{"id":1453,"date":"2025-04-22T13:30:08","date_gmt":"2025-04-22T13:30:08","guid":{"rendered":"http:\/\/www.merlinscove.com\/?p=1453"},"modified":"2025-04-27T08:06:16","modified_gmt":"2025-04-27T08:06:16","slug":"first-time-buyers-explain-exactly-how-they-got-on-the-property-ladder","status":"publish","type":"post","link":"http:\/\/www.merlinscove.com\/index.php\/2025\/04\/22\/first-time-buyers-explain-exactly-how-they-got-on-the-property-ladder\/","title":{"rendered":"First time buyers explain exactly how they got on the property ladder"},"content":{"rendered":"
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\n\t\t\"Angelika\"\t<\/div>
Shared ownership allowed Angelika to buy a one-bedroom flat at the One Hundred development in Alperton<\/figcaption><\/figure>\n

Fed up with moving from rental to rental<\/a>, marketing executive Angelika Smith felt that the time was right to buy<\/a> a place of her own. <\/p>\n

But with property prices<\/a> \u2013 and rent \u2013 being so high, the 33-year-old couldn\u2019t see how she’d be able to buy on the open market, or get anywhere near saving the hefty deposit<\/a> needed.<\/p>\n

Instead, Angelika look to shared ownership<\/a>, which allows you to buy a portion of a property and pay rent on the part you don\u2019t own. This can work out cheaper than renting<\/a> somewhere similar, and deposits are a fraction of what\u2019s usually required.<\/p>\n

\u2018My job in Kensington requires me to be in the office almost every day, so I needed somewhere with an easy commute, while remaining close to my family and friends,’ says Angelika.<\/p>\n

\u2018A few things were non-negotiable: plenty of natural light, outdoor space, and \u2028a peaceful environment.\u2019<\/p>\n

She found a one-bedroom flat at the One Hundred development from Guinness Homes<\/a>, next to the Grand Union Canal in Alperton. It not only ticked all Angelika\u2019s boxes, but it was affordable, too. She moved in earlier this year.<\/p>\n

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\n\t\t\t\tReady to start your homebuying journey?\t\t\t<\/h2>\n
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You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from:<\/p>\n

\u2013 Award winning service from the UK\u2019s leading mortgage broker<\/p>\n

\u2013 Expert advisors on hand 7 days a week<\/p>\n

\u2013 Access to 1000s of mortgage deals from across the market<\/p>\n

Unlike many mortgage brokers, L&C won’t charge you a fee for their advice.<\/p>\n

Find out how much you could borrow online<\/a><\/p>\n

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.<\/em><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n\t\t\"The\t<\/div>
Large windows overlooking the canal flood Angelika’s space with natural light (Credits: Ben Pipe Photography)<\/figcaption><\/figure>\n

One, two and three-bedroom shared ownership flats at the One Hundred start from \u00a385,000 for 25% of \u00a3340,000.<\/p>\n

It\u2019s no wonder that budding buyers like Angelika find it so hard to save a deposit when rent\u2019s so expensive<\/a>.<\/p>\n

Recent research by sharetobuy.com<\/a> found that 31% of prospective purchasers have less than \u00a35,000 in savings, and over a third spent 40% of their income on rent.<\/p>\n

\u2018Our survey highlights the need for more accessible, affordable housing options which can help buyers step\u2028on to the property ladder with initial lower costs,\u2019 says Jade Turnstill, head of brand and content at Share to Buy, which is hosting the London Home Show<\/a> on April 26.<\/p>\n

\u2018The London Home Show is a vital resource for anyone looking to navigate the challenges of getting on the property ladder<\/a>,\u2019 says Jade.<\/p>\n

\u2018Our commitment remains the same \u2013 to support aspiring buyers by providing honest, unbiased guidance, giving them the knowledge needed to make confident decisions about their home-buying journey.\u2019<\/p>\n

‘The process was straight forward’<\/h2>\n

Angelika has no doubts she made the right choice. \u2018Once I fully understood how shared ownership works, the process was straightforward,\u2019 she says. <\/p>\n

\u2018I purchased my flat in November and moved in by January. My mortgage advisers, the housing association and the solicitors were all incredibly helpful throughout and made the whole process a lot smoother and easier than I had expected.<\/p>\n

\u2018Given the high prices in London, without shared ownership, I would likely have been limited to properties outside the city, which just wasn\u2019t ideal. The scheme gives me the flexibility to gradually increase my share in the property over time, making it the perfect, sustainable, long-term investment.\u2019<\/p>\n

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\n\t\t\"The\t<\/div>
Angelika loves the open-plan kitchen and living area in her flat at One Hundred (Credits: Ben Pipe Photography)<\/figcaption><\/figure>\n

Angelika has spent the year so far settling in. \u2018The location is fantastic, with multiple commuting options making it easy to get to work in under 30 minutes,\u2019 she says. \u2018Additionally, the convenience of having shops, a community hub and even a gym just 30 seconds away from the building makes it ideal.<\/p>\n

\u2018My flat has a spacious living room and a large terrace, which is perfect for outdoor relaxation. Large windows overlooking the canal flood the space with natural light, and the open-plan kitchen and living area make it feel even larger. <\/p>\n

\u2018But without a doubt, my favourite part is the terrace. It\u2019s my little sanctuary where I can unwind after a long day. Despite being so close to central London, my home provides me with the sense of tranquillity that\u2028I was looking for. <\/p>\n

\u2018I\u2019m beyond happy with my decision \u2013 I have found a home that perfectly fits into my life.\u2019<\/p>\n

