Living expenses in Newham are very reasonable, especially compared with other areas in London.
There is a variety of housing options available. Below is a general overview of these.
The cost of buying a property in and around Newham is still more affordable than many parts of London, although the area has seen an extraordinary rise in prices in recent years, higher than most other parts of London, as a direct result of the Olympics and regeneration.
NewShare shared equity scheme
What is NewShare?
NewShare is the council’s shared equity scheme which enables those who are unable to afford a large deposit or the cost of buying on the open market, to own their own home.Unlike shared ownership, where rent is paid on a part of the property and the other part is purchased, NewShare enables the purchaser to buy their home using a deposit, a mortgage and an equity loan from Newham Council so that they can hold the property in full title. They will own 100% of the property.
Through NewShare, purchasers could buy as little as 50% of the property using a deposit and a mortgage. The equity loan from the council makes up the difference. The percentage of the cost the purchaser has to fund is calculated on their household income. Purchasers will need to pay an annual fee for the equity loan. For the first year the fee is calculated on 1.75% of the value of the equity loan. The fee increases every year in line with the Retail Price Index (RPI) + 1%. The fee reduces as the loan is paid off.
Who can apply for NewShare?
Those with a household income up to £90,000 can apply for a one or two or three bedroom home.
All potential buyers must register their interest with the Council’s agent, meet the affordability criteria and satisfy the agent that they are actually able to afford the mortgage/fees repayments.
Anyone can apply, but priority will be given to applicants who are:
- Already on Newham’s housing waiting list for a council home
- Renting from a social housing provider in Newham (either the council or a housing association)
- Currently working as a teacher or social worker in Newham Council
- Living in Newham
- Working in Newham
- A current or former member of the armed forces.
Teachers Building Society
Teachers Building Society was founded in 1966 to help teachers and other education professionals onto the property ladder. Find out more about their specific products for teachers and how they can help NQTs and first time buyers purchase a home at:Teachers Building Society
Help to Buy Scheme
The Government has created the Help to Buy scheme to help working people purchase a property. London Help to Buy equity loans are available to first time buyers as well as homeowners who want to move. The home to be purchased must be newly built with a price tag of up to £600,000. Further information can be found at: Help To Buy
Rents in Newham are some of the most reasonable in London. We recommend that you take an ‘Assured short-hold Tenancy’ or otherwise seek legal advice before entering into any formal contract.
You will require one month’s rent and a deposit to move into any rented property. A relocation scheme designed to help meet the cost of moving may be available from some schools for primary and secondary NQTs. Contact your school to see if this is available, email: [email protected] for further details.
Homes for Londoners
The Mayor of London has launched Homes for Londoners to tackle London’s housing crisis. These new homes will be both for sale and for rent. The Mayor will use this funding to support a range of affordable homes
- Homes based on social rent levels – for people on low incomes;
- London Living Rent homes – helping Londoners on average incomes save for a deposit to buy their first home; and
- London Shared Ownership homes – for people who want to buy but cannot afford to do so on the open market.
Further details about Homes for Londoners can be found at: Homes for Londoners
Click on the links below for a range of housing providers: