Our affordable housing clients prove there is a way out of the rent rut
In the same week that research by the Association of Residential Letting Agents (ARLA) revealed that by the time UK residents buy their first home they would have spent, on average, £50,000 on rent, we secured some fantastic press coverage in March’s edition of First Time Buyer Magazine for three of our affordable housing clients.
The developments featured in the magazine – schemes by Affinity Sutton, Network Living and Thames Valley Housing – prove it is possible to get on the property ladder sooner and prevent years of renting with the help of shared ownership.
One buyer who has done just that is Bunmi Odubanjo, who initially purchased a 5% share in a two-bedroom flat through Thames Valley Housing at The Serpentine. Just two years after putting down her original deposit, she had saved up enough money to put down a deposit on the remainder of the apartment to own it outright – a process known as staircasing.
Bunmi told FTB magazine: “It’s funny to look back three years to when I started the process and to realise that I’ve actually done it.”
Another Thames Valley Housing development, Westfield House in Earlsfield, also featured in a separate article about affordable homes in Zones 1-3, because of its great location for commuters and reasonable pricing, thanks to shared ownership.
In this same article, Thomas Odlum and Olivia Tinker also featured as a couple who overcame another of the barriers which first time buyer’s sometimes face – self-employment. However, thanks to Network Living’s help and understanding, Thomas and Olivia were able to secure a two-bedroom shared ownership apartment at Warehouse, in Streatham. Read more about their story here.
Last but by no means least, Affinity Sutton was not only mentioned as being on the shortlist for the 2016 First Time Buyer Awards’ Affordable Housing Provider of the Year (which you can vote for here), the magazine also featured a number of the housing association’s developments – The Meridian in Lewisham, Arun Place in Barnham and Oakgrove Village in Milton Keynes, thanks to their great commuter links and more importantly, their availability to purchase now!