According to the 2015 Generation Rent Report by Halifax, young people in the UK are losing hope of owning their own home.1 Two Londoners have joined forces to purchase their first home and escape the never-ending cycle of Generation Rent.
Best friends and roommates, 23 year old Alex Campbell and 28 year old Emma Ramsay, found themselves caught out by the uncertainty of renting. Alex comments; "Emma is a primary school teacher in the local area, and I work in central London in the casting department of The Royal Shakespeare Company, Covent Garden. I take the train into work every day - it's such an easy commute from Dartford. We were both disappointed when my landlady broke the news that our tenancy needed to end. It's stressful to look for rented accommodation on a tight time limit, but I knew I might be facing a move to another location if Emma and I couldn't find a flat locally that wasn't too expensive to rent."
It was at this point that the friends decided to invest in a property together. Alex comments; "We figured we were paying so much on rent, why not spend it on a mortgage instead. We began looking into the Shared Ownership options available locally and found they were achievable for our budget. That's when we came across Phoenix Quarter and knew it was right for us. It had three bedroom homes for sale via Shared Ownership, which was ideal as we wanted a third room for extra space."
Alex and Emma purchased their three bedroom home for £165,000 at 50% of the full market value of £330,000. Located just a few steps from the train station, the development is ideally situated for Alex and Emma's commute to work. Alex comments; "The location of the development was a major influence on our decision, given that I can be at work in central London within an hour. The houses are beautiful and more spacious than we would have expected of a property so close to the capital. We love owning our own home, especially within a new build development and couldn't be happier."
Alex and Emma were surprised at how straight-forward the entire process was. Alex commented; "We felt it was important to share our story so that others know it definitely is possible to purchase. Hyde New Homes were extremely helpful and approachable. I would definitely recommend anyone in a similar position to contact them if they are thinking of investing in Shared Ownership."