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‘I am thrilled I decided to take this route’

Not only does shared ownership give lowbudget buyers the chance to find a home at a much more affordable price, often the total monthly outlay is less than if you bought outright. Private renting may sometimes be cheaper but shared ownership is a way of getting that vital first step on the ladder, with the prospect of building up some property wealth.

This is what appealed to business analyst Leanne Williams, 30, who put down a £7,000 deposit on a new one-bedroom flat at Clapham Park,a council estate regeneration where 2,500 new homes are being built.

“I was unfamiliar with shared ownership but am thrilled I went down this route,” says Leanne.

Her monthly payments for a 35 per cent share are about £1,300, and though this is more than the £850 a month she was previously paying for a house share, she feels she has so much more.

“My apartment is my own. It’s on the fourth floor and has views over a courtyard garden, and I also have a balcony on the other side of the apartment, so I can watch the sunrise and the sunset, too. To have my own private outdoor space is amazing. I feel like it’s a win-win situation because every month I’m paying for my own property and investing in the future, whereas before I was paying someone else’s mortgage. I have set a target of reaching 50 per cent ownership in two years, and 100 per cent ownership in five years.”

Prices for two-bedroom flats start at £142,500 for a 25 per cent share. Call 020 8607 0550.

Homes&property New Homes Awards 2021

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