This is a sponsored article on behalf of L&Q.
Wannabe home-owners! It might be time to finally take those dreams of getting on the London property ladder off the backburner and make them a reality.
Yes, we know — you think you haven't saved up a big enough deposit yet. And given the average one for first-time buyers in the capital is an eye-watering £132,685*, who can blame you? But if you opt for Shared Ownership with L&Q, not only will your upfront costs be lower than you might expect, you'll also have the chance to nab a truly beautiful new home that comes with a ton of amenities, in a part of London that suits your lifestyle.
But let's not get ahead ourselves. First, up some basics:
What is Shared Ownership?
Shared Ownership is an alternative route to home ownership where buyers purchase a 25%- 75% share of a property, and pay rent on the remaining portion. Deposits start at just 5%-10% of the purchased share price and you only need to secure a mortgage on the share you purchase, making it a much more affordable option for those on average incomes.
Then, as and when you can afford to, you may purchase additional shares until you own your home outright, through a process called "staircasing". So Shared Ownership can give you the same final outcome as the traditional route, but could allow you to start your home ownership journey much sooner.
L&Q is one of the UK's leading housing associations and developers, managing over 110,000 homes nationwide. As a housing association, all of L&Q’s profits are reinvested into both new and existing homes, to support their social purpose that everyone can have a quality home they can afford.
What's more, L&Q is actively involved in the communities it manages, through the L&Q Foundation, which funds local projects like breakfast clubs and college scholarships, and through L&Q Living, which provides care and support services to vulnerable residents.
L&Q can be found all over London. Below we've rounded up a few of our favourite developments where Shared Ownership is available.
L&Q at Brunel Street Works
The lowdown: A collection of 1-3 bedroom apartments and mews houses, moments from Canning Town station. L&Q at Brunel Street Works has its own communal rooftop garden, and all homes come with private outdoor space (not to mention the underfloor heating, Silestone worktops and 24/7 access to a concierge).
Perfect for: Anyone keen to make the most of city living, really! Canary Wharf is just a four-minute DLR ride away, you can get to the West End in just 20 minutes, and — music lovers rejoice — the O2 Arena is in nearby North Greenwich.
From £98,125 for a 25% share of a one-bedroom apartment.
L&Q at Hayes Village
The lowdown: A collection of 1-3 bedroom apartments on the site of the former Nestle Factory in Hayes. Development is ongoing, but the neighbourhood will soon boast a new canal side hub, a 200m running track, outdoor exercise equipment, and a walking trail with a lot of green space.
Perfect for: Nature lovers and sporty types will appreciate L&Q at Hayes Village's incredible amenities. All that greenery doesn't mean you're out in the sticks, though — direct trains to Paddington take just 22 minutes and, when Crossrail launches, there'll be trains to central every five minutes.
From £75,313 for a 25% share of a one-bedroom apartment.
L&Q at High Street Quarter
The lowdown: Premium 1-3 bedroom homes in Hounslow, just off the high street. Each high spec home has its own private outdoor space, there's cycle storage, and a select number of parking spaces are available.
Perfect for: L&Q at High Street Quarter is built around a public square that'll include shops, restaurants and multiplex cinema — making it a great choice if you don't want to have to travel far for entertainment.
From £75,062 for a 25% share of a one-bedroom apartment.
L&Q at The Silk District
The lowdown: A collection of 1-2 bedroom apartments close to Whitechapel Station that's part of a £300 million regeneration plan. L&Q at The Silk District boasts some incredible residents' only amenities, including a high spec gym, a peloton studio, a concierge, and even a cinema room.
Perfect for: Lovers of east London life (you're in the thick of it, here), haters of long commutes (once the Elizabeth Line launches, Liverpool Street, Canary Wharf and Bond Street will be two, four, and 11 min tube rides away, respectively), and anyone who wants to get something extra out of their living situation (see above amenities).
From £124,375 for a 25% share of a one-bedroom apartment.
These are just few of the incredible neighbourhoods L&Q has to offer — check out the full range of Shared Ownership homes on the company's website.