Two sisters share their story of moving into a Shared Ownership property with SNG Homes
Sisters Josephine and Baaba Oppong-Bimpeh moved into SNG Homes’ Icon Shared Ownership development in North London’s Burnt Oak in 2024
We purchased a 25% share of a ninth-floor apartment at Icon for £151,000, meaning we needed just £15,000 for our deposit. Buying through Shared Ownership provided a route onto the property ladder for us. The apartment is lovely and the location is superb. Plus, the views are excellent – we can see all the way down Burnt Oak Broadway, as well as Wembley Stadium, Harrow on the Hill and surrounding parkland.
“There are a lot of myths around Shared Ownership, but going through the process has busted so many of them for us. Some people think that paying rent on the remaining share of your home is a losing situation, for example, but actually you’re growing equity in the share you own at the same time. It means you own your own home, while in the rental sector you’re paying someone else’s mortgage instead. And if your plans change, it’s simple to sell your home. People shouldn’t be afraid to explore Shared Ownership as a way to buy.
“Proximity to the nearest station was a key factor for us. We know the local area well, so when some agents said ‘just a short walk to the station’ we knew that wasn’t the case. At Icon, we are really close to both Burnt Oak Station and the shops. I work in Central London, so the commute is easy. Plus having the shops, Bang Bang food hall and Watling Street market on hand is great for day- to-day essentials. There will be a Sainsbury’s downstairs too, which will be incredibly handy to have. Icon also had the lowest service charge of all the properties we looked at.
“Being able to staircase at our own pace means it [full ownership] can be a long-term goal, rather than a short-term pressure. We want to enjoy life for a bit and get used to our new home before going back to saving again. We’ll decide what to do about staircasing in a few years; there’s no rush.
“The rental market is insane right now and Shared Ownership is such a good opportunity for people to get onto the property ladder. Icon is a great choice. It has a good location, feels secure and the setting is so scenic. Plus the customer service is excellent – we were very comfortable buying off plan here and they helped us with everything, even setting up our household bills when we moved in. They recommended an efficient mortgage broker and solicitor too, making it very easy for us. SNG did all the heavy lifting in process terms.
“There’s so much to love about our new home. It’s filled with light, and very peaceful, even though we have the convenience of the A5 nearby. The views are one of my favourite features, particularly at night and when we can see Wembley Stadium lit up for events – it was red and white for the Euros recently.
“I love the sense of space, as well. The bedrooms are surprisingly spacious with plenty of storage as they have built-in wardrobes. There’s loads of storage in the kitchen too – and a dishwasher. There’s even a pantry. The washing machine is in a utility area with more storage. We have so much space, we’re not sure where to put things! We bought a parking space with the apartment too, which was a big deal for Baaba as she drives to work. The car park is very convenient.
“It’s all very high quality and the apartment is B-rated for its energy efficiency too, which was important to me. It’s well insulated so feels very cosy and warm, perfect for those chilly winters in London. Having your own home has given us such a sense of freedom and independence. It’s given us an extra layer of responsibility – we’ve grown up as a result. That’s really special.
“One thing to note though is that furniture is definitely something to budget for when you buy your first home. I suggest adding about 20-25% on top of your furniture budget, as it ends up costing more than you might imagine! It’s a lovely feeling though, choosing things for your home.
“There’s a lot of lost hope in the property market right now, but Shared Ownership shows that it is possible to buy your own home and own an asset. Although at times it still doesn’t feel real that we’ve achieved that.”
For more information go to sng.org.uk