The Ultimate Guide to... GETTING ON THE LADDER, NEW HOMES AND SHARED OWNERSHIP
the Ultimate Guide to ... GETTING ON THE LADDER, NEW HOMES AND SHARED OWNERSHIP
February/ March 2024 £4.99
rsttimebuyermag.com
WIN! 2 X 2L TUBS OF V33 RENOVATION PAINT WORTH £80
PEACH FUZZ – THE PANTONE COLOUR OF THE YEAR
HOTSPOTS AROUND THE COUNTRY
GREEN UP YOUR HOME AND SAVE CASH
CHECK OUT THE DEVELOPER INCENTIVES TO HELP YOU GET ON THE LADDER
RENT, SAVE, BUY
“Be realistic and don't bite off more than you can chew”
Elliott Wright Entrepreneur and TV personality
EDITOR’S LETTER
Welcome
EDITORIAL – 020 3488 7754
Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk
Now that we have passed the shortest day we are all looking forward to the spring and all that it offers. If you are thinking about buying your first home this year then I am sure you will be interested in our feature, Boost your Budget with Developer Incentives, on pages 22-24. There are many offers out there to help you, so it’s definitely worth a read to see if any of them suit you – as they say, “Every little helps!”
Editor LYNDA CLARK lynda@ rsttimebuyermag.co.uk Editorial Assistant and Head of Special Events KATIE WRIGHT
Editorial and Special Events Assistant SOPHIE MUNNERY
Creative Director RYAN BEAL
If you are still not quite ready to buy then there are some great alternatives, which are well worth looking in to.You can Rent and Save to help you eventually buy a home and we highlight how this works on pages 28-36. We know that interiors are very important to a home and if you are longing for some designer pieces but can’t afford them, then on pages 10-11 we have some fabulous “dupes” which are half the price! We have chosen to feature them in the Pantone Colour of the Year, Peach Fuzz, which is a lovely, soft shade which will blend well in the bedroom, sitting room, bathroom and even the kitchen! I hope you enjoy this issue which is packed with information and help when buying your first home – enjoy!
Sub Editor KAY HILL
Social Media KATIE WRIGHT, SOPHIE MUNNERY Contributors CHRIS CLARK, DEBBIE CLARK, KAY HILL, SOPHIE MUNNERY, LAURA DEAN- OSGOOD, CORALIE PHELAN, GINETTA VEDRICKAS, STEPHEN WARD, KATIE WRIGHT ADVERTISING – 020 3488 7754 Director of Advertising/Exhibition Sales LYNDA CLARK lynda@ rsttimebuyermag.co.uk Special Events KATIE WRIGHT – National Home Buying Week – First Time Buyer Readers’ Awards katie@ rsttimebuyermag.co.uk Accounts accounts@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk
Until next time, happy house hunting
firsttimebuyeronline
@firsttimebuyermag
SUBSCRIPTIONS 020 3488 7754
SWITCHBOARD 020 3488 7754
EDITOR’S PICKS…
We‘ll spend time in the area, test the commute and get our mortgage offer in principle. Carrie Wilkinson, House Hunter, page 16 Save, save, save and get on the ladder as soon as you can. Steve Hird, 20 Questions, page 118
The location is also perfect in terms of commuting into the of ce as the transport connections in Slough are great. James Frater, Real Life, page 86
All advertising copy for April/May 2024 must be received before 1 March 2024. Send all copy to: lynda@firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2023. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/claim resulting from a transaction with one of our advertisers/media partners.
Switching your boiler on only when hot water is needed is not only more cost-effective but also energy ef cient. Andy Kerr, Market, page 100
We then had the idea to club together and we bought a at in Crouch End. Theo Michaels, At home with, page12
First Time Buyer February/March 2024 3
CONTENTS
FEBRUARY/MARCH 2024 / ISSUE 105 / FIRSTTIMEBUYERMAG.CO.UK
What’s in…
87 For sale – the best FTB properties
86 Pastry chef Paulo was renting a room in Camberwell when he decided it was time to take his first steps on to the property ladder. Now, he has a two bedroom apartment to call home after purchasing a 25% share of an L&Q apartment at Barking Riverside
10
HOMEPAGE
FEATURED
16 Developer’s doctor Suzanne Aplin, Group Sales & Marketing Director at Weston Homes, answers your property question this month. 18 The View: Elliott Wright Elliott Wright is an entrepreneur and successful businessman with years of experience in the hospitality industry. He also has a television career and was on TOWIE for ITV. He talks to Lynda Clark about his interesting life, his latest venture and gives some practical advice for first time buyers.
22 Boost your budget with developer incentives With the cost-of-living price rises and spiralling rents Debbie Clark looks at what incentives there are to help make the dream of buying your first home a reality. 28 Rent, Save, Buy In this special supplement we explain how you can rent, save and eventually buy.
12 At home with: Theo Michaels Theo Michaels is a chef, presenter and award-winning author. He talks to Lynda Clark about his fascinating career, his passion for cooking and has some excellent advice for first time buyers. 14 House Hunter We go on the hunt with Carrie Wilkinson and Jivah Mohantey who are looking for a two bedroom home either in east London or nearby Essex.
8 FTB Loves... A round up of our favourite hot buys for your loved ones on Valentine’s Day. 10 Living Peach Fuzz is the Pantone Colour of the Year and we bring you a selection of dupes in this warm and gentle colour to give your home a beautiful designer touch but at half the usual price.
