Escaping the private rental trap can be challenging, especially in London. For those looking to take their first steps on the property ladder, knowing where to start can be daunting, with so many options and unknowns ahead.
One route that is thoroughly embedded in the property market is Shared Ownership: a Government-backed scheme which enables buyers to purchase a share of their home, typically between 25% and 75% of the property’s market value. Rent is then paid on the unpaid share to the developer, with a service charge for property maintenance on top. Alongside a lower purchase price, Shared Ownership lowers the barrier to entry, with deposits starting at as low as 5% of the share purchased.
The One Hundred
Guinness Homes, one of the country’s longest established social housing developers, has a number of successful developments in the capital, including its newest development in north west London, The One Hundred.
Comprising 100 one, two and three bedroom apartments, the canalside development in Alperton, Brent, is already seeing very strong sales following its opening last summer. With over 65% of apartments already spoken for, interested buyers are encouraged to act quickly if they’re interested in owning a slice of The One Hundred.
“Given the high prices in London, without Shared Ownership I would likely have been limited to properties outside of the city, which just wasn’t ideal. The scheme gives me the flexibility to gradually increase my share in the property over time, making it the perfect, sustainable, long-term investment,” explained Angelika, a first time buyer at The One Hundred.
In line with the London Plan Policy, 90% of the apartments are accessible, and 10% are wheelchair-adaptable, with features including lowered light switches and raised plug sockets.
Designed with first time buyers in mind
Each home is designed to appeal to the needs of a classic London buyer. The development’s sleek, chic layouts boast spacious open-plan living/kitchen areas, all with fully fitted top-of-the-range appliances, along with modern bathrooms. The spaces are complemented by clean, neutral decor – perfect for buyers to make their own. Large floor-to-ceiling windows maximise light, making each apartment feel open and spacious.
As well as stunning interior design, every home at The One Hundred comes with its own private terrace or balcony. The two blocks are framed with a private communal garden space, providing residents with their own quiet sanctuary within the buzz of north west London.
Its Zone 3 location connects residents into the city with convenient access into central London. Located just a short distance from Alperton and Stonebridge Park stations, commuting into central London has never been easier, taking residents to Paddington in just 20 minutes and Waterloo in 35 minutes.
Whether looking to focus on wellness at one of the local gyms, experience the fantastic flavours of the Alperton Spice Trail, or simply get work done at the Grand Union Community Hub, the development has everything both first time buyers or downsizers could possibly need, right on its doorstep. Its selection of primary and secondary schools are all within walking distance – an important feature for many prospective buyers.
Prices start at £85,000 for 25% of a one bedroom apartment, meaning buyers could pay an estimated £1,185.57* per month, based on a 5% deposit of £4,250 – supporting London’s need for accessible, affordable housing.
Properties are available to move in straight away, subject to a £99 reservation fee. If you want to know more about Shared Ownership at The One Hundred, get in touch with the sales team today at 020 3819 0000 or enquire online
*Figure includes monthly rent, service charge and mortgage payments, calculated using a representative rate of 4.8%
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.
