Five Percent Deposit Puts the Property Ladder Within Reach for First-time Buyers in Whitechapel

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New data shows that first-time buyers now make up only 27% of the newbuild market in London, down from 45% in 2021, as a result of challenging market conditions and the end of Help to Buy.*

Offering newbuild living in a prime Zone 2 location, L&Q at The Silk District comprises contemporary one- and two-bedroom apartments located moments from Whitechapel Station and within walking distance to the City. Available exclusively through Shared Ownership, homes can now be secured with a deposit as low as £6,094.

A unique first-time buyer lifestyle, the development benefits from impressive resident-only facilities. This includes access to a private on-site cinema, gym with high spec Technogym equipment and Peloton spin studio, as well as 24-hour concierge with communal areas and podium gardens for socialising.

Claire Brenlund, Sales and Marketing Director at L&Q comments, “Whitechapel has been undergoing huge redevelopment, not least with the arrival of Crossrail.

“L&Q at The Silk District is situated right in the heart of this transforming neighbourhood, meaning residents benefit from vast new investment into the area, as well as the wealth of existing nearby amenities, green spaces and transport connections. With a 5% deposit, and more affordable rents now available at the development, our apartments are increasingly accessible for aspiring homeowners looking to take their first step onto the property ladder in East London.”

With both one- and two-bedroom homes available, L&Q at The Silk District caters to a range of Shared Owners including single purchasers, couples and professional sharers. Every apartment offers modern interiors that maximises light, space and comfort, while retaining all-important practicality. Each home has been finished to the highest standard, with fully integrated appliances, a contemporary specification, and its own private outdoor space. As a result, buyers can expect a home that is versatile enough to adapt to any way of living, with large open-plan living spaces, generous bedrooms and plenty of internal storage included.

Shared Owners Alex and Yerin share their experience of finding their apartment at L&Q at The Silk District, “It’s not easy to buy a property in London unless you have some help or can live with parents rent-free. Neither of these was a viable option for us whilst we were trying to save. Shared Ownership gave a chance that we thought simply not possible. It’s enabled us to get onto the property ladder, be independent and find a lovely home in a well-connected and vibrant area – we can’t wait to experience life here!”

Brimming with culture, food and character, Whitechapel has emerged as a vibrant and sought-after East London neighbourhood. On the doorstep, Whitechapel Market is a traditional street market packed with traders selling everything from spices, exotic vegetables and fresh fruit to clothes and household goods. A ten-minute walk reaches Brick Lane’s array of art galleries, bakeshops and vintage stores. For weekends exploring close to home, the famous Whitechapel Gallery hosts exciting new exhibitions whilst Wilton Music Hall is the oldest of its kind in the world, with a regular schedule of music and theatre events. The area also has several independent and mainstream cinemas, including East London indie favourite, the Genesis.

Perfect for young professionals and city commuters, Whitechapel benefits from some of the most convenient transport links in the capital. L&Q at The Silk District is a five-minute walk from Whitechapel station and within walking distance to the City. Via the Elizabeth line, journeys take just 3 minutes to Canary Wharf, 2 minutes to Liverpool Street and 15 minutes to Bond Street. Plus, Stratford is just one stop away, where residents can take a direct link to Heathrow. For those who would rather travel by bike, Whitechapel is part of the Cycle Superhighway 2 network, with a choice of cycle routes to make getting around on two wheels safer and more efficient.

Prices start from £121,875 for a 25% share of a one-bedroom apartment (full market value: £487,500). Deposit from £6,094 (based on 5%). Prices for a two-bedroom apartment start from £135,000 for a 25% share (full market value: £540,000, with deposits from £6,750 (based on 5%).

Find out more: https://lqhomes.com/thesilkdistrict/

Savill’s, January 2024, https://www.savills.co.uk/research_articles/229130/355591-0

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