22
4 First Time Buyer February/March 2024
CONTENTS
18 Elliott Wright
ELLIOTT WRIGHT, PAGE 18
I USED THIS SAME ETHOS WHEN I
LAUNCHED ELLIOTT WRIGHT REAL ESTATES.
MY BUSINESS IS BASED ON TRUST 66 Hotspot We look at Winchester as a place to live.
REGULARS
the legal jargon. Stephen Ward, Director of Strategy and External Relations at The Council for Licenced Conveyancers, explains the terms you might come across. 98 Finance Council tax can be an overlooked cost when buying your first home. Kay Hill looks at the ins and outs of this property tax. 100 Market The Government has introduced its “green up our homes” initiative and the Welcome Home to Energy Efficiency campaign aims to help everyone improve their energy efficiency and save money too. Ginetta Vedrickas explains. 102 Agony Agent All your property questions answered by our panel of experts. 105 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process. 110 Leasehold vs Freehold – What’s the difference? Coralie Phelan, Partner and Head of New Build Homes at Prince Evans Solicitors LLP, explains the main differences between buying a leasehold or a freehold home. 112 Directory Check which scheme is right for you, plus useful contacts.. 118 20 Questions We ask 20 quick-fire questions to a property expert and in this issue, Steve Hird, Director at Edward Thomas Interiors, is in the spotlight.
48 Hotspot We look at Ponders End as a place to live. 72 Hotspot We look at the North West as a place to live.
93 Competition
Five lucky winners have the chance to win 2 x 2L tubs ofV33 Renovation Cupboard & Worktop Paint in a colour of their choice worth £80.
94 First home, first meal Michelin-starred chef, Tom Kerridge, has created this recipe for delicious and warming hearty chicken and mushroom pot pies perfect for this time of the year. 95 Know How Trying to get a deposit together? Then these money-saving tips should come in very useful. 96 Jargon Busting The conveyancing process can be a little confusing when it comes to
First Time Buyer February/March 2024 5
LETTERS
Mailbox WRITE TO US!
Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.
lynda@firsttimebuyermag.co.uk
RENT A ROOM I’ve heard of the Rent a
Room Scheme as a way of earning some extra money in my new home.What is the scheme and how much could
I make from it? James Deardon
FTB says:The Rent a Room Scheme is a tax initiative designed to encourage individuals to rent out a furnished room in their primary residence. Under this scheme, homeowners can earn a tax-free income up to a specified threshold without the need to declare it on their tax returns with the threshold of £7,500 per tax year. This scheme is particularly beneficial for those who have spare rooms and wish to generate additional income by taking in lodgers or tenants. It provides a straightforward and incentivised way for people to make the most of their living space while giving affordable housing options for those in need. It’s important to note that tax regulations can vary, and it’s advisable to consult with a tax professional before embarking on the scheme.
AGE RESTRICTED? I have recently come into a significant inheritance, enabling me to make a substantial deposit for a house. Despite being in my 50s I am a first time buyer. Would I be approved for a mortgage considering my age and do I need to look for a specialised lender? JohnValentine FTB says: Many lenders will consider mortgages up to aged 75, with a few considering up to aged 80 and beyond, however, you need to show how you will fund the repayments over retirement age. The mortgage term will be restricted to the lender’s maximum age, or the age they are happy to approve based on underwriting criteria. The shorter the term, the higher the monthly payments. With your inheritance, you are likely to have a large deposit which means you will have a low loan to value (LTV) with generally lower mortgage rates. To ensure you have access to all lenders, we would recommend consulting a mortgage broker who can evaluate your personal situation to find the most appropriate lender and mortgage product to achieve your homeownership goals.
This issue’s star letter prize wins a £25 gift voucher from Desenio. Desenio is passionate about interiors and designing your home around you and your personality. Its business idea is simple – stylish wall art should be affordable to everyone. There are frequent new additions to this Scandinavian brand’s range, including the latest trends, artist collaborations and even collections from your favourite influencers. At Desenio there is something to suit every room and style, and there’s even an AI feature allowing you to create your own high-quality artwork from scratch. desenio.com
100% MORTGAGES I have seen 100% mortgages on the market. I am struggling to save enough for my own deposit as I am spending most of my income on rent. Are these mortgages too good to be true? Jason Miller FTB says: There are several lenders who offer products, where a family member can provide security to obtain a 100% mortgage. There is one lender offering 100% mortgages without family assistance, but this is only available for those renting. To qualify they must be a tenant who can evidence affordability for a mortgage and have a strong track record of rental payments. A 100% mortgage has advantages and
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com prices fall and can be subject to stricter lending criteria. You will need to evidence affordability and have a strong track record of payments. disadvantages. On the positive side, it eliminates the need to accumulate a deposit, making it advantageous for those renting. However, such mortgages typically come with higher interest rates, although the one currently available has a favourable five-year fixed rate. Having a 100% mortgage can raise the risk of negative equity in a market seeing property
HELP FROM A FRIEND A friend who owns a property has offered to help me with my deposit and use it as an investment for themselves. Can they do this and, if so, what criteria need to be met? Kate Fenvier FTB says: It’s generous of your friend to contribute by covering some of the deposit, but caution is crucial. Since your friend isn’t an immediate family member, your options with mortgage lenders might be
limited, as many prefer deposits to be gifted by family. Carefully consider the terms and conditions associated with your friend’s investment. Questions such as whether there will be monthly payments or if they intend to hold a charge on the property should be addressed. Additionally, incorporating your friend as a co-owner of your home, given their existing property ownership, could result in additional Stamp Duty. It would be beneficial to seek independent legal advice.
