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First-time buyers are being lured by communal gyms, roof gardens and swimming pools
Apartment blocks with all kinds of swish communal trimmings — such as roof-top gardens, swimming pools, gyms and hanging-out areas — have long been associated with prime developments aimed at wealthy buyers from overseas.
But now, projects offering the same attractions are being used as an incentive to help young, middle-income, first-time buyers get on to the housing ladder.
Green Dragon House in Croydon — due to be completed next month and only 16 minutes from London Victoria — has shared amenities, including a tenth-floor sky garden with a barbecue and seating area and a sitting room with pool table, super-fast broadband and coffee machine.
‘ these shared amenities are conducive to socialising,’ says martin Skinner, founder of Inspired Homes, who is behind the idea.
‘London can be a lonely place, so this might appeal to twenty or thirtysomethings new to the city.’
the apartments cost from £262,950, which might not seem like a bargain to anyone living outside London ( inspiredhomes.uk.com).
However, the Land registry says the average house price in the capital burst through the £500,000 mark in October.
Help to Buy London eases the financial pain for young buyers. It means they need only find a 5 per cent deposit, with the Government lending up to 40 per cent of the value of the property as an interestfree loan for the first five years.
It is up to the buyer to source a loan for the remaining 55 per cent of the property’s value.
part of the reason why the Green Dragon House properties are cheaper is that they are smaller, with one-bedroom apartments measuring only 300 sq ft to 500 sq ft.
the developers claim the shared social amenities in the block compensate for this. Skinner believes that efficient design means the flats never feel cramped: ‘We eliminate dark, unused spaces such as hallways, which have little function in a flat. these apartments are for the generation who don’t need much storage space — they eat out and keep books and music electronically.’ pocket Living offers communal roof gardens with its London apartments, designed for the ‘intermediate’ market — buyers earning £30,000 to £66,000 between them. Its flats measure as little as 38 square metres (409 sq ft), but clever design, big windows and underfloor heating, which saves space on radiators, make them feel bigger. Just over 200 of these flats have been built so far and developments coming up for sale include in Oak Grove, Cricklewood and Wynne road, Brixton.
prices will not exceed £248,500, but to be eligible to buy one you must live or work in the borough. pocket Living homes are not sold to investors — checks are made ( pocketliving.com).
Deeper into the commuter belt, prices fall and the range of amenities developers offer expands.
In Gillingham, Kent, the Berkeley Group is selling one to threebedroom apartments, in its Victory pier development due to be finished in the summer of 2017.
EXTRAS in this riverside block will include a gym and wifi lounge. the block is a 15-minute walk from Gillingham railway station — 46 minutes to London. prices start at £150,000 ( berkeleygroup.co.uk).
new developments in northern powerhouse cities also have much to entice young buyers. XI media City, Salford Quays, manchester is to be the largest residential development in the north-West.
With its four giant towers, it will offer a private gym and an on-site cinema. prices range from £94,950 for a studio (average size 31 sq metres) to £144,950 for a twobedroom apartment (average 71 sq metres, surrendeninvest.com).
the same company is selling apartment blocks with similar facilities in Liverpool and Sutton.
In Cardiff, Bellway Wales is building equinox @ prospect place, a block of studios and one to threebedroom apartments overlooking the bay, with extras such as two gyms, a spa, steam room and swimming pool. prices from £110,995 to £284,995 ( bellway.co.uk).