London Home Show Blog: L&Q
Wednesday 14th September 2016
Our latest guest blog comes from Lucy Chitty, Regional Director of Sales at leading housing provider L&Q. Lucy takes you through the some of the advantages of buying a Shared Ownership home, helping you belong in London.
It is no secret that, for first time buyers, purchasing your own home in London can seem like a completely distant dream.
Reports from a major mortgage lender show that the average deposit is now over £90,000 (three times the national annual salary), which means that buying is becoming increasingly out of reach for the majority; yet 71% of tenants surveyed by HomeLet in 2015 responded that, given the choice, they would rather own their own home than rent.
At L&Q, we have launched our latest awareness campaign, PricedIn Belonging, which highlights how achievable it is to purchase a property through Shared Ownership. This alternative route to home ownership allows buyers to purchase a share in your home (usually between 25% and 75%), and pay a subsidised rent on the part you do not own.
Perhaps one of Shared Ownership’s most attractive features is that buyers aren’t required to pay such a large deposit up front, and only need to put down a minimum deposit of 5% of the share they purchase. For example, if you decide to buy 35% of an L&Q home worth £400,000 you will need a deposit of approximately £7000. This is considerably more manageable than buying on the open market.
With just a few lifestyle changes and a close monitoring of expenditure, potential home buyers could be even closer than they think to taking those crucial first steps onto the property ladder. For example, we’ve worked out that just through ditching that pricey coffee shop habit (two cups per day), you could save up to £1000 per year.
Here at L&Q, we have a broad cross section of high specification properties for Shared Ownership across the capital. Potential home buyers can live close to the city within the natural surroundings of Bolingbroke Park, Cockfosters, where properties are surrounded by an abundance of green spaces and woodland areas. Prices start from £126,000 for a 35% share. The next phase of new homes is soon to be released at Stadium Place in up and coming Walthamstow, a development of 99 apartments and maisonettes, which feature pocket allotments and a child’s play park. Also coming soon is Seventeen, a range of stylish one and two bedroom apartments set in the leafy suburbs of Sutton.
For further information, and helpful tips on how you could save for a deposit, visit lqpricedin.co.uk/belonging
6th January 2018
The London Home Show Spring 2018 takes place on Saturday 3rd March at the QEIIC, Westminster, 11am – 5pm. The event, supported by the Mayor of London, is the No.1 event for first time buyers in the capital.
20th December 2017
Tickets are now available for the London Home Show Spring 2018. The London Home Show is the no.1 event for first time buyers in London, and takes place on the 3rd March 2018 at the Queen Elizabeth II Centre Westminster. It's free to attend, register today to get your FREE tickets.
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
19th September 2017
Countdown to the London Home Show Autumn 2017: Our sponsor Crest Nicholson give you the low down on their fantastic development Dylon Works, available via Help to Buy London.
FIRST STEPS is committed to the promotion of all types of accessible housing in London. We want to make the journey into your new home as simple as possible and to be sure that you know what to look for when searching for an affordable accessible home. All developments must be rated according to the type of accessibility they offer. That is why we have the following guide, based on the information provided in the Mayor of London's Accessible Housing Register, to help you understand what the rating of each property actually means.
A - Wheelchair Accessible Throughout
Meets the design standards from the Wheelchair Housing Design Guide which superseded the Housing Corporation wheelchair design standards. These properties have been designed to meet latest wheelchair accessible housing design standards, offering extra space and full access to all rooms and facilities. This standard provides more space than previous wheelchair housing design guidance and also ensures that all rooms are accessibly. In view of the high density of new build housing stock in London, the parking features have been excluded from this category. This will enable wheelchair accessible homes built above ground floor level to be categorised as such.
B - Wheelchair Accessible essential rooms
Complies with the Wheelchair Housing Design Guidance within the Housing Corporation Scheme Development Standards. Properties designed of adapted to provide access for wheelchair users to essential facilities of the property (that is, a bedroom, bathroom, toilet, living room and kitchen). Other rooms in the house such as additional bedrooms or bathrooms may not be wheelchair accessible.
C - Lifetime Homes
Meets the space standards of the Lifetime Homes developed by the Joseph Rowntree Foundation. Designed to meet the space standards of Lifetime Homes. Main features include a level approach/entrance and wider doorways. This category will capture all new general needs housing built to Lifetime Homes standards. Properties achieving this category will not necessarily meet all Lifetime Homes design guidance as the LAHR framework does not assess features other than space and access. Properties may have an internal flight of stairs. If so, these will be wide enough to accommodate future provision of a stair lift subject to technical feasibility.
D - Easy Access
Compatible with the design standards in Mobility Standard Housing (1974) produced by the DoE and Housing Corporation Scheme Development Standards (pre-1999) and Part M of Building Regulations (2000). The main features of these properties include a level approach to the entrance, wider doorways and more space than in general needs housing. These properties may also have an internal flight of stairs and if so, there is enough space to accommodate future provision of a stair lift subject to technical feasibility.
E - Step Free
No published access design guidance. These are properties that are considered general needs housing but have a level approach/entrance into the property and throughout. Properties in this category that have an internal flight of stair will be likely to accommodate future provision of a stair lift subject to technical feasibility.
E+. Minimal steps
No published access design guidance. Properties that do not meet any accessibly housing design guidance and have a limited number of steps to enter the property. Properties in this category will have no more than four steps to access the front door and are likely to be ground floor properties or properties in a block with a lift and a small number of communal or property front door steps.
F - General Needs
General needs housing does not meet any of the above criteria. Properties in this category will have more than four steps or a ramp access that is steeper than 1:10 to access the property front door. These properties should be marketed with the number of steps to access the property as this will provide an additional factor for helping people choosing what to bid for.
The Accessible Housing Register captures the essential information which determines the category awarded to a property. Additional information is also collected. This includes:
- Details of major adaptations such as level access showers and stair lifts
- Private garden or balcony
- Proximity to local shops
- Proximity to public transport