Young buyer Imogen Thompson (29) and her fiancé, Joseph Prophet (30), were looking for a way onto the property ladder and decided to use London Help to Buy to purchase a three-bedroom apartment at Barratt London’s Upton Gardens development in East London.
Imogen and Joseph were living in a 4-person flat share in Camden, but after becoming engaged they were looking for a home to call their own. Living in a flat share allowed the couple to save quickly and after a monetary gift from a family member, they were ready to buy. When they discovered Upton Gardens, Imogen and Joseph were impressed with the area’s sense of community and good commuter links, so decided to make a purchase.
Imogen, who works in land planning, comments: "While living in a flat share was a great way for us to save money, it was not what we wanted long term, and we had been looking at property options for quite a while to understand the market. We found out about Barratt London through our friends who have recently bought at another development in Catford, so we decided to explore our options. Upton Gardens met all our criteria for a home purchase, and an added bonus is that the property prices were very affordable as the area is up-and-coming.
"When we found out about Help to Buy, we were amazed to discover what it meant for us. It made sense for us to use the scheme, as we could get ahead and get out of our flat share. We are now homeowners and building equity, which is such an achievement for young professionals in London. We have been able to move far sooner than we thought was possible and even purchased a larger property, which is all thanks to the scheme."
Launched in 2013, London Help to Buy is the government’s equity loan scheme, through which buyers pay a five per cent deposit and the government lends up to 40% of the cost of their new home. From April 2021 until 2023, the scheme will be open to first time buyers only. There will also be caps placed on the value of properties which can be purchased using the scheme, with a maximum of £600,000 set in London.
Pam Reardon, Sales Director at Barratt East London, comments: "The property market is booming with opportunity for first time buyers, and with it being cheaper to own than to rent, I would encourage buyers to explore options such as London Help to Buy. The scheme is a great way to get onto the property ladder, and we are delighted that Imogen and Joseph have taken advantage of this at our Upton Gardens development."
Alongside the affordability factor, Imogen and Joseph were drawn to the local amenities both within and surrounding Upton Gardens. The development itself benefits from a gym, concierge service, rooftop terraces and community space. The couple are enjoying their newfound privacy and looking forward to having a gym on their doorstep, and a convenient concierge on hand.
Imogen continues: "We couldn’t be happier with our new home and we really benefit from having space to ourselves as a couple now. The neighbourhood is really community-focused, and we believe the uplift potential in the area is immense. We feel that we purchased here at the right time for us. I love that we are already benefitting from excellent independent coffee shops and pubs on our doorstep, yet central London is just 30 minutes away. An added bonus is that both of our commutes are within 25 minutes on the tube."
Upton Gardens is located on Green Street, set on the site of the former West Ham United Boleyn Ground stadium. The development consists of 842 contemporary apartments, with every home benefitting from open-plan living areas, floor-to-ceiling windows, and a private balcony or terrace.
The surrounding area has been part of a post-London Olympics regeneration project, with investment continuing to improve the local landscape. Residents can enjoy a range of independent shops, fruit and veg stalls, bakeries and restaurants, alongside traditional pubs and bars. For those looking to enjoy the outdoors, green space can be found within walking distance at West Ham Park, Priory Park and Central Park.
Located in Zone 3, regular train and tube services from Upton Park Underground Station offer speedy connections into central London. Liverpool Street and Canary Wharf are just 15 and 16 minutes away, while the West End can be reached in 31 minutes. Key east London attractions such as Westfield Stratford City, the Olympic Stadium and the O2 Arena are also nearby.
Currently on offer at Upton Gardens is a collection of one-, two- and three-bedroom apartments, with prices starting from £339,000 for a one-bedroom apartment. Using London Help to Buy, this can be secured with a five per cent deposit from £16,950.
For more information visit www.barrattlondon.com or call 0330 0574 372.