7 homes in London you can buy with a deposit under £15,000

London is unsurprisingly the most expensive place for a first-time buyer to settle down in the UK. With some of the highest property values in the world, it can be incredibly difficult for first time buyers to get a foot on the property ladder needing to save for large deposits in order to obtain a mortgage.

There are options available to first time buyers who are unable to afford a home on the open market and need support including Help To Buy and Rent To Buy.

In this article, we will show you 7 Peabody homes in London that require a minimum deposit of under £15,000 using the government backed scheme that has helped over 200,000 people get onto the property ladder. But first, what is Shared Ownership for those unfamiliar with the product?

What is Shared Ownership?

Shared Ownership makes it possible to buy a property that otherwise would not have been affordable on the open market. It is best suited to people who have some money saved, but not enough for a deposit to buy 100% of a home.

In a nutshell, Shared Ownership allows you to buy a share of your home with a mortgage. This can be as little as 25% or as much as 75% initially. Typically, people start with a 30% share.

You only need to pay a deposit on the share you are buying, not on the total cost of the home. This means that the amount you need in savings is far less than if you were buying the same property outright.

Read our complete guide to Shared Ownership

Watch our 'Guide to Shared Ownership' video

1. The Reach, Thamesmead
Minimum deposit £6,937

The Reach is a flagship collection of modern Shared ownership homes in West Thamesmead. The thoughtfully designed, pet-friendly homes at The Reach have been carefully created, making use of spacious living areas and modern specifications; all finished to a high standard. Practically placed for London living, train journeys into Central London are approximately 30 minutes, and even closer for Canary Wharf or London City Airport.

Example financials for 1 bed at The Reach:

• Full Market Value - £277,500
• Share price (25%) - £69,375
• Deposit required - £6,937
• Monthly cost (incl. mortgage, rent and service charge) - £1,001
• Minimum household income required - £36,070
• Maximum household income required - £90,000

View The Reach Development

View the one bed show home at The Reach in Virtual Reality (VR)

2. Colindale Gardens, Barnet
Minimum deposit £6,937

Located in the heart of this visionary new community, with stunning views over its main park, these contemporary 1 bedroom Shared Ownership apartments offer the perfect homeworking space, benefiting from private balconies, 24 hour concierge, exclusive gym access and much more. Offering every modern convenience, these homes are ideal for those who love the idea of living in a rapidly up-and-coming district of London while being within easy reach of the City.

Example financials for 1 bed at Colindale Gardens:

• Full Market Value - £349,000
• Share price (25%) - £87,250
• Deposit required - £8,725
• Monthly cost (incl. mortgage, rent and service charge) - £1,279
• Minimum household income required - £50,253
• Maximum household income required - £90,000

View Colindale Gardens Development

View the one bed show home at Colindale Gardens in Virtual Reality (VR)

3. Valley House, Greenwich
Minimum deposit £9,375

Close to Canary Wharf, with quick transport links into Central London. Minutes from desirable Greenwich and Blackheath, Valley House offers a unique collection of 1, 2 & 3 bedroom Shared Ownership homes designed with you in mind. Each apartment benefits from a stylish open plan kitchen providing the ideal space to experiment with food, private outdoor space to entertain friends plus parking to select apartments.

Example financials for 1 bed at Valley House:

• Full Market Value - £375,000
• Share price (25%) - £93,750
• Deposit required - £9,375
• Monthly cost (incl. mortgage, rent and service charge) - £1,224
• Minimum household income required - £44,083
• Maximum household income required - £90,000

View Valley House Development

View the one bedroom show home at Valley House in Virtual Reality (VR)

4. Williamson Heights, Wembley
Minimum deposit £9,575

Williamson Heights is a new collection of homes available through Shared Ownership boasting brilliant on-site amenities including concierge service, roof & podium garden, cinema room and fitness suite.

As part of a vibrant north-west London neighbourhood, these considerately designed homes offer spacious living areas – inside and out - with at least one generous private balcony per apartment. Modern appliances including integrated fridge/freezers, dishwashers and washing machines are available as standard, and high quality finishes can be seen throughout.

