Buy a Shared Ownership home with under £8,000!
Get on the property ladder in London with a £8,000 deposit or less!
With the average deposit being around £33,000 in the UK, and jumping up to almost £115,000 in London, it’s understandable that many first time buyers feel that purchasing a property is out of reach.
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 six examples of Shared Ownership developments where you can buy with a deposit of under £8,000!
Leon House, Croydon
Settled in the heart of Croydon, this development from Legal & General features modern and light-filled one and two bedroom apartments. Convenience is also close by, with a concierge, sky garden and communal spaces within the development, alongside rapidly-growing retail and dining options in the local area.
One bedroom apartments available with a £4,375 deposit – based on a 25% share price of £87,500
Two bedroom apartments available with a £5,475 deposit – based on a 25% share price of £109,500
Engine House, Tower Hamlets
Located a stone’s throw away from Canary Wharf, this new development from Poplar HARCA boasts amazing views of the financial district. Engine House also benefits from being in close proximity to vibrant features of the area, such as Chrisp Street Market and Bartlett Park.
One bedroom apartments available with a £4,656 deposit – based on a 25% share price of £93,125
Two bedroom apartments available with a £5,813 deposit – based on a 25% share price of £116,250
Three bedroom apartments available with a £6,625 deposit – based on a 25% share price of £132,500
Windsor Place, Tower Hamlets
Conveniently positioned between Hackney and Tower Hamlets, Home Group presents a collection of stylish one and two bedroom apartments. The development gives easy access to both the central and jubilee lines, and Queen Elizabeth Olympic Park is only a five minute walk away.
One bedroom apartments available with a £5,438 deposit – based on a 25% share price of £108,750
Two bedroom apartments available with a £7,500 deposit – based on a 25% share price of £150,000
Kidbrooke Village, Greenwich
Situated just three minutes from Kidbrooke Station, Savills are proud to present a number of apartments within this modern development. Nestled within the Meridian Gate neighbourhood, Kidbrooke Village also provides a number of local shops and amenities.
Two bedroom apartments available with a £5,438 deposit – based on a 25% share price of £108,750
Three bedroom apartments available with a £6,500 deposit – based on a 25% share price of £130,000
Middlesex Court, Hounslow
Middlesex Court from RHP is ideally located near both overground and underground travel links, making this development ideal for commuting professionals. The area is also exciting for families, as Kew Gardens and Richmond Park are just a short distance away.
One bedroom apartments available with a £5,700 deposit – based on a 40% share price of £114,000
Two bedroom apartments available with a £6,388 deposit – based on a 35% share price of £127,750
One New Malden, Kingston upon Thames
Avoiding the hustle and bustle of Central London, One New Malden by PA Housing is located within the Royal Borough of Kingston. This new development features modern yet homely interiors, benefiting from large windows, open plan living spaces and a balcony or terrace.
One bedroom apartments available with a £6,125 deposit – based on a 35% share price of £122,500
Two bedroom apartments available with a £5,625 deposit – based on a 25% share price of £112,500
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 14/01/2020