NHG Homes – part of Notting Hill Genesis, one of the UK’s leading housing associations – is helping first-time buyers get on the property ladder in London in a more accessible way, offering Shared Ownership homes in locations across the capital.
With over 40 years’ experience in building and managing high quality homes and vibrant, sustainable communities, NHG Homes supports residents all the way through the buying process and beyond.
In recent research conducted by NHG Homes – in partnership with Opinium – four in five London renters said they were optimistic about getting on the property ladder over the coming years. It’s evident Londoners are still eager to put down roots in the city, as 90% of respondents indicated that they want to buy a home in the capital.
However, for many, the deposit needed for a quality home is out of reach, as the average amount held is £22,963 – lower than what would be required to buy on the open market in London.
This challenge is even more prevalent for those looking to buy on their own. Of those surveyed, under a half said they were hoping to purchase solo in the coming years, while a third of those planning to buy with another person said it was because they couldn’t afford to buy alone.
The Shared Ownership scheme – where buyers part own and part rent a home – gives Londoners the opportunity to put down roots in popular, sought after locations with lower deposits than are required on the open market
Srekanth (27), who bought a two-bedroom apartment on his own at NHG Homes’ Lampton Parkside development in 2023, described the scheme as a “blessing”, saying that “without it, I wouldn’t have my own home right now.” Srekanth was looking for a space to make his own, where he could host family and friends close to green outdoor space and in a convenient location: Shared Ownership at Lampton Parkside was the solution.
At the west London development, estimated monthly costs for a one-bedroom apartment are £1,174 based on purchasing a 25% share, with a 10% deposit of only £8,313. By comparison, purchasing the same property on the open market in the area would require a 10% deposit amount of £33,250.
With rents in the capital rising at record pace, the costs associated with Shared Ownership are often cheaper than renting in some postcodes. At The Perfume Factory in North Acton, estimated monthly costs for a one-bedroom home are £1,397 including rent, service charge and mortgage payments, while average rent for a similar property in the area is £1,650 per month.
Austin Winton who purchased a 25% share of a two-bedroom flat at The Perfume Factory, commented: “When I was in Clapham, I was stuck in the trap of paying sky high rents every month and not being able to put any money aside to buy.” Austin moved back into his family home in west London to help save money, before discovering The Perfume Factory.
“Shared Ownership helped me get my foot on the property ladder. After speaking to my dad he agreed it was a wise investment decision and gifted me the amount needed for a deposit, allowing me to make that first step and become a home owner.”
With Shared Ownership, NHG Homes is offering buyers a way to put down roots in the city they love.
For further information, visit nhghomes.com or speak to the sales team on 02037333571