Owning a Zone 2 Home by The Age of 25, How Shared Ownership is Full of Possibilities. The rapid increase of house prices and stagnating wages have meant that UK millennials have struggled to get on onto the property ladder. According to a recent study conducted by HSBC, only 31 per cent of young people surveyed said there were able to purchase a home. There are however a number of alternatives open to First Time Buyers, such as the Shared Ownership scheme, meaning that, more young adults are able to consider buying a property. Such a case is Events Manager, Ellie Wyburd, who purchased a new build two-bedroom flat at Woods Road, Peckham, a Shared Ownership development by Hyde New Homes.
Shared Ownership enables First Time Buyers to buy a part share in their home, pay a subsidised rent on the remaining share and then have the option to expand on that share over time, eventually leading to full ownership.
Ellie purchased a 30 per cent share of her dream home for just £151,000. Ellie explains how the scheme made her finances stretch further: “The element of affordability was one of the main attraction points for me. Buying through Shared Ownership means that you get so much more for your money as opposed to buying a property outright. It gave me the opportunity to purchase my first property and live in Central London. To have a place of my own at 25 is amazing, to be living in a Zone 2 location is just unbelievable.”
Woods Road is a Peckham based development by Hyde New Homes, its Zone 2 location means that it is a very well-connected area surrounded by excellent transport links. Ellie explains how the location has benefitted her work life balance and can get from A-to-B in no time: “The location is ideal for me, I work in Canary Wharf and the commute takes no more than 25-minutes door-to-door, it’s the absolute dream. I work in Events, so a lot of the time I am working late nights. With Peckham being so well-connected, it means that I am able to get home very easily, with options open to me such as the Overground and night buses. Nothing is inconvenient, it’s all very well thought out.”
Similarly convenient was the support Ellie received from the Hyde New Homes customer services team. Ellie comments on how helpful the team was and how quick the whole process went: “I seriously started looking for a place in February, I visited the development in March and within that same week I applied for the development. I exchanged on the property in July, and my partner and I have been comfortably moved in since. The Hyde New Homes team were so helpful and supportive, I didn’t have any issues. I really liked how the block had a designated salesperson. This was reassuring as they made a conscious effort to get to know everyone and their situations, it was excellent customer service.”
With most Shared Ownership developments being new build, this saves many First Time Buyers the hassle of having to budget for new appliances.
Ellie explains the financial benefits of purchasing a new build and how everything was already in place for her when she moved in: “I love that I purchased a new build, there are limited maintenance costs, it means that I get to work on a blank canvas and really put my mark on the property. I haven’t actually needed to buy much as when I moved in all of the white good appliances were fitted, including the bathroom. This has saved me a lot of time and also means that I can save my money rather than spend more.”
For further information on other Hyde New Homes developments, visit the website: www.hydenewhomes.co.uk or contact the sales team on 0345 606 1221.