Posted by: Property Booking
05 Apr 2018
Good news for cash-savvy commuters and first time buyers, a number of the most affordable commuter towns just happen to be areas where Shared Ownership homes are on the rise!
This means only having to pay a mortgage based on a percentage of the property value and making up for the rest via an affordable rent. You can then gradually increase your share of the mortgage so that eventually the property is fully mortgaged.
Property analysts Hometrack found that with an annual repayment mortgage for a two to three bedroom flat costing around £10,800 a year and a season train ticket at £4,124, Chatham was the most affordable town outside to London to live. Next was Luton with a total cost of £15,552.
Basildon, Harlow and Southend were next with annual costs of £16,208, £16,760 and £17,880 respectively. Towns like Slough, Worthing, Chelmsford and Tunbridge Wells also made the list.
Shared Ownership Homes in Affordable Areas
1. Chatham. The brand new Moat development at Horsted Park in Chatham, Kent sits in the most affordable commuter town for London, according to the Hometrack survey. Consisting of a variety of one, two and three bedroom apartments and houses (including a two bedroom coach house), there are 43 properties in total – all of which can be reserved today,
2. Basildon. The third best town for homeowners and commuters in the Hometrack survey was leafy Basildon. A two bedroom house with gardens and a back patio is available via Basildon Borough Council for £137,000 at a 50% share and a minimum deposit of £6,875.
3. Tunbridge Wells. Moat’s Royal Wells Park development at Turnbridge Wells, in the heart of the Kent town, offers 10 one and two bedroom apartments for shared ownership. These are available from £103,500 for a 30% share and a minimum deposit of £10,350.
Also in Turnbridge Wells, at Knights Wood, the borough council are offering a three bedroom house for shared ownership. Set amongst 205 acres of beautiful woodland and 10 minutes drive from the town centre, it’s in move in condition. Available from £55,500 for a 30% share and a minimum deposit of £5,550.
4. Worthing. The smart Causeway development in Worthing from Southern offers one and two bedroom homes available through shared ownership. Ideally situated for access to both the country and seaside, these apartments are available from £64,750 for a 35% share and a minimum deposit of £3,238.
5. Ebbsfleet. The exciting new Ebbsfleet Garden City development may not feature in the Hometrack survey just yet but with affordable shared ownership homes and cut-commute times, we had to include it in our top 5. Moat’s Springhead Park development has just three one and two bedroom apartments left. These come in at £64,500 for a 30% share and a minimum deposit of £3,225.
The Ebbsfleet Garden City development benefits massively from the Ebbsfleet International railway station, which provides fast connections to London, plus the Eurostar, opening up a gateway to Europe. High speed trains from here mean that residents of Ebbsfleet can reach London St Pancras in just 19 minutes, ideal for commuters.
Looking for homes available through shared ownership in London? Whether commuter or city dweller, there's a wide range of options available at Property Booking. See more great shared ownership opportunities by searching through our website!