Homefocus - Homefocus Jan 2014

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AT T R A C T I V E , A C C E S S I B L E , A F F O R D A B L E H O M E S

YOUR NEXT STEP

to owning your own home

Shared ownership and Help to Buy

will help!

LIKE TO BUY YOUR

OWN HOME?

PIERS TAYLOR‘How do you know what you want if you haven’t seen it’

‘We couldn’t believe that we could afford it’’ says Christina

Architect & TV Presenter

MADE MORE AFFORDABLE

BOSCH DIY’S BUNDLE OF CORDLESS

POWER TOOLS…

JAN/FEB 2014

WIN

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homefocus • JAN/FEB 2014 3

0800 954 5376 genesishahomes.org.uk/for-rent

Does it ever feel like the home you’re renting isn’t really your home? Maybe you want to hang up a picture? Or paint the walls a brighter colour? But because it’s rented, you’re not sure if you can.

Renting from Genesis is different. When you rent from us, we want it to feel like your home. So if you’d like to make any changes, you just need to ask your dedicated property manager.

Putting up that framed ‘Pulp Fiction’ film poster in your living room? No problem. Want the kitchen a nice shade of Tea Dance (look it up, it’s red)? That’s OK.

As long as you return the apartment to us at the end of your tenancy in the same state as when you moved in, you can make most non-structural changes with the approval of your property manager.

If that makes you want to rent for longer, you can do that too. On most of our properties we offer rental tenancies for 1, 2, 3, 4 or even 5 years, giving you peace of mind and security.

Our rental properties are also different. They’re new or well-maintained apartments featuring contemporary bathrooms and kitchens and a great specification.

They come with a host of quality white goods as standard, and if you need furniture, we can provide a range of great options. Add in features like a transparent fee structure and the experience and resources of one of the UK’s leading housing providers, and it’s clear to see why we think we’ve come up with a better way to rent.

We have fantastic properties available to rent now, including our iconic Stratford Halo development in east London, just minutes from the Olympic Stadium and Westfield shopping centre.

And at Zenith House in Colindale, our latest collection of new apartments offer breathtaking views and spacious living – an ideal place to enjoy a welcoming neighbourhood life.

Call us today to book a viewing.

RENTING SHOULDN’T MEAN PAINTING YOURSELF INTO A CORNER

Publisher’sComment

WHAT HELPS WHO? BECAUSE IT ALL DEPENDS...Homefocus champions all forms of low cost home ownership (LCHO) in the firm belief that helping people onto the home ownership ladder is good for them, good for communities, good for the economy and good for local businesses. And that’s all very well and fine but our readers want something more specific, something that tells them what to do and how to help their circumstances. Big in the news for sometime now, has been the Government’s Help to Buy scheme. But is it the right option for homefocus readers? We asked Richard Stone, Consultant, Censeo Ltd and long time member of the homefocus advisory panel to give us his views.

Richard says, ‘Help to Buy has received a great deal of publicity, good and bad. There’s no doubt Help to Buy has helped developers sell high numbers of new build properties but is it really an ‘affordable’ scheme and is it actually helping the typical first time buyer to get a foot on the housing ladder? Under the Help to Buy Equity Loan scheme, the government lends up to 20% of the cost of a newly built home interest free for five years with a small interest charge commencing in year six. The balance of 80% is funded by a combination of 5% deposit and 75% mortgage. Although the property is wholly owned, the 20% government loan is repaid from any future sale proceeds.

This magazine also talks a great deal about traditional shared ownership schemes, provided through housing associations, who allow first time buyers (or previous home owners who can’t afford to buy now) to buy a share of the home’s value. A discounted rent is payable on the balance with the option to acquire further shares in the future until outright ownership is achieved. The main difference between the two schemes is that under Help to Buy, the purchaser needs to be able to raise a mortgage equivalent to 75% of the property’s value whereas under shared ownership, the mortgage can be as low as 23.75% of the value (95% mortgage based on a 25% share). Take a property valued at £200,00. Under Help to Buy, a deposit of £10,000 is required and a mortgage of £150,000 would need to be raised, whereas under shared ownership, the deposit would reduce to £2,500 and the mortgage would only be £47,500. In rough and ready terms and just as a guide, for the first scheme, you’d need a household income of £50,000 and for the second just £20,500’.

