Buyers Thursday 21 February 2019 First-time - Homes ...
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Thursday 21 February 2019
First-time
buyers
24-PAGE GUIDE TO GETTING ON THE LADDER
London
Help to Buy:
how it works
Page 10
Euro cool:
a stylish look for
your first home
Page 12
Get ahead:
first-timer homes
launching soon
Page 14
Ready to tackle
‘We’ve said a doer-upper?
goodbye to Page 18
paying £950
a month in rent’
Page 16
ADRIAN LOURIE
EVENING STANDARD THURSDAY 21 FEBRUARY 2019 3
homesandproperty.co.uk powered by Property searching | Homes Property
£450,000: a
one-bedroom loft
apartment in
Canada Water,
Rotherhithe, with
a balcony, parking
and concierge,
plus exposed
bricks galore. Call
Hastings (020
8012 3341)
The search
is the fun bit
Ruth Bloomfield reveals Zone 2 and 3
hotspots first-time buyers can afford ‘We couldn’t keep renting for ever’
HE first task for any London a great café. At Rotherhithe Village,
T house-hunter is deciding
where to hunt. Whether you
want to keep your commute
as short as possible, seek a
home in the suburbs, or plan to head
straight for the commuter belt, the
level of choice can feel overwhelming
near the station, are high-end
warehouse conversions and the
historic Mayflower pub. Buyers will
find better value further east nearer
the Thames, where new riverfront
flats are springing up. Tom Crowe of
Harrisons Property London says
Fall for Bow’s
food markets
and local parks
BOW E3: GREAT LOCATION
From
£390,000: for a
one-bedroom flat
at Bow Garden
Square, by Telford
Homes in E3
— particularly if you are looking in purpose-built 10- to 15-year-old flats
areas you’ve never visited before. offer best value for first-time buyers. THIS month Sinead Donnelly and
In some well-known parts of travel “A two-bedroom flat in Wapping Charlie Langdell will finally escape
Zones 2 and 3 a typical first-time commands at least £550,000 and can Generation Rent and move into their
buyer couldn’t afford more than a rise to £800,000-plus depending on own home in Bow.
parking space. But if you need a one- size and spec. Similar properties in For the past five years they have
or two-bedroom flat, read on. Rotherhithe can be picked up from both been putting aside money each
about £450,000,” he says. He believes month, slowly building up a deposit.
ZONE 2: ROTHERHITHE SE16 the area is ripe to outperform in Now, by pooling their resources, the Victoria Park, which has an amazing long-term investment. “The area is
Rotherhithe sits across the river from terms of price growth, and says couple have been able to buy a new food market on a Sunday. Walk a few really up and coming, so it looks like
Canary Wharf with Bermondsey on amenities including up-and-coming two-bedroom apartment and are minutes the other way and you have it’s going to be a strong investment
one side and Deptford on the other. eateries and bars, plus a planned eagerly awaiting moving day. local shops selling everything from for the future,” says Sinead. “Renting
Bland flats were built here in the pedestrian and cycle bridge linking Since they already live nearby in vintage clothes to fresh fruit and veg.” in London is so expensive that we
Eighties and Nineties, and in 2010 the SE16 directly with Canary Wharf Mile End, they are very well aware With a little help from the Bank of couldn’t keep doing it for ever.”
East London line extension provided across the Thames, “will make the of the benefits of living in such a Mum and Dad, Sinead and Charlie, Prices for homes at Bow Garden
a Zone 2 train link to Canada Water. area even more appealing for young central area. “We’re spoilt for choice also 28, who works in TV script Square, which is close to Mile End
Rotherhithe is surprisingly green, professionals to put down roots”. at the weekends,” says Sinead, 28, a development, put down a 10 per cent station in Zone 2, start from
thanks to Stave Hill Ecological Park nuclear medicine radiographer. deposit to secure their £498,800 flat £390,000 for a one-bedroom flat.
and Southwark Park. Surrey Docks “If you walk one way you find with views over Canary Wharf. They ⬤ Visit telfordhomes.london/bow-
Watersports Centre has sailing and MORE HOME SEARCH yourself at Regent’s Canal and then believe their new home will be a great garden-square for more details.
kayaking and there is a city farm with HOTSPOTS: Page 4
4 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Property searching
Continued from Page 3
... finding
value £350,000: a one-bedroom flat in this
in just purpose-built block in Wedmore Street,
N19, close to Upper Holloway station.
Through Purple Bricks (0121 396 0233)
the right
postcode
ACTON W3: GET CONNECTED
Good transport links — including a
stop on the new Crossrail line to
come — plus masses of inward £400,000: a bright and spacious two
ALAMY
investment make Acton a spot to double-bedroom flat in a good-looking
watch for buyers who want to live in mansion block in Longley Road, Colliers
west London on a budget, in a Check it out: weekly Archway Market in pedestrianised Navigator Square plaza could be a favourite if you buy in Upper Holloway Wood. Barnard Marcus (020 8012 2063)
location where regeneration could
boost prices.