First Time Buyer February/March 2024 7
FTB LOVES
GIFTING LOVE: THE ULTIMATE VALENTINE’S GIFT GUIDE
Personalised couple map, £35.99, gettingpersonal.co.uk
Lobster toy, £3.99, cardfactory.co.uk
Alphabet jewellery box, £9.50, marksandspencer.com
Coasters set, £15, braided-rug.co.uk
Big heart print, £29.95, desenio.co.uk
8 First Time Buyer February/March 2024
FTB LOVES
Love is all around this Valentine’s Day and FTB has picked a range of Valentine’s Day gifts to show the ones most special to you just how much they mean. Whether you are spending a cosy evening in watching films, or even if your pooch is the one you spoil this year, we have something for you
Dog toy, £6.99, homesense.com
Discover pink pepper drum, £15.00, marksandspencer.com
Dapper dogs £8.95, hotelchocolat.com
Photo upload wrapping paper, £4.99, gettingpersonal.co.uk
You are my Lobster biscuits, £12.95, biscuiteers.com
Chocolate donut box, £35.99, cardfactory.co.uk
First Time Buyer February/March 2024 9
Homepage LIVING
Meet Pantone’s Colour of the Year 2024 - Peach Fuzz, a gentle, cosy tone nestled in between pink and orange. Introducing this colour to your home creates a welcoming atmosphere, however keeping up with the trends can be an expensive activity. This is why FTB has sought out a selection of interior products that are perfect for bringing warm and inviting Peach Fuzz hints into your home, but without the price tag of similar designer items PEACH FUZZ DEBUT
3D oral print cushion , £10, B&M
Botanical peach fuzz daisies cushion , £29.99, Claire Louise
Faceted pink & amber crystal
candle holder , £48, Heavenly Homes and Gardens
Crystal candle holder , £19.99, HomeSense
Peach texture throw , £16, HomeSense
Tiffany corner sofa , £3,000, Sofa.com
XL pink oral tablecloth , £165, Joanna Wood
10 First Time Buyer February/March 2024
Homepage LIVING
Rebecca Zwanzig
Maeve poster , from £15.95, Fresh Peaches poster , from £9.95, Romantic Rose poster , from
£9.95; Desenio
Calla pink & brass globe pendant light, £69, Cult Furniture
Rowan coral glass round pendant lamp , £247, Pepper Sq Ltd
Opaque pink marshmallow vase , £62, Rose & Grey
Light pink medium vase , £9.99, HomeSense
Terracotta dip mug , £29, Casa by JJ
So’Home textured apricot squares table lamp , £129, La Redoute UK
ProCook orange stoneware mugs , Set of 4, £27, ProCook
Harlo peach blush rechargeable touch table lamp , £40, Dunelm
CONTACTS » B&M bmstores.co.uk » B&Q diy.com » Ca’Pietra capietra.com » Casa by JJ casabyjj.com » Claire Louise claire-louise.co.uk » Cult Furniture cultfurniture.com » Desenio desenio.co.uk » Dunelm dunelm.com » Green Lili greenlili.com » Heavenly Homes and Gardens heavenlyhomesandgardens.co.uk » HomeSense homesense.com » Joanna Wood joannawood.com » La Redoute UK laredoute.co.uk » Pepper Sq Ltd peppersq.com » ProCook procook.co.uk » Rose & Grey roseandgrey.co.uk » Sofa.com sofa.com » Sofology sofology.co.uk
First Time Buyer February/March 2024 11
Homepage LIVING
At home with: Theo Michaels
Theo is a chef, presenter and award- winning author and has a fascinating and very successful career. He appeared on Masterchef in 2014, which completely changed his life. He talks to Lynda Clark about how it all began, his passion for cooking and has some great advice for first time buyers FTB : Tell us about your first step on the property ladder? TM: Myself, my then girlfriend and now my wife, Anna, and best friend, Steve, had been renting in London for years. Initially there were five of us but that dwindled down to three and we really wanted to buy somewhere but couldn’t find anything we could afford. We then had the idea to club together and we bought a flat in Crouch End. Eventually, Steve decided to buy his own place and we bought him out and still own the flat to this day. I think we were ahead of the game though, as we thought that it was a great idea to buy with friends or family and together with my brothers we launched CoBuyWithMe. It was a bit like a dating website where we matched people together by looking at what they wanted, where they wanted to buy and what deposit they had. We launched it in Australia, New Zealand and Canada as they had a legal system similar to the UK, where they issue a declaration of trust. We were in our early 20s and didn’t consider how we would make any money from it! It was very successful and eventually we sold it, but it was great fun. FTB: Where do you currently live? TM: We have three children who are aged 14, 12 and seven and we have a family home in Hertfordshire. It’s definitely not our forever home but when you have children you are restrained by geographical anchors like schooling. I do look at Rightmove and consider selling up and moving to our dream home but the children are very settled here. FTB: Tell us about your career? TM: My father was a very successful businessman and I think I have followed in his footsteps. When I was about 11, I had a little car washing business and would charge £5 to clean a car, but I got my friends to do the washing and gave them £3 and made a profit of £2 and didn’t do
“I THINK WE WERE AHEAD OF THE GAME THOUGH, AS WE THOUGHT THAT IT WAS A GREAT IDEA TO BUY WITH FRIENDS OR FAMILY AND TOGETHER WITH MY BROTHERS WE LAUNCHED COBUYWITHME”
12 First Time Buyer February/March 2024
Homepage LIVING
