Canning Town in East London: Why rent when you can buy?

30% of Londoners living in rental property have given up hope of ever owning their own home. At least, according to a study commissioned by GoCompare Mortgages. 21% fear that the removal of mortgage interest tax relief on buy-to-let properties will reduce supply of rental homes, and many others fear that landlords will pass on increased costs to tenants. But at Rathbone Market in East London, Shared Ownership is proving a more viable option with monthly outgoings approximately £766 less than the average rental price for a three bed home in Canning Town, E16. 31 year-old professional Johan was part of that 30% living in fear, but couldn’t believe it when his luck changed.

Canning Town: Apart from new developments, what does it have to offer first-time buyers?

While it’s great to hear there are 10,000 new homes coming to an affordable postcode, what is it like to live there? Johan says, "Rathbone Market was the first development I looked at - it has a superb finish, is in a great area and has excellent transport links, so it ticked all the boxes. With Crossrail coming nearby at Custom House, and so much regeneration going on around Canning Town and Stratford, I knew it would be a great future investment too. I registered my interest straight away, as I guessed it might be popular."

Rathbone Market: Interior design with self-awareness

Most people dream of living in a home they can make their own. But does the specification of a new build property provide that opportunity, particularly for a young family with any number of kids, boys or girls? Johan says, ‘"I love decorating, and have a minimalist style anyway, so the contemporary interior of my apartment suits me well. I had no furnishings and so have had to buy everything, but it is nice knowing that it is all mine, and I could style it to my own taste. I'm really proud of how it has all come together. Having the kitchens fitted with such clean, ultra-modern units is also a big bonus, and one less thing to have to worry about, especially with the appliances in too. Over the winter, I barely needed to put my heating on as being a new build it is so well-insulated, which is making up for the added cost by saving me money!".

Canning Town: Date night and keeping the kids entertained

Canning Town’s revitalised Hallsville Quarter will offer a lively mix of facilities for residents to enjoy as part of a new town centre. One stop south on the Jubilee Line from Canning Town, the O2 Arena in North Greenwich boasts a wide mix of bars, restaurants and nightlife, as well as being one of the largest indoor events venues in the UK. Stratford, two stops north, is home to the Westfield shopping centre, the Queen Elizabeth Olympic Park and Olympic Stadium.

Shared Ownership at Rathbone Market

The Shared Ownership scheme from Notting Hill Sales allows residents like Johan to get on the ladder by purchasing between 40% and 75% of the property, paying subsidised rent on the remainder. Residents can then increase their share at any time, all the way up to 100% and outright ownership. Prices for a three bed apartment at Rathbone Market start at £130,000 based on a 25% share of the full market value of £520,000.

*Image taken by Ed Webster via Flickr Creative Commons

Find out more about this growing neighbourhood at the heart of Canning Town