As well as a strong pipeline of new Chiswick and Ealing. There’s also a Victorian COLLIERS WOOD SW19:
homes, Acton is blessed with streets trio of nearby parks to explore: Acton, legacy: market HOORAY FOR COLLYWOOD
of Victorian, Edwardian and Thirties Gunnersbury and Ravenscourt. stalls in the Between South Wimbledon and
homes. A two-bedroom flat will cost Need to know shadow of the Tooting, “Collywood” is the cheap end
from about £350,000. Transport links: Central line Tube, handsome parish of a postcode where an average flat
The compromise here is that there’s Zones 2 and 3; Crossrail to come. church of Saint costs £450,000. There are Victorian
not a lot going on in the High Street, Average property price for the Mary in central terrace houses, period conversions and
but you are close to the bars, postcode: £535,000 according to Acton, which small purpose-built developments.
restaurants and shops of both Rightmove. dates from 1866 The streets are generally pretty
leafy, and local open space includes
the National Trust’s Wandle Park and
Mitcham Common. The traffic-
ALAMY
choked High Street isn’t a window-
shopping experience, but Wimbledon
is up the road with a theatre, cinema
and many chain stores, while Merton
UPPER HOLLOWAY N19: which end you live, but there are Abbey Mills, on the boundary with
TOP FOR VALUE enough everyday shops and places to Merton, is a revamped 18th-century
THE best value a first-time buyer is grab a coffee there and along Seven textile factory, now home to a crafts
going to get in leafy north London, Sisters Road to keep you occupied. and food market, café and pub.
£450,000: two- and close to both Highgate and There’s also a cinema, and you can Need to know
bedroom, two- Crouch End, is in N19. Expect to find walk to Whittington or Waterlow Transport links: on the Northern line
bathroom ground- Victorian conversions, modern Parks for some green space. Tube in Zone 3.
floor maisonette in purpose-built apartments, plus ex- Need to know Average property price for the
quiet Valetta local authority flats in Upper Transport links: London Overground; postcode: £823,000 (Rightmove).
Road, Acton, with Holloway. A two-bedroom home will Archway Tube, for the Northern line
a large kitchen and cost about £350,000 to £450,000. (Zones 2/3), is in walking distance.
a long lease. RSK Holloway Road is a fairly dreary and Average property price for the FANCY A HOME IN THE
(020 8896 3996) traffic-logged drag, regardless of postcode: £554,000 (Rightmove). ’BURBS? Page 7
EVENING STANDARD THURSDAY 21 FEBRUARY 2019 7
homesandproperty.co.uk powered by Property searching | Homes Property
BOUNDS GREEN, N11 : Continued from Page 4 It’s a lifestyle thing: rowing on the
MAKE THE LEAP: Thames near Surbiton, Surrey
Keep away from the North Circular
road roaring past Bounds Green, and
this is a leafy, quiet neighbourhood,
with a great de facto high street in the
shape of Myddleton Road and its
lovely Greek bakeries, cafés, restau-
... best Ursuline Academy (girls, seniors) is
rated “good” by the watchdog.
SURBITON, SURREY:
FOR THE GOOD LIFE
rants, regular street markets and
festivals. There is a local community
garden to join in with, and a friendly,
safe sort of vibe. It’s better value than
nearby Crouch End and has better
of the The epitome of suburban living
thanks to classic Seventies TV sitcom
The Good Life, Surbiton is actually a
rather grand Victorian suburb with
big villas, Art Deco apartments and
transport links, too.
’burbs more modern semis.
ALAMY
Homes are mostly in Victorian and Victoria Road has plenty of useful
Edwardian terraces. Expect to pay local shops, while Maple Road is a
about £600,000 for a house, just over very pleasant mix of independent
£400,000 for a two-bedroom period plans to upgrade it — and Mercato pipeline of new homes. Budget Need to know cafés and restaurants. Surbiton’s
conversion flat, and about £300,000 Metropolitano, the company behind £400,000 to £550,000 for a three- Transport links: Liverpool Street proximity to the Thames means there
for a one-bedroom flat. the hugely popular Elephant and bedroom period terrace house, or from 18 minutes. are riverside pubs to enjoy, and there
Need to know Castle foodie pop-up, is setting up a £400,000 to £450,000 for a new two- Average postcode prices: £389,261 are a couple of local boat clubs.
Transport links: Bounds Green Tube new outpost this summer which will bedroom flat close to the station. (Rightmove). Kingston upon Thames is just up the
is on the Piccadilly line, Zones 3/4. Or significantly raise the game. A two-bedroom period conversion Schools pick: Cleveland Road road for nightlife, and the presence of
trains from Bowes Park station run to Property ranges from Victorian flat would cost about £300,000 while Primary, Christchurch Primary and students from Kingston University
Moorgate in just under half an hour. terrace houses to Thirties semis and a one-bedroom period flat would cost Little Ilford School (seniors) get the London gives the area a bit of a buzz.
Average postcode prices: £443,345 post-war council blocks, to a good just over £200,000. Ofsted “outstanding” rating; The A two-bedroom period flat would
(Rightmove). cost around £450,000 to £550,000, or
Schools pick: Bounds Green Infant you could opt for a post-war purpose-
School and Alexandra Park School A FAMILIAR WORLD OF BAY WINDOWS AND WASHING THE CAR ON SUNDAYS built flat for about £400,000. With a
(seniors) are rated “outstanding” by budget of £350,000 you could buy a
Ofsted; Bounds Green Juniors and one-bedroom period flat, or you could
Broomfield School (seniors), are rated find a slightly boxy purpose-built flat
“good”. for about £200,000.
