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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


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