It is a year since the government introduced London Help to Buy, allowing property purchasers in London to access an equity loan of up to 40% of their property’s value. Since the launch of the scheme, a growing number of would-be homeowners are discovering they can afford to get on the property ladder in London thanks to Help to Buy. At St Paul’s Square in Bow, East London, home builder Countryside is offering a range of stylish apartments through the scheme, which are proving popular among buyers.
The Help to Buy equity loan scheme has been active since 2013 but this time last year the Government doubled the amount that Londoners could receive to more fairly reflect property values in the capital. So rather than an equity loan of 20%, since 1 February 2016 anyone purchasing a new build home within the capital’s 33 boroughs can access a government loan of up to 40% of the property value, which is interest free for the first five years. The scheme is open to all buyers, not just first time purchasers, and as with the existing scheme, the maximum purchase price is £600,000. The buyer must put down a deposit of at least 5% and get a mortgage to cover the remainder.
At St Paul’s Square, the one and two-bedroom apartments come under the £600,000 threshold, providing a purchasing opportunity through the scheme to many who would not otherwise be able to afford to buy the home of their choice in London. All of the apartments offer spacious and contemporary open plan living spaces and benefit from flooring throughout, plus private outdoor space. The development is also nearby to excellent transport links and a wide range of amenities.
Matthew Higgs, Managing Director of Countryside Partnerships South comments: “Help to Buy is enabling buyers to buy a bigger home that better suits their needs than if they purchased without the scheme. Many of our buyers at St Paul’s Square would not have been able to live in the area if it hadn’t been for Help to Buy. Equally a large proportion didn’t think they would have been able to afford a new build home until they discovered the scheme.”
Esra Gungor, who purchased a two-bedroom apartment at St Paul’s Square with her partner Ian McNaughton and their son Finley, comments: “Without Help to Buy it would not have been possible for us to buy a two-bedroom home in London. While renting in Mile End, we were paying £1,500 a month in rent, whereas our monthly mortgage now is significantly cheaper at £960.”
The apartments at St Paul’s Square are thoughtfully designed to maximise space and provide bright and airy accommodation that perfectly suits the practicalities of modern city living. An excellent level of interior specification features throughout the homes. The open plan kitchen, living and dining areas create a flexible living space with contemporary fitted kitchens that include integrated appliances including electric ovens, ceramic hobs with splashbacks, fridge/freezers and dishwashers. Each apartment benefits from its own terrace or balcony, with many enjoying views toward the City or Canary Wharf.
St Paul’s Square benefits from excellent transport links within easy walking distance of Mile End underground station and Devons Road DLR. Liverpool Street is a short five minute tube journey away, providing services around central London and further afield.
The Olympic Village and a vast number of local facilities are nearby, which range from local markets to Westfield Stratford City. The development is within walking distance of a range of open green spaces and parks, including the innovative Mile End Park and Bartlett Park. Mile End Park Leisure Centre and Stadium is less than a 10 minute walk from St Paul’s Square, offering a range of facilities including a gym, athletics stadium, swimming pools, outdoor pitches, sports halls and a health suite.