With the average 20-something year old Londoner spending two thirds of their average income on rent, many are becoming increasingly frustrated at not being able to save for buying a home and worry about losing their London lifestyle. However, with news from Nationwide that London property rents fell in July 2016 for the first time since the financial crisis in 2008, this may offer a window of opportunity to allow Londoners to start saving for a deposit.
One young couple turned to Shared Ownership as a route to owning their first home in Lambeth.
Why rent when you can buy?
Francesco, a retail manager for the John Lewis Partnership in Richmond found Shared Ownership a hassle free way to get onto the property ladder, “Even though our monthly rental payments were increasing at our previous home, we still managed to save a deposit and decided it was the best possible time to look into home ownership.”
How long is the buying process – Francesco’s experience
‘‘The entire buying process from start to finish took no longer than six months and we were able to move into our apartment at the start of this year. Being new build, we didn’t have to consider any hidden costs of refurbishing the property; it was finished to a very high standard and offered great value for money through the Shared Ownership initiative.’’
Oval Quarter ‘It immediately felt like home’
Oval Quarter offered Francesco and his partner the complete package when looking for a new home:
“We visited three other major developments whilst house hunting but Oval Quarter completely won us over with the overall design and layout of the development, the specification of the apartments, the great outdoor space and transport links to work. It immediately felt like home”
‘The walkable neighbourhood’ - New phase released at Oval Quarter
- This ambitious new development is being transformed into a ‘walkable neighbourhood’ of open streets and excellent on-site facilities including:
- Express supermarket and other independent stores
- New, state of the art community centre will also form a centrepiece within the development
- Lovely new café - The central hub for a nursery, after school clubs and a venue for residents’ and public meetings.
With all this in development, now is the perfect time to join this thriving new community.