AFFORDABLE HOMES
MAKE 2024 YOUR YEAR WITH AN NHG HOMES SHARED OWNERSHIP HOME It’s not an easy time to be a first time buyer, especially in London. Over the past year we’ve seen fluctuating house prices and spiking mortgage rates, leaving many facing a locked door to homeownership and remaining stuck in the vicious rent cycle
But with house prices and mortgage rates beginning to fall – plus the fact that rents are at an all-time high – more people will be looking to start their homeownership journey this year. While December 2023 saw London house price growth fall by 1.5% according to Zoopla, affordability is still a challenge in the capital. Buying with an affordable homeownership scheme like shared ownership could be the way to turn your homebuying dreams in London into reality. In fact, 2024 could well be a great time to buy with the scheme, according to Rupi Hunjan, CEO and Founder at leading
Royal Albert Wharf
affordable homeownership mortgage adviser Censeo. “There’s been a huge rise in demand for shared ownership mortgages in recent months, as more people explore this as a route to getting on to the property ladder. “Now is a great time for first time buyers
Recent Lampton Parkside buyer Srekanth
across the city. From on-site parking to on- the-doorstep amenities and private outdoor space – there are options to suit every need. Shared ownership buyers also have the freedom to make their home their own by decorating, choosing furniture and getting a pet – the options are endless. Buying a home is a big step, and the NHG Homes sales team is on hand at all times to offer support and make the process as stress-free as possible as buyers navigate this exciting milestone. Srekanth Nilakanthan purchased a 25% share of a two bedroom apartment at Lampton Parkside, west London, in 2023. Speaking about his experience buying a shared ownership home, he said, “It was a blessing to be introduced to the scheme – without it, I wouldn’t be sat here right now. It meant I could buy my own home, and have my family visit me in London as soon as possible.” As 2024 gets underway, shared ownership is bringing hope to the housing market and helping first time buyers to choose London. If you would like to find out more information, visit nhgsales.com or speak to the sales team on 020 4579 6251
With parkside, cityside and waterside developments across
the capital, shared ownership homes make putting down roots in London much more affordable and attainable. From The Perfume
looking for good rates, as there are more lenders and products on the market than ever before, and that number is set to increase even more over the next few months. “And with the strong possibility that the Bank of England interest rate will be reduced earlier than expected, buyers can start to have some confidence in the housing market. They shouldn’t wait too long to start planning for homeownership and should put in the research needed at this stage in preparation.” With shared ownership, buyers purchase a percentage share of the property and pay a subsidised rent on the remaining share. Buyers can own a property in London with a much lower deposit than purchasing outright and enjoy the flexibility of being able to staircase all the way to outright ownership or sell on their share to a new owner – ideal for first time buyers.
Factory in west London to Kidbrooke Square in the South East, NHG Homes developments offer one, two and three bedroom apartments in some of the city’s most up-and-coming urban hubs. One bedroom apartments start at £93,125 at Kidbrooke Square and £108,750 at The Perfume Factory for a 25% share, and monthly costs associated with shared ownership (including rent, mortgage and service charge) are often cheaper than renting locally. If you are looking to choose London as your home in 2024, new phases launching this year by NHG Homes include homes at riverside development Royal Albert Wharf, and at Lampton Parkside in west London. Apartments by NHG Homes combine sleek, contemporary design with comfort and convenience in fantastic locations
68 First Time Buyer February/March 2024
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