Shared Ownership East London
East London is an exciting area near the capital that contains some real property hotspots that evoke high demand. Areas like Shoreditch and Hoxton have long been known as Greater London's trendy areas and due to their proximity to the City Centre bars, shopping and entertainment scenes, they continue to be popular areas among homebuyers.
While the areas of East London that are closer to the city centre may be out of reach to most first home buyers due to rising property prices, there are plenty of up-and-coming neighbourhoods in the area that would be on many first time buyers’ wish lists including Hackney Wick, Walthamstow, Haggerston, Newham, Homerton, Plaistow to name a few.
Get on the property ladder with Shared Ownership
If you've ever wondered how to get your foot on the ladder in and around London, then properties available on a Shared Ownership basis in East London could be a great way for you to get your foot in the door in some of the most desirable areas near to central London amenities.
As a government-backed scheme, Shared Ownership can help lots of people buy a home that would otherwise have been out of reach when attempting a private sale. It essentially means that, rather than take out a mortgage to purchase 100% of the property, you take out a mortgage for the share you can afford - typically between 25% and 75%. The remaining share of the property would be owned by a housing association, which would then rent it back to you via a subsidised rent payment due each month.
About East London
East London is one of the 32 boroughs that make up Greater London. It is located in the northeast of London, England. The eastern portion of the borough is largely residential, while the western portion is more industrial. The population of East London is estimated to be 865,000, making it the third most populous borough in London.
The population is young, with nearly half of all residents under the age of 30 and is ethnically diverse, with a large majority of residents coming from minority groups. The economy of East London is predominantly service-based, with a notable presence in the financial services and technology sectors.
Unemployment levels are higher than average, but this is offset by the fact that many residents are highly educated and there has been some recent economic growth in the borough. It is also home to a large number of students, due to its proximity to several universities and the area has become known for its vibrant nightlife and creative flair, with many artists and musicians calling East London home.
Overall, East London is a diverse and vibrant area with a lot to offer residents and visitors alike.
East London has undergone a transformation in recent years, with regeneration and investment transforming the area. One of the most important things to have changed is the accessibility, and links, with major investment in new infrastructure making it easier than ever to get around.
East Londoners benefit from lots of public transport links ranging from national rail, overground trains, tubes and the DLR to riverboat services on the River Thames. City Airport is in Newham, close to Canary Wharf, and the Stansted Express from London Liverpool Street to Stansted Airport is in easy reach and takes just 45 minutes.
The Tube network provides quick and easy access to the capital, while overground trains offer longer-distance journeys connecting across the country. For those who prefer to travel by bus, there are plenty of routes to choose from, with regular services running throughout the day and night. Just a stone's throw from Canary Wharf, minutes from Stratford's vast Westfield shopping centre and only a short journey away from Liverpool Street and the heart of the town. East London is a great option for anyone commuting to work in the centre of town.
The introduction of the Docklands Light Railway and the Jubilee line extension has made it much easier to travel into central London, while ongoing work on Crossrail will further improve connectivity. In addition, a number of new cycle routes and walking trails have been created, giving residents and visitors even more options for exploring East London.
Local Amenities & Things To Do
East London is a vibrant and exciting part of Greater London, with something to offer everyone. From the trendy bars and places to eat in Shoreditch to the historic markets of Brick Lane, and for those who enjoy exploring new cultures, there are plenty of opportunities to try new foods and experience traditional art and music.
The area is home to the purpose-built Queen Elizabeth Olympic park which was the home of the 2012 London Olympic games. For those who prefer a more relaxed pace, there are plenty of green spaces to enjoy, including Victoria Park, Hackney Marshes and the Queen Elizabeth Park which is a much loved 6.5-acre green space with plenty of amenities including a children's playground, a basketball court, a football pitch, and a picnic area.
Old Spitalfields Market is close to Liverpool Street Station, Hoxton and Shoreditch and offers a vibrant mix of food stalls, restaurants, fashion and art.
The area is also home to some of the best nightlife in the city, with a variety of bars and clubs to suit all tastes. So, whether you're looking for an adventure or a place to relax, East London has something for everyone.
Great places to live in Greater London
Development areas like those in Silvertown, such as The Refinery, is a superb selection of two and three-bedroom apartments that won the "Best Show Home" award at the 2020 First Time Buyer Awards! These apartments, situated on the regenerated Royal Docks, are right in the centre of the cultural growth that Silvertown is fostering and with easy access to shops, restaurants and other amenities.
Ilford Works is a contemporary collection of new properties available through Shared Ownership in East London. These one-bedroom apartments come with beautiful open-plan living areas and is minutes away from the City and West End, this location is the perfect opportunity to get onto the housing ladder.
Take a look at these affordable home options for sale in East London.
Finding a home in South East London
Southern New Homes is one of the biggest Shared Ownership property specialists in the UK. Our website is an ideal place to start for home buyers, including first time home buyers looking for a home ownership development they can afford, a simple buying process, and easy to use property search tool.
Who is eligible for Shared Ownership?
To be eligible for a share ownership scheme, you would need to be a first time buyer, or have sold your current home before you purchase. You should be unable to meet the cost of buying a home at full market value and your household income should also be less than £80,000, or £90,000 in London.
As well as helping people to get onto the housing ladder in East London, a Shared Ownership scheme offers you the opportunity to buy the remaining proportion of your home as and when you can afford to. This process is called staircasing and is a great way for people to work towards full property ownership at a pace that is affordable for them.
Why should you consider affordable home ownership options in East London?
Finding ideal developments or locations to buy properties in London can be a problem, but if you're first time buyers looking for an affordable place to call home, then East London has plenty going for it and Shared Ownership homes are worth considering. With their lower price tags and flexible terms, they offer a great way to get on the property ladder without breaking the bank.
Buying a share-owned home in areas like Waltham Forest, or Newham sets you up in an active and up-and-coming neighbourhood benefiting from numerous shopping centres, restaurants and services with the city centre close by for a busy entertainment and shopping scene.
How much deposit do I need for Shared Ownership?
For many people, the biggest obstacle to buying a home is coming up with a large deposit payment. While 20% is the average amount required by most lenders, this can still be a prohibitively large sum for many buyers. With Shared Ownership however buyers need only find a smaller deposit of typically 5-10% of the initial share that they are buying in the property.
As a result, it's often easier for Shared Ownership property buyers to get a mortgage and get on the housing ladder. In addition, many mainstream lenders now offer Shared Ownership mortgages at very reasonable rates. If you're looking for a new home in East London, Shared Ownership could be the key to making your home ownership dream a reality and it's worth making an appointment to discuss your options with a mortgage broker specialising in first-time buyers to find the best deals available to you.
How to find a Shared Ownership home in East London
If you want to save on extortionate rental payments on the open property market it's time to find the perfect place to call home. With plenty of affordable Shared Ownership options for new buyers to choose from in East London, Shared Ownership is a great option to consider.
With Shared Ownership you only need to pay a mortgage and find a deposit for the share of the property that you purchase. You then pay rent monthly to us for the share remaining. From family homes to modern apartments and fantastic transport links, there are plenty of exciting properties to search for and buy. Simply register with the team to find out more.
Whether you're looking to take your first step onto the property ladder, want to buy additional shares, or are looking to sell up and move into a new home, the Southern New Homes team can help. Our property search showcases affordable Shared Ownership homes across London and the South East from dozens of UK housing providers to help you through the buying process.Search East London