Barnet (Parliament Politics Magazine) – With Barnet’s average first-time buyer home at £480K, L&Q is providing shared ownership and housing solutions to improve affordability in the borough.
L&Q at Brent Cross Town, a complex of shared ownership and London Living Rent (LLR) residences in this popular area of north London, answers the demand for affordable housing options.
Locals who lived or worked in the London Borough of Barnet were initially given priority. However, all clients are now able to apply for homes at this popular development.
A government-sponsored program called “Shared Ownership” assists people in purchasing a piece of their new property and paying rent on the remaining amount.
A shared owner might purchase a bigger portion of their house until they fully own it when their financial circumstances improve.
As a first step toward homeownership, London Living Rent allows qualified clients to rent a house at a reduced price while accumulating money for a down payment. Tenants are given freedom by having the option to purchase their current residence through shared ownership or, alternatively, another property on the open market.
The area’s extensive revitalization includes the new collections of two- and three-bedroom Shared Ownership apartments as well as two-bedroom LLR apartments. More than 7,000 dwellings will be delivered to Brent Cross as part of the new “town” that was constructed with wellbeing in mind.
Barnet Council’s ambitious regeneration project, which is expected to be a cornerstone of one of Europe’s greatest regeneration projects, will transform Brent Cross into a vibrant new London area. Alongside the dwellings, a variety of community amenities, shops, and green spaces will be included.
Modern kitchens with fully integrated appliances, private outdoor spaces for each property, and convenient access to green open space are all features of the homes at L&Q at Brent Cross Town. Open-plan living areas with stylish neutral finishes provide new inhabitants the freedom to choose a room they truly call their own.
Claire Brenlund, Sales and Marketing Director at L&Q comments:
“Our Shared Ownership and LLR homes at L&Q at Brent Cross Town are open to a London-wide audience, helping more budding buyers onto the property ladder in this neighbourhood. The town has the aim to be carbon net zero by 2030, which is increasingly important in an era when property hunters are valuing sustainability and energy efficiency.”
In the northwest of the city, Brent Cross Town is quickly becoming a thriving and bustling neighborhood as part of Barnet Council’s ambitious reconstruction effort. Residents will have easy access to a greater selection of eateries, cafes, and stores thanks to the renovation of Brent Cross Shopping Center and the new High Street south of the North Circular.
It’s perfect for young couples, singles, or families who want to settle down because there are several schools in the neighborhood, as well as lots of open green areas and recreational opportunities close by.
The brand-new, cutting-edge Brent Cross West Station is only a short stroll from L&Q’s new Shared Ownership and LLR residences. With trains arriving at King’s Cross St Pancras in less than 15 minutes, commuters can easily access the city thanks to this. The region is introducing a completely new degree of pedestrian and public transportation connectivity, in addition to the Thameslink train link, which debuted in 2023.
How does Barnet’s housing strategy support affordable homeownership options?
By aiming for low-cost homeownership, including shared ownership and discounted market sale programs, to make up at least 30% of new affordable housing, the policy is in line with the London Plan. This guarantees that rather than only offering rental options, a sizable percentage of new buildings offer avenues to ownership.
By encouraging shared ownership and Help to Buy programs, Barnet makes it possible for locals—particularly first-time buyers—to buy a portion of a house for less money up front. Those who cannot pay full market prices can now more easily become homeowners thanks to these programs.
According to the council, becoming a homeowner is a step in a housing journey that may begin with social or reasonably priced rental housing and end with ownership. Programs that assist social renters in purchasing their homes mirror this strategy.