The latest Budget, announced by Rishi Sunak on March 3, is regarded by many commentators as the most crucial in generations.
The Chancellor was tasked with supporting businesses and families hit hardest by the Covid pandemic while simultaneously stimulating the economy, and as part of his plan, he introduced a government-backed 5% deposit mortgage scheme that he hopes will turn ‘generation rent’ into ‘generation buy'.
Open to first-time buyers and current homeowners alike, the initiative has been designed to support those looking to purchase a property up to the price of £600,000, and was warmly welcomed by many of those determined to get on the London property ladder.
In the wake of the announcement, we’ve put together some of the most impressive properties currently on the market for £600,000 or less to highlight what the Capital has to offer, and to showcase what a 5% deposit could get you.
Gospel Oak, NW3
£575,000 | One bedroom | Gospel Oak
A 5% deposit would be £28,750
This captivating one bedroom duplex flat located beside the magnificent Hampstead Heath is ideal for people who love the London buzz, but also appreciate the opportunity to be surrounded by beautiful greenery at the drop of a hat. Boasting a charming kitchen, bay-fronted reception room and a private rear garden, this is a wonderful opportunity to buy in one of London’s most desirable areas.
£600,000 | Two bedrooms | Archway
A 5% deposit would be £30,000
If you’re looking for something a little bit special, this could be the property for you. Set within a superb warehouse conversion, containing two large bedrooms and with stunning exposed brick dominating the living room, this is a unique property that could now be a viable prospect for many first-time buyers.
Woolwich Riverside, SE18
£595,000 | Three bedrooms | Woolwich Riverside
A 5% deposit would be £29,750
With three bedrooms, spectacular views of the Thames and three private balconies, this is an incredible opportunity to own a luxurious flat in one of London’s most sought-after areas. The development also contains a gym and a concierge service, is located close to a number of excellent transport links, and is surrounded by a superb selection of restaurants, pubs and shops.
£390,000 | One bedroom | Greenwich
A 5% deposit would be £19,500
Set in a modern and stylish riverside development, this flat, located on the tenth floor, is regularly flooded with natural light which illuminates the stunning interior. The balcony, which offers fabulous views of London, is the perfect place to enjoy a morning coffee or unwind after a long day.
£425,000 | One bedroom | Stockwell
A 5% deposit would be £21,250
This terrific flat is roomy, bright, modern and conveniently located for travel by train or bus. As well as being spacious inside, the property also boasts an expansive balcony, which is perfect for whiling away the long spring and summer evenings.
Streatham Hill, SW2
£500,000 | Two bedrooms | Streatham Hill
A 5% deposit would be £25,000
With two spacious bedrooms – one of which has a private balcony – a sleek open-plan kitchen and a spacious living area, this flat is just as spectacular as it sounds. Set in a modern gated development consisting of landscaped gardens, private parking spaces, a gym and a concierge service, this could be a superb option for either a first-time buyer or an investor.
Shepherd’s Bush, W12
£480,000 | One bedroom | Shepherd’s Bush
A 5% deposit would be £24,000
This modern flat close to Wood Lane (Circle and Hammersmith & City lines), White City (Central line) and Shepherd’s Bush (Central line, London Overground and Southern) is perfect for commuters and urbanites alike. Complete with a tiled bathroom, classily decorated bedroom, elegant living room and cellar-based storage area, this is undoubtedly going to catch the eye of many a first-time buyer.
Barons Court, W14
£600,000 | Two bedrooms | Barons Court
A 5% deposit would be £30,000
Tennis fans, this one is for you. Overlooking the stunning Queen's Club, home of the annual Queen's Club Championships, this ace two-bedroom flat has a modern kitchen, two spacious bedrooms and a bright, open living room.
£550,000 | One bedroom | Bloomsbury
A 5% deposit would be £27,500
Located close to the major transport hubs of London’s Kings Cross and St Pancras International, as well as Coal Drops Yard, one of London’s hottest destinations for shopping, eating and drinking, this flat is perfect for those looking to be close to the hustle and bustle of the Capital, but who also appreciate being able to retreat to an elegant, spacious and classy apartment.
South Kensington, SW7
£450,000 | Studio flat | South Kensington
A 5% deposit would be £22,500
This superb studio flat, located near the Natural History Museum, the V&A and Imperial College, has high ceilings, a bright and airy interior, and has direct access to a spacious patio area. If you’re looking for something equal parts charm and convenience, this could be ideal.
We have hundreds of properties in a variety of stunning buildings across London and the home counties that are available for £600,000 or less. Click here to start your search today.