Part Buy-Part Rent Opportunities In West London
Posted 26 October 2022 by
Keith OsborneLondon has a very expensive property market but thanks to schemes like Home Reach, there are opportunities for would-be buyers on a modest budget to be able to tale a first step on the property ladder in west London for far less money than they would need on the open market.
Buyers who meet the eligibility criteria for Home Reach have an opportunity to purchase a share of a new build home (usually, but not always, between 50% and 75%) and pay a subsidised rent on the remainder, with housing provider heylo as the landlord. The scheme is offered on selected plots at developments across England and provides all the benefits of homeownership but requires a much smaller deposit (5% of the share price) and a smaller mortgage than when purchasing outright. Over time, owners can buy further shares as their budget allows, until they own 100%.
Easton Lodge is a collection of apartments in Hanwell, an area attracting more and more interest with the launch of the Elizabeth line and the reduction in journey times into and through central London. Located on the high street, these new homes are also very conveniently on the doorstep of a host of shops, amenities and places to go out for a meal or drink. At this development are a range of one- and two-bedroom apartments with a specification and design which includes integrated fitted kitchen appliances, modern bathroom suites and spacious balconies. For a one-bedroom option through Home Reach, the starting price is £101,250 for a 25% share (full market value from £405,000), which would require a minimum of 5% deposit from £5,063. For two bedrooms, the starting price is £137,500 for a 25% share (full market value from £550,000), which would require a minimum of 5% deposit of £6,875.
Dover Court in Southall Green is only a 20-minute walk from Southall station, also served by the Elizabeth line and National Rail services into Reading and Paddington, making it another great option for people heading into central London for work or pleasure. Locally, there are a host of shops and amenities, and there’s the Grand Union Canal and Southall Green itself for a bit of nature and open space. Each one- and two-bedroom apartment here has its own private outdoor space too. For a one-bedroom property, a 25% share is from £75,000 (full market price £300,000), which will require a minimum 5% deposit of just £3,750. For a larger home with two bedrooms, prices start at £91,250 for a 25% share (based full market value from £365,000), which will require a minimum 5% deposit from £4,563.
Find out more about current Home Reach opportunities in Greater London.
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