By, Charlie Jacoby
2 min read
ByCharlie Jacoby, Charlie Jacoby
You cannot really fault members of the government for helping first-time buyers. First there was Help To Buy. Now there are development zones, which are an easy first place to look for what are now considered "value" properties. There are areas such as Edgware, where developers are enthusiastically adopting the Mayor of London's desire for regeneration. Boris Johnson's plans for Colindale have given the green light to a raft of new apartment blocks. Galliard Homes and Neat TNQ are both building there, as is Mar City Homes.
Mar City is offering one- and two-bedroom properties and one-bedroom "live/work" apartments at prices from £317,000. Its Green Point scheme won best sustainable development at the London Construction Awards as well as winning two silver WhatHouse awards: Best Medium House Builder and Best Brownfield Development. Mar City Homes was commended for impressive financial growth, hands-on approach to design and build and, most significantly, commitment to innovation and sustainability.
How can a new property be so cheap? Green Point is built using modular construction, where whole sections of the building can be made in a factory, brought to the site by lorry and dropped into place. However, the WhatHouse judges were keen to point out that "design and aesthetic qualities were not sacrificed on the altar of speed and efficiency of build".
In the secondhand market locally, Preston Bennett is marketing a two-double-bedroom, two-bathroom apartment at Nevis Court, Loch Crescent. On the first floor of a recently constructed Barratt Homes development, the flat has a generous balcony and lift access. Asking price is £382,950.
The same agent is asking £399,950 for a two-bedroom, two-bathroom apartment in Brunel Court, Green Lane, also in Edgware, which has a lift, video entry, residents' gym, allocated parking and communal gardens.
In Stanmore, offers in the region of £330,000 will buy you a two-bedroom duplex apartment close to Stanmore Common. It has a reception room, open-plan modern fitted kitchen and fitted wardrobes in both bedrooms.
There are more new homes at a below-£500,000 starting price in Mill Hill. Cala's Millbrook Park includes one- and two-bedroom apartments as well as three- and four-bedroom houses. The first phase of apartments, in Arrandene House, are priced at £339,950 to £699,950.
In the Mill Hill conservation area, Millbrook Park will have community facilities, including a new primary school and almost six hectares of parks and open space, with views across north London. Once known as Inglis Barracks, the former officers' mess building has been restored and the Officers' Mess Gardens have been completed and are now open for use.
The problem for first-time buyers is the rate of property-price increases. The average price of a home for a first-time buyer jumped by £4,150 in June - that's £138 a day. This is the conclusion of research by estate agent Haart. Across the UK, the average first-time buyer is now paying £166,393 for their first home. The average deposit rose to £32,518, up 3.2 per cent from the same time last year. And supply of properties fell 13.9 per cent, meaning there are now 11 buyers chasing every property in the UK, rising to 20 in the capital.
