In honour of this year’s Shared Ownership Week, we revisited some of our happy homeowners to see what life has been like since the keys were handed over and the packing boxes were put away.
Nearly four years since they moved in, we caught up with Peabody New Homes’ residents Josephine, who purchased at Motion in East London, and Mary, who lives south of the river at Thamesmead…
Why did you decide to buy somewhere rather than rent?
Josephine: “If I were to rent a one bed in this area I would be paying almost double what I am now, so for me it was a no brainer.”
Mary: “Originally, I was looking to rent, with a view to buying at some point after that. Friends of mine had purchased through the Help to Buy scheme but I knew it would be unlikely for me to save the level of deposit required. I was really surprised when I discovered that I could afford to buy my own home with a deposit of just £10,000.”
How has becoming a homeowner been?
Mary: “Life has changed for me, I am more independent, more mature. I am more appreciative of life and being a homeowner has made me more financially disciplined.”
Josephine: “The new responsibility felt dauting at first but I adjusted to the changes really quickly and much prefer it. Knowing I have money going aside into an investment rather than renting and paying off someone else’s mortgage is a huge relief. It offers more security, as no one can ask me to move out and I don’t have the stress of trying to find new flatmates. Shared Ownership has enabled me to do this alone, something I feel really proud of!”
What is it like living on your own?
Josephine: “I have freedom now, I can have guests round whenever I like, I never have to check if the kitchen will be free and I now get to see my parents on a monthly basis as they have room to stay with me!” I absolutely love living alone, I talk all day for a living, so it’s nice to come home to the peace and quiet, be able to chill and know there is no mess, it’s the same as it was when I left for work in the morning – it gives me a chance to decompress.”
Mary: “When I started my search, I was planning to live with my sister but ended up buying on my own, surprisingly, a 2-bedroom apartment was achievable for me and has given me more space, an additional bedroom and freedom.”
Is there a nice feel to the development you live at?
Mary: “We have a neighbours’ WhatsApp group which is helpful and everyone is friendly. I get on really well with my neighbours, who I now consider friends; we go for dog walks, have dinner and drinks together, it’s really sociable here.”
Josephine: “The communal garden is a great space and it’s so nice to see and hear children playing outside. If I am not on my balcony, I tend to spend the majority of my time on the roof terrace. It’s massive, we have drinks up there and even hosted a Jubilee rooftop party. In fact, I forged a friendship with one of my neighbours through our shared love of the roof terrace! Everyone here is really friendly.”
Has anything changed since you’ve moved in?
Josephine: “Peabody maintain the development really well. The concierge is fantastic, the whole place is super clean and tidy and is cleaned on a weekly basis. I literally have no complaints!”
Mary: “The Reach looks pretty much the same as when I moved in, it’s well maintained and any problems I’ve had have been resolved quickly.”
Would you recommend Shared Ownership?
Mary: “If you are interested in buying and you are a First Time Buyer, or looking to do this alone with a low deposit, then Shared Ownership is a fantastic opportunity to step onto the property ladder. You don’t need a huge amount of money, it’s a stepping stone you can achieve on your own, you can grow your equity and have a place to call home for a long period of time. There is a lack of understanding around it, a lack of education; Shared Ownership offers great potential and I think more people should know about it!”
Josephine: “Shared Ownership needs more exposure, it needs to be explained more. I didn’t meet the affordability criteria and I thought that was it – game over. However, Peabody New Homes were able to help as I had a bigger deposit than required which made it achievable. So it works for both those with a low deposit and those who have a little more funds available.”
How have you personalised your space?
Mary: “Pops of colour are key! I have plants everywhere (too many perhaps), I even bought a bright sofa to match the kitchen units. Buying a 2-bedroom apartment was a good idea as I work solely from home and can maintain a separation from work life and home life as I have a dedicated space for my business.”
Josephine: “I did most things straight away, I added colour and plants. Personally, I like to keep my spaces fairly clutter free.”
What makes you smile when you think about your homeownership journey?
Mary: “The fact it is mine, just the way I like it. It’s set up how I like it and is a representation of me. On nights out I can’t wait to come home, to my own space and peace!”
Josephine: “I am proud of my home, it’s mine and I worked hard and saved for it. It feels like an achievement when I walk inside everyday knowing I made this happen!”
Where to find Shared Ownership properties
At Peabody New Homes, we develop a range of Shared Ownership homes across London and the Home Counties. With a mission to create great places where people can flourish, we believe that a home is more than just a place to live.
Explore our collection of homes with deposits starting from as low as £11,750* at peabodynewhomes.co.uk.
*T&Cs apply – see development pages for T&Cs and details, accurate as of August 2024