Name: Stephen & Kirsty
Address: Quebec Quarter
Age: Both 30
Occupation: Stephen works for a private developer. Kirsty works in fashion production for a well-known luxury fashion brand.
Purchased: 2 bedroom apartment with a north facing balcony
Full market value: £640,000 (share purchased 25% - £160,000) 5% deposit, £8000. Approx. monthly costs £1400
Like most long-term renters, Stephen & Kirsty had pushed the idea of purchasing their first home to the back of their minds as they didn't have enough savings. They'd never dreamt of being able to afford buying on the open market- especially in London.
Kirsty, who moved to the capital for work almost five years ago, from Paisley in Scotland, says initially they weren't looking to buy, "You can buy a house in Paisley, for the price of a parking space here."
Stephen who has lived in London for three years, adds "We were lucky to have a reasonable landlord but renting in a flat share is not a rewarding experience, we had no prospect of ever saving up for a deposit whilst paying such high prices to rent our flat.
Working in property, Stephen came across an advert for Quebec Quarter online and they registered their interest with L&Q the same day, "I was aware of Shared Ownership and the eligibility criteria through my job. When I saw the advert I thought it was a great deal and we jumped at the chance of owning a home in Canada Water.
The couple have purchased a 25% share of a spacious two bedroom apartment at Quebec Quarter with a balcony and views of Canary Wharf.
"The whole process was very smooth, and now we own a home!
Kirsty says they appreciated the security of purchasing from a reliable and trustworthy seller, "Mo and Claire at Quebec Quarter knew their product inside out and Helen, L&Q's financial advisor, was particularly reassuring when we were going through the finer details of the buying process. We felt completely confident. It was a great experience.
Quebec Quarter is a major contribution to the regeneration of the Canada Water, SE16 is London's second largest area of redevelopment south of the River. "The masterplan for the area was a big draw for us; we saw it as a good investment opportunity, buying in an area undergoing a substantial transformation programme.
Equidistant from Canada Water and Surrey Quays stations, the location is perfect for Kirsty, who works in the borough, "We can't believe that we've not had to compromise on the location, we're going to be so central and so well-connected.
" The area is set to become even better connected following the completion of the proposed Brunel Bridge- a foot and cycle bridge connecting Canada Water and Canary Wharf.
Stephen adds, "I might even buy a bike and take advantage of the Southwark Cycle Quietway Route and the bike storage in our flat. The area has a strong community feel, we're very excited to explore and settle into our new home.
For more information on L&Q's Shared Ownership properties to register see www.lqpricedin.co.uk