London and Quadrant launch final phase at Weavers Quarter

27th February 2019

L&Q has released its final phase comprising of 51 one and two bedroom Shared Ownership apartments at Weavers Quarter, an award-winning regeneration project in central Barking in partnership with the London Borough of Barking & Dagenham.

With starting deposits of £7,200 for a one bedroom apartment – over 10 times more affordable than the average deposit paid by London first time buyers – Weavers Quarter offers a rarely accessible route to home ownership in the capital. Particularly significant for single buyers, who on average spend 17 years saving for a house deposit in London, Weavers Quarter offers a much faster path to getting on to the housing ladder.

Having seen prices grow over the past five years at a rate 22% higher than the London average, Barking & Dagenham is one of the capital’s most exciting property scenes. Matched with being London’s most affordable borough, it is naturally attracting swathes of first time buyers looking for an affordable property investment.

Claire Brenlund, Sales and Customer Service Director for L&Q’s East region, comments: “Few London boroughs are seeing transformation quite like Barking & Dagenham. With GDP in the borough forecasted to grow at one of London’s fastest rates over the coming years, first time buyers are naturally swarming to the area. As well as new developments, Barking centre is increasingly becoming a hotspot for independent cafes, restaurants and fashion boutiques, following in the footsteps of other East London neighbourhoods. Weavers Quarter is a prime example of what can be achieved in a well-thought through regeneration project, creating affordable home ownership opportunities to both local buyers and London first time buyers.”

Fantastic transport links make Weavers Quarter a natural choice for commuters into central London. Positioned less than half a mile from Barking station, residents can access the C2C service into Fenchurch Street taking just 15 minutes. The station also connects directly to Westminster on the District Line in less than 40 minutes and to Liverpool Street on the Hammersmith & City Line in only 22 minutes, in addition to Overground services.

Completing L&Q’s 221 homes at Weavers Quarter, residents are in place to benefit from the immense regeneration of the Eastern side of the Gascoigne Estate. A total of 1,575 homes are being built in the neighbourhood alongside two new schools, a new community centre, retail and office space and a public amenity square.

Weavers Quarter has recently received multiple accolades at industry awards; awarded Best Urban Regeneration at the First Time Buyer Readers’ Awards 2018, and Highly Commended for Best Development in the Affordable Homes Sector at the London Evening Standard New Homes Awards 2018.

Leanne Milne, a nurse who bought a one bedroom apartment at Weavers Quarter in Summer 2018, was able to raise the required deposit in just one year by moving back in with her mum and sister. She comments: “The deposit was an achievable savings goal, and Barking proved a fantastic find – I loved the buzz of the area, and knew I could get more for my money here than in other London locations.”

Prices from £72,000 for a 30% share of a one bedroom apartment. Full market value: £240,000

The show apartment is open Thursday – Monday 10am – 5pm. Sunday and Bank Holidays 10am – 4pm. Viewings are by appointment only.

Applications are being accepted from those living and working across London and Essex.

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