FIRST STEPS in Barking
Information on shared ownership in Barking
The Mayors FIRST STEPS programme offers a range of intermediate housing options to Londoners on low and modest incomes, which may enable you to buy with a smaller deposit or rent at a lower rate than is otherwise possible. The Mayor has partnered with property portal Share to Buy to advertise all FIRST STEPS properties in one place and www.sharetobuy.com/firststeps is the official website where you can find affordable homes to buy and rent in Barking and across London. Use the tabs at the bottom of the screen to find more information on FIRST STEPS schemes available in Barking, or start searching for properties by following these three simple steps:
19th June 2016
“Buying through this scheme was a life saver for me and the only way that I was able to buy my own home in the location I wanted. Shared Ownership definitely gives people more of a chance to own their own property. I was able to put down what was comfortable for me financially and my outgoings are now really reasonable - unlike renting where I was paying such a high rent and the home wasn’t even mine.”
10th June 2016
"Having a new build apartment is so appealing; I prefer them to some of the older Victorian flats that you find around here. I also feel that a new build home is made to such a high standard that the worry of maintenance costs is taken away – plus, I can move in straight away." Keith, 32, recently moved into a brand new apartment at Peabody's flagship Merchant Walk development. Read his story here.
23rd May 2016
“There was no way I would have been able to afford a home without buying through the Shared Ownership scheme. Being in my early 20s, buying outright on my own would have been impossible and I found I was being priced out of London, even in places I could commute from. The scheme was the most reasonable and realistic option for me to get onto the housing ladder with the money I had available, and this meant that I was able to purchase a 50% share of my home.”
28th April 2016
Our latest blog is a quick look at Shared Ownership - who it it for and how does it help?
Rent to save in Barking
Rent to Save is designed to enable aspiring home-owners to move into the home they have chosen, even if they have not yet been able to save a sufficient mortgage deposit.
As the rent will be at a lower than market rate, you will be able to save throughout the period of your tenancy. Using typical assumptions for rental levels and mortgage deposits for shared ownership, a household regularly saving just the difference between their rent and market rent would have a sufficient deposit in less than two and a half years.
The housing provider will discuss with you your savings goal from the outset of the tenancy and how you should work towards this. The housing provider will explain to you how they will review your savings goal on an ongoing basis to ensure you are on course to achieve it.
The key features of the product are:
- Let at up to 80% of the equivalent market rent for that property, with a fixed rate of inflation.
- The property would be let on an assured shorthold tenancy for a fixed term, up to five years, linked to (but not necessarily the same as) the required savings period. The period can be extended if you still want to buy but need a bit more time.
- The tenancy can be ended, subject to the terms of your tenancy agreement and initial fixed terms being spent, at any point.
- A savings plan will be put in place to help you raise a sufficient deposit to purchase on either shared ownership or equity loan terms within five years.
- The housing provider will discuss with you their regular reviews to check your progress in saving for a deposit.
- You can purchase on shared ownership or equity loan terms at any point in the tenancy, subject to still being eligible (see the ‘Am I eligible?’ page)
Availability of Rent to Save properties is currently limited as the product is due to rolled out from April 2013 onwards, but you can register for alerts on sharetobuy.com for when such properties are uploaded and from time to time you can also find Rent to buy properties and Intermediate Market Rent apartments at www.sharetobuy.com/firststeps. Share to buy is an affordable homes property portal provider and the official partner of the GLA and the Mayor of London in delivering the FIRST STEPS property portal.
The borough borders the London Borough of Havering in the east and it borders the London Borough of Newham to the west, to the south is the River Thames. Much of the housing of the borough was constructed by the London County Council during the interwar period of 1921-1939. when the London County Council developed the Becontree Estate. This public housing development of 27,000 homes housed over 100,000 people, split between the then urban district councils of Ilford, Dagenham and Barking, when people were rehoused from the East End. In 1931, the Ford Motor Company relocated to a 500 acres site at Dagenham and in 1932 the District Line was extended to Upminster, bringing further development to the area. The District line is the only underground line in the borough but it is also served by National Rail lines. Much of the borough is within the London Riverside area of the Thames Gateway zone and is the site of considerable house building and other development. A £500 million budget has been earmarked for redevelopment of the borough's principal district of Barking.