According to eMoov, house prices in Zone 2, which includes Canning Town, are now averaging at a staggering £795,981. Getting on the property ladder as a first-time buyer isn't a new problem, especially for those living in London tackling the daily increases in essential living costs like rent and transport. For those trying to set up home in an accessible east London neighbourhood, Canning Town, with the recently regenerated Rathbone Market - a major redevelopment scheme including around 650 new homes and approximately 35,000 sq. ft. of new shops and cafés - is a prime location to put down your roots. Notting Hill Genesis' Shared Ownership offering at the development is the affordable solution for many first time buyers keen to locate themselves close to the business hub of Canary Wharf.
Scott Barlow, a 31 year old senior reporting manager, chose to buy through Shared Ownership at Rathbone Market to solve his property nightmare. Keen to move out of rented accommodation and into a property of his own, Scott was disconcerted by his initial property search. Scott comments; "I had a look into house prices and areas in London where I might be able to afford on the open market; I even looked outside of London and outside of the neighbourhoods where I wished to live but there wasn't really anywhere suitable."
He adds; "I'd been renting for the best part of 10 years and I got to the point where I really didn't want to keep putting my money into someone else's pocket each month. I feel I'm too old for house shares now, I wanted my own place and, for me, the only way I could do that was through Shared Ownership."
Like many first time buyers Scott's main issue with buying on the open market was his inability to raise the funds for a deposit on a full market value property; "It wasn't about affording the monthly mortgage payments, it was the deposit," comments Scott. Debating the issue, Scott came to the conclusion that even though he would not own the property outright; "…Owning 40% is better than owning nothing at all and wasting money on rent. At least this way I am building up some equity and have more of a chance of moving onto the open market in the future," he adds.
Scott bought a 40% share of a one bedroom apartment valued at £272,500 in 2015. He paid an £18,000 deposit on his share of £109,000. Scott's monthly mortgage and rent payments come to £800 excl. service charge and bills. Rathbone Market is a brand new, architecturally-striking development at the heart of the Canning Town and Custom House regeneration programme. Located on Barking Road, the development will deliver 650 new homes, as well as extensive new commercial and retail facilities, including a new market square, offices and an attractive courtyard garden and ample cycle storage.
The homes are all designed with urban living in mind, with modern kitchens and bathrooms, and outdoor spaces in the form of balconies or terraces to many.
Ideally located for easy access into the city, Rathbone Market is a five minute walk to nearby Canning Town station, in Zone 2/3, offering both the DLR and Jubilee lines. The area is also well-served by local bus routes and nearby Custom House will soon be home to Crossrail.
East London boasts a wide range of local amenities. One stop south on the Jubilee Line from Canning Town, the O2 Arena in North Greenwich boasts a wide mix of bars, restaurants and nightlife, as well as being one of the largest indoor events venues in the UK. Stratford, two stops north, is home to the Westfield shopping centre, the Queen Elizabeth Olympic Park and Olympic Stadium. Closer to home, Hallsville Quarter will be a Canning Town's revitalised town centre with a mix of facilities for residents to enjoy.
The Shared Ownership scheme from Notting Hill Genesis allows residents like Scott to get on the ladder by purchasing between 40% and 75% of the property, paying subsidised rent on the remainder. Residents can then increase their share at any time, all the way up to 100% and outright ownership.
The third and final phase at Rathbone Market comprises 45 one, two and three bedroom Shared Ownership apartments, due to launch later this year. For more information please visit www.nottinghillhousing.org.uk To find out further information and to register your interest contact 020 8357 5000 or visit www.nottinghillhousing.org.uk.