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Real Life Case Study : We thought we would be renting forever


Queensland Road, a landmark development on a former industrial site adjacent to the Emirates Stadium, is the last part of Newlon Housing Trust's housing to be completed as part of the Arsenal Regeneration Area – one of the largest regeneration projects in Europe.

Two of the new residents share their story.

Mario, who works as a Mixologist, and his wife Elisabete, a Principal Teaching Fellow in Urban Design, have lived in London for 17 years. After years of renting they decided that they wanted to buy a home. But with limited finances to pay the high central London prices, they thought their dream might be out of their reach.

"It's something we never believed we would be able to do – we thought we would be renting forever", Elisabete explained.

However, they were aware of the schemes available that could help. They had registered with First Steps and were receiving the regular emails from them for a couple of years. It was through one of these emails that they found out about the Shared Ownership opportunities at Queensland Road, a development which stood out for them due to its prime location.

They thought Shared Ownership was a great way to get on the property ladder, to live in an area they would otherwise not be able to afford on the private market.

They booked a viewing for a two-bed flat within one of the Queensland Road towers and then attended the First Steps Homes Show, which confirmed to them that Newlon and the development were the right choice.

At this point they had already seen the plans of their flat so were fairly confident it was the one for them, but it was the view which sold it.

"As soon as I saw the view from the balcony I thought 'Where do we sign?'" said Elisabete.

The couple are pleased with how spacious, light and warm the flat is, as well as the quality of the finishing. Another positive for the couple is that they managed to buy a property in an ideal location for them:

"We love the area, as we are very urban people", said Mario. "It's really lively and has great transport links. We have friends living locally, so we were keen to stay nearby."

They also found the buying process extremely smooth and quick; and have been further impressed with the service provided by Newlon.

"Newlon were brilliant all the way through – really helpful and patient. They have been great with communication and still are. They are always prompt to deal with any issues we have, and have made us feel really comfortable right from the beginning."

"With the help of Newlon and the Shared Ownership scheme we were able to do something we never imagined was possible."

To find out more about the Shared Ownership properties Newlon have available go to http://www.newlonhomeownership.co.uk.

Notes:

  • Shared Ownership prices: 1 bed from £275,000; 2 bed from £325,000
  • Minimum share required; 30%.
  • On average people in the scheme have bought a 41% share, based on a household income of £40,502
  • To date the average outgoings including mortgage costs, rent and service charge are £1,027 a month versus an Islington average for flats of £2,175 (£502 a week).