Weston Homes is pleased to announce that Barking, home to their spectacular 6-acre riverside urban village, Abbey Quay, has been recognised as one of the top 12 best places to buy a first home in the UK by The Times. This prestigious accolade comes at a time when the dream of homeownership is still very much alive, with an increasing number of first-time buyers stepping onto the property ladder, despite challenging mortgage rates. Understanding the importance of helping buyers make their first home purchase, Weston Homes offers a variety of schemes for buyers, including the Discount Market Sale (DMS) scheme and their unique First-time SecureBuy (FTSB) scheme.
Abbey Quay offers an exciting collection of 1,089 mixed tenure one-, two- and three-bedroom apartments set in striking contemporary buildings, ranging from seven to 29 storeys. These new homes all have their own private balcony or terrace, alongside 22,281 sq ft of commercial and leisure space which is planned to include a new pavilion restaurant, local shops, cafés, gymnasium and community hub.
A recent study revealed that almost 28 percent of homes sold this year have been acquired by first-time buyers which is a significant shift from 2009 when this figure stood at just 18 percent. This remarkable increase can be attributed, in part, to the escalating costs of renting, which have made the prospect of owning a home increasingly attractive. .
One of the standout reasons behind Barking’s newfound desirability is its status as a regeneration hotspot and London’s most affordable Borough. The appeal is further enhanced by the excellent transport facilities at Barking Rail Station which is located just a 10-minute walk away from Abbey Quay and offers connections to Fenchurch Street in just 15 minutes and Canary Wharf in 17 minutes.
The borough of Barking and Dagenham is one of East London’s most up-and-coming areas, making it an exciting place to invest. Due to the £2 billion regeneration project, there are plans to create 25,000 new jobs in the borough with 50,000 new homes planned over the next 20 years. Barking and Dagenham has a current population of 218,000, with a projected population growth of 13% over the next 10 years. Between 2015 and 2019 there was a 17% increase in people moving to Barking, with around 20% of those people aged between 25 and 29.
Building on the resounding success of Phase One, which is now sold out, Weston Homes are excited to introduce the start of Phase 2 at Abbey Quay which includes a new residential building Edmund Rise and a vibrant new Residents’ Hub, providing an inviting space for work and socialising right within the heart of this exceptional development.
Providing riverside living at its very best, Abbey Quay has been master planned to provide a new urban village for Barking. Abbey Quay directly overlooks the River Roding, a tributary of the River Thames, and is bordered by London Road and Abbey Road, overlooking Abbey Green park, just a short walk from Barking’s mainline and London underground station.
Loxford Plaza, a large public square overlooking the river, is the centre of the urban village with a proposed pavilion restaurant, outdoor seating and river views. Central to life at Abbey Quay is the Residents’ Hub, with its concierge service and seating areas ideal for working or meeting neighbours. The Community Hub offers flexible leisure spaces which is expected to include a dedicated event facility which can be hired by the wider community.
All the elegant apartments at Abbey Quay feature contemporary, open plan living areas, opening onto balconies or terraces, complete with bespoke designer kitchens and luxurious bathrooms, all finished to the highest specification with modern London living in mind. The homes offer a premium fully inclusive specification and are equipped with superfast full-fibre broadband. The contemporary kitchens by Oakwood Kitchens have quartz stone worktops and splashbacks, a wide range of integrated appliances and stainless-steel sink, tap with integrated instant boiling and cold filtered water facility and neat integrated soap dispenser. The bathrooms have Arctic white suites, walk-in Fascino smart showers or bathtubs, heated towel rails, integrated vanity storage, a bespoke mirror with additional storage and de-mist feature and a choice of floor and wall tile colours and finishes.
Working in partnership with Barking and Dagenham Council, Weston Homes have allocated a number of apartments within Edmund Rise that are available to buy at just 80% of their market value but still giving their buyer 100% of the ownership as part of the DMS scheme. The scheme is available to eligible buyers who live or work in Greater London. (other criteria apply).
Alongside the DMS scheme, Weston Homes also provide their unique worry-free FTSB scheme, which allows first-time buyers to reserve and then conditionally exchange contracts on a home off-plan for just a £500 reservation fee, with a requirement of a 5% exchange deposit and then, six months before build completion, the buyer can apply for a mortgage. The FTSB scheme can be used in conjunction with the DMS scheme.
Suzanne Aplin, Group Sales & Marketing Director at Weston Homes says: “Barking’s well-deserved reputation as a top choice for first-time buyers is a testament to the area’s appeal. Abbey Quay, our fabulous riverside urban village, provides an exceptional living experience. With a range of one-, two-, and three-bedroom apartments, private balconies, and a vibrant mix of commercial and leisure facilities, it’s an ideal place to begin your homeownership journey. Our commitment to making homeownership accessible is reflected in our offerings, including the Discount Market Sale scheme and the innovative First-time SecureBuy scheme”.
Prices for the Discount Market Sale apartments available to local buyers working or living in Greater London are available from £261,500 for a one-bedroom apartment and £335,200 for a two-bedroom apartment (prices are inclusive of the 20% discount). Private sale homes in Edmund Rise start from £331,000 for a one-bedroom apartment and from £336,800 for a two-bedroom apartment. The marketing suite and show home are open 7 days a week from 10am to 5pm. For further information contact Weston Homes on Tel: 020 4502 3079 or visit: www.weston-homes.com/abbey-quay/
