SHARED OWNERSHIP
NORTH LONDON’S NEW FIRST TIME BUYER HOTSPOT
Increasingly high on the hit list for savvy first time buyers looking for a well-connected district in the capital is Colindale. A sought-after north London enclave, this up-and-coming neighbourhood bordering Hendon and Edgware offers a unique blend of suburban tranquillity and urban convenience. Residents of this area benefit from a range of facilities right on their doorstep, and, crucially, excellent transport links. Colindale underground station, on the Northern Line, provides quick access to central London, making it an optimal location for commuters. With a journey time of around 25 minutes to the West End, residents can enjoy the peace of suburban life while remaining well-connected to the capital’s bustling heart. For those looking for green spaces, Colindale offers several parks and open areas, such as the picturesque Scratchwood nature reserve and the larger Hendon Park, both great spots for outdoor activities or a quiet retreat. Helping buyers make the move to this increasingly popular area, Origin Housing’s Dace House at Beaufort Park is an exciting new shared ownership development ideal for those looking to take their first steps on to the property ladder. The development delivers 46 one and two bedroom apartments, designed for the modern first time buyer. Part of a thriving new community, Dace House is set in the vibrant Beaufort Park, a major regeneration area helping transform Colindale into a dynamic suburb perfect for young professionals and families. Set in 25 acres of landscaped parkland, the development is located in an area steeped with history. Colindale has roots back to the 16th century, and Beaufort Park replaces the RAF Hendon site, giving buyers a sense of connection to the past. All apartments at Dace House showcase a good specification, including smart appliances and private balconies. With three distinct layouts to choose from, there’s It’s no secret that first time buyers often seek the next up-and-coming hotspot, one that presents both value for money and all-important amenities and transport links
purchase more shares through a process called staircasing – eventually owning the home outright. To make sure shared ownership is available to those who need it most, there are some eligibility criteria. For example, prospective buyers must be over 18 and must not currently own a property, and minimum and maximum income levels apply. Prices at Dace House start from just £100,000 for a 25% share of a one bedroom apartment (full market value: £400,000). For a two bedroom apartment, the prices start from £132,500 for a 25% share (full market value: £530,000).
a home to suit every lifestyle. While the balconies provide a serene space to unwind, residents also have access to a beautifully landscaped courtyard garden offering an outdoor oasis. Origin Housing’s homes at Dace House are available through shared ownership, a Government-backed scheme that allows eligible buyers to purchase a percentage of the property (usually between 25% and 75%), renting the share they do not own from a housing association such as Origin Housing. Using shared ownership can be a more affordable route on to the housing ladder, because buyers usually only need a deposit for the share they’re purchasing. As circumstances change, shared owners can
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60 First Time Buyer February/March 2025
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