Nearly half (47%) of all first-time buyers will be supported by their family when saving for a deposit, with 42% of parents surveyed believing it will be more difficult for their children to get on the property ladder.
Shared Ownership offers young professionals the chance to buy a share of a home, between 25% and 75%, while paying a subsidised rent on the remaining share. Provided they can afford to, purchasers can also choose to buy additional shares on their property and when financially viable, can ‘staircase’ right up to 100%.
Providing an affordable alternative avenue for aspiring homeowners is Notting Hill Genesis, one of the UK’s leading housing developers. Found within one of east London’s most trendy hubs, homes at New Garden Quarter are available to purchase with the Shared Ownership scheme, meaning purchasers can buy a one-bedroom apartment with deposits starting from £10,187*. Furthermore, purchasers who reserve a Shared Ownership home before Christmas, will pay no rent for the first three months of occupation.
Benefiting from a central Zone 2 location, homebuyers at New Garden Quarter can further capitalise on a fast and easy commute into the capital. Located less than five minutes away from Stratford International Station, which is served by the Jubilee and Central lines as well as the national rail network, serving Liverpool Street in under ten minutes, purchasers can connect to Canary Wharf, London’s ever-expanding business district, in under nine minutes and one of Britain’s major airports, Heathrow, in just 45 minutes. The anticipated launch of Crossrail next autumn will further improve journey times, guaranteeing commuters faster and more frequent options.
Jim Munson, Head of Marketing at Notting Hill Genesis comments: “The Bank of Mum and Dad is a lender often not out of choice, but out of necessity. As home ownership becomes increasingly difficult, Notting Hill Genesis is particularly pleased to be providing a generation of first-time buyers with a different path to home ownership using Shared Ownership at New Garden Quarter. We hope to provide purchasers with the opportunity to get their feet firmly on the property ladder in a modern, dynamic district of London that has become a global destination since 2012, at an affordable price.”