Example financials for 1 bed at Williamson Heights:

• Full Market Value - £383,000
• Share price (25%) - £95,750
• Deposit required - £9,575
• Monthly cost (incl. mortgage, rent and service charge) - £1,322
• Minimum household income required - £53,647
• Maximum household income required - £90,000

View Williamson Heights Development

View the one bedroom show home at Williamson Heights in Virtual Reality (VR)

5. Greenway at Beckton Parkside, Newham
Minimum deposit £11,250

Greenway at Beckton Parkside is a collection of 1, 2 and 3 bedroom apartments and 3 bedroom duplexes located adjacent to Beckton Park. Living at Greenway allows you to take full advantage of an exciting London lifestyle, with Queen Elizabeth Olympic Park just a bus ride away from home and Royal Albert DLR station one mile away, affording transit into Canary Wharf in 23 minutes and Bank in 26 minutes.

With concierge service, exclusive gym access, podium gardens, secure cycle store and much more available on-site, Greenway offers every modern convenience. Discover a new way of living – and enjoy the journey with us.

Example financials for 2 bed at Greenway at Beckton Parkside:

• Full Market Value - £375,000
• Share price (30%) - £112,500
• Deposit required - £11,250
• Monthly cost (incl. mortgage, rent and service charge) - £1,376
• Minimum household income required - £55,733
• Maximum household income required - £90,000

View Greenway at Beckton Parkside Development

View the two bed show home at Greenway Beckton Parkside in Virtual Reality (VR)

6. Penny Black Apartments, Islington
Minimum deposit £12,500

This stunning development is ideally located in Islington, N1, to the south of Highbury Fields, the largest open space in the borough, containing recreational facilities including tennis courts and Highbury Pool.

It is perfectly placed along Upper Street between Highbury & Islington rail, Overground and tube station to the north, and Angel tube station to the south. This, coupled with an abundance of bus routes pass along Upper Street, affords residents quick and easy journeys into and around London, for commuting or simply exploring the city.

Example financials for 1 bed at Penny Black Apartments:

• Full Market Value - £500,000
• Share price (25%) - £125,000
• Deposit required - £12,500
• Monthly cost (incl. mortgage, rent and service charge) - £1,539
• Minimum household income required - £55,460
• Maximum household income required - £90,000

View Penny Black Apartments Development

View the two bed show home at Penny Black Apartments in Virtual Reality (VR)

7. Motion, Waltham Forest
Minimum deposit £13,000

From the Shared Ownership Collection at Motion look out across the green expanse of the Lea Valley and towards one of the world’s most exciting cities. Across 17 floors of The Tower which elegantly twists as it rises, you’ll find a stunning collection of two & three bedroom apartments set around a beautifully landscaped resident’s courtyard, the perfect place to relax or meet friends.

Motion is positioned to take advantage of the Mini-Holland cycle paths and pedestrianised routes, along with the newly rebuilt Lea Bridge Overground station. With Stratford, Westfields and the Queen Elizabeth Olympic Park just one stop away, and the City within easy commuting reach, life in Motion is ready to spread throughout the capital.

Example financials for 3 bed at Motion:

• Full Market Value - £520,000
• Share price (25%) - £130,000
• Deposit required - £13,000
• Monthly cost (incl. mortgage, rent and service charge) - £1,864
• Minimum household income required - £75,606
• Maximum household income required - £90,000

View Motion Development

View the three bed show home at Motion in Virtual Reality (VR)

Speak to an Independent Mortgage Advisor (IMA)

When buying through Shared Ownership, you will need to obtain a mortgage. Therefore, we recommend that you speak to an Independent Mortgage Advisor (IMA) to ensure that you can afford a Shared Ownership property, are not over stretching yourself financially and that you are able to qualify for a mortgage.

You can arrange to have a financial assessment with an Independent Mortgage Advisor (IMA) to understand your affordability for Shared Ownership. We have a panel of IMA’s who specialise in Shared Ownership property purchases who you can contact for an initial financial assessment to understand your financial position and what you can afford to buy.

View our panel of mortgage advisors

Search all homes by Peabody

As well as Shared Ownership, Peabody offer various home buying options to support first time buyers in London including Help to Buy and Rent to Buy.

Take a look and discover your dream home in London.

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*Prices and availability in this article are correct as of 16 December 2020.