FIRST STEPS in Hackney
Information on shared ownership in Hackney
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 Hackney and across London. Use the tabs at the bottom of the screen to find more information on FIRST STEPS schemes available in Hackney, or start searching for properties by following these three simple steps:
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.
Rent to save in Hackney
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.
Hackney's southwestern boundary is adjacent to the City of London. The village of Hackney flourished from the Tudor to late Georgian periods as a rural retreat – brought to an end by the construction of the railway in the 1850s.
In the southwest of the borough is Hoxton and Shoreditch which are at the heart of the London arts scene and home to many clubs, bars, shops and restaurants; Hoxton Square is its central point. The development of Shoreditch and Hoxton has caused land values to rise, thus expanding the range for prospective development. Much of Hackney maintains its inner-city character and in places like Dalston large housing estates now sit side-by-side with gated communities.
Some fine properties are to be found adjacent to Victoria Park. Hackney is a diverse borough and is attractive to many moving to London for the first time, with its wide range of housing.
Hackney is home to the Hackney Empire theatre which has recently been restored.
Transport links are mainly provided by railway stations at London Fields, Hackney Downs and Clapton as well as the routes serving the Lea Valley: Stamford Hill, Stoke Newington and Rectory Road. All of these lines terminate at Liverpool Street Station.
The borough has a wide mix of affordable housing, and you can search for shared ownership properties in Hackney using the FIRST STEPS portal.