Reflecting on the shared ownership journey – four years later
In honour of this year’s Shared Ownership Week, we revisited some of our happy homeowners to see what life has been like since the keys were handed over and the packing boxes were put away.
Nearly four years since they moved in, we caught up with Peabody New Homes’ residents Josephine, who purchased at Motion in East London, and Mary, who lives south of the river at Thamesmead.
Why did you decide to buy somewhere rather than rent?
Mary: “Originally, I was looking to rent, with a view to buying at some point after that. Friends of mine had purchased through the Help to Buy scheme but I knew it would be unlikely for me to save the level of deposit required. I was really surprised when I discovered that I could afford to buy my own home with a deposit of just £10,000.”
How has becoming a homeowner been?
Josephine: “The new responsibility felt daunting at first, but I adjusted to the changes really quickly and much prefer it. Knowing I have money going into an investment for my future rather than renting and paying off someone else’s mortgage is a huge relief. It offers more security, no one can ask me to move out and I don’t have the stress of trying to find new flatmates. Shared Ownership has enabled me to do this alone and is something I feel really proud of!”
How have you personalised your space?
Mary: “I have discovered pops of colour are key! I have plants everywhere (too many perhaps), I even bought a bright sofa to match the kitchen units. Buying a 2-bedroom apartment was a good idea as I work solely from home and can maintain a separation from work life and home life with a dedicated space for my business.”
Is there a nice feel to the development you live at?
Josephine: “The communal garden is a great space and it’s so nice to see and hear children playing outside. If I am not on my balcony, I tend to spend most of my time on the roof terrace. It’s massive, we all meet to have drinks up there and have even hosted a Jubilee rooftop party. In fact, I have forged a friendship with one of my neighbours through our shared love of the roof terrace! Everyone here is so friendly.”
Would you recommend Shared Ownership to others?
Mary: “Yes! If you are looking to buy your own home and you are a First Time Buyer or looking to do this alone with a lower deposit, then Shared Ownership is a fantastic opportunity to step onto the property ladder. You don’t need a huge amount of money, it’s a stepping stone you can achieve on your own, you can grow your equity and have a place to call home of your own. There is a lack of understanding around it, a lack of education; Shared Ownership offers great potential and I think more people should know about it!”
What is it like living on your own?
Josephine: “I love it, I have freedom now, I can have guests round whenever I like, I never have to check if the kitchen will be free and I now get to see my parents on a monthly basis as they have room to stay with me!” I absolutely love living alone, I talk all day for a living, so it’s nice to come home to the peace and quiet, be able to chill and know there is no mess, it’s the same as it was when I left for work in the morning – it gives me a chance to decompress.”
Where to find Shared Ownership properties
Peabody New Homes, driven by a mission to create thriving communities, offers a diverse range of Shared Ownership homes throughout London and the Home Counties.
Explore Peabody New Homes’ latest collection of properties with deposits starting from as low as £11,750* at peabodynewhomes.co.uk
*T&Cs apply – see development pages for T&Cs and details, accurate as of August 2024