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Mortgage Guarantee Scheme extended – 10 of the best London first-time buys under £600,000

10 of the best London starter homes under £600k (ES)
10 of the best London starter homes under £600k (ES)

There was perhaps little to excite – or placate – London's renters in last week's Autumn Statement, though Jeremy Hunt's pledge to extend the Mortgage Guarantee Scheme may prove a boon to those hamstrung by a small deposit.

Originally planned to end next month, the scheme provides a guarantee to lenders which enables them to offer 95 per cent mortgages on properties up to £600,000.

Hypothetically, a would-be buyer could purchase a £600,000 home with a £30,000 deposit, provided they earned the roughly £125,000 household income required for the mortgage.

New treasury figures show that the scheme has helped support 40,000 buyers, of which 86 per cent were first-timers, since it was first launched in April 2021.

It was initially due to run until December 2022 but was extended by a year.

The scheme will now be available until June 2025.

We've selected ten of the best London homes that would be eligible, from spacious central flats to terraces and semis a little further afield.

Hounslow, TW3

Argyle Avenue, TW3 (Purple Bricks)
Argyle Avenue, TW3 (Purple Bricks)

£550,000

This smart Thirties semi is on a corner plot with a generous amount of space for off-road parking and an enormous back garden. On the market without a chain, it has an open plan living area, three bedrooms and a separate garage.

Purple Bricks, 020 3906 1356

Brentford, TW8

Ferry Lane, TW8 (Johns & Co)
Ferry Lane, TW8 (Johns & Co)

£550,000

An appealing two-bedroom cottage just off Thames River Path, which makes smart use of a fairly compact footprint. It's within walking distance of a station and close to Kew Bridge for access to Kew Gardens.

Johns & Co, 020 3840 3324

West Dulwich, SE27

Towton Road, SE27 (Kinleigh Folkard & Hayward)
Towton Road, SE27 (Kinleigh Folkard & Hayward)

£600,000

A good-size three bedroom flat on the top two floors of a period house on the borders of West Dulwich, Tulse Hill and West Norwood. The 1,000 square feet of living space includes eaves storage and a roof terrace.

Kinleigh Folkard & Hayward, 020 3879 5980

Oval, SW9

Clapham Road, SW9 (The Modern House)
Clapham Road, SW9 (The Modern House)

£550,000

A two-bedroom apartment in an attractive Grade II*-listed school conversion with a shared roof terrace. There's a double height reception with mezzanine and Oval Tube station is within a minutes' walk.

The Modern House, 020 3795 5920

Leyton, E10

Farmer Road, E10 (The Stow Brothers)
Farmer Road, E10 (The Stow Brothers)

£600,000

A bright and stylishly decorated Victorian two-up, two-down close to an Overground station. Perks include wood floors, built-in shelving and exposed brick hearths.

The Stow Brothers, 020 3834 7860

Tower Bridge, SE1

Tower Bridge Road, SE1 (Acorn)
Tower Bridge Road, SE1 (Acorn)

£600,000

This two-bedroom apartment with its own entrance is on the ground floor of a former factory complex near London Bridge station. There's a double aspect reception room and no onward chain.

Acorn, 020 3871 8329

Stroud Green, N4

Stapleton Hall Road, N4 (Foxtons)
Stapleton Hall Road, N4 (Foxtons)

£575,000

Minutes from Finsbury Park and Harringay station, this neutrally decorated three-bedroom apartment is split over two floors of a period house. Two of the bedrooms are in the converted loft space.

Foxtons, 020 3907 3785

Enfield, EN2

£500,000

Merton Road, EN2 (Barnfields)
Merton Road, EN2 (Barnfields)

A good-size terrace with two bedrooms plus 'bonus' loft room. Highlights include wooden floors, a roll top bathtub and a secluded patio garden that's been well looked after.

Barnfields, 020 3907 2775

Westminster, SW1P

Greencoat Place, SW1P (Chestertons)
Greencoat Place, SW1P (Chestertons)

£485,000

A chain-free one-bedroom flat with its own private entrance in a distinctive period conversion minutes from Westminster Cathedral. There are retro wood-clad ceilings, and some modernisation is probably needed.

Chestertons, 020 3872 3458

Woolwich, SE18

Officers Gardens, SE18 (Alex Neil)
Officers Gardens, SE18 (Alex Neil)

£585,000

This split-level apartment within the Grade II-listed Royal Military Academy conversion comes with access to landscaped communal gardens and a gym, plus an allocated parking space. There are herringbone wood floors throughout.

Alex Neil, 020 3907 9007