When you live in a city as magical as London, you count yourself among the lucky ones. So, it’s only natural that you’d want a little piece of it for yourself – a home you can call your own.
The thought of buying your first home in London can bring up so many emotions. And often contradictory ones at that, because, for many, it’s a challenging place to step onto the ladder. Higher property prices than the rest of the UK, and the subsequent deposit needed to buy a home on the open market, can be a large barrier to overcome as a first-time buyer in London.
But Shared Ownership offers a way.
How Shared Ownership helps first-time buyers in London
Shared Ownership allows you to become a homeowner in incremental steps, buying what you can afford, when you can afford it. When you initially buy a Shared Ownership home, you’ll purchase the largest share you can reasonably afford – usually between 25% and 75% of the property’s market value – based on a financial assessment with an approved Independent Financial Advisor.
You’ll pay subsidised rent on the share you don’t own, but you can reduce the rent amount by increasing your owned share. This process is called ‘staircasing’. It’s when you buy more shares as and when your household income rises. With Newlon Living, you can staircase all the way up to 100%, making you the full homeowner.
When it comes to the deposit for a Shared Ownership home, you’ll need a minimum of 10% of the share you’re buying. For instance, if you were buying a share worth £100,000, the minimum deposit would be £10,000. As you can see, the upfront cost of Shared Ownership can be much lower than buying on the open market.
How our Shared Ownership homes meet your first-time buyer needs
Affordability
At Newlon Living, we’re here to help you step onto the property ladder by offering Shared Ownership apartments in North and East London. Prices at our new-build developments start from:
- Cassia: 30% share from £108,000
- Nexus: 30% share from £90,750
- Millstream Tower: 25% share from £123,250
We also offer a range of resale homes at our previous developments. These pre-owned apartments give you the chance to join an established community in popular areas like Islington and Tower Hamlets.
The minimum share you can buy in a Shared Ownership resale is the percentage currently owned by the seller, but you can buy a larger share if you can afford to.
Read our Shared Ownership guide to learn more about the scheme and whether it’s suitable for you.
Connectivity
If connectivity is high on your list of must-haves, then Millstream Tower could be your perfect match. The development is right next to Tottenham Hale station, which provides the following transport links:
- Victoria Line: Northbound to Walthamstow Central and Southbound to Brixton.
- Greater Anglia: Services to Cambridge, Liverpool Street, Stratford and more.
- Stansted Express: Regular, direct trains to Stansted Airport.
Living near transport links like these not only shaves time off your commute, but also makes it easier to visit friends or family in other neighbourhoods.
Energy efficiency
As sustainability becomes increasingly important in our everyday lives, you may be looking for a home built with energy efficiency in mind. Cassia, our development in Oakwood, is exactly that.
The building combines features like roof insulation, thicker walls and highly effective double glazing to keep warmth in. And a Combined Heating & Power System (CHP), which reduces carbon emissions and air pollution, supplies heating to each home. All these aspects are not only beneficial to the planet, but also to your pocket.
Location
Our Shared Ownership homes are perfectly placed to complement your lifestyle.
- Cassia, Oakwood (Enfield): Bordered by the leafy neighbourhoods of Southgate and Winchmore Hill, Oakwood is a suburban retreat, just over 30 minutes from the buzz of Central London.
- Nexus, Ponders End (Enfield): Close to peaceful waterways and green spaces, Ponders End balances access to nature with commuter-friendly connections – London Liverpool Street is just a 20-minute train ride away.
- Millstream Tower, Tottenham Hale (Haringey): A diverse hub of culture and entertainment, Tottenham Hale is a vibrant neighbourhood with excellent transport links and proximity to Walthamstow Wetlands nature reserve.
Find your Shared Ownership home in London
At Newlon Living, we’re proud to offer quality homes for first-time buyers in London. Learn more about buying a home with us and explore our available apartments to begin your Shared Ownership journey.
