Saving for a deposit is a major obstacle for aspiring homeowners, especially in London where the average first home costs nearly £445,000. A ten per cent deposit on such a property would be a daunting £44,500, a sum many first-time buyers struggle to accumulate. Fortunately, shared ownership presents a more accessible path to homeownership. This scheme allows buyers to purchase a share of a property, typically between 25% and 75%, with a deposit usually only five or ten per cent of the purchased portion.
This means that the deposit can be significantly lower than a traditional mortgage, making homeownership a reality for many who might otherwise be priced out of the market. According to Share To Buy, the average new shared ownership home in London has a full market value of £463,401, but the average minimum share price is just under £140,000, with a typical minimum deposit of only £9,277. This represents a huge reduction compared to traditional homeownership, making it an attractive option for those seeking to enter the property market.
Here are some noteworthy shared ownership developments in and around London, offering low-deposit options and fantastic amenities:
1. Cavalier Court, Gillingham, Kent
– Minimum deposit: £2,688
– From: £53,750 for 25 per cent of £215,000
These one and two-bedroom flats are ideal for commuters, with Gillingham station, a mile away, providing fast services to St Pancras and Victoria, along with Thameslink trains to Luton via Blackfriars and London Bridge. Residents can enjoy balconies or terraces, and the development overlooks Chatham Dockyard.
2. Beckley Place, Oxford
– Minimum deposit: £3,625
– From: £72,500 for 25 per cent of £290,000
Affordable housing is a rare commodity in Oxford, one of the UK’s most expensive cities. These one and two-bedroom flats and three-bedroom houses are located in Headington, just ten minutes from the historic centre and convenient for the John Radcliffe Hospital and the A40.
3. Edgware Parade, Edgware
– Minimum deposit: £4,063
– From: £81,250 for 25 per cent of £325,000
This development offers a mix of one and two-bedroom flats and three-bedroom duplexes spread over four blocks arranged around a podium garden. Most units include private balconies, and residents on higher floors benefit from spectacular views. Edgware Tube station, on the Northern line, is a mere four-minute walk away.
4. East River Wharf, Royal Docks
– Minimum deposit: £4,844
– From: £96,875 for 25 per cent of £387,500
Live by the Thames in a vibrant new community with one, two, or three-bedroom flats, each featuring a balcony and access to a pool and a 16th-floor sky lounge. Contributions of £2,000 towards buying costs are offered on reservations made by the end of October.
5. The Perfume Factory, Acton
– Minimum deposit: £5,437
– From: £108,750 for 25 per cent of £435,000
Ready-to-move-in one-bedroom flats are available in a converted cosmetics factory. Each flat boasts a balcony, oak-effect flooring, underfloor heating, mirrored bedroom wardrobes, and is just two minutes away from North Acton’s Central line station.
6. Addiscombe Oaks, East Croydon
– Minimum deposit: £5,469
– From: £109,375 for 25 per cent of £437,500
Located moments from East Croydon station, these two and three-bedroom flats offer fast links to London Bridge, Victoria, Gatwick, and Brighton. Residents enjoy private balconies and access to communal gardens. Up to £4,000 towards buying costs, along with £500 Ikea vouchers, is on offer.
7. SO Resi Sutton, Sutton
– Minimum deposit: £6,063
– From: £121,250 for 25 per cent of £485,000
These family-sized three-bedroom flats are situated in the heart of an area renowned for its excellent schools, including top grammar schools. Sutton station, served by Southern and Thameslink trains, is a short walk away, and allocated underground parking is available. The development also includes on-site shops, restaurants, and a gym.
8. Huntley Wharf, Reading
– Minimum deposit: £6,938
– From: £69,375 for 25 per cent of £277,500
This riverside development offers the final collection of one-bedroom flats, a ten-minute walk from the Elizabeth line station. A café, restaurant, Tesco Express, and gym are planned for its central square, and a nursery has already opened. On selected homes, £1,000 towards buying costs is available.
9. Eastman Village, Harrow
– Minimum deposit: £8,400
– From: £84,000 for 25 per cent of £336,000
Part of an established community on the former Kodak factory site, these move-in-ready one-bedroom flats all include private outside space and ample storage. Amenities such as a residents’ gym, supermarket, cafes, and restaurants are on the way.
10. Cassia, Oakwood
– Minimum deposit: £10,500
– From: £105,000 for 30 per cent of £350,000
These one and two-bedroom flats are located in a leafy suburb just over half an hour from the West End, with two Tube stations within walking distance. Each flat features a spacious open-plan layout with a smart fitted kitchen, private outside space, and some have parking spaces.
Learn More at the London Home Show
For more information about shared ownership and upcoming developments in London and beyond, attend the London Home Show, hosted by Share To Buy, this Saturday. The event will feature housing associations, developers, mortgage brokers, and solicitors, along with more than 20 live sessions covering topics essential for first-time buyers. Register for your free ticket here.
London Home Show Autumn 2024
Saturday, Queen Elizabeth II Centre, Westminster, SW1P 3EE, 10am-5pm
