The three and four-bedroom shared ownership apartments at Network Homes’ London developments are transforming the lives of the capital’s families
Couple Gurpritam Singh & Jasbir Kaur (both 37) were in a quandary. They were keen to get on the property ladder and purchase a bigger home for their two children, but still have enough disposable income. However with high house prices, the couple didn’t want all their money going on mortgage repayments, nor did they want to keep throwing their money ‘down the drain’ on monthly rent.
“We wanted to get onto the property ladder and have somewhere we could call home, but we couldn’t find a solution that worked for us as a family,” says Gurpritam who works in a financial industry.
The couple then chanced upon the family-sized apartments available to purchase through shared ownership at Lime Walk, a landmark scheme of 81 apartments by Network Homes that is a key part of the wider regeneration of Wembley Park. Using part of their savings of £40,000 to put down a 25% deposit, the family bought a 35% share (valued at £156,000) of a three-bedroom, two-bathroom apartment. The apartment’s full market value was £445,714.
Whereas their previous monthly outgoings were £1,350 per month, the family now pay a total of approximately £1,307, comprising £575 mortgage repayment, £600 subsidised rent and £132 service charges. Importantly, it’s their home.
Finding appropriately sized accommodation at an affordable cost is becoming increasingly challenging for the capital’s families.
“Network Homes is absolutely focused on providing London’s families with generously-sized homes with attractive and secure outdoor space,” says Lisa Ley, Acting Sales and Marketing Director for Network Homes. “We are building three and four-bedroom shared ownership apartments at many of our developments, which offer families a chance to escape the private rental market and move into a truly lovely home. It can be a life-changing experience.”
“Shared ownership has made the world of difference to our family,” says Gurpritam. “It’s such a relief to be in our own place; it’s brought stability to our lives. Now that we’ve decorated and made it our own, it really feels like home. We are very happy.”
Shared ownership allows buyers to purchase a share of the property (25 to 75 per cent) and pay a reduced rent to Network Homes on the remainder. Residents have the opportunity to buy more shares – a process known as staircasing – at a later stage, until they own 100 per cent of their home. Click here to find out more information about shared ownership.