ingredients we would be using so people could get everything they would need and we did three shows a week, which were streamed all over the world. The feedback was fantastic and I think everyone liked it as they were very unpolished and were just us having a normal family life, so everyone could relate to it. FTB: You have done so much, can you tell us about your meal plan service that you offer? TM: I launched fivedinners.com, which is a meal plan service online. There are around 500 recipes and the system generates a five- day meal plan for individuals. It gives a list of ingredients you will need and the recipes you can create.We have 18,000 members and it’s totally free. It started when I was working in France for long periods and my wife was at home looking after the family and I would send her a meal plan for the week to help her out – she loved it! FTB: You have written many cookery books, can you tell us about them? TM: I did a radio show every Saturday where they invited a few chefs to come along and chat about food.There was a brilliant lady, Hannah Miles, who was also a lawyer and has written over 40 cook books. She had been asked to write a book on Microwave Meals, which was not really her thing and asked me if I would like to do it. I had never written a book before but I knew I might never get asked again so I decided to give it a go. I really enjoyed it and I have now written many cookery books and I love it. FTB: What are your plans for the future? TM: I am the resident chef on Steph’s Packed Lunch on Channel 4 and my new cookery book is being published soon that is inspired by Mediterranean/Greek food, which I love. I have big plans for growing the fivedinners business but high on my agenda is to do more television, which I really enjoy. FTB: What advice do you have for first time buyers? TM: I always think you should buy the worst house in the best area. If you can, buy as soon as possible, as property is a great investment and will only go up eventually. If you don’t have enough for a deposit then consider doing what I did, which is buying with friends or family. If you are renting, see if you can go back and live with parents and save, save, save – you will have to make sacrifices but it will pay off in the long run. For more of Theo’s recipes or to join his meal planning service for free visit FiveDinners.com or follow Theo on Instagram @theocooks
“SAVE, SAVE, SAVE – YOU WILL HAVE TO MAKE SACRIFICES BUT IT WILL PAY OFF IN THE LONG RUN”
he knew I really wanted to go. So, I was sitting on the beach and decided to put a post on Facebook offering people a Greek-inspired eight-course taster menu for £40 in a pop-up restaurant. I honestly didn’t think anyone would sign up, but the next day it was sold out! Looking back, I think it was one of life’s lessons to throw yourself into something you don’t feel very comfortable with. It was a great success and I had some amazing feedback. This then dovetailed to me being a private chef for a few years. I also met the owner of Elsewhere Events who is now a good friend and we have a brilliant relationship. They create imaginative dining experiences at Elsewhere venues and pop up events. FTB: When the pandemic hit, it was hard for hospitality. How did this effect you? TM: Everything stopped overnight and it was very, very hard. I went through a series of emotions from shock, disbelief, anger and then acceptance. It was a financial disaster but I had to do something with my time and came up with the idea of doing kids cook-alongs. They were a big success and we did 36 shows which we live streamed. I got my three children involved and we posted on social media what
any of the work! I started a recruitment business from home and ran it for seven years until I eventually sold it to a larger software company but I stayed on as MD and sat on the board. It was a big job and very sales driven but the money was very good. Then I was sitting in the garden the day after we came back from holiday and asked myself if I could carry on working at my job for the next 40 years? I saw an application to enter Masterchef and on a pure whim I filled it out without really thinking it through. To my great surprise I got a call from the producers asking me lots of questions but I really didn’t think I stood a chance! Then I got another call to say I was going to be on the show. I am from a Greek Cypriot background so food is very important to the family and I always had a passion for cooking from an early age. I did pretty well on the show and it spurred me on to make a career change. My wife thought I was having a mid-life crisis but I decided to enter the world of food! I wasn’t sure in what capacity and considered being a private chef, or opening a restaurant, which was very naive. I gave my resignation to the chairman of the company I was working for and he wouldn’t accept it, but after three attempts
First Time Buyer February/March 2024 13
Homepage FIRST RUNG
The HOUSE HUNTER This month FTB goes on the hunt with Carrie Wilkinson and Jivah Mohantey who are looking for a two bedroom home in east London or Essex
What we found…
THE COMMUNITY SPIRIT
THE COUNTRY CONNECTION
L&Q at Beam Park Beam Park, Rainham
Towerlands Park Braintree, Essex
With market towns, countryside and great transport links on the doorstep, these homes are ideally located for family life. The new collection of three, four and ve bedroom homes lies two miles north of Braintree, while Colchester and Chelmsford are under 30 minutes by car. Homes feature separate living and dining rooms along with a downstairs WC. The main bedrooms have an en suite, and many enjoy extra storage space. There’s a great deal to enjoy nearby, and for commuters, trains reach London Liverpool Street in 80 minutes.
Beam Park forms part of a new neighbourhood in the regenerated suburb of Rainham, designed with community in mind. Amenities including schools, medical, faith and leisure facilities as well as open spaces are geared towards encouraging interaction between residents. London’s Fenchurch Street can be reached in 21 minutes from nearby Dagenham Dock station. The one and two bedroom apartments feature spacious living/dining areas that lead to private balconies or terraces with views over the shared landscaped gardens.
