With record deposits being put down to buy a first home[i], new research has revealed more than half (63%) of first-time buyers end up having to sell valuable personal assets, such as jewellery, in order to raise the required house deposit[ii]. With 14% using this alternative finance to pull together more than half of the money they need. Providing a lifeline for struggling home hunters in the leafy London borough of Barnet, Notting Hill Genesis has recently launched its latest development of Shared Ownership apartments at Elmbank in Arkley, EN5. With deposits starting from £16,275, a staggering £90,000 less than the average London homebuyer deposit, Shared Ownership purchasers can get on the property ladder via a more affordable route.
Ideal for buyers looking for a first home, the Shared Ownership scheme allows purchasers to buy between 25% and 75% of the property value, paying subsidised rent on the remainder. Provided they can afford to, residents at Elmbank can then increase their share over time, all the way up to 100% and outright ownership.
Set in one of the most desirable areas of north London, Elmbank delivers an exclusive collection of 10 stylish two-bedroom apartments situated in an enviable village setting, close to the Hertfordshire countryside and green spaces, yet still within striking distance of the capital. Purchasers at Elmbank are just over one mile away from High Barnet tube station, served by the Northern line, where residents can reach London Waterloo in just over 30 minutes, perfectly representing the ideal balance buyers can enjoy between city and country living.
Jim Munson, Head of Marketing at Notting Hill Genesis, comments: “With average property prices in London for a first home now over £400,000 according to Halifax, solutions like Shared Ownership have become even more important as a way to enter home ownership and have grown in popularity in recent years. Our Shared Ownership apartments at Elmbank present a fantastic opportunity for aspiring home owners to get a foot on the ladder. The location is particularly appealing for purchasers seeking an affordable way to own a home in a leafy, suburban setting close to the countryside.”
All of the homes at Elmbank are available to buy off-plan, and have been thoughtfully designed to provide spacious layouts alongside a high-quality specification. Each property features large open plan lounge, dining and kitchen areas. Kitchens are fully fitted and come with a range of integrated appliances. Every apartment benefits from having their own allocated parking space, some feature ensuite bathrooms and most of the properties enjoy their own outdoor space in the form of a balcony.
Set in an elevated position, with sweeping panoramic views of central London in one direction and the natural beauty of the Hertfordshire countryside in the other, residents at Elmbank really can enjoy the best of both worlds. Barnet high street is less than one mile away from the development and offers an eclectic mix of bars, cafés restaurants and for those who enjoy a show or two, there is even a local theatre and cinema. The Spires Shopping Centre provides a selection of well-known retailers such as Waitrose and Marks & Spencer, or Brent Cross Shopping Centre is just a short drive away and offers a huge choice of larger outlets, designer stores and restaurants.
Commuters have an excellent choice of transport links to choose from. High Barnet underground station (Zone 5) is within close proximity of the development, taking buyers into central London in around half an hour. New Barnet Overground station which is just over two miles from home, provides easy and swift connections to Finsbury Park, Highbury & Islington and Moorgate. For road links, the A1, A41, and M25 are all within a 10-minute drive of Elmbank.
Prices for a two-bedroom Shared Ownership apartment start from £162,750 for a 35% share of £465,000. For more information visit www.nhgsales.com or to book your viewing today, simply call 033 3000 4000. Notting Hill Genesis expect high levels of demand at Elmbank and would advise prospective buyers to register their interest as soon as possible to avoid disappointment.