‘I now live in the building I used to deliver post to’<\/h2>\n
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\n\t\t\"?It?s\t<\/div>
Josh and Chloe Clark settled in L&Q’s Bankside Gardens development in Reading<\/figcaption><\/figure>\n

New parents<\/a> Josh and Chloe Clark found their desire to buy a house increased with the arrival of their son Mason, now a toddler.<\/p>\n

The childhood sweethearts \u2013 now both 25 \u2013 were living with their parents in Reading at the time. <\/p>\n

\u2018Josh and I were living at home, but having recently had a baby, we knew it was the right time to move out and find a place of our own,\u2019 says Chloe, who works in healthcare. <\/p>\n

\u2018Location was the most important factor for us \u2013 we wanted to find somewhere local that would allow us to travel to work easily and see friends and family nearby.\u2019<\/p>\n

They knew of Reading\u2019s new Bankside Gardens development and in February 2024 moved into a two-bed shared ownership flat from L&Q<\/a>.<\/p>\n

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\n\t\t\"L&Q\t<\/div>
Chloe and Josh bought a 25% share of their \u00a3384,000 two-bedroom flat with a \u00a310,000 deposit<\/figcaption><\/figure>\n

\u2018I\u2019m the postman for Bankside Gardens,\u2019 says Josh, \u2018so we were aware of the new homes and knew that shared ownership might be a good option for us to get on to the property ladder with a lower deposit. From my work, I knew how well-connected L&Q at Bankside Gardens is. You\u2019ve got Reading Green Park train station right on the doorstep, and it\u2019s easily accessible by bus and car.<\/p>\n

\u2018We learnt all the apartments came with parking, which was important.\u2019<\/p>\n

The excellent amenities came as a pleasant surprise. \u2018What we weren\u2019t expecting were the onsite facilities that we would also have access to,\u2019 says Chloe. \u2018The residents\u2019 club is a great feature. It has a cinema room, gym and co-working spaces.\u2019<\/p>\n

L&Q\u2019s one and two-bedroom flats at Bankside Gardens start at \u00a367,500 for 25% of \u00a3270,000, and Chloe and Josh had a \u00a310,000 deposit and bought a 25% share of their \u00a3384,000 two-bedroom flat, which cost \u00a396,000.<\/p>\n

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\n\t\t\"?It?s\t<\/div>
Their combined mortgage, rent and service charge total approximately \u00a31,342 each month.<\/figcaption><\/figure>\n

Their combined mortgage, rent and service charge come to approximately \u00a31,342 each month. They have settled in quickly and agree it\u2019s the perfect place for Mason to grow up.<\/p>\n

\u2018He loves it here!\u2019 says Chloe. \u2018We\u2019ve got our own space with new furniture, and we really enjoy taking him to the communal gardens and going for walks around the lake.<\/p>\n

\u2018It has been a big change for us, going from living with our parents to moving out and living together as a family but it\u2019s been the best thing. <\/p>\n

\u2018We may buy more shares in our home in the future, but at the moment, we\u2019re settling in and enjoying everything it has to offer.\u2019<\/p>\n

‘It’s given me the independence I was looking for’<\/h2>\n
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\n\t\t\"Austin\t<\/div>
Austin Winton chose a two-bedroom flat at Perfume Factory in North Acton<\/figcaption><\/figure>\n

Austin Winton, 26, an analyst at a media agency, had been renting in Clapham before moving back into his family home in Ealing to reduce his monthly outgoings and save towards a place of his own. <\/p>\n

While chatting with friends, he started looking at North Acton as \u2028a potential location to buy a home \u2028and was made aware of new development the Perfume Factory, which piqued his interest. <\/p>\n

With the help of his father, he paid \u00a3125,000 for a 25% share in a two-bedroom flat, putting down a \u00a325,000 deposit. His monthly costs are now around \u00a31,500 \u2013 \u00a3750 rent, \u00a3500 mortgage and \u00a3250 service charge.<\/p>\n

No two-bed flats remain at the Perfume Factory, but a few one-bedroom flats remain, with prices from \u00a3102,500 for 25% of \u00a3410,000 from NHG Homes<\/a>.<\/p>\n

\u2018I got a lot of my advice from my father about buying in London,\u2019 says Austin. \u2018After speaking with him about the Perfume Factory and shared ownership as a way to buy, he agreed it was a wise investment and gifted me the deposit. I wouldn\u2019t have been able to do this without him.\u2019<\/p>\n

Since moving in 15 months ago, he has enjoyed making the space his own and doesn\u2019t see himself moving anywhere else in the near future. <\/p>\n

\u2018The quality of the property is great and the space is really good for hosting \u2013 I love getting my friends together to see the flat and introduce them to my new area,\u2019 he says.<\/p>\n

He can\u2019t get over how lively North Acton is. \u2018The place is buzzing and there\u2019s a real energy, with something always going on somewhere,\u2019 he says.<\/p>\n

\u2018Although I can be in central London in under 20 minutes, it\u2019s great to not have to go into the city because there\u2019s enough for me to do here. It means\u2028I can have a nice work-life balance and make the most of the evenings and weekends close to home.\u2019<\/p>\n

Austin is full of praise for shared ownership. \u2018I would recommend it to anyone looking to buy \u2013 it\u2019s helped me get my foot on the property ladder and given me the independence I was looking for,\u2019 he says. <\/p>\n

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\n\t\t\t\tHow shared ownership works\t\t\t<\/h2>\n
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