PROFILE
Names Carrie Wilkinson, Jivah Mohantey Occupations UX lead, product manager Maximum budget £350,000
Requirements A two bedroom home in east London or Essex with good commuting links, access to outside space and a strong community feel
What they wanted…
We are looking for a lovely new home for our family. We had our rst baby earlier this year and currently live in a one bedroom apartment in Hackney, east London. We’ve loved living here, but now we have a child, we’d like to move somewhere a little quieter and greener – perhaps more east or into Essex. Jivah is originally from Hornchurch in Essex, so we like the idea of being closer to some family support. We both work part-remote and need to be in the of ce around twice a month or more, so we’d like good rail links to central London. It’s important to us that we have a high street, shopping and entertainment facilities within easy reach so that we don’t feel too far away from city conveniences, but we’d also like easy access to the countryside and pretty villages of Essex. We are very sociable and like the idea of getting to know neighbours and becoming involved with the local community.”
dandara.com
lqhomes.com
*Based on a 25% share of the full market value of £250,000
What they thought…
What lovely houses these are! We are really impressed with the traditional styling of these properties – they’re certainly in keeping with the lovely surroundings. We particularly like the kitchens that open to the back gardens and the bright and spacious living areas. We’d be able to get three bedrooms here, which means there’s room for guests – or for expanding the family without needing to move. It’s probably a little further out that we’d planned, but they’re a great option.”
There are several things that we like about this new development. As well as the good rail links and convenient location, we’re really keen on the emphasis on community. There seems to be plenty of green space – including within the development itself – and it’s very close to the local country park. We would certainly get our quota of fresh air and green space here. The two bedroom apartments look really great in terms of space and facilities, and would suit our needs really well.”
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Homepage FIRST RUNG
First choice!
THE HISTORIC SITE
THE EASTENDER
The Arbour at Beaulieu Chelmsford, Essex
The Silk District Whitechapel, east London
Whitechapel has a lot to offer: a vibrant high road, excellent Tube and bus links, and all walking distance from Tower Bridge, the City and Brick Lane. The one and two bedroom apartments sit around landscaped gardens and feature open-plan living areas, separate utility room, and tted wardrobes. All homes include private outdoor space. Created as part of a £300m regeneration project, the homes will be joined by commercial buildings and public spaces. Some of the capital’s most famous and historic sights are near the front door.
Set within the parkland of the old Tudor palace of Beaulieu, this new development has created thousands of homes just outside Chelmsford. Homes range from one bedroom apartments to ve bedroom houses – with the latest phase of one and two bedroom homes at The Arbour selling fast. The properties are surrounded by landscaped gardens, and the new community will eventually include new schools, transport links and amenities. The city lies 30 miles east of London, while the stunning coast can be reached in 40 minutes by car.
*Up to 5% deposit contribution available
THE NEXT STEP
” The 5% deposit contribution will really help us as this is a big and important move, so we want to make sure that we‘re making the right decision. We‘ll spend some time in the area, test the commute and get our mortgage offer in principle sorted while we go through the application and viewings process. We‘re really optimistic for our future!“
lqhomes.com
lqhomes.co.uk
*Based on a 30% share of the full market value of £295,000
*Based on a 25% share of the full market value of £502,500
What a good location these properties are in, just on the Essex border, which ts our requirements perfectly. There’s a lot on offer very close to the apartments; you can get to some stunning countryside and rural places, all while not being too far from central London. We really love the look of the apartments, too. The design and styling has a real luxury feel – the balcony areas are huge, the living areas are super spacious and there’s plenty of storage space as well as an en suite from the main bedroom. We think that Edge is the perfect place for a new start for our family.”
Whitechapel is close to our current neighbourhood. We love this part of London, there’s always something cool and quirky to do, and of course the transport links are second to none. This new development is such a great opportunity to buy in the area and it really is very tempting. It looks like a very exciting development that’s so close to some of our favourite places. But for our current situation and requirements, we’re still set on moving out of the hustle and bustle, and further east.”
Jivah went to university in Chelmsford and talks about what a great area it is. I know there are a lot of options for entertainment, shopping and for family life in general, so this is de nitely a good option for us. The two bedroom apartments are impressive, as is the development itself. As it’s a new neighbourhood, there’ll be plenty of opportunity for community involvement. There’s also lovely countryside on tap, while Jivah’s family are a 20-minute drive, which would suit us pretty well.”
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First Time Buyer February/March 2024
ADVICE
Suzanne Aplin is Group Sales & Marketing Director at award- winning Weston Homes and has been working in the new homes property arena for many years. She has a passionate desire to help first time buyers step on to the property ladder and understands the challenges that many buyers face when purchasing their first home. Weston Homes has helped hundreds of buyers purchase who didn’t think they could. If there is a way, the friendly sales teams at Weston
Suzanne Aplin, Group Sales & Marketing Director, Weston Homes
Homes will help you find it Q I want to buy my first home. How can I make sure I can get a mortgage? A Everyone’s circumstances are different but the one thing that is consistent is that you cannot obtain a mortgage until you have a sound credit rating.At Weston Homes we work closely with a range of independent new home mortgage advisers who have provided the following excellent advice. Before a bank or building society will lend money to you, they will look at how much of a risk you are.What they want to know is simple – will you pay them back? Your credit information shows them how you’ve managed credit in the past, which helps them predict whether you can afford the repayments. Your credit history and score is held by a UK credit reference agency.Two of the top ones are Equifax UK and Experian.The latter rates you out of 999 points. If you haven’t established a credit history, potential lenders can’t see if you are reliable with money.This can lead to your application being refused. Your credit score is based on several factors including how quickly you pay back money you have borrowed, if you have any outstanding debt, and whether you have missed or late payments. Good ways to build your credit rating are to: • Open a bank account and prove you are a reliable UK resident with a good relationship with your bank. • Pay off the balance on your credit card in full each month to create a good credit history. • Get a mobile phone contract.This can help you establish credit and if you pay your bills on time it will show potential lenders that you are reliable. But it is so easy to slip down the credit rating ladder without realising it. In January, after a potentially expensive Christmas, it is tempting to pay your credit card debt late – don’t.This will push you down the credit rating ladder. Your mortgage lender thinks – if you pay your credit card late – that you will probably
yourself on the electoral register as it improves your credit rating. Companies use the electoral roll to check you are giving them the correct name and address. Plus, it is a sign of reliability and stability. At Weston Homes, we are here to help you. Speak to one of our Sales Consultants at your preferred development and they can refer you to an independent financial adviser who can give you specialist advice on how to make your move to homeownership, how much deposit you need to save and how much you will need for a mortgage.