Need to know
ILFORD, ESSEX: Transport links: trains to Waterloo
CROSSRAIL’S COMING take from 18 minutes.
Cosmopolitan Ilford is one to watch, Average postcode prices: split
with huge investment thanks to its between KT5 (£537,704) and KT6
inclusion on the Crossrail line which £350,000: a one-bedroom garden flat £500,000: a three-bedroom terrace £449,950: a three-bedroom semi in (£612,860), according to Rightmove.
will offer journeys to Tottenham in Warwick Road, Bounds Green, with house in Royston Gardens, Ilford, with a Tolworth Rise South, Surbiton, with an Schools pick: St Andrew’s and St
Court Road in 22 minutes and Canary electric gates and private parking. through-lounge and secluded rear garden. open-plan interior and a conservatory. Mark’s CofE Junior School is Ofsted
Wharf in 17. The main drag is drab Through KFH (020 8012 2759). Call Sandra Davidson (020 8012 0940). Through Greenfields (020 8012 2390). “outstanding”; The Hollyfield School
and low-rent for now, but there are & Sixth Form Centre is rated “good”.
EVENING STANDARD THURSDAY 21 FEBRUARY 2019 99
ADVERTISEMENT FEATURE | Homes Property
Beat the
deposit
trap
Award-winning housebuilder
Telford Homes has unveiled
a collection of good looking
apartments in exciting
London settings, all available
with Help to Buy
HETHER they are look-
W ing for a regeneration
zone or a riverbank
setting, an urban vil-
lage or a sprinkling of
London grit, first-time buyers can beat
the deposit trap at a series of Zone 2
developments by Telford Homes.
The award-winning housebuilder is Above and below right: with flats priced from £585,000, 21-storey Manhattan Plaza offers dramatic roof garden views and an easy walk to Canary Wharf
offering the Government’s Help to Buy
at four key sites across the capital’s east
and south-east postcodes. are on sale now, priced from £585,000 SPORTING LEGACY
The scheme allows young Londoners for a two-bedroom apartment, which In Stratford, where the post-2012 Games
to reduce property buying costs to more requires a minimum deposit of £29,250 legacy continues, buyers could live on
manageable levels by cutting deposit using the scheme. the fringes of the Olympic Park at New
requirements to just five per cent. This Garden Quarter (newgardenquarter.
works out from about £20,000 for a URBAN TRANSFORMATION co.uk). Prices for one-bedroom apart-
one-bedroom flat. This compares with For a smaller initial outlay consider the ments, available using Help to Buy, start
the London average first-time buyer East End regeneration zone of Bow, at £435,000, requiring a minimum
deposit of £80,000-plus. which is set to be transformed with deposit of £21,750 using the scheme.
Below: riverside With Telford Homes, however, there 8,000 new homes in the pipeline for the Built around a communal garden and
Calders Wharf is also a range of extra incentives on next 10 years, along with new restau- featuring a residents’ gym and con-
overlooks Sir offer, including free furniture packages rants, cafés and shops. cierge service, New Garden Quarter is
Christopher and contributions towards the cost of Telford Homes’ Bow Garden Square moments from Stratford’s great trans-
Wren’s Old Royal stamp duty and legal fees. (bowgardensquare.co.uk) in E3 is close port links and plentiful shops, bars and
Naval College at to brilliant Mile End Park and just a restaurants.
Greenwich. Flats WALKING TO WORK short train hop from Canary Wharf, the There are also two-bedroom flats for
start at £500,000 For young professionals employed in City and Stratford. sale at the development priced from
Below centre: in Canary Wharf, a walk-to-work home at The development’s final tranche of £642,500, along with three-bedroom Thames. The development site over- Below: on the
Bow, an East End Manhattan Plaza (manhattanplaza. flats with Help to Buy available has just flats starting from £637,500, though looks the stunning Old Royal Naval edge of Queen
regeneration zone, co.uk) will reduce transport costs to gone on sale. Across Bow Garden these larger homes will not be eligible College in Greenwich, with the wilds of Elizabeth Olympic
Bow Garden mere shoe leather and could also make Square, 85 per cent of Help to Buy for Help to Buy. Greenwich Park and the neighbour- Park, homes at
Square is a short for a perfect work/life balance. homes have already been sold, under- hood’s cafés, shops and restaurants New Garden
hop from Canary The 21-storey development is just lining just how popular the scheme has DOWN BY THE RIVER within an easy walk. Quarter are set
Wharf, the City north of the Canary Wharf Estate — become since its launch in April 2018. Buyers who yearn for a view of water Despite this location’s leafy feel, trains around communal
and Stratford, with meaning the views over the City from Prices for the one-bedroom flats start could opt for a home at Calders Wharf to Canary Wharf or London Bridge take gardens. Facilities
Help to Buy flats its roof gardens are amazing — and the at £399,995, which means a minimum (calderswharf.co.uk), Telford Homes’ less than 15 minutes. include a
from £399,995 final few homes eligible for Help to Buy deposit of just under £20,000. boutique scheme being built beside the Prices start at £500,000 for a one-bed- residents’ gym
room Help to Buy apartment, with a and concierge.
