After renting for over 10 years in London, business analyst Xiao Wang found a modern two bed home at Oval Quarter in a prime location with great transport links, modern specification, and all the amenities he could ask for. With 19 new homes available in the final phase of this development in Lambeth, Xiao tells his story of how he achieved more than he thought he could from his first home in London.
Xiao’s story – Overcoming the financial hurdle
33 year old business analyst Xiao Wang can tell you, “There is never a best time to buy in London, so I knew that I needed to get on the ladder sooner rather than later as prices continued to rise. My parents had offered to help fund my purchase, but even with their help and a new job, London house prices were out of reach”.
Splitting the costs with family
With research showing that 32% of house purchases are partially funded by parents, Xiao explains how he split the financial burden, “An apartment like this would be out of budget without Shared Ownership, and without my parents’ help. I am lucky that they were able to give me a large chunk of my deposit, which helped me to get a smaller mortgage on my share”.
Buying in smaller chunks to get a smaller mortgage on his share
Xiao purchased a 25% share in his apartment, at a full market value of £540,000. Xiao said, “I am definitely looking to staircase, as I would love to own my apartment outright. The scheme has helped me get onto the ladder, and will help me to move up, by buying in smaller chunks than if I were to have bought on the open market”.
What to expect at Oval Quarter
“The development [Oval Quarter] is in a prime location, with great transport links meaning I can get to work in Piccadilly Circus in less than half an hour. Plus, it’s a brand new development, with a modern specification and all the amenities I could ask for – much more than I thought I could achieve for my very first home in London. I think it is great that Notting Hill Sales is able to deliver this level of quality and make it affordable for everyone.”
“More than I thought I could achieve”
He continues, “It’s a brand new development, with a modern specification and all the amenities I could ask for – much more than I thought I could achieve for my very first home in London. I think it is great that Notting Hill Sales is able to deliver this level of quality and make it affordable for everyone”.