Charity worker gets help onto the property ladder

Despite his Lancashire origins, charity worker Drew Manley loves the convenience and nightlife of Hackney in East London so much that he has become part of one of capital’s key regeneration projects – Dalston Square.

He has bought a one-bedroom apartment at the Barratt development which is transforming the heart of Dalston into a fashionable new quarter of the East End.

Drew, 31, said: “I have been living in the Hackney area for the last five or six years, currently renting a flat which I share with two friends. I’d been thinking of buying a place of my own and had been into the Dalston Square marketing suite to pick up some information, but I really thought I couldn’t afford it.”

Then, on a further visit to the site with his mum, Drew learned about the Government’s First-Time Buyer Initiative (FTBI), which applied to a limited number of apartments at Dalston Square. “I checked with the mortgage brokers Barratt recommended and it looked like something I could follow up” he said.

FTBI enabled aspiring first-time buyers, who could not otherwise afford to buy a home outright, to purchase a minimum of 50% of a new home with the Government’s regeneration arm English Partnerships (now part of the Homes & Communities Agency) providing the remainder of the funding.

Drew chose a one-bedroom apartment with a full market value of £245,000. Through the FTBI, he bought a 50% share in the property, worth £122,500. His spacious new apartment, which he moves into in the summer, will have a fully-fitted bathroom and an open-plan living/dining space with fully-fitted, integrated kitchen, plus a roof terrace and balcony.

The price includes an integral oven, hob and extractor, fridge/freezer, washer/drier, dishwasher and microwave in the fully-fitted kitchen, plus tiling in the kitchen and bathroom. Drew paid extra for carpets and wood laminate flooring, as well as fitted wardrobes.

As well as a spacious bedroom, Drew’s apartment will have a fully-fitted bathroom, and an open-plan living/dining room and fully-fitted kitchen. The property, which is on the fourth floor, will also have a ‘winter garden’ balcony, a screened area which extends the apartment’s available space and enables year-round sheltered enjoyment of the outdoors.

“The winter garden was a real attraction for me. It measures 15ft x 6ft and I’ll be able to access it from both the bedroom and the living room. It will offer me some ‘outdoor space’ inside – it’s really beautiful” he said.

Location was one of the key factors in Drew’s decision to buy at Dalston Square, as it will be close to his friends and the nightlife and within easy walking distance of two excellent East End markets.

Dalston Square – which will eventually provide over 550 new homes – will also include shops, a library and archive, plus a brand new station for the East London line extension at Dalston Junction. The square itself is a major new town centre space around which the homes, shops and restaurants are being built in a range of striking modern buildings.

All homes available through the FTBI scheme at Dalston Square have now been allocated, but the current phase of the development offers one-bedroom apartments at prices from £249,995. Two, three and four-bedroom apartments are also available, from £299,995.

A range of assistance plans is still available to purchasers, including help with deposits, part-exchange on existing properties, or help with Stamp Duty and legal costs.

The stunning multi-media marketing suite and show apartments are now open off Roseberry Place, Dalston (E8).

Barratt is offering a total of 26 further homes to customers in London under another Government initiative ‘HomeBuy Direct’ which gives them the chance to move in for only 70 per cent of the purchase price. Barratt London will match the Government’s funding pound for pound in the new venture to provide the 30 per cent equity loan to the homebuyer.

The buyer finances the remaining 70 per cent either through a mortgage, a deposit or a combination of the two. All 26 apartments are at Barratt’s new Kennington Park Square development in London SE11, within strolling distance of the Houses of Parliament. The project offers one-bedroom apartments for sale at full-market prices starting under £265,000.

For more information, log on to Barratthomes.co.uk/homebuydirect.