AFFORDABLE HOMES
SHARED OWNERSHIP AT THE PICTURE HOUSE PROVIDES HOPE FOR FIRST TIME BUYERS
East London-based housing association Gateway Housing Association is gearing up to unveil its latest limited collection of one, two and three bedroom shared ownership homes in the London Borough of Newham. Conveniently nestled in Upton Park – equidistant between East Ham and Plaistow – The Picture House is set to launch imminently with prices starting from £83,750, and will support buyers keen to get on or move up the property ladder in a thriving east London postcode
of a one bedroom property. A buyer would therefore need a minimum 5% deposit of just £4,188 to be eligible to purchase the property. The Picture House has been designed to suit a wide range of buyers who would otherwise be priced out of the local property market.Yet while the homes are affordable in terms of deposit, no compromises have been made in terms of quality. The emphasis on quality continues within the individual homes. Kitchens feature Zanussi integrated appliances as standard, along with stylish wood-effect flooring. That flooring extends into the hallway and living areas, while bedrooms are fitted with soft, quality carpets and good storage options for a relaxed, clutter- free lifestyle. Many homes also come with private outdoor space in the form of an inset balcony or terrace. Homes at The Picture House are available for buyers to register their interest now at newhomes. gatewayhousing.org.uk/ developments/the-picture-house lloydsbankinggroup.com/media/press- releases/2024/halifax-2024/almost-two- thirds-of- rst-time-buyers-teaming-up.html movehub.com/uk/moving/london/ affordable-areas-to-live/ rightmove.co.uk/house-prices/ barking.html
Located nine minutes’ walk from Upton Park station – on the District and Hammersmith & City London Underground lines – The Picture House is ideally located for convenient commuting into central London. Promoting sustainable travel around the city, The Picture House also offers residents convenient cycle parking. The development is well placed for daily essentials, with a pharmacy, Post Office, coffee house, bookshop and numerous eateries all just steps from the front door. Residents can also take advantage of the gym and swimming pool located in the retail space below. The average first time buyer deposit has risen by 67% in the past 10 years, while the average salary has risen by 30%.¹ According to Halifax, in 2023 first time buyers put down an average deposit of an eye-watering £53,414. That’s £21,000 more than a decade ago. In London, the notoriously expensive property market raises the barrier higher still for first time buyers. Even in Barking and Dagenham, which was last year named the cheapest place to live in London², the average property price over the past 12 months stood at £373,192.³ Thankfully, this is where organisations such as Gateway Housing come in, offering
carefully structured solutions to support first time buyers to take that all-important first step on to the ladder. Gateway Housing has been supporting communities to thrive since 1926. Nearly a century later, the award-winning housing association is continuing to support buyers on to the ladder through shared ownership, with a collection of one to three bedroom apartments at The Picture House. Shared ownership involves a buyer purchasing a share of a property – often in increments of 25% – and then
paying a subsidised rent on the remaining share. When the buyer can afford to do so, they can purchase additional shares in the home, with the goal being to “staircase” their way to full ownership in their own time. The key advantage for first time buyers is that they only need a deposit based on the share they are purchasing. The Picture House showcases how this works. The high-specification apartments are available for purchase through the shared ownership scheme, with prices starting from £83,750 for a 25% share
62 First Time Buyer August/September 2024
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