Sell My House Quickly in Ealing
Sell My House Quickly found another interesting article about properties in Ealing. First-time buyer homes in Ealing: new high street development offers shared-ownership homes near west London Elizabeth line hub.
The Elizabeth line is on the way and shining the spotlight on first-time buyer homes in the Queen of Suburbs.
With Crossrail coming to the “Queen of Suburbs” in just over a year, the property spotlight is firmly trained on Ealing.
Prices in this west London hotspot have been on a strong upward trajectory ever since the route of the Elizabeth line, slated to launch in central London in 2021, was announced.
The average price of a property in West Ealing, the W13 postcode, stands at £605,000, up from £477,000 in 2012, according to Rightmove.
A typical flat here sells for £377,000, which is way beyond the grasp of many first-time buyers, particularly since a basic five per cent deposit comes in at close to £40,000.
Now, however, a new high street development is offering shared-ownership homes for first timers priced from just over £100,000, which means a minimum deposit of £5,300 to get on the housing ladder.
The development is a reboot of the former BHS department store, just around the corner from West Ealing railway station, by housing association Metropolitan Thames Valley Housing.
The former shop has been replaced by open-plan apartments with terrific west London views from the higher floors.
Each of the homes has a balcony, and there are three roof gardens for residents to share.
How the monthly costs stack up
Prices start at £105,000 for a 25 per cent share of a one-bedroom flat at SO Resi Ealing.
Monthly costs will include rent at £656, plus mortgage repayments at £498.
Two-bedroom flats start at £136,250 for a 25 per cent share and owners will pay £681 in rent and £647 in mortgage repayments.
In addition, service charges are estimated at £140 a month.
The lowdown on West Ealing
West Ealing Broadway is a deeply un-hip strip of west London, with a disproportionate number of charity shops, cash-and-carry stores and un-reconstituted boozers. It has also been hard hit by competition from nearby Westfield.
But it is fine for everyday buys, there are a couple of supermarkets, and the commute from West Ealing to Paddington takes just 11 minutes.
When the Elizabeth line is up and running there will be no need to change at Paddington and trips to Bond Street will take 15 minutes while a journey to Canary Wharf will take 29 minutes.
Nearby Walpole Park is lovely, as is the adjacent Pitzhanger Manor, which was designed by Sir John Soane in 1800.
This elegant Georgian mansion is now used for contemporary art exhibitions, while there are lots of bars and restaurants at nearby Ealing Broadway, plus an independent cinema, and the new Dickens Yard development has also brought glitzy new bars and a weekly market to an area which shows all the signs of being on the up.
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