Long-Term Renters get on the Ladder at East City Point
For long-term renters, Sergio Moreno (35) and his partner, Byron Creese (33), the London Help to Buy scheme gave them the step up they needed to become homeowners. Determined not to compromise on a Zone 2/3 location, the couple have now purchased a brand new two-bedroom apartment in the Atrium Building at East City Point, Canning Town by Countryside.
Sergio, a corporate banker and Byron, a Dementia researcher for a UK university, were previously renting a two-bedroom apartment in Kennington, but were keen to have the long-term stability of home ownership. Sergio comments: “After renting long term for several years, we were tired of our money going into a black hole. We knew that if we could afford the cost of high London rent, then we could afford a mortgage.”
Sergio explains: “Initially, we were disappointed, as it seemed as though we would have to move into Zones 4 or 5 for it to be financially feasible for us. As we both work in central London, we did not want to spend a lot of time and money commuting. When we came across East City Point, it ticked all the boxes for us and we realised it was affordable with the London Help to Buy scheme. The development is also in Zone 2/3, so my commute is only 30 minutes door to door into the City.”
Sergio continues: “Our previous monthly rent was £1,625, whereas our mortgage is now cheaper by a few hundred pounds. We put a five per cent deposit down towards the apartment, approximately £21,000. We also purchased a car parking space which brought the value of the apartment up to £447,000.”
Sergio explains: “We love our new apartment, it has been finished to a high standard. This took away the stress of choosing flooring and tiling as everything had been done for us. One of our favourite aspects is the skyline views of the Royal Victoria Docks from our balcony; we can see the O2 and the Emirates Cable Car.”
Building on the success of the London 2012 Olympics, Canning Town is currently undergoing one of London’s most exciting regeneration projects, benefiting from a remarkable £3.7bn of investment that will culminate in the opening of a Crossrail station at Custom House in 2018.
Sergio explains: “We were really impressed when we first visited the development, particularly the Atrium Building, which is very iconic in design. It was obvious to us that East City Point was an ongoing regeneration project which was really adding to the community. As an area, Canning Town itself feels very up and coming with lots of new buildings popping up. Location wise, it is close to Stratford which was a huge bonus for us. With excellent public transport in London these days, we feel like we are never more than 30-40 minutes away from where we want to go and once the Crossrail opens at Custom House in December 2018, we expect this to reduce travel time and improve our connection to West London.”
With a journey time of just four minutes to Canary Wharf and 15 minutes to Bank via the Jubilee Line, for commuters like Sergio working in London’s financial district, East City Point is an ideal base. The DLR also stops at Canning Town station with its new extension linking to Stratford International station for local services to Woolwich and Tower Gateway, as well as Eurostar services to Paris, Brussels and beyond. City Airport is within close proximity for those travelling frequently abroad.
Sergio concludes: “I would definitely recommend Countryside. They offer fair value for money and an excellent build quality. Throughout the whole process we felt as if they really cared about us and the sales team were honest and genuine. Everything was seamless; it could have been a lot more stressful!”