minimum deposit of £25,000. Flats start at
There are also two-bedroom apart- £435,000 with
ments priced from £683,000. Help to Buy
10 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Raising a deposit
BUYING IN THE CAPITAL BUYING OUT OF TOWN
London Help to Buy ‘We have
How it works
THE Government’s flagship scheme to give first-time
everything
buyers a leg up on to the property ladder has proved a
huge hit by reducing deposit requirements to five per
cent and giving those on medium incomes the chance
to buy their own home.
we need’
A RECORD number of first-time
UNDERSTANDING BY NUMBERS buyers are opting to leave London
⬤ First-time buyers in the capital can take out a 40 per behind in search of better value in the
cent government loan to put towards buying a new-build Home Counties.
home worth up to £600,000. The loan is interest free for They include Claire Armstrong and
five years. Carl Mackenzie, both 35, who last year
Buyers have to muster a five per cent deposit and returned to their roots by buying a
take out a mortgage for the remaining 55 per cent. three-bedroom house in Haywards
After five years, buyers start paying interest on their Heath, West Sussex.
government loan, starting at 1.75 per cent in year six, The couple both work in marketing
increasing each year after that by retail price index and now commute to their offices in
inflation plus one per cent. There is also a loan the West End and the City. The train
management fee. Alongside mortgage repayments, journey takes less than an hour.
council tax, utility bills and service charge, the added “We both grew up in different parts
costs might mean some 2019 first-time buyers have to of Sussex and after living the London
plan for the possibility of needing to sell up in 2024. life and renting in south-west London,
The scheme is open until March 2023. we decided to relocate in April,”
⬤ The average cost of a first-time buy in London is cur- explains Claire.
rently around £420,000. This will mean finding a five “We initially took a rental property
per cent deposit of £21,000. as we wanted to make sure the
⬤ With Help to Buy, the Government will provide 40 commute was manageable and that
per cent of the price, or £168,000. First-time buyers will we liked the town.” It’s everything large enough for friends to come and says Claire. “We have also found some
therefore need a £231,000 mortgage. Having reassured themselves about we need: Claire stay. The property cost £599,950 and, great pubs in the surrounding
⬤ To raise this sum, assuming they are able to borrow their move after 10 years in London, Armstrong and making use of the Government’s Help villages.”
four times their annual salary, they will need to earn the couple began house-hunting. Carl Mackenzie to Buy scheme, their deposit For more nightlife and the seaside,
£57,750 a year to buy an average-price starter home. They picked a house at the Penlands bought in requirement was £29,997. too, they are only 20 minutes from
Green development (redrow.co.uk) Haywards Heath “Haywards Heath itself has Brighton — so while they have left one
which, with three double bedrooms and commute everything we need on a day-to-day city behind, they are only up the road
WHERE TO FIND A HELP TO BUY and three bathrooms, is more than back to London basis and has a nice community feel,” from another.
HOME IN LONDON Page 14
12 THURSDAY 21 FEBRUARY 2019
Homes Property | Kit out your first home
Prettily Portuguese: glazed green/blue Dapple tableware by Ooh la la: French fashion and homewares shop La Redoute’s
Maria Portugal Terracota, from £7 for a soup bowl (heals.com) wide range of cushion covers start from £7 (laredoute.co.uk)
Euro vision
RITAIN’S divorce
B
from Europe has
turned messy. But
that doesn’t mean
yo u c a n’ t e n j oy
authentic Euro-
pean-style home
interiors, whether Ruth Bloomfield finds homeware with
you favour pared-down Scandi or a bit
of French glamour, and irrespective of European chic at starter home prices
the size of your budget.
It’s good to start where the French
shop, at the likes of Maisons du Monde Make yourself French fancy:
(maisonsdumonde.com) or La Redoute at home: right, for French style,
(laredoute.co.uk), which both have well- the Kota three- start where the
developed online shops. seater sofa bed French shop for
If you like a touch of greenery without from Habitat is their homewares,
effort, the hanging glass sphere with available in three at La Redoute,
artificial succulents from Maisons du colourways right, and its well-
Monde is subtle and space-saving, for including orange, developed online
£21.59, and its traditional glass sweet sale price £316 shop (laredoute.
jars, £8.39 each, would be just as good (habitat.co.uk) co.uk)
filled with cosmetics or couscous.
La Redoute has a wide range of home-
ware with a North African influence.
Stars include the elegant Mirissa glazed
terracotta pot in matte black, £45, and
the classic Faraji bubble-effect water French House (thefrenchhouse.net) is super-soft. Colours range from denim look but is a world away from the gaudy on the blingy side. For a more starter
jug, in clear or charcoal grey, for £30. a site dedicated to French lifestyle. If blue to blush pink, but the cream is a tat you may have been tempted to buy, home-friendly style try Habitat (habitat.
