Newspaper article The Evening Standard (London, England)

Get in on the Elizabeth Line Action in Acton; Shared-Ownership Buyers Will Enjoy Fast Direct West End and City Trains, Says Ruth Bloomfield

Newspaper article The Evening Standard (London, England)

Get in on the Elizabeth Line Action in Acton; Shared-Ownership Buyers Will Enjoy Fast Direct West End and City Trains, Says Ruth Bloomfield

Article excerpt

Byline: Ruth Bloomfield

LONG the Cinderella suburb of west London, Acton is sandwiched between popular family neighbourhood Chiswick and the busy White City regeneration zone. But the advent of the Elizabeth line -- formerly Crossrail -- is finally eroding long-held prejudices against this sprawling, slightly down-at-heel location.

The prospect of fast new direct train links to the West End and City has driven up average W3 prices from PS337,000 to just under PS500,000 in five years, according to Rightmove.

Developers have also begun to notice Acton, with schemes including Countryside Property's PS600million redevelopment of the 53-acre South Acton Estate. Private one-bedroom flats at Acton Gardens, as the estate is now known, are on sale from PS435,000.

A key benefit of shared ownership, aimed at households earning less than PS90,000, is that it helps buyers defeat the deposit trap. London first-time buyers currently put down more than PS90,000 in deposit to get on the ladder, according to a study by Halifax.

A 25 per cent share of a one-bedroom flat at Acton Gardens costs PS105,000, and a 10 per cent deposit comes in at PS10,500. Some lenders will offer mortgages with a five per cent deposit, but rates will be higher.

Three-bedroom homes are also for sale, with 25 per cent costing PS157,000. This means a 10 per cent deposit of PS15,700. As well as mortgage repayments, buyers will pay monthly rent of PS591 and PS262 service charge. Buying at Acton Gardens on a shared-ownership basis can be cheaper than renting locally. Buy 25 per cent of a one-bedroom flat and monthly costs will be PS495 repayment on a PS94,500 mortgage at 3.92 per cent over 25 years, plus rent of PS328 and PS169 service charge, totalling PS992. However, according to the London Assembly, median monthly rent on a one-bedroom flat in W3 is PS1,257 -- so you could save PS265 a month.

Acton is gaining status now, fuelled by rising prices in nearby Chiswick and Ealing as well as the Crossrail effect, says Cathy Lloyd, sales and marketing director at L&Q. …

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