Get on the ladder in East London with Genesis
Getting on the property ladder in London is tough, with average house prices now over £520,000 according to Rightmove. Located less than two miles from the hub of Stratford, Genesis’ brand new development Greengate Lodge in Plaistow, E13, is an affordable option as the homes are available for shared ownership, with prices starting from £49,125 for a one bedroom apartment based on 25% of the full market value of £196,500.
Greengate Lodge, located off the Barking Road between Canning Town and Barking, will see a collection of contemporary one and two bedroom apartments and three bedroom houses. Situated in a peaceful residential area, just minutes from the high street, Greengate Lodge is ideal for first time buyers looking to get a step on the property ladder in a commutable location. Plaistow is an up and coming area, with regeneration in surrounding Canning Town, Stratford and Barking, making Greengate Lodge a real opportunity to get in early.
Anthony Harker, Head of Commercial for Genesis says of the new homes: “Getting on the property ladder in London is so difficult in the current market, with sky high prices and little choice for first time buyers. And that’s why we’re so pleased with Greengate Lodge – it’s great value and only available to buy through shared ownership. Even though it’s been designed with affordability in mind, we’ve not cut corners on quality, so potential purchasers will get a great finish and high specification home.”
All of the homes offer wooden floors, modern brushed stainless steel finishes and gloss kitchen units inclusive of integrated appliances such as fridge/freezer and dishwasher. Full height tiling to bathrooms and fitted wardrobes to master bedrooms offer residents all the finishing touches you would expect in a new home from Genesis.
Plaistow’s high road offers residents a range of local amenities within easy access, including grocers, eateries and pubs. Greengate Lodge is just a short walk to Plaistow station for District and Hammersmith & City Line services direct into the centre of London, and well served by local bus routes to several destinations including Stratford for Westfield shopping centre and Beckton for the DLR.
The shared ownership scheme means that buyers can purchase between 25% and 75% of the property, paying subsidised rent on the remainder, and can increase their share at any time, all the way to 100% and outright ownership. The scheme is specifically designed for first time buyers whose household income is less than £66,000 a year if buying a one or two bedroom home, or no more than £80,000 if looking at a home with three or more bedrooms. Priority will be given to those who live or work in Newham.
Prices at Greengate Lodge for a one bedroom apartment start from £49,125 based on a 25% share of £196,500, and from £60,125 based on a 25% share of £240,500 of a two bedroom apartment. Houses are priced from £93,750 based on a 25% share of £375,000. For more information, visit genesishahomes.org.uk.