French style is an inspiration to UK- you are a fan of mid-century design, its safe go-with-anything bet. Pillowcases in a vinho verde-induced haze, at any co.uk). Its Murano tumblers are made
based companies, too. Anyone who version of the tubular steel and plywood from £15, double duvet covers £119. of a thousand tourist shops across the in Italy, the colour of a perfect summer
loves shabby chic will love the French- school chair found in French class- Algarve. Each glazed piece is slightly sky, and a very reasonable £4 each.
inspired homewares from Dibor (dibor. rooms for generations would be ideal, PORTUGUESE STYLE different, giving the Dapple Collection Small flats tend to have tiny kitchens,
co.uk). Its rustic wood and aluminium and not overly expensive at £89. If you are looking to invest in some a slightly vintage, mix-and-match feel. so getting organised is essential. Stor-
“Allumettes” storage box, £5.60, looks There is nothing nicer than fresh new beautifully spring-like china, then Heals Prices start at £7 for a soup bowl. age boxes and jars will help, but rather
like it could have been a great flea mar- bed linen and the Secret Linen Store (heals.com) has a range of fresh blue- than spend money on empty boxes, it
ket find, and while it is meant to hold (secretlinenstore.com) does a range of green dinnerware by the family-owned ITALIAN SKIES makes more sense to go shopping for
matches it would be just as nice for duvet covers made from French flax firm Maria Portugal Terracota, which Haute-Italian interior design can be, upscale groceries in smart packaging.
jewellery, keys or keepsakes. The linen which are comfy, stylish and has a satisfyingly irregular handcrafted just like high-end Italian fashion, a bit They don’t get posher than at Fortnum
EVENING STANDARD 13
homesandproperty.co.uk powered by Kit out your first home | Homes Property
Greenery without the effort:
hanging planter with artificial succulents,
£21.59 (maisonsdumonde.com)
Above left: dine Above: Secret Right: Above: Jerry Right: Murano
in comfort, Scandi Linen Store bed midcentury-style dining chairs, £85 tumblers will
style, on the linen includes steel and ply each, and add a dash of
Odger dining French flax linen in school chair, extending oak Italian glamour
chair, available in a a range of colours familiar to any dining table, to any
range of colours to — pillowcases French student, £550, at Habitat gathering. £4
suit your first- from £15, double priced £89 from (habitat.co.uk) will each from
home décor, £70 duvet covers from The French House serve up a classic Habitat (as
each at Ikea (ikea. £119 (secretlinen (thefrenchhouse. Scandi look before)
com) store.com) net)
& Mason (fortnumandmason.com) It’s a great place to browse for ideas for is decorated with a monochrome sands of pounds on a state-of-the-art
where for £25 you could enjoy a 240g stylish storage, such as Ferm Living’s botanical pattern designed in the Fifties coffee machine, but Krups does a smart
Lazzaroni Amaretti Selection Tin and The Round Dorm shelf, reduced from by Astrid Sampe. And kitchen herbs and compact option ideal for small
keep the turquoise container for ever. £129 to £100. And it is particularly would look great grown in a rough, kitchens, and it comes with a milk
strong on cheap-as-pickled herring chunky concrete pot by House Doctor, frother so you can make latte or cap-
WHEN IT’S GOT TO BE SCANDI accessories. priced £14. puccino as well as espresso. The Nes-
The whole world has gone crazy about The Ernst cutting board in birch, with presso Essenza Mini Coffee Machine is
Scandi style, and the Scandinavian a leather hanger for wall storage, is GERMAN MACHINES sold at John Lewis (johnlewis.com),
Design Center (scandinaviandesign- robust and sturdy, priced £20, and at Germany may not be a nation particu- priced £119.99. And if you take a cup
Go retro: the Persons kryddskåp tea center.com) is a fabulous one-stop shop 35cm long, it’s large enough to hold a larly known for its sense of style but with you rather than stopping to buy
towel, £10, with a Fifties design by Astrid full of brands from Anna Bülow to Zone smörgåsbord. For some retro whimsy, when it comes to electronics there’s no one on the way to work, you will have
Sampe (scandinaviandesigncenter.com) Denmark, and everything in between. the Persons kryddskåp tea towel, £10, competition. You could spend thou- paid that off in a couple of months.
14 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Property searching
Here’s the next wave of London Help to Buy homes
Ruth Bloomfield’s
pick of the new
family houses and
super-slick flats
HIS spring and summer a
T new crop of Help to Buy
homes comes on to the
market in London, led by
No 3 Upper Riverside at
Greenwich Peninsula. With a prime
position within an £8.4 billion
regeneration zone, the flats go on sale
in June, priced from £550,000
(upperriverside.co.uk). From £550,000: flats at No 3 Upper From £460,000: flats at The Gateway, From £355,000: homes at Lime From £575,000: family townhouses
Over the next 15 or so years there Riverside, Greenwich Peninsula, part of with the shops and restaurants of Quarter in Bow, with a business hub with garages, gardens and 25-minute
are huge plans for this swathe of land an £8.4 billion regeneration project Chiswick High Road on the doorstep making it ideal for home workers commutes at Millfields in Mitcham
by the O2. Developer Knight Dragon
owns a 150-acre site close to North
Greenwich station. As well as from £300,000 for a one-bedroom which is less than 15 minutes from flat, and £575,000 for a two-bedroom round a communal open space
thousands of homes, the project flat, or £420,000 for a two-bedroom Canary Wharf, or 10 minutes to home (thegatewayw4.london). All the (networkhomessales.co.uk), and all
includes a crown-shaped building by flat. Homes will be ready to move into Bromley-by-Bow Tube (savills.com). flats have balconies and are set the bars, pubs and clubs of Brixton on
Spanish architect Santiago Calatrava, this summer (colliersproperty.co.uk). around a landscaped communal the doorstep.
