First-Time Buyers Reveal Their Secrets to Climbing the Property Ladder

Tired of constantly shifting between rentals rental , marketing executive Angelika Smith believed that the moment had come to buy a space all her own.

But with property prices - and rents - being prohibitively expensive, the 33-year-old couldn't envision affording to purchase anything on the open market or even come close to saving enough for such substantial costs. deposit needed.

Instead, Angelika look to shared ownership , enabling you to purchase a share of a property and pay rent on the portion you don’t own. This option can end up being more cost-effective than renting Somewhere comparable, with deposits being only a portion of what is typically needed.

'My role at Kensington demands my presence in the office nearly daily, which led me to seek a location with convenient travel options while still staying near my loved ones,' explains Angelika.

'A few aspects were essential: abundant natural light, an outdoor area, and a serene setting.'

She discovered a single bedroom apartment within the One Hundred complex. Guinness Homes Right beside the Grand Union Canal in Alperton, it met all of Angelika’s requirements and was also within her budget. She relocated there earlier this year.

The shared ownership flats at The One Hundred include options for one, two, and three bedrooms starting from £85,000, which represents 25% of the full price of £340,000.

It comes as no surprise that aspiring purchasers such as Angelika find it incredibly challenging to accumulate a down payment when rent’s so expensive .

Recent research by sharetobuy.com discovered that 31% of potential buyers have savings below £5,000, and more than one-third allocate 40% of their income towards rent.

"Our survey underscores the necessity for increased availability and affordability in housing options, enabling purchasers to enter the property market with reduced upfront expenses," states Jade Turnstill, who leads branding and content at Share to Buy, the company organizing the event. London Home Show on April 26.

'The London Home Show serves as an essential guide for those aiming to tackle the difficulties of' climbing onto the property ownership path ,’ says Jade.

'Our dedication stays consistent - we aim to assist potential buyers by offering sincere, impartial advice, empowering them with the information required to confidently navigate their path towards homeownership.'

'The procedure was simple and direct.'

Angelika feels certain that she chose correctly. She explains, 'After I grasped the concept of shared ownership, everything became quite simple.'

'I bought my apartment in November and settled in by January. The mortgage advisors, the housing association, and the lawyers were all extremely supportive throughout the entire process, making it much more straightforward and simpler than I anticipated.'

Considering the steep costs in London, without shared ownership, I probably would have had to look at homes beyond the city limits, which didn’t suit me well. This program allows me to progressively boost my equity stake in the property over time, making it an excellent, enduring, long-term financial commitment.

Angelika has dedicated this past year to getting settled in. She mentions, "The location is excellent, offering various transportation choices that allow me to reach my workplace within half an hour." Furthermore, she adds, "It’s incredibly convenient to have stores, a community center, and even a gym all located mere moments—just 30 seconds—from the building, which makes it perfect for me."

'My apartment features a generous living room coupled with a sizable terrace ideal for unwinding outdoors. The expansive windows facing the canal fill the space with abundant sunlight, and the open-concept layout of the kitchen and lounge areas enhances the feeling of spaciousness.'

'However, unquestionably, my favorite aspect is the terrace. It serves as my personal retreat where I can relax after a demanding day. Even though it's just a short distance from downtown London, my home offers me the peace and calm I sought after.'

'I am extremely pleased with my choice — I've discovered a place that seamlessly integrates into my lifestyle.'

'I currently reside in the same building where I used to deliver mail.'

New parents When Josh and Chloe Clark welcomed their son Mason into their family, who has now become a lively toddler, their wish for homeownership grew stronger.

The young couple, who have been sweethearts since childhood and are now both 25 years old, resided with their respective parents in Reading during that period.

'After Josh and I welcomed a new addition to our family, we realized it was the perfect opportunity to move out from my parents’ house and secure our own space,' explains Chloe, who is employed in the healthcare sector.

'Proximity was the crucial element for us—we aimed to secure a place close by, making it convenient to commute to work and meet up with friends and family.'

They were aware of Reading's new Bankside Gardens project and relocated to a two-bedroom shared ownership apartment in February 2024. L&Q .

'I serve as the postman for Bankside Gardens,' explains Josh, 'and since we noticed the development of new residences, we thought that shared ownership could be an ideal way for us to climb onto the property ladder with a smaller initial payment. My job has exposed me to how well-linked L&Q at Bankside Gardens is. The area boasts proximity to Reading Green Park railway station, along with convenient access via both bus and car.'

'We discovered that every apartment included parking, which was crucial.'

The fantastic additional features turned out to be an unexpected delight. 'We hadn't anticipated having access to the on-site facilities,' explains Chloe. 'One standout amenity is the residents' club, which includes a movie theater, fitness center, and shared workspaces.'

The one- and two-bedroom apartments at Bankside Gardens offered by L&Q begin at £67,500 for a 25% stake valued at £270,000. Chloe and Josh saved up a £10,000 deposit and purchased a 25% interest in their £384,000 two-bedroom apartment, amounting to £96,000.

The total of their mortgage, rent, and service charges amounts to roughly £1,342 per month. They have adapted well and concur that it is an ideal location for Mason's upbringing.

“He adores this place!” exclaims Chloe. “We have our private area furnished with brand-new pieces, and we love strolling through the shared gardens and walking around the lake together.”

'It has indeed been a significant transition for us, shifting from residing with our parents to moving out and starting a new life together as a family, yet it has turned out to be the most wonderful experience.'

'We might purchase additional shares in our home down the line, but for now, we're getting settled and relishing all it has to provide.'

'It has provided me with the independence I sought after'

Austin Winton, aged 26, who works as an analyst at a media firm, was previously leasing a place in Clapham but decided to move back with his family in Ealing. This change helped him lower his monthly expenses and allowed him to save money for purchasing his own property.

As he chatted with his friends, he began considering North Acton as a possible place to purchase a house. He then learned about the new development called The Perfume Factory, which caught his attention.

Assisted by his dad, he invested £125,000 to acquire a 25% stake in a two-bedroom apartment, with a initial payment of £25,000 as a deposit. Currently, his monthly expenses amount to approximately £1,500, which includes £750 for rent, £500 towards the mortgage, and £250 for service charges.

There are no remaining two-bedroom flats at the Perfume Factory, but several one-bedroom flats are still available, starting at £102,500 which represents 25% of £410,000. NHG Homes .

I received much of my guidance on purchasing property in London from my father," explains Austin. "After discussing the Perfume Factory and shared ownership as an option for acquiring real estate with him, he approved of it as a smart investment and provided me with the down payment. I couldn't have done this without his support.

After relocating 15 months ago, he has relished personalizing the place and does not envision himself leaving anytime soon.

'The condition of the property is excellent, and the layout works well for entertaining guests – I enjoy bringing my friends over to check out the apartment and show off my new neighborhood,' he explains.

He can't seem to shake off how vibrant North Acton is. 'The area is abuzz with activity, full of energy, and there's always something happening somewhere,' he remarks.

'Even though I can reach central London within 20 minutes, I enjoy staying out of the city as there’s plenty to keep me occupied around here. This allows me to maintain a healthy work-life balance and fully appreciate my evenings and weekends near home.'

Austin is full of praise for shared ownership. ‘I would recommend it to anyone looking to buy – it’s helped me get my foot on the property ladder and given me the independence I was looking for,’ he says.

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