According to recent figures from the Halifax, more first time buyers managed to get their foot on the property ladder in 2016 than in any year since 2007. As prices in London continue to soar, the report also shows that the average deposit by new entrants to the housing market has grown four-fold in the past decade, from £26,701 to £100,445. For those priced out of the market in London, buyers are encouraged to look south to Croydon, where Bellway has a collection of homes available at Penhurst Square in Addiscombe, CR0, with prices starting from £288,995 and available with London Help to Buy, meaning a deposit from as little as £14,500, a fraction of the capital-wide average.
Addiscombe has had a property revolution in the past five years, as the prices of homes have increased by 50.4%, according to property portal Zoopla. The regeneration of Croydon is helping with growth as a vast redevelopment project is underway that looks to transform the area, bringing wealth, jobs and far greater infrastructure.
Penhurst Square is available to purchase with the added benefit of Help to Buy and for buyers looking for an apartment with great travel links into Central London this should be high on the list. Addiscombe is located east of Croydon and offers Tramlink services to East Croydon and Wimbledon less than a 10 minute walk from the development. The proximity to the fast and frequent rail connections to Clapham Junction, London Charing Cross, London Victoria, Gatwick Airport and Brighton makes the district an excellent choice for commuters.
Mark Harrop, Head of Sales at Bellway Homes South London, comments: “Homes that offer Help to Buy in London are in demand, and it is easy to see why with property prices in London growing as fast as they are. As a result, developments such as Penhurst Square are giving London buyers an option that doesn’t mean leaving the capital, and are selling fast. Anyone that can utilise the Help to Buy scheme is encouraged to talk to us, our sales teams are experts in making home sales happen.”
Penhurst Square is contemporary collection of one, two and three bedroom apartments and four bedroom houses, catering to a range of buyer types including first-time buyers, growing families and downsizers.
The Cavenagh is a one bedroom apartment, perfect for a young professionals. It features an open-plan kitchen, living and dining area, a modern bathroom and a balcony. The kitchens are thoughtfully designed with contemporary finishes, with sleek, fitted cabinets and a range of integrated appliances. Large French doors open out onto the private balcony, flooding the homes with natural light. The bedroom benefits from fitted wardrobes and accesses directly to the bathroom, which features Roca white sanitary ware, ceramic tiling and modern chrome detailing throughout.
Several convenience stores and supermarkets are within walking distance, and the much larger selection in Croydon can be easily reached on foot or by car. In addition, sports fans will enjoy the facilities at nearby South Norwood Leisure centre, just over a mile from Penhurst Square, with its two swimming pools, gym and exercise studios, and Addiscombe recreation ground, just 10 minutes’ walk away, offers tennis and basketball courts and football pitches for sporty residents.
Croydon Partnership is creating a new state-of-the-art retail and leisure centre within the heart of the city which is due to complete in 2020. The centre will boast over 300 shops, boutiques, restaurants and bars; this will transform Croydon into a go to destination in its own right.