a cinema, shops, an indoor “urban A little further north, homes at Lime CHOOSE CHISWICK garden, while Kew Bridge station to Families could look to Mitcham, in
forest”, a purpose-built design district, Quarter in Bow went on sale this For a leafier vibe in a location which Waterloo takes less than half an hour. deepest south London, where Redrow
two schools and a film studio. month priced from £355,000. City has already up and come, Help to Buy will launch three-bedroom, two-
Canning Town is another focus of views from the upper floors of the 20- homes launch at The Gateway, BUZZING BRIXTON bathroom townhouses at Millfields
major regeneration and next month storey tower are to die for, and the Chiswick, this month. On Chiswick For those who value nightlife over (redrow.co.uk) from £575,000. They
Help to Buy homes will launch at 546 development will also include a High Road with its great range of green space Network Homes is have garages and back gardens, and
Barking Road. The nearest station is business hub so it will be great for shops, bars, cafés and restaurants, launching BRX on Stockwell Road, commuters can travel from either
Plaistow but the site is also within those who work from home. and close to the Thames, prices at this less than half a mile from Brixton Hackbridge or Mitcham Junction to
walking distance of the new Crossrail For commuters it is a three-minute boutique scheme of 79 flats by L&Q station, on March 9. The scheme has Blackfriars and Victoria in less than
station at Custom House. Prices start walk to Devons Road DLR station start at £460,000 for a one-bedroom 100 new homes with balconies, set 25 minutes.
16 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Help to Buy
Realistic
approach: Claire
Lockey and Steven
Champion are
delighted with the
modern flat they
are buying for
£366,000. It costs
about the same as
renting and gives
them a swift
commute from an
improving district,
plus an extra
bedroom
PHOTOGRAPHS: ADRIAN LOURIE
We were up against it
This couple were paying £950 a month rent, unable
to build a deposit. Help to Buy has saved the day
SING the flagship chose the east London borough £863 per month. Once ground rent are delighted with their property, and equity loan, of 1.75 per cent of its
U government-backed
Help to Buy scheme,
Claire Lockey and Steven
Champion bought their
first home together in Barking — and
have discovered that owning can be
no more expensive than renting.
because of its comparative affordability.
With a 40 per cent equity loan from
the Government, a five per cent deposit
that their parents helped with and a
mortgage acquired with the help of
online broker habito.com Claire, 31, a
social worker, and Steven, 37, a charity
and service charge are factored in,
the couple’s outgoings are about the
same now as they were while they
were renting — even though their
home is larger.
Steven’s advice to other prospective
Help to Buyers is to read the small
with the 15-minute train service from
Barking to the City.
The area is seeing massive inward
investment right now but is still a bit
of a work in progress. Nevertheless,
the couple have discovered a few
local pubs and restaurants that are
value, increasing yearly by inflation
plus one per cent. That could make
life in their flat unsustainable. “The
plan is that we will be here for a
maximum of five years and then sell,”
says Steven. “We are doing it under
the assumption there will be a slight
The couple had been paying £950 a worker, now own a modern two- print carefully. “For example, we well worth visiting, and the local increase in its value, and we will be a
month to rent a one-bedroom flat in bedroom flat which cost £366,000. didn’t realise that if we want to take a shops are enough to keep them going bit better off and can look elsewhere.
South Woodford when they decided They don’t have to pay any interest on year out and go travelling we are not day to day. “But we are aware that it is also
the time had come to invest in a more their government loan for the first five allowed to rent the flat out,” he says. However, in the sixth year they will possible that we might not make any
permanent housing solution. They years and their mortgage comes in at Despite this restriction, he and Claire have to start paying interest on the money and won’t be any better off.”18 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Renovation
It’s slow NYONE who has ever
going — A salivated over Grand
Designs, or found
themselves oddly
compelled by 60 Minute
Makeover, might see buying a wreck
as a way to get a foothold on the
but we’ll property ladder. A doer-upper can be
a great way of buying at a rock-bottom
price, cutting stamp duty costs and
get there eventually adding value.
“The past 12 months has seen about
20 per cent of purchases of wrecks at
auction by first-time buyers,” says Ian
Kitson, director of Cheffins estate
agents. “These types of properties
Be realistic about were previously only bought by
property developers or investors,
the timescale whereas these days many more are
when you bag a
bargain that needs
major renovation Ready
ADRIAN LOURIE
ELLA ROBINSON was keen to buy a
doer-upper so she could put her own owner-occupiers.” But first-time
stamp on her home. Hidden snags: Ella Robinson and Darren Davis realised after moving in that their terrace house in Harlow needed rewiring buyers who take on a project will
But a year after picking up the keys to need nerves of steel, a very realistic
her first property, and despite having a attitude about costs — clue: always
boyfriend in the building business, she house they bought a year ago. The building up savings meant they were money on labour costs, progress has more than you think — and patience.
