Saving for a home deposit is arguably becoming more of a struggle than ever before – we’re in the middle of a perfect storm where, despite disposable incomes being squeezed, house prices continue to rise unabated.
Data from Rightmove shows that solo buyers on average incomes borrowing 4.5 times their salary need a whopping 34% deposit – more than £74,000 – to be able to afford a typical first home costing £218,000.
The picture’s even bleaker in London and the south east, where prices are well above the national average.
That’s where shared ownership comes in, as it enables single or joint buyers whose household income doesn’t exceed £90,000 (£80,000 outside the capital) to purchase a share of a property and rent the rest.
A deposit is only needed for the percentage you buy, rather than the full market price, so the upfront costs are a fraction of what you would otherwise pay.
These low deposit homes – some deposits are less than £5,000 – prove that shared ownership could work for you.
Minimum deposit: £4,125
Union Square, Perivale UB6
One-bedroom flats from £82,500 for 25% of £330,000
These one, two and three-bed apartments are in a pocket of west London that’s still something of a hidden gem, offering good value and great connectivity: it’s on the Central line, a short bus ride from the Elizabeth Line at Ealing Broadway, and close to the A40 and the North Circular.
The homes are well-designed with either a balcony, terrace or patio, Amtico flooring in the living areas and carpets in the bedrooms, a high quality kitchen with integrated Bosch appliances and downlighters and a contemporary tiled bathroom, plus plenty of storage.
And you have the option of buying a parking space – a rare luxury in a borough where permits are few and far between.
Check it out via Network Homes.
Minimum deposit: £4,419
Merrielands, Dagenham RM9
One-bedroom flats from £88,375 for 35% of £252,500
Located in an up-and-coming and rapidly regenerating area in London’s cheapest borough, these one, two and three-bedroom flats are set around landscaped open spaces and play areas, and next to a retail park containing a 24-hour Asda and other useful stores such as a B&M and Homebase.
Internally, varnished oak-laminated floors run from the hall into the open- plan living room, which opens on to a balcony or terrace, and bedrooms have warm wool-mix carpets underfoot.
The kitchen combines grey-gloss handle-less cupboards with laminated slate worktops and is fitted with a state-of-the-art integrated Zanussi fan oven, hob, and fridge freezer.
Check it out via Latimer by Clarion Housing.
Minimum deposit: £7,175
Parkside West at Blackwall Reach, E14
One-bedroom flats from £143,500 for a 35% share of £410,000
At Blackwall Reach, a 1960s urban estate is being transformed into a new, sustainable community of 1,575 one, two and three-bed mixed tenure homes.
Nearly 120 of these are shared ownership and those in the latest phase, Parkside West, feature flexible open-plan layouts with dedicated work areas, and a balcony, terrace or winter garden.
They enjoy views of either London’s skyline or Millennium Green, the development’s central park, and there are shops, cafes and fitness spaces in newly completed Station Square.
Canary Wharf, Stratford and City airport can all be reached within ten minutes from nearby Blackwall DLR station.
Check it out via NU Living.
Minimum deposit: £8,275
Eastman Village, Harrow HA1
One-bedroom flats from £82,750 for 25% of £331,000
Previously the site of the Kodak factory where photographic film was manufactured and developed, Eastman Village is now a new residential quarter, and one, two and three-bedroom shared ownership homes are available.
Built around a landscaped park, each comes with underfloor heating, a white-gloss kitchen with integrated appliances and a balcony or garden.
Cycle storage and electric car charging points are provided, while Harrow & Wealdstone’s Zone 5 station, for the Bakerloo line, Overground and mainline services, is in walking distance.
Check it out via Hyde New Homes.
Minimum deposit: £9,125
Aspect Croydon, Croydon CR0
One-bedroom flats from £91,250 for 25% of £365,000
Some 91 one, two and three-bedroom flats are launching soon at this 26-storey town centre development.
A tram stop’s on the doorstep, East Croydon station – which has trains to Victoria, London Bridge, Gatwick Airport and Brighton – is a five-minute walk and Boxpark, for food and entertainment, is a similar distance.
Each home includes a private winter garden, floor to ceiling windows, underfloor heating and fashionable handle-free kitchen units, and is equipped with integrated appliances including a dishwasher, oven and hob, fridge freezer and washer-dryer.
Residents will have access to a concierge and a communal mezzanine area in the impressive entrance lobby.
Check it out via Notting Hill Genesis.
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