Thames Clippers pier, seven new schools and a network of footpaths and cycleways. Residents will enjoy direct river access and plenty of open space and sports pitches. The Masterplan includes the creation of distinct neighbourhoods. Delivered by Barking Riverside Limited (BRL), a joint venture between L&Q and the Mayor of London, in partnership with stakeholders and local people, Barking Riverside is proud to be “Barking Made”. Already recognised as one of the top 12 best places to buy a first home in the UK by The Times, it is set to be an area enjoyed for generations to come.

Barking Riverside

From £67,500 *Based on a 25% share of the full market value of £270,000.

L&Q has released a new collection of 15 one, two and three bedroom shared ownership apartments at the freshly transformed site of a former power station. Every home will be finished to a stylish, contemporary specification, with a garden, balcony or terrace. The development is well connected, served by Overground, underground and Thames Clipper services. The neighbourhood is home to an array of play spaces and outdoor areas, including a Wildlife and Wellbeing Trail, and was recognized at the Inside Housing Development Awards 2023, winning “Best Partnership – 100+ homes”. New launches coming soon.

lqhomes.com/barkingriverside

020 8617 1747

Abbey Quay

From £261,500

Weston Homes presents this six-acre riverside urban village in Barking, with schemes including its First- time SecureBuy (FTSB) offer, which can be used with the Discount Market Sale (DMS) scheme. The collection of 1,089 one, two and three bedroom apartments, each with a private balcony or terrace, are set in contemporary buildings ranging from seven to 29 storeys. All homes offer a premium specification. The kitchens have quartz worktops and splashbacks, a range of integrated appliances and instant boiling and cold filtered water facility. Phase one is sold out, with this phase set to be as popular.

weston-homes.com/abbey-quay/

020 4502 3079


HARROW

Harrow has been undergoing an era of regeneration, with further business plans just approved to deliver quality, affordable family-sized homes. Revamped plans will deliver more family housing, sympathetic to the surroundings. The plans will transform the Council’s old headquarters at the Civic Centre on Station Road. This will be known as Poets Corner. Plans will also see redevelopment of an old driving school left empty for the past 20 years, next to the Leisure Centre. This area will be known as Byron Quarter. The proposals have been crafted with community needs and environmental considerations in mind and foster a community feel, incorporating new green spaces and community facilities.

Harrow and Wealdstone Heights

From £81,250*

Harrow and Wealdstone Heights is a new collection of 81 apartments, showcasing Origin’s exceptional standard of finish. Homes offer thoughtfully considered internal spaces designed for modern living and are fitted with integrated appliances. Helping to further reduce costs for residents, the development features a number of eco-credentials including a ground-source heat pump and solar panels used to power communal lighting. Shared owners can currently take advantage of “Origin Kickstart” – an exclusive opportunity being offered by Origin Housing for buyers to receive incentives worth £2,500. The offer can be redeemed to cover legal fees, rent, and broker fees, reducing the costs required for buying a first home through shared ownership.

originhousingsales.co.uk

0300 323 0325

*Based on a 25% share of the full market value of £325,000

ROYAL DOCKS

Immediately east of Canary Wharf, in the London Borough of Newham, the Royal Docks cover over 500 hectares of land and 18.4km of waterfront. Working in partnership with a wide range of stakeholders, from local community groups to developers and local businesses, the Royal Docks Team is delivering an ambitious £314m investment programme over the next five years and beyond. Home to London’s only Enterprise Zone, this vast and unique destination is already one of the most significant regeneration projects in the UK and is fast becoming one of the best examples of regeneration in the world.

Royal Albert Wharf

NHG Homes is launching the final phase of one, two, and three-bedroom homes at Royal Albert Wharf, available through private sale. Residents will have access to a landscaped open courtyard linking on to the Thames Path riverside walk, along with expansive children’s play areas. The development will also have a concierge, flexible workspace, and secure cycle storage. The apartments are built to an exceptional standard with high-quality finishes and energy-efficient features. Homes feature integrated appliances, and every home includes its own private balcony or terrace.

nhghomes.com/developments/royal-albert-wharf

020 4579 6193

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.

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