admits ruefully that things haven’t couple have been together for eight able to put down a healthy deposit of been slow. Nevertheless, he has also If you buy a home that’s scruffy but
gone entirely to plan. “It probably years and initially hoped to buy a £40,000. been able to redecorate the spare structurally sound and habitable,
looked better when we bought it than property near the eastern end of the Although the house superficially room and put in a new bathroom. cosmetic improvements may not
it does now,” she says. Central line — convenient for Ella’s looked in reasonable condition, after “We have got our bedroom, the need particular expertise, just plenty
That is because Ella, an accounts commute to her office in central moving in the couple quickly realised kitchen and the living room to go,” of elbow grease. “YouTube and
executive for a public relations firm, London. But they ended up being the wiring needed updating, as did says Ella. Instagram are brilliant for finding
and Darren Davis, 27, who owns a pushed further out by London’s “eye- the boiler. And although Darren is “Our hope is to finish the work, hacks, tutorials, tips and tricks on
building company (homesenhanced. watering” prices. qualified to do the work himself he enjoy it, and then depending on the anything from how to lay Amtico
co.uk), are in the throes of a full-scale Their end-of-terrace house in Harlow, can only do it at weekends, meaning market sell in about five years’ time flooring to cleaning grout,” says Liza-
renovation of the two-bedroom terrace Essex, cost £260,000, and years of that although they have saved a lot of and take on another project.” Jane Kelly, director at Savills. A newEVENING STANDARD THURSDAY 21 FEBRUARY 2019 19
homesandproperty.co.uk powered by Renovation | Homes Property
PROJECT: LOFT EXTENSION
PROJECT: MODERNISATION
£500,000: this
£600,000: with two-bedroom
some basic DIY flat in Redston
you can move in Road, Crouch
and start End, needs doing
modernising this up now in every
one-bedroom room but has the
garden flat in potential, once
Finborough Road, you can afford it,
close to Brompton to add space and
Road Tube. Call possibly add
Barnard Marcus value, too, by
(020 8012 2040) doing a loft
extension…
...and the first
job:
well-insulated
windows are
always a good
to do a doer-upper?
investment and
probably a
priority in this
flat’s bathroom.
Barnard Marcus
(020 8012 2051)
Buying a wreck can pay off — if you like a real challenge
kitchen, though likely beyond a first- certainly make a home look more he says. If you are looking at a
time buyer’s DIY skill set, can also appealing but buying agent Craig property that needs everything doing project wash its face, don’t expect to move in, wait until you are ready for
add serious value. “Kitchens can be a Fuller, of Stacks Property Search, to it, the first job will be to do the make a fortune. A recent Ocean the builders to come in and then
major selling point and putting a believes that aside from adding maths. Determine, as exactly as you Finance study found the average increase the size and value of the
smart new one in could add up to square footage, the things that add can, how much the work you want to profit made on a wreck was £20,000 place. “My personal preference is the
seven per cent to the value of a the most value can be the basics. do is going to set you back. to £30,000. ability to do a loft extension which is
property,” says Kelly. “Buyers are looking for highly Most builders will give free quotes, A third-way option is suggested by often the most cost-effective way of
This means it could up the value of a efficient houses, mindful of running though bear in mind that these tend buying agent Caspar Harvard Walls of adding square footage,” he says.
£400,000 property by £28,000, so costs, so concentrate on an efficient, to be on the optimistic side and Black Brick. He recommends buying “For a first-time buyer this may
provided you don’t spend more than well-maintained boiler, well-insulated usually omit VAT which will add a first property with scope to extend. extend the amount of time they can
that you should be in the black. loft, well-maintained windows and another 20 per cent to the bill. Even if Even if you don’t want, or can’t afford, stay in their property — and it’s also
Cosmetic improvements will keeping the roof in good condition,” you are confident you can make a to do the work immediately, you can very tax-efficient.”20 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Thinking ahead
RUTH BLOOMFIELD: ON THE MARKET
‘Buying
‘Poor sales create a great off-plan
opportunity for first-timers ’ was the
UYING a home is like a game 2021 it sees a return to price growth
way in
B of chess. For every move you
make you need to be able to
think one or two steps ahead.
London’s lifeless property
market — thank you, Brexit — is a
great opportunity for first-time
buyers to step in and negotiate price
of 3.5 per cent, just about the level of
inflation. In 2022 buyers are looking
at price growth of between one and
1.5 per cent, and in 2023 there will be
price growth of somewhere between
3.5 and four per cent. What this
means is that anybody who buys a
for me’
Worth the risk:
Georgina Wilson
bought off-plan at
discounts. And since tax changes property today can expect to “earn” The Ram Quarter
have driven many investors out of around 7.5 per cent over the next five in Wandsworth,
the market there is less competition years, or around £30,000 on a paying a split 20
for starter-style flats than in the past. £400,000 property. per cent deposit
“An unsettled market is normally a If this forecast is correct, first-time and waiting for her
good thing for first-time buyers, and buyers have a couple of years to find mortgage loan
prices have definitely softened in their perfect home, so there’s no
London,” says Paul Cosgrove, need for a mad rush. And those WHEN Georgina Wilson finished The site is now seeing a £600 million problems. “And it helped that my
director at estate agent Finlay whose lives are likely to change — university, like so many graduates redevelopment that will include brother had done it a couple of years
Brewer. “First-time buyers have the moving in with a partner, having a she returned home to plan the rest of more than 650 homes plus shops, before, and everything worked out
opportunity to jump into a more baby — need to think about buying a her life. She secured a job in cafés and restaurants. But there was for him,” she says. Buying off-plan
central location than they might home that is reasonably future- advertising but decided to remain a catch, in that Georgina’s £500,000 means buying without a mortgage in
have thought previously.” proof, rather than assuming they will with her folks for a couple of years one-bedroom flat was not due to be place. Lenders won’t agree a loan
But most buyers also rely on their be able to dance easily up the ladder while she saved up for a deposit on a ready until spring last year. She until six months before completion,
home going up in value in order to over the next few years on the flat. bought off-plan, having to pay a which adds an element of risk to
help them step up the ladder after a proceeds of their starter home. Her stay at home, in Fulham, in fact 10 per cent deposit in the first year proceedings. “I just tried not to think
few years. And this is the tricky part For singles and young couples ended up being for five years, and another 10 per cent in year two. about it,” says Georgina, now 27.
