After renting a flat in Camberwell for six years, Rebecca Rosen, 27, was desperate to live on her own – but resigned to the prospect of never getting onto the property ladder.
‘I really needed my own space so was planning to move out of my shared home, relocate to somewhere outside London, and rent there by myself,’ she says.
‘Unfortunately, I’m part of a generation who will really struggle to buy their own place and I’d just presumed it was out of reach for me.’
Then she found out about shared ownership, and decided to look into it. ‘I discovered the shared ownership scheme when it popped up online whilst I was doing my research. It was only then that I realised that this was a possibility,’ she adds.
Once Rebecca – a jobbing actor who supports her sometimes unpredictable income by working in a pub in central London – realised the door to shared ownership could open up for her, she reached out to several housing providers and calculated that affordability at Latimer’s Junction West in Southall made this development the best option.
Homes start at £73,875 for a 25% share of £295,500 requiring a minimum deposit of £3,694, and with the help of the sales team, Rebecca quickly made the decision to go for it.
She bought a 30% share of a one-bedroom apartment, funding her 5% deposit with money she’d put aside during lockdown.
‘I’m not a big earner and have lived hand-to-mouth for most of my adult life,’ she says. ‘I really never thought at my age, with what I am currently earning, that I could actually buy somewhere. It completely took me by surprise.’
With no living room or outside space in her previous rented home, Charlotte found it hard to escape her flatmates and, having moved into her own home a couple of months ago, loves having her own kitchen and living area and a private balcony.
‘My monthly outgoings have gone up by about £300 but there is no question that this is a very small figure when I look at what I’ve gained,’ she says. ‘This space is all mine, it’s brand new and modern and I just have to rely on myself to keep it clean and tidy.’
The only downside when she first moved in was that her commute to Tottenham Court Road is slightly longer than from Camberwell, but now that the Elizabeth Line is open it takes her only 17 minutes.
And she’s been busy making friends with her neighbours, through regular get togethers and a lively WhatsApp group.
‘I moved here without knowing a soul but everyone’s so friendly, so the transition’s been easy and it’s great fun getting to know everyone in the building,’ she concludes.
‘The fact that I’m here and I own this apartment is still baffling to me and is something I’m grateful for every day.’
Do the maths: What an apartment like Rebecca’s costs
For a one-bedroom flat
Full market price: £295,500
25% cent share: £73,875
5% deposit: £3,694
Mortgage: approx £368pcm
Rent: £508pcm
Service charge: approx £83pcm
Monthly spend: approx £959
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