How shared ownership is helping first-time buyers step onto the property ladder in the capital
- Credit: L&Q at Regency Heights
With recent research suggesting it takes the average first-time buyer in London more than 10 years to save for a deposit, owning a place of your own in the city can seem like a challenging milestone to achieve.
To help make home ownership more accessible for first-time buyers, L&Q at Regency Heights is currently offering a selection of new apartments in Park Royal available through shared ownership, with deposits starting from £4,063.
“This is one of the most exciting new developments in the UK at the moment, and a fantastic opportunity for buyers to take the first step onto the property ladder,” says Claire Brenlund, sales director at L&Q.
“L&Q at Regency Heights offers one of the earliest opportunities to buy in this new community, so residents will be able to see this neighbourhood continue to grow around them, as well as shape its future.”
We speak to Claire about how the shared ownership scheme works and why L&Q at Regency Heights is a good investment for first-time buyers.
Q: Is now a good time to buy my first home?
A: There’s no denying that house prices and demand have soared during the property mini-boom caused by the pandemic. However, the good news is there are several affordable home ownership schemes available to support those wanting to buy a property.
As well as the government's Help to Buy: Equity Loan scheme, shared ownership is proving a popular choice with buyers in London who have a small deposit or can’t get a mortgage for a property that meets their needs.
- 1 Don't take our parking, shout Wembley neighbours
- 2 Pink mob: Two Harlesden women among gang jailed for drug offences valued at £2million
- 3 Two schoolboys arrested after community officer 'assaulted' in Wembley
- 4 Swan stops train in its track at Kensal Rise
- 5 Brent Council reignites campaign to tackle paan spitting
- 6 Harlesden community garden wins two London in Bloom awards
- 7 FA Cup defeat ranks among one of the most 'gutting' for Wealdstone
- 8 Application submitted to turn 'bed bug' hotel in Harlesden into HMO
- 9 Tapas restaurant The Star opens in Willesden Green with free parties
- 10 Man who murdered Kilburn waiter jailed
There are also some great loan-to-value mortgages available at the moment, including 90 and 95 per cent, so buyers don’t necessarily need to save for a big deposit.
Q: What is shared ownership?
A: With the government's shared ownership scheme, first-time buyers can purchase a share of the property and pay rent on the unowned share, providing an alternative route onto the property ladder.
At L&Q at Regency Heights, all apartments are available through shared ownership, with buyers able to purchase as little as a 25 per cent share. The deposit is paid on the share they are purchasing, and the mortgage only needs to cover this part, making it much more affordable.
If they wish to, buyers can then purchase more shares in the future through a process called staircasing, until they own their home outright and no longer pay rent. There’s no obligation though – buyers have the flexibility to own the share that suits their financial situation.
Q: Why is L&Q at Regency Heights in Park Royal a desirable place to live?
A: Part of a huge regeneration scheme for Old Oak and Park Royal in Brent, L&Q at Regency Heights offers the perfect balance of city life and green, open space. The development is located on the site of the former Guinness factory in Zone 3, surrounded by beautiful lake views and an adjacent park, ideal for walking, running and cycling. On-site, there’s a convenience store and nursery, as well as a gym just a 10-minute walk away.
Residents can enjoy quick and convenient connections to the Underground, motorway network and Heathrow Airport. The nearby Park Royal and Hanger Lane stations serve the Piccadilly and Central Lines, with journey times to Oxford Circus taking just 23 minutes – ideal for commuting to the city centre. There are also plans for the Old Oak Common Rail Depot to become a major interchange station, and it will be served by Crossrail and HS2 services.
The nearby neighbourhoods of Ealing and Chiswick offer a variety of places to eat and drink, while Westfield shopping centre is just a short journey away on the Central Line.
Q: Can you tell me a bit more about the shared ownership apartments?
A: All apartments at L&Q at Regency Heights have modern open plan kitchens with fully integrated appliances, and spacious tiled bathrooms with chrome finishes. Each home benefits from its own private balcony for residents to enjoy during the warmer months.
Prices start from £81,250 for a 25 per cent share of a one-bedroom apartment (FMV: £325,000). If you are interested in purchasing an apartment through shared ownership, L&Q offer support and guidance throughout the process.
For more information, visit lqhomes.com/regencyheights.