because everybody agrees that the Cosgrove’s advice is to buy quality, because Georgina’s route into home Splitting the cost helped her to save Happily, she was able to borrow the
days of dramatic, life-changing price and stay central: “We would advise ownership has been slow, and rather up, and moving to a rental while she money and now splits her £1,300-a-
growth are, for now at least, a thing first-time buyers to go as centrally as brave. was waiting simply made no sense. month mortgage with her boyfriend.
of the past. they can afford, in order to reap the In late 2015 her house hunt took her She took a leap of faith on the flat, “It has all worked out great,” she
According to Savills’ latest five-year benefits of potential future price to The Ram Quarter (theramquarter. reassured by the fact that as a new says. “It is a really high specification,
market forecast, prices in the capital rises,” he says. “Buy second-hand if com) in Wandsworth, at the former build it would come with a 10-year and I really love Wandsworth, so I
will fall by one per cent this year and you can in a quality period Young’s brewery that closed in 2006. warranty against structural haven’t got any complaints at all.”
be entirely flat during next year. In conversion.”22 THURSDAY 21 FEBRUARY 2019 EVENING STANDARD
Homes Property | Saving
Five ways you can
Free cash? Last chance! save a deposit
1 CUT your renting costs. Move to a
The clock is ticking for new investors cheaper area, or live with your parents
while you save. Perhaps one of your
in the Government’s Help to Buy ISAs friends needs a lodger, or you can
investigate becoming a Property
Guardian and rent a cheap space in
HE Government’s offer of forgo the bonus payment. The
T
return for providing security.
“free money” for people Government says more than 225,000
2 BECOME an Airbnb host. Tell your
saving for a deposit on their bonuses have been paid since 2013
landlord first, of course, but you could
first home closes to new and calculates that first-time buyers
rent out your London room to a visitor
investors later this year. So who make use of the scheme are able
from time to time to earn extra cash.
should would-be buyers rush to take to buy a property three years earlier
out a Help to Buy ISA, or let the than those who do not. 3 TURN to the Bank of Mum and Dad.
opportunity pass them by? The problem with the Help to Buy Even if they can’t hand over ready cash
The answer depends on a buyer’s ISA, particularly for London buyers, they might be willing to guarantee
individual circumstances, but those is that it represents only a drop in a your mortgage, using their home as
who can save regularly and have time very deep ocean. The average first- security. This will allow you to reduce
to let their account build up could time buyer puts down a 15 per cent your deposit requirements.
walk away with a £3,000 bonus. deposit, which works out at £63,000 4 MAKE lifestyle changes. You can save
The Help to Buy ISA lets buyers put on an average-priced first home in a surprising amount by cutting back:
up to £200 a month into a special the capital, now worth £420,000. invest in a travel mug and give up your
savings account. To kick-start your If a first-time buyer opens a Help to daily coffee (saving around £700 per
account, in your first month you can Buy ISA with £1,000 this year and year), and go running instead of paying
deposit a lump sum of up to £1,200. then saves the maximum £200 per a gym membership (saving another
Interest rates are low, as they are month, it will take them until late £700). Check you are on the lowest
everywhere on the high street. Even 2023 to get their savings to £12,000 possible phone and utility tariffs, draw
if you shop around you are only likely and be eligible for the maximum up weekly meal plans so you don’t
to earn about 2.5 per cent. But the £3,000 bonus. spend a fortune at the supermarket,
GETTY
interest is tax-free and for every But they will still be almost £50,000 and try walking or cycling to work, or
pound you save, the Government will adrift of that average deposit part of the way, to cut transport costs.
chuck in an extra 25p. payment — or more than £30,000 Cash injection: saving into a Help to Buy ISA could bring you a £3,000 bonus 5 CONSIDER shared ownership, when
Couples can open individual ISAs short if buying as a couple. you buy part of a home from a housing
and put them together when they are However, that doesn’t mean the amount to a couple of hundred you like, as the scheme remains open association and rent the rest. If you buy
ready to buy, giving them a scheme, which closes in November, pounds. But for those thinking long to existing savers until 2030. a 25 per cent share, you often need
maximum possible government is a total write-off. term, it is a safe way of slowly ⬤ Visit helptobuy.gov.uk/help-to- only put down five per cent deposit,
bonus of up to £6,000. Savers who For buyers who want to move fast, building up a deposit pot. You don’t buy-isa/how-does-it-work/ to find and this is only in relation to your
change their minds can take out their the amount of bonus they will earn in have to put the full £200 in each more information about the Help to share. You can a buy a larger share
money at any time, although they will the first year will probably only month — you can save as slowly as Buy ISA scheme. when you are in (sharetobuy.com).You can also read
