New research by Halifax reveals that the inaccessibility of the capital’s property market is increasing, as the average first-time buyer is expected to put down a deposit of £109,146, equating to savings of nearly 25% of the property’s value. *
Catalyst, a leading housing association, has decided to tackle this problem and they have a range of two and three-bedroom Shared Ownership apartments available at NEON, in Burnt Oak, for first-time buyers and these can be purchased with just a 5% deposit from just £8,500.
Recently awarded highly commended for ‘Best First Time Buyer Apartment’ at the First Time Buyer Readers’ Awards 2020, NEON is being noticed for its work to meet the needs of London’s next generation of homeowners.
Buyers have much sought-after transport links close by and the development is only a ten-minute walk from Burnt Oak London Underground Station, with the Northern Line connecting commuters to central London in less than 30 minutes. From the station you can also reach the Eurostar at King’s Cross St Pancras in 25 minutes and get to London Bridge in 35 minutes. For those that drive, the development is also close to the M1, M25 and A406 North Circular.
NEON apartments are centred around a southwest facing podium garden, complete with green landscaping, patio, children’s play area, and elevated views all the way to Wembley Stadium. There are also many green spaces nearby to wander and explore and are situated only two miles away from the development. Mill Hill Park is exceptionally green and filled with an abundance of grassland and leafy trees. Stanmore Country Park is also nearby and it is a great place to listen to birdsong and admire the beauty of muntjac deer.
Markus Kendall-Young, Group Head of Sales and Marketing, at Catalyst comments,
As the average deposit in the capital continues to rise, it is crucial that we find solutions to help those with smaller savings to be able to access the property ladder. Shared Ownership does just that, enabling buyers to purchase an initial share in their property, and purchase further portions of their home as and when they can afford to. As you only pay a percentage deposit based upon the initial share you buy, this dramatically reduces the amount of savings you need to get on to the property ladder. In the case of NEON, that makes a deposit for a two-bedroom apartment less than 10% of the average London first-time buyer deposit, which really is a terrific amount. It cannot be underestimated the difference that makes in increasing access to home ownership across London.
The apartments are well-designed and feature contemporary open-plan layouts. For those that love to cook, each home includes high specification kitchens, which are complete with top of the range appliances, such as: kitchen cabinets with under pelmet lights, stainless steel 1.5 bowl sink with chrome mixer tap, integrated fridge freezer, fan operated electric oven, full-height Silestone splash-back, free standing washer/dryer, and Amtico Pearl Wash Wood floor tiles. The rooms also feature stunning large windows which flood the room with natural light and there is a floor to ceiling glass door which leads to a private balcony.
The bedrooms are extremely spacious and feature modern pendant light fixtures and master bedrooms benefit from large fitted wardrobes. An essential for many buyers, the master bedrooms in selected two-bedroom and all three-bedroom apartments feature an en-suite in addition to a family bathroom. Additionally, some three-bedroom apartments also have an additional WC. The main bathroom features a Roca white bathroom suite and chrome shower set and also includes: a glass shower screen, large wall mounted quality mirror, chrome electric heated towel rail, recessed LED chrome downlights and stone effect ceramic floor and wall tiles. Each apartment has generous storage solutions and there is a dedicated utility room and built-in storage units.
Located in up and coming Burnt Oak, residents have a range of amenities close by, including a range of cafes and restaurants such as Café Romana and Twist Dessert Lounge. Conveniently, supermarkets such as: ASDA, Morrisons, and Marks and Spencer’s Food Hall are all just a five-minute walk away. If you would like a larger range of retail stores to choose from, Brent Cross Shopping Centre is just a 21-minute bus journey and is home to 120 stores selling 2,000 brands.
Fitness fanatics can enjoy nearby Burnt Oak Fitness Centre with its split-level gym, sports hall, astro pitch, tennis courts and more. The Arch Climbing Wall is also nearby and has a pure bouldering surface of 11,000 square feet.
The development is ideal for families, as it falls within the catchment areas of several popular schools – including nearby Catholic, Jewish, and Hindu schools.
Prices start from £170,000 for a 40% share of a two-bedroom apartment (FMV: £425,000), and £221,000 for a 40% share of a three-bedroom apartment (FMV: £552,500).
For more information, visit: catalyst.homes.