Richard also told us that to buy a £200,000 property through the Government’s latest innitiative, Help to Buy Mortgage Guarantee Scheme (yes it’s called Help to Buy again but it is different) a couple need a household income of £62,000. So there isn’t an easy answer or a single best option. It depends. You’ll find more general info on all the available schemes on pages 8&9 and I hope you’ll use homefocus to help you decide how best to become a home owner in 2014. Everything has its drawbacks, but home ownership gives you an important stake in your future.

Happy home hunting

Jeffrey Gritzman • Publisher

ISSN No 1470-0360

ADVISORY PANELMaddie Cross LONDON BOROUGH OF BEXLEY

Gail Davies EM HOMEBUY

Dave Evans BE CREATIVE LONDON Dave Lakin GRAND UNION HOUSING GROUP

John McManus GLA

Paul Negi GENESIS HOMES

Yvette Ruggins AFFINITY SUTTON GROUP

Isabel Saville CONCORDIA HOUSING CONSULTANCY

Simon Scott ORIGIN HOUSING

Sharon Shaw MARTIN SHAW CONSULTANCY LTD

Jo Short HOMES IN HANTS

Paul Stagnell-Howe STAGNELL FOX

Richard Stone CONSULTANT, CENSEO LTD

Andrew Theoff DIRECTION LAW

Helen Towner HOMES AND COMMUNITIES AGENCY

Greg Warner-Harris SPECTRUM HOUSING GROUP

Chris Winfield LONDON BOROUGH OF BRENT

EDITORAlex Randell

e-mail: [email protected]

SUBSCRIPTIONS & GENERAL ENQUIRIESJulie Baugh Tel: 01622 772407

e-mail: [email protected]

PUBLISHER Jeffrey Gritzman Tel: 01622 772407

e-mail: [email protected]

PUBLISHED BYGraid Publications, Kent House, Romney Place

Maidstone, Kent ME15 6LHTel: 01622 772407

DESIGN & PRODUCTIONJohn Eldridge Design Associates

Website: www.homefocusmagazine.co.uk

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homefocus

Supports the aims of homefocus

homefocus • JAN/FEB 2014 5

Lifestyle 36 Home is where the heart isWith Valentine’s approaching, show your home a little love

38 Sitting prettyCreate a stylish living room that won’t break the bank

Great advice 46 Ask the ExpertsTop tips from those in the know

50 Budget BusterGet control of your finances

52 Moving checklistWho to tell you’re on your way

homefocus

3145

From house hunting

to house warming

3420 27

Hot properties 14 Midlands MovePerfect pads for central dwellers

18 London LifePut down roots in the capital

22 East of EnglandSettle down in the East

26 South East FocusGreat town, country and coastal homes

30 South West CornerFind your home in the West Country

Just for you 3 Publisher’s comment Shared ownership and Help to Buy.

19

ContentsJAN/FEB 2014

Buyers’ Guide 6 Destination home ownership Sat nav your way to an affordable home

8 We’ll get you thereExplaining the affordable schemes

10 Where does the journey start?Low cost schemes are there to help, but what do you do first?

12 Which way to turn?Buy or rent? The figures will help you decide

Buyer’s guide 40 Living longer, living better Where you live = how you live

42 Stepping up and buying more sharesSelling on or taking a larger stake

44 Not just during the January salesGet 20% off your house price

Celebrity Status 34 In Conversation WithArchitect and BBC2 presenter, Piers Taylor

‘the best houses are simple and

straightforward, and adaptable’

Where next? Homefinder DirectoriesYour search for an affordable first home in your area starts here...

54 Introduction

55 Shows and Events

56 Property listings

59 East

60 London

62 South East

64 Midlands

65 South West

66 Legal and Finance Directory

Competitions 48 Win a bundle of Bosch DIY Power Tools valued at £329.99

35 Grab yourself one of 5 pairs of tickets to The National Home Improvement ShowDetails at the bottom of page 35

48

WIN

Contact us... E-MAIL: [email protected] PHONE: 01622 772407

MAIL: homefocus magazine, Kent House, Romney Place, Maidstone, Kent, ME15 6LH

4 homefocus • JAN/FEB 2014