Brand New Homes In London For Under £100k

London is well-known for having high property prices but it is still possible to take a first step on the property ladder there with a top-quality new home thanks to schemes such as Shared Ownership and Home Reach.

These schemes could be the best option for house-hunters in the capital on a limited budget. They allow you to purchase a share of a new home (between 25% and 75%) using a deposit and a mortgage, and then pay a subsidised rent on the remaining percentage. You can purchase a bigger share of your home – up to 100% in a process known as ‘staircasing’ at a later date if you wish. If you decide to sell your home, you will receive the percentage of the sale price that you own.

We’ve found brand new homes in Greater London that are available to purchase for under £100,000, thanks to the Shared Ownership and Home Reach schemes.

Dover Court is in Southall, a part of the capital that is undergoing massive regeneration. Using Home Reach, a buyer scheme run by housing provider heylo alongside a host of top housebuilders, house-hunters meeting the eligibility criteria can start with a 25% share of a one-bedroom apartment at Dover Court for £75,000 (full market value £300,000) and 25% of a two-bedroom apartment for £91,250 (full market price £365,000). All these properties come with private outdoor space and residents have access to exclusive landscaped gardens.

New Market Place is taking shape on the site of the former West Ham United stadium and L&Q has a range of one-, two- and three-bedroom apartments for sale under Shared Ownership. Residents here can enjoy a communal rooftop terrace with uninterrupted views of London’s skyline, as well as a first-floor podium garden and new retail space. It’s a well-served and well-connected part of London with plenty of shops and rail/Tube connections with just a few minutes’ walk. Prices start at £81,250 for a 25% share of a one-bedroom Shared Ownership apartment (full market value £325,000).

Hyde New Homes has won a number of prestigious WhatHouse? Awards for its developments and it has some top affordable homes at Eastman Village, a £1.75billion regeneration programme located on the historic site of the former Kodak factory. Beaton Apartments has homes that can be purchased through Shared Ownership. Minnie Dando, head of marketing and communications at Hyde New Homes, said: “Typically, a one-bedroom apartment at Eastman Village’s Beaton Apartments would be priced at a minimum of £331,000, for the full market value. A 25% share priced at £82,750 would require a minimum 5% deposit of £4,137.50 with monthly payments working out at around £392 mortgage and £569 rent on the unpurchased equity plus £141.33 service charge payable to Hyde.”

Guinness Homes recently launched a collection of Shared Ownership apartments at Leaside Lock in Bromley-by-Bow. The properties in this new phase are finished to a high specification throughout with contemporary kitchens and bathrooms, a range of integrated and energy-efficient underfloor heating. All residents will have access to a podium garden and a number of blocks will have roof terraces. A 25% share of a one-bedroom apartments right now starts at £85,625 (full market value from £342,500).

This article was revised in April 2022.

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