pay your mortgage payments late as well. Renters moving around can find themselves unknowingly holding a bad credit rating because they have not redirected all their bills. For a small payment, with a card registered in your new address, the Post Office will redirect mail for six months. Even an unpaid parking ticket will get you into trouble. If you have defaulted on past payments that are creating a bad credit score, with a reasonable 200-word explanation you can apply to get them removed. When you move into a new area, always put
A sustainable lifestyle, for this generation and the next, is the wish of all young homebuyers. And the new home location that ful ls that wish is Abbey Quay, one of the most exciting regeneration programmes for 2024 that is transforming old industrial
Barking into a sustainable neighbourhood. Weston Homes won the prestigious 2023
WhatHouse? Gold Award for the Best Sustainable Development across the country, for its £350m, six-acre urban village Abbey Quay in Barking. This ne-looking collection of 1,089 apartments of one, two and three bedrooms, sits within a design that will include 22,281 sq ft of commercial and leisure space. Mindful of commuting costs, it is a short walk to transport links and a fast commute into the City, with the town’s new combined heat and power plant providing eco-ef cient hot water and heating for the development. Abbey Quay is an innovative scheme that re ects the core values of family-run Weston Homes and its MD Bob Weston, who builds with a passion for the welfare of his buyers, green energy use and sustainable living. To ensure the high quality of every stage of build, Bob has created two multi-million pound high- tech factories to deliver a low-carbon building solution for Weston Homes’ properties. Every detail of the build is considered, from the walls and photovoltaic roofs to thermally ef cient windows and doors, high-tech low water consumption ttings in luxury bathrooms, heating systems and insulation − so ef cient that even on winter nights little heating is needed. Wide oor-to-ceiling windows create maximum light to lift the mood and open on to spacious balconies for outside living. This is an award that’s well deserved for a company that is building for future generations. Discount Market Sale* homes with a 20% saving start from £261,500. Private sale homes start from £331,000. Save up to £20,000 for a limited period.** Visit www.weston-homes.com/abbey-quay for details.
*Price includes saving. Eligibility criteria apply **Subject to terms & conditions. Speak to a Sales Consultant for details
18 First Time Buyer June/July 2018 16
February/March 2024
THE VIEW
THE GOLDEN TOUCH Elliott Wright is a true entrepreneur. He is a successful businessman with years of experience in the hospitality industry. He is the founder of the Elliott Wright Group, which offers a diverse range of services including luxury real estate, hospitality services and yacht charters on the Costa del Sol. He also has a television career and was on TOWIE for ITV. He talks to Lynda Clark about his fascinating life, his latest venture and gives some practical advice for first time buyers
20 First Time Buyer December 2021/January 2022
18 First Time Buyer February/March 2024
THE VIEW
"AT THE MOMENT IT IS A BUYER’S MARKET SO WORK OUT A BUDGET OF WHAT YOU CAN AFFORD, WHERE YOU WANT TO BUY AND GO FOR IT"
First Time Buyer February/March 2024 19
THE VIEW
"WE ARE INTO BUILDING LONG- TERM RELATIONSHIPS NOT THE SHORT ONES, AND WE WORK WITH ONLY THE BEST DEVELOPERS, SOURCE THE BEST RESALES, AND HELP NEGOTIATE THE BEST DEAL FOR ALL PARTIES"
20 First Time Buyer February/March 2024
THE VIEW
W hen I spoke to Elliott I felt I had known him all my life – he is warm, entertaining and most of all passionate about everything he works on. He was born in east London, but the family moved around a lot and he has a brother and sister and came from a very happy family. “We were a very close- knit family and my aunts and uncles lived nearby and we all went on holiday together. My dad was in the car business and he has always been my inspiration. He owned and ran car showrooms and was one of the first to export high-end used cars to the Far East markets. He was brilliant at his job – he was handsome and a true gentleman. Growing up he used to let me go to work with him on a Saturday in one of the car showrooms and I absolutely loved it! We did move around a lot – we lived in Gants Hill, Wanstead and Hornchurch in Essex and when I was about 12 we moved to Andalucía in Spain. It was such a great experience and we were there for a couple of years. My dad also bought properties, did them up and sold them on – he was a very clever man. “I was a very sociable child and at school I loved sports and was also good at maths. I even won an award for my handwriting when I was in primary school. Nowadays my writing is so bad, in fact it’s worse than a doctor's! But I won a Roald Dahl book and was very proud. After my GCSEs I left school and always wanted to be a trader on the stock market. I was lucky enough to meet one of the bosses at Merrill Lynch who gave me some work experience. It was an amazing opportunity being on the trading floor. It is interesting because some of the most successful traders don’t always come from families who have money. In those days a lot of the trading work involved hand signals, it was called open outcry trading, so some of the best guys had often come from parents who owned market stalls or worked there or in similar environments, where you had to be heard to get business done. “After my work experience in Merrill Lynch, there were two full time jobs left at a French bank called Fimat and they asked me to go through a bundle of CVs to see who were the best two. Many had been to Oxford, so I assumed I had no chance. But, to my surprise I got a job – you see it’s a real dog- eat-dog situation on the floor and you had to be prepared to be ruthless in the market place but you aren't always taught that at university, so these people look further than just degrees, they need to know that someone has the ability to take a call and make the deal despite any consequences. I loved my time on the Liffe floor. “I had spent years watching my dad sell cars and I had picked up a lot of what
"I HAD SPENT YEARS WATCHING MY DAD SELL CARS AND I HAD PICKED UP A LOT OF WHAT WAS NEEDED ALONG THE WAY"
