Buy a Shared Ownership home with under £6,000!
Get on the property ladder in London with a £6,000 deposit or less!
Based on recent findings, a sole purchaser looking to buy their first home on the open market will take an average of eight years and four months to save enough for a deposit. It’s therefore no surprise that so many first time buyers are feeling priced out of the property market – but it doesn’t have to be that way!
Shared Ownership allows buyers to purchase a share of a home (usually between 25% and 75%), paying a mortgage on the share they own, and a below-market-value rent on the remainder to a housing association. But what makes it affordable? The deposit for a Shared Ownership home is usually around 5% of the share that you are buying, not on the full value of the property.
To give you a clearer idea of the kind of homes you can afford to buy in the capital, we’ve taken a look at five examples of Shared Ownership developments where you can buy with a deposit of under £6,000!
The Forge, Newham
Located in Zone 3 close to Upton Park station, L&Q‘s gorgeous homes at The Forge are well positioned for those who enjoy convenience, fast connections and a spacious home. This is the perfect address for professionals and families alike!
One bedroom apartments available with a £3,688 deposit – based on a 25% share price of £73,750.
Two bedroom apartments available with a £4,781 deposit – based on a 25% share price of £95,625.
Three bedroom apartments available with a £5,563 deposit – based on a 25% share price of £111,250.
ASPIRE at St Bernard’s Gate, Ealing
Tucked away from the hustle and bustle of the city, ASPIRE at St Bernard’s Gate is a brand new development from Catalyst Housing. Situated between the vibrant and eclectic communities of Ealing Broadway and Southall, ASPIRE at St Bernard’s Gate offers stylish homes in the perfect location for professionals and growing families.
One bedroom apartments available with a £4,000 deposit – based on a 25% share price of £80,000.
Two bedroom apartments available with a £5,156 deposit – based on a 25% share price of £103,125.
The Place, Enfield
Conveniently located just a two minute walk away from New Southgate railway station, this brand new development from Origin Housing comprises of 16 apartments, all of which benefit from their own outside terrace, balcony or winter garden!
One bedroom apartments available with a £4,063 deposit – based on a 25% share price of £81,250.
Two bedroom apartments available with a £4,819 deposit – based on a 25% share price of £96,375.
Three bedroom apartments available with a £5,281 deposit – based on a 25% share price of £105,625.
Leaden Hill, Croydon
Positioned adjacent to Coulsdon Town railway station and within walking distance of Coulsdon town centre, residents at Optivo‘s Leaden Hill will benefit from good access to public transport and plenty of local shopping and amenities.
One bedroom apartments available with a £4,900 deposit – based on a 35% share price of £98,000.
Two bedroom apartments available with a £5,906 deposit – based on a 35% share price of £118,125.
Three bedroom apartments available with a £5,000 deposit – based on a 25% share price of £100,000.
Bramwell Apartments, Bromley
Located less than 30 minutes to both London Bridge and Waterloo stations by train, Bramwell Apartments at the Venue is a stunning collection of one and two bedroom apartments located in Anerley. Available from Clarion Housing, these homes are ideal for first time buyers and young professionals!
One bedroom apartments available with a £5,138 deposit – based on a 30% share price of £102,750.
Two bedroom apartments available with a £5,963 deposit – based on a 30% share price of £119,250.
Check out the Share to Buy property portal to search for affordable homes in your area. You can look for homes based off of your own requirements including deposit amount, number of bedrooms, and search radius. Each live property will also offer a budget calculator, outlining the minimum deposit required and monthly costs!
Pricing correct as of 30/12/2019.