January 7th 2025.
Austin Winton, a 26-year-old media analyst, has recently taken a big step towards achieving his dream of owning a home in London. He now proudly owns a stylish two-bedroom apartment in the vibrant community of west London, complete with private outdoor space and modern features. As he takes his friends on a tour of his new pad, he can hardly believe that he's finally on the property ladder.
Just a year ago, Austin was living with his dad in an effort to save money after years of renting. But now, thanks to Shared Ownership, he has his own bright and airy place just 45 minutes away from his office. Not only does it have a spacious outdoor area, but it also boasts an open-plan layout, underfloor heating, wooden floors, and integrated kitchen appliances. What's more, the location is perfect for Austin as it is in a thriving part of the city, close to public transportation and filled with people his own age.
Shared Ownership is a program that helps individuals who wouldn't normally be able to afford a home, purchase a share of a property and gradually own more over time. This allows them to buy a portion of a home, typically between 25 to 75 percent, instead of having to buy the entire property at once. They then have a mortgage for the portion they own and also pay rent to the landlord for the remainder. As their income increases, they can buy more of the building. This program has made homeownership more affordable, even in an expensive city like London, and has provided stability and comfort for many individuals, including Austin.
Austin was able to purchase a 25 percent share of a two-bedroom flat at NHG Homes' The Perfume Factory development in January of this year. The charitable housing association has invested in various developments across the capital, creating thriving and carefully designed communities in different locations throughout the city. By securing a 25 percent share of his dream home, Austin was able to put down a deposit of £25,000 and now pays a total of £1,500 a month for his mortgage, rent, and service charge. This is significantly lower than the market rate for a rental in the area.
Austin highly recommends Shared Ownership to anyone looking to buy a home in London, as it would have been nearly impossible for him to do so without it due to the high deposit requirements. He credits his father for providing him with advice and support throughout the process, as he was the one who gifted him the deposit needed to take the first step onto the property ladder.
Before purchasing his own place, Austin had been renting in Clapham, south London, and then moved back in with his family in Ealing, west London, to try and save money. However, when he heard about The Perfume Factory development, he was immediately interested. After speaking with the NHG Homes sales team and learning about the benefits of buying with Shared Ownership in the area, he sought his father's advice. With his father's support, Austin was able to secure a bright, modern home that is perfect for hosting, just minutes away from great transport links.
Austin is especially pleased with the quality of his new home, as it is filled with natural light and even has a private outdoor area. He loves inviting his friends over to see his new place and explore the lively neighborhood. The central location of The Perfume Factory, just two minutes away from North Acton station and 15 minutes from the Elizabeth Line at Acton Main Line station, makes it easy for Austin to get to work. He can be in the office in less than 45 minutes, allowing him to live slightly further from the city without compromising on convenience.
Aside from the convenient location, Austin is pleasantly surprised by how young and lively the area is. He enjoys the buzzing atmosphere and the abundance of shops, restaurants, and amenities. Despite being able to get to central London quickly, Austin appreciates having enough to do in his own neighborhood, allowing him to have a good work-life balance and make the most of his evenings and weekends close to home.
Shared Ownership has made it possible for many individuals, like Austin, to achieve their dream of owning a home in London. With over 40 years of experience, NHG Homes is dedicated to helping people secure affordable, quality homes in great locations across London and the South East. They have a wide range of properties, from new builds to resales, and have helped thousands of people secure homes through Shared Ownership. As a not-for-profit organization, they are committed to providing homes at below-market rents for those who would otherwise struggle to afford them. With a focus on creating thriving communities, NHG Homes is a trusted and reliable option for those looking to get on the property ladder in London.
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