A recent Zoopla report found that making a mark on your own place was one of the top reasons for first time buyers to get on the property ladder. But what many buyers rarely imagine is the prospect of making their mark on the area itself. In the historic docklands of East London, brand new Shared Ownership developments are offering pioneering, trendsettling Londoners a chance to lead the way. The E16 postcode is one of the most affordable areas to buy in East London. So if you’re at the beginning of the property journey or ready to buy, here are the key reasons why East London is the place to buy a Shared Ownership home.
1. High number of ‘affordable’* homes in East London
Property consultants JLL put the East London postcodes E14 and E16 in their list of ten key London areas with ‘affordable’ homes being built in the next two to three years. So while demand for London property greatly exceeds supply, first time buyers have a much better chance of securing a home they can afford in East London.
2. The new build vs existing property debate
The debate about whether it is better to buy a new build instead of an existing property generally comes down to personal choice. But while most first time buyers buy new builds due to their availability through Shared Ownership, first time buyers also prefer new builds for these common reasons:
1. ‘They are really suited to people my age’
2. ‘They make buying very organised’
3. ‘Maintenance and running costs are predictable’
See the full Zoopla first time buyer report
3. Trendsettling– Make it your own home and area in East London
While most 25 to 35 year old professionals in London feel that craving for some form of street café, restaurant or bustling bar offered by the likes of Shoreditch, Hoxton and Clapham, property prices have made these areas largely out of reach. But there are equally well-connected areas in East London that offer many of the area’s positives for realistic purchasers willing to look further afield. Trendsettlers, a kind of first time buyer trendsetter, are taking over pockets of E16 and building equity in a seriously up-and-coming area.
4. New developments in E16
With E16 highlighted as one of the key ‘affordable’ areas to buy a home in London, here is a list of new developments with 1, 2, 3 and 4 bedroom apartments, duplexes, triplexes and houses:
Royal Albert Wharf – 2 and 3 bed Shared Ownership homes close to Gallions Reach DLR. Receive a £2000 legal contribution when you complete within 8 weeks of reservation.
Rathbone Market – Award-winning development with new phase of 2 and 3 bedroom Shared Ownership homes in the heart Canning Town. Receive a £1000 legal contribution when you complete on a three bedroom apartment within 8 weeks of reservation.
Traders’ Quarter at Royal Wharf – 1 and 2 bed Shared Ownership homes conveniently located along the DLR with Canary Wharf and the City of London a short commute from the development.
*Affordability as defined by JLL report