5 reasons why shared ownership was a better option than renting for this first-time buyer

Victoria-based PA and first-time buyer Petra Wostefeld was happily renting in Peckham for several years. But aware of the changeability of London’s housing market, Petra made the decision to take control of her housing situation and began her search for a new home. Three months after her initial viewing, Petra was living in a spacious, two bedroom shared ownership apartment in South East London with the luxury of space she’d never had before.

Here are 5 reasons why shared ownership helped Petra's housing situation.

1. Leaving the uncertainty of London’s rental market

“I was very aware however, especially in London's rental market, how quickly things can change, so I made the decision to buy to gain control.”

2. Quick process

“The whole process happened so quickly from there. From the initial viewing at the end of February, I was able to leave my tenancy early and so completed and moved in within three months.”

3. Luxury of space

“By using Shared Ownership, I was happy to learn that I could afford a two bedroom apartment, and now have plenty of room to have friends stay and lots of storage, which is a luxury I haven't had before.”

4. Value for money

“Although my total monthly costs, including rent, mortgage payments, service charge and bills, come to slightly more than I was paying in rent before, what I get for that money outweighs any extra expenditure."

5. Better transport options

"A big draw was the transport links. I always get a train seat as it is the first stop on the DLR, and I even hopped on the Thames Clipper the other day, so I have various commuting options, especially with Crossrail coming soon.”

What is Shared Ownership and how does it work?

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