Newham - A haven for first time buyers
Newham is the most affordable location in London for first-time buyers, according to a new report by Savills. The survey shows that the average price of typical starter homes in the borough is less than £150,000, requiring a 34 per cent deposit of just under £50,000. Now Genesishomes is helping to make Newham even more affordable.
Genesishomes has three major developments in the borough: Forbes House in Stratford, St Luke’s Square in Canning Town, and Pier Road in Royal Docks. Properties at each development are available on a shared ownership (part-buy/part-rent) basis. That means Genesishomes apartments start at just £36,250 for a 25% share of a one-bedroom apartment at Forbes House, based on a full market value of £145,000.
The report highlights the importance of Genesishomes’ dedication to create high-quality, affordable housing for the first-time buyers who underpin the property market.
Forbes House is a collection of 16 spacious one and two-bedroom apartments priced from £40,250 for a 25% share based on a full market value of £161,000, close to Stratford tube station. With apartments measuring up to 922 square feet, purchasers are able to make their new home, their own. Designed to be both contemporary and comfortable, expansive picture windows allow natural light to flood living areas while giving a bright and airy feel to the apartments. Complete with a fully fitted kitchen and balconies to selected apartments; Forbes House is a fantastic development for first time buyers.
Pier Road offers 39 two-bedroom apartments starting from £53,890 for a 25% share based on a full market value of £215,560. Each apartment at Pier Road comes with at least one balcony and is finished to a high standard with a fitted kitchen and ample storage space. A selection of apartments also offer fantastic views of the River Thames.
St Luke’s Square is a collection of 43 one and two bedroom apartments in Canning Town with prices starting from £45,000 for a one-bedroom apartment for a 25% share, based on a full market value of £180,000. Situated less than a five minute walk from Canning Town underground station, St Luke’s Square offers a selection of apartments with timber decked balconies, spacious living / dining areas as well as a number of two bedroom apartments which feature two bathrooms and top floor apartments with roof terraces.
Genesishomes’ shared ownership scheme is open to anyone who does not already own a property and is unable to buy on the open market. Your total household income must be less than £60,000 per annum and you will need savings of around £3,500 to cover moving and legal costs.
For more information visit: genesishomes.org.uk
