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The London postcodes where owning your own place may be cheaper than renting


If you want to get out of the renting cycle, there may be a way

If you want to get out of the renting cycle, there may be a way

There’s no getting away from the fact that London is a pricey place to call home, but buying through shared ownership often works out cheaper than renting a similar property locally.

Before we get into it, what is shared ownership?

Essentially, shared ownership mortgage schemes allow you to buy a portion of your property, while still paying rent to a landlord, local council or housing association.

In some cases, this means saving up for a deposit of just 5% of your share of the home.

And from central postcodes to
well-connected suburbs, here is a selection of locations and 
developments to check out now.

Nine Elms, SW8


Average rent: £3,041

With bars and eateries open for business, this is the place to be

The cranes are still there but so many buildings are now finished in this
massive riverside regeneration
area that it now feels like an 
established south-west London neighbourhood rather than a construction site.

Bars and eateries are open, Battersea Power Station is at one end, Chelsea and Westminster are in walking distance and the area has its own Zone 1 Tube station.

With average local rents now topping £3,000 a month, there are big savings to be had by going down the shared ownership route. Monthly costs can be more than £1,400 cheaper if you buy an entry-level flat at SO Resi One Nine Elms.

These one and two-bedroom flats offer an opportunity to live the high life, as they’re in one of London’s tallest residential towers.

Some have river views and winter gardens, and residents have access to a 58th-floor viewpoint, a car club and, from next year, a business lounge.

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From £158,125 for 25% of £632,500; average monthly cost is £1,621, visit soresi.co.uk

Tolworth, KT5

Average rent: £1,784

It’s an up-and-coming area

This up-and-coming area is on the edge of Kingston upon Thames and a short bus ride from the town centre’s shops, nightlife and riverside buzz.

Not that locals are lacking in things to do, as it has its own high street, nature reserve and there’s bowling at Hollywood Bowl. Trains take half an hour into Waterloo and the M25 is under 15 minutes’ drive. It’s also somewhere you can still get on the ladder for less than £100,000.

A 25% share at Signal Park, with one, two and three-bedroom flats from Guinness Homes, starts from £89,375 and are two minutes’ walk from Tolworth station. Each flat has a spacious all-in-one kitchen-living area leading out to a balcony, a fitted wardrobe in the main bedroom and use of communal roof terraces.

From £89,375 for 25% of £357,500; average …read more

Source:: Metro

      

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