Elliott got into television by accident – his cousin, who is Mark Wright and was already in TV, introduced him to some of his friends and contacts. Elliott had split up with his first wife and was constantly travelling from Spain to see his children. He said, “I knew James Argent very well and he invited me round to his house when I was in the UK. There were lots of the cast from TOWIE there and I got on with them very well. "The next thing was the producers of the show asked me to join the show and it made sense at the time to come over to England to film it as I could also see more of my children.” However, in 2015 he found another restaurant venture and opened Olivia’s in La Cala and left TOWIE and returned to Spain. But, after a few months he was asked to make his own show, called Playa Marbell a. The first property he bought was a two bedroom, two bathroom home in Alicante, Spain, which was all he could afford. He then went on to buy another property, which was a disaster. There was a golf course and the house was front line but there were no nets and one day his baby son was in the swimming pool and a golf ball landed very near to him. This was a wake-up call for Elliott and eventually his neighbour got hit by a ball so he decided to sell the house. “It was a lesson learnt – be careful when buying a property on a golf course, there’s nowhere the balls can’t fly from!” He now lives in La Cala de Mijas with his wife Sadie and four-year old son Billy, who is just starting school there, his eldest son Elliott Junior and their eight-month-old son Johnny. “We have been through Brexit, the pandemic, my restaurant got burnt down and there is a cost-of-living crisis but we have come through the storm and I am very positive for the future.” Elliott has some great advice for first time buyers and said, “At the moment it is a buyer’s market so work out a budget of what you can afford, where you want to buy and go for it. The market will eventually turn round. Possibly interest rates will stay around the same level for a couple of years but be realistic and don’t bite off more than you can chew. Affordability is critical but if you are in the position to buy I would definitely do it, there are bargains to be had in a bear market.”
was needed along the way. Eventually it all changed and computers took over so I decided to go to college to learn about them. I then ended up trading in oil on the IPE.” Elliott’s father moved to Spain and he managed to get a month off work after passing his trading exams to visit him. He said, “When I got there I realised family was very important to me and I had to make a choice – I chose to stay in Spain.” During 2001-2007 life was very hectic for Elliott. He and his father opened restaurants and his dad cleverly set up property company accounts so they were busy in the winter as well as the summer. Business was booming as the euro was so weak against the pound. It worked very well as people who went to the restaurant often asked if they could recommend any estate agents and Elliott and his father could help them and also suggested builders or lawyers that they could trust. They never rushed them into buying one of their homes. He explains, “I used this same ethos when I launched Elliott Wright Real Estates. My business is based on trust, after all, purchasing a holiday home is most likely going to be the second most expensive thing a client would ever buy after buying the home they lived in. So we are into building long-term relationships not the short ones, and we work with only the best developers, source the best resales, and help negotiate the best deal for all parties. "My experienced agents will help you find your dream home, they will give you only honest advice and if we don’t have exactly what you are looking for, we will find it. We also help with all the necessities with our Elliott Wright Financial Consultants team, which is a free service when purchasing through us. From legal representation, mortgage brokerage to currency exchange and notary completion, we have everything and only the best people to recommend completing your purchase. “For investors or people that want to use their holiday home as an investment too, I also have Elliott Wright Holiday Rentals where we do holidays lets and with our privileged club members, we guarantee a certain amount of weeks a year that your home will return a substantial income. I want my clients' experience to be happy and stress-free. We also cover all pockets whether people are looking for a luxury villa or a much more affordable home.”
elliottwrightrealestate.com
First Time Buyer February/March 2024 21
INCENTIVES
BOOST YOUR BUDGET WITH DEVELOPER INCENTIVES How affordable is “affordable” housing really? Many people feel priced out of the property market, with high prices and an income already strained by cost-of-living increases without the pressure to save for a deposit. Yet, every day, new build homes are being snapped up by first time buyers. Debbie Clark asks the important questions.What are they buying? What are they earning? And, more importantly, what incentives are they taking advantage of to make the seemingly impossible a reality?
incentives subject to the stage of construction, T&Cs apply. Higgins Homes, renowned for quality building in London and the South East, is also responding to the needs of customers by offering a range of incentives, tailored to suit a range of scenarios. #HomesComfort is a campaign that has been specifically designed around the areas that create a barrier to homeownership for first time buyers. There is a range of bespoke, real-world incentives, with buyers encouraged to speak to advisers to discuss their particular needs to eliminate as many obstacles to homeownership as possible. Examples of incentives include a 5% deposit top-up, potentially taking the deposit from 10% to 15%, having the legal fees and Stamp Duty paid, which also adds up to a substantial expense, or the option of a Furniture Pack. #HomesComfort is being offered on The Garratt Collection, Earlsfield (020 8498 6111) and Ecole, Bermondsey (020 8498 6112). Ultimately, homebuilders need to be able to sell their properties to make a profit, so most developments will have a range of incentives available to help buyers. If you’re not sure what they are, find out – you might be pleasantly surprised!
Data from OnTheMarket (2022) shows the median average of property prices across England varies considerably, from an average property price of £250,000 in the North West to a whopping £588,500 in London.
