Getting onto the property ladder in London is notoriously expensive, with reports suggesting almost a third of buyers from the capital move outside its boundaries to find a more affordable first home.
Launching this October at Barking Riverside, one of the UK’s largest new developments, Parklands is the first phase of homes by L&Q, which will offer a collection of one and two bedroom apartments available through Shared Ownership, as well as a selection of homes through the Government’s Help to Buy scheme later in the year.
Prices for the first phase of Shared Ownership homes start from £62,500 for 25% share of a one-bedroom apartment. Homes at Barking Riverside are considerably less than London averages.
Offering an alternative route onto the housing ladder for those priced out of the market, the innovative scheme allows buyers to purchase a percentage share in a property, renting the share they do not own at a subsided level. Buyers require a smaller deposit than they would on the open market, and monthly costs are often less than renting.
A joint venture between L&Q and The Mayor of London, Barking Riverside will create a new community of 10,800 homes along a 2km stretch of south-facing river frontage. Set to be one of the most dynamic communities for first-time buyers in the capital, alongside significant space for shopping outlets, restaurants and cafés, the development will benefit from leisure, health and community centres, sports facilities and a GP surgery – with the proactive approach earning the status of London’s only ‘Healthy New Town’.
Barking Riverside prioritises wildlife and open space. Over 40 species of animals currently inhabit the site and, from 2019, a dedicated Ecology Centre will provide residents and local schools with information about the neighbourhood’s conservation activity and ecology. In addition, a network of cycle paths, walkways and communal greenery aims to encourage residents to make the most of a natural environment.
Residents of Parklands will be able to enjoy a quick commute to other parts of London, with regular C2C trains from Dagenham Dock to London Fenchurch Street taking just 24 mins, and regular buses running to Barking Station from which trains, Overground and Underground lines run into the city. A brand new Barking Riverside station is due to open in 2021, extending the London Overground line and bringing the development within a 30-minute commute of the City.
Barking Riverside: a Giant Leap for London. The first phase of 36 Shared Ownership homes launches on 6th October at Parklands. Prices start from £62,500 for a 25% share of a one bedroom apartment (full market value £250,000).