Millennials find a home at Harvard Gardens thanks to Shared Ownership
Tuesday 14th March 2017
Millennials in the UK will spend an average of £53,000 in rent by the time they turn 30, according to a report by the Resolution Foundation. With many young people unable to buy their own property as they are paying so much in rent, increasing numbers are choosing to live with parents while they save. For those without this option, Shared Ownership offers an alternative, allowing purchasers to get on the ladder with a much smaller deposit.
Sam Flowers (29) and his girlfriend Ayesha Brown (26), both from London, were keen to move in together. As they wanted to buy rather than rent, they assumed it would be several more years until they had a large enough deposit. When they discovered Shared Ownership at L&Q’s Harvard Gardens development in Elephant and Castle, SE17, they were thrilled to find out that their own home in London was already within their reach.
Sam explains: “We’ve been together since 2011, but we were in in a long-distance relationship for a lot of that time. Ayesha was studying at university and I was based over 300 miles away with the RAF. It’s been a long-term goal for us to move in together, but we just weren’t sure when we would be able to afford to make it happen.”
“Once I left the RAF, I quickly started work as a bus driver in London and moved in with my dad in Elephant and Castle, so I was able to keep putting money away. Ayesha now works as a sales associate at Ralph Lauren, and was also living back with her parents, so she was able to start saving too. We were intending to save up a sizeable deposit but, unfortunately, my circumstances suddenly changed and due to his ill-health, I was unable to stay living with my dad.”
Sam continues: “I needed to find somewhere of my own at quite short notice, and, as I wanted to avoid renting, I started looking at places to buy. I wanted to stay around Elephant and Castle as it’s such an up-and-coming area, but when I started to view properties in the area I began to think it might be out of my reach. Then we found out that Shared Ownership was available at Harvard Gardens, and once we’d seen it, we decided it was perfect.”
Offering a contemporary collection of one and two-bedroom apartments and four-bedroom duplexes, Harvard Gardens is the much-anticipated third and final phase of Albany Place, L&Q’s award winning development of modern and stylish homes. Situated within easy walking distance of Elephant and Castle’s Zone 1 travel links and a fantastic variety of local amenities, the development appeals to professionals and families alike.
“As our deposit wasn’t as big as we’d hoped it would be, Shared Ownership was the ideal scheme for us. We could never have bought a property so close to central London without it. We were originally looking to purchase a one-bedroom apartment, but then we were told that we could actually afford two bedrooms. We were so pleased and chose to go ahead and buy the two-bedroom apartment, as it means we won’t need to move if we decide to start a family.”
Shared Ownership means that buyers can purchase between 25% and 75% of the property, paying subsidised rent on the remainder, and can increase their share over time all the way up to 100%. Through Shared Ownership, Sam and Ayesha were able to purchase a 30% share of their two-bedroom apartment at Harvard Gardens, based on the full market value of £545,000. This means they now pay £799 a month towards their mortgage, £170 a month in rent, and a £189 monthly service charge.
All of the properties at Harvard Gardens enjoy a high quality, contemporary specification, including fully fitted kitchens and modern bathroom suites. Ayesha comments: “I’m really happy that we found a new build property within our budget, as we’re not really DIY people! The apartment is a really good size, especially the living areas, so we can comfortably stay here for the foreseeable future. It also has a private balcony, which we’ve decked out with a table and chairs to make the most of the warmer weather.”
“The location is really great; I can’t believe how close we are to central London. There are fabulous views of the London skyline from around the development. The transport links are fantastic too, so my commute to Regent Street only takes 30 minutes. And, as the nearest transport links are in Zone 1, it also costs me much less than it did when I was living with my parents.”
Currently undergoing a £3billion regeneration programme, Elephant and Castle will soon boast a newly-designed town centre, green spaces, market square and upgraded transport hub. Ayesha says: “The regeneration happening in the area is really exciting, and as we’re hoping to be here for several years to come, we should benefit from the boost to property prices when the work is complete.”
Prices for one-bedroom apartments start from £103,125 for a 25% share of the full market value of £420,000. Prices for a two-bedroom apartment start from £145,625 for a 25% share of the full market value of £582,500. The four-bedroom duplexes are priced at £885,000, available with stamp duty paid. For more information, please visit www.harvard-gardens.co.uk or call 03330 033 640.
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.
18th September 2017
Countdown to the London Home Show Autumn 2017: Hear Marco and Olga's story about buying their first home for their young family with Notting Hill Sales.
16th September 2017
Countdown to the London Home Show Autumn 2017: L&Q's Lucy Chitty dispells some of the myths about home ownership.
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