With a growing number of people, particularly the younger generation, struggling to buy property in London, many are turning to the Government-funded Shared Ownership scheme for help.
The initiative is designed to help first-time buyers get a foot on the property ladder, enabling people to buy a share of the property that they can afford, usually between 25% and 75%. They then pay below market rent on the rest. This makes buying a home more affordable and once they are living in the property, the resident has the option to increase the share they own. This process is known as ‘staircasing' and means that a homebuyer can eventually own their property outright, making it hugely attractive for those buying property for the first time.
Due to the current high cost of housing in London, Lauren had struggled for seven years to make the transition from renting to buying and eventually decided to move back home purely for the purpose of saving a deposit. After a year, Lauren had saved enough to be able to purchase through Shared Ownership.
Lauren found out about the Shared Ownership scheme through researching government initiatives, and although she first considered it at a young age, she re-visited the idea whilst living at home and in a better position to buy.
As the manager of a children's theatre company, located in London, it was essential for Lauren to be located in the city, close to good transport links. Having viewed the show flat at the Fabrik development in Brixton which is being offered by Notting Hill Housing, Lauren immediately fell in love with the apartment, and chose to purchase a one bedroom home before building work had even finished.
Lauren said: "After spending six months looking at various developments around London, I was blown away by the Fabrik show home - the apartment is so spacious, with a huge balcony and lots of storage. The location is also perfect for me with great transport links to Central London and the wider network. I had been renting for seven years prior to buying my first home, and finally being a homeowner at 29 has given me a secure financial future and allowed me to make a home for myself. I would never have been able to buy a property so soon without Shared Ownership."
Lauren is a great example of how Shared Ownership is helping individuals who are otherwise struggling to leap onto the property ladder.