The proportion of first time buyers purchasing a home has hit a record high according to the National Association of Estate Agents, with 32% of total property sales in October made to first timers. However, as the average age of a first-time buyer is now 33 in London, many first-time homeowners are at a stage of life when they want more than a one-bedroom starter home. At Prospect East in Stratford, East London, the range of three bedroom apartments available through East Thames’ shared ownership scheme offer the space and flexibility to suit a wide range of first time buyer lifestyles.
Nowadays most first time buyers purchase a property with a long-term view and want somewhere that can accommodate their evolving needs, with potential space for partners, guests or children. Prospect East offers a choice of three bedroom apartments giving residents different options for how they use the space to suit their personal circumstances. And purchasing through shared ownership gives an added boost for those who would not otherwise be able to get on the property ladder.
Tony Harker, East Thames’ Director of Sales & Marketing comments: “Many of our buyers purchase their first home when they are at the stage of settling down and perhaps the thought of having children is not too far away, so they want a home with a good amount of space. At Prospect East the three bedroom apartments offer long term potential by having that extra room. Shared ownership also allows residents to grow their investment in the property by work their way up to full ownership.”
The three bedroom apartments come in a range of layouts, all offering spacious open plan living space as well as private outdoor space in the form of balcony, terrace or enclosed winter garden. Interiors are light and airy, with plenty of built in storage space and a high quality specification. Kitchens feature a range of quality integrated appliances and sleek white gloss cabinets. Master bedrooms are generously sized with built-in wardrobes, while bathrooms are fitted with a thermostatic over-bath shower and stylish white sanitary ware.
Prospect East is the first phase of an exciting new neighbourhood being created by East Thames that will also include a range of amenities, including a range of commercial space. The homes are arranged around a central communal landscaped garden with play areas for children forming a green focal point for the new urban community.
Located in the heart of Stratford, Prospect East is ideally positioned to take advantage of all that London has to offer. Thanks to huge investment due to the London 2012 Olympic Games, Stratford continues to benefit from extensive regeneration. Retail facilities are excellent with Westfield Stratford City offering hundreds of shops, as well as bars, restaurants and entertainment. The Queen Elizabeth Olympic Park is nearby, with 560 acres of parkland, world class sporting venues parkland and a wide range of events and attractions to enjoy.
Stratford International station is one of London’s best connected location, with services on the underground, DLR and high-speed mainline railway network putting the rest of the capital in easy reach. Canary Wharf can be reached in just nine minutes and Oxford Circus in 20 minutes. The arrival of the Crossrail in 2018 will further enhance the travel links from Stratford.
Buying under shared ownership at Prospect East allows purchasers to buy the share of their home that they can afford (at least 25%), and pay a subsidised rent on the remaining share of the property. They can increase their share at any time, right up to 100%.