East Midland
West Midlands
London
South East
Region
North East
North West
Median Price
£254,995 £250,000 £303,500 £315,000 £588,500 £473,000
While median salaries also vary, they certainly don’t reflect the property prices. Salaries – in the South East and London in particular – are seriously stretched!
East Midland
West Midlands
London
South East
Age group North East
North West
£23,855 £24,073 £24,166 £23,723 £31,835 £25,713
22-29
£26,614 £28,596 £26,955 £28,842 £40,761 £30,877
30-39
£27,956 £29,420 £29,013 £30,648 £40,638 £33,096
40-49
Thankfully, both the Government and homebuilders are conscious of the myriad of issues buyers face.There are many national schemes you can access as a first time buyer. A great example is the Discount Market Sale (DMS), which offers buyers the opportunity to purchase a new home with a saving of up to 30% while still giving the buyer 100% of the ownership. Buyers need to live or work in one of the areas required for the scheme to
be valid and meet other eligibility terms. Developers are also getting inventive with their incentives to give you a foot up. Weston Homes, for example, is offering its unique First-time SecureBuy (FTSB) initiative on selected plots and developments.
The scheme allows first time buyers to reserve a home off-plan for a £500
reservation fee, and a 5% exchange deposit. Then, six months before build completion, the buyer can apply for a mortgage. Should the value of the property increase in the time between reservation and build completion, buyers will only pay the price agreed on the day they reserved their property. The FTSB initiative can be used in conjunction with other
22 First Time Buyer February/March 2024
INCENTIVES
CASE STUDY
Sophie , 32, has just bought her rst home at L&Q at Huntley Wharf, Reading. Midwife Sophie had spent ve years building her life in Reading, but never thought that she would be able to afford her own home. She says, “I used to drive past L&Q at Huntley Wharf and had watched it being built… as they were right in the centre of Reading, close to the train station and town, I never thought that I would be able to afford one on my single income.” Spotting an advert on the hoarding of the
development, Sophie nally decided to enquire. She had managed to save during Covid and realised through an initial chat with the sales team that she had enough for a deposit through the shared ownership scheme. Sophie recalls, “I honestly could not believe that I could get on to the property ladder in Reading on my own, just a 12-minute walk from where I work.” Sophie purchased a 25% share of a one bedroom shared ownership apartment off-plan, making use of L&Q’s 5% deposit incentive. She is particularly enjoying the space in her new home as she had previously been renting a small one bedroom at, and the peaceful positioning of her apartment means she can easily sleep before a night shift. Sophie’s expectations of the location have also been met. She says, “We have the perfect mix between urban life and lots of nearby green spaces. Being able to walk to the hospital where I work has massively cut down my commuting time and the opening of the Elizabeth Line is going to make things much easier if I need to pop into London.” Looking toward her future, Sophie comments, “Over the next ve years, my plan is to staircase so that I can own a higher share in my property. But, for the time being, I’m enjoying making my apartment my own with new furniture and putting up photos – something I could never do when I rented. I now even have my rst pets, two house-trained rabbits, Chewie and Stewie, who absolutely love the open-plan kitchen – another amazing thing about nally having my own home!”
HAYES, WEST LONDON The Venue DMS available*. Save up to £20,000** An impressive collection of 181 new homes, these beautifully nished luxury apartments are conveniently located just a six-minute walk to Hayes & Harlington station, with trains to Heathrow and London Paddington. All homes have a private balcony or terrace and access to a large central podium garden. There is allocated parking to selected plots.
To nd out about L&Q homes and incentives that could be running, please visit lqhomes.com
weston-homes.com/the-venue/ 020 3976 8245
*Price re ects a 20% Discount Market Sale (DMS) saving, subject to eligibility criteria. **T&Cs apply
OLD KENT ROAD, LONDON Ruby Triangle
HAINAULT, LONDON Edge
London @ Last scheme Sales have launched off-plan for THE BeCa at the Ruby Triangle, a £150m Manhattan- style tower, with Phase 2 homes launching this spring. They are available from Avanton with its unique triple-boost incentive, London @ Last, which promises to help Londoners secure a Zone 2 mortgage for half the price of local Zone 2 rent. The scheme rstly helps Londoners conditionally exchange with a 5% deposit on which they will receive annual interest. Secondly, contributes another 5% deposit and covers legal fees, and thirdly guarantees a 4.99% interest-only mortgage rate for one year.
GREENWICH Greenwich Millennium Village
Available with a 5% deposit contribution up to a value of £22,750 Available to move into from this spring, this superb collection of one to three bedroom apartments is located on Manford Way. Edge is less than a mile from both Hainault and Grange Hill railway stations, which connect to London Liverpool Street in half an hour via the Central Line. The apartments are ideally placed adjacent to local facilities, including Tesco Express and the Post Of ce. The nearby Hainault Forest Country Park and Fairlop Waters offer an idyllic landscape to enjoy and explore.
Available with a 5% deposit contribution up to a value of £33,500 Greenwich Millennium Village is situated on the Greenwich Peninsula, just one stop from Canary Wharf. This unique development offers a wide selection of high-speci cation one and two bedroom apartments ready to move in to. Residents bene ts from a range of green open spaces including a four-acre freshwater ecology park and yacht club.
thebeca.co.uk 020 7052 5111
edge-hainault.co.uk 020 3343 5778
greenwichmillenniumvillage.co.uk 020 3884 1018
*T&Cs apply. Price dependent on plot.
*T&Cs apply. Price dependent on plot.
First Time Buyer February/March 2024 23
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