EXTRA SUPPORT FOR FIRST-TIME BUYERS AT UNION WALK
Linu and Sam outside their new home at Union Walk at The Green Quarter by Latimer, Southall. 4.3.23 ©Richard Eaton 07778 395888
Despite the challenges facing first-time buyers, home-hunters remain optimistic about homeownership.[1] Supporting this positive mindset, Latimer, the development arm of not-for-profit Clarion Housing Group, is offering a helping hand to purchasers of its shared ownership homes at Union Walk in Southall. Not only will shared ownership buyers be able to reduce their deposit to 5%, they will also receive a boost of up to £4,000 towards their new home. Those who opt to buy a 25% share in a property with a full market value of £335,000 could take a step onto the property ladder with a 5% deposit of just £4,188. In comparison, buying a home of the same value privately could require a minimum of £16,750 to secure[2].
Latimer is already witnessing many first-time buyers making the move across from private rented accommodation into shared ownership. In fact, this group represented 70% of Latimer buyers at during the start of 2023. By contrast, this group represented less than 30% of buyers in 2021. A key driver for the increase appears to have been the end of the Government’s Help to Buy scheme in October 2022, which over the previous ten years had enabled over 300,000 first-time buyers to get on the housing ladder with a smaller deposit in comparison to buying outright. With that route no longer available, shared ownership continues to offer a highly attractive alternative for those looking to exit the rented sector.
After gaining an extra bedroom, a balcony, more living space and somewhere that they can call their own, Linu George Peter (28) and Sam John (29) have been enjoying the advantages of purchasing their first home with shared ownership at Union Walk. The couple purchased 25% of the home and have also benefitted from the Elizabeth line, which makes work commutes swift and easy. Linu comments: “Previously, we were renting a one bedroom flat in Southall, but when our rent increased, it wasn’t financially viable for us to stay there. We’d heard about shared ownership, so decided to research the scheme and quickly realised that it was the best option for us. Without shared ownership, there’s no way we could afford to stay in London. Our monthly outgoings, including bills, are pretty much the same as they were in our rental and the gains are immeasurable.”
For buyers looking for a in which they can reap the rewards of regeneration in the future, Union Walk is a brilliant option. Situated in the London Borough of Ealing and moments from Southall tube station, residents here can enjoy a swift commute on the Elizabeth line, which takes them into Bond Street in 18 minutes.
An extensive programme of regeneration is currently transforming the London suburb into a buzzing community with nature at its core. A new public realm along the Grand Union Canal, The Green Quarter, will feature tree-lined avenues, 2,500 freshly planted trees and living green roofs to enhance the biodiversity of the area. Residents at Union Walk also have access to landscaped communal gardens and a children’s play area.
All the apartments are finished to an impeccable standard, with modern-day living at their core. Open-plan living areas enable flexible lifestyles, whilst stylish kitchens come complete with a range of integrated appliances. All homes at Union Walk benefit from private balconies, ticking the outdoor living box.
Buyers reserving at Union Walk could receive up to £4,000, to help them onto the property ladder. This is based on each persons’ circumstances and could be in the form of a deposit boost, legal fees, a voucher towards furniture, or anything else they need. Prices start from £83,750 for a 25% share of a home with a full market value of £335,000.
