As he shows his friends around his beautiful new two-bedroom pad in west London, 26-year-old Austin Winton can barely believe he’s on the property ladder.
Just a year ago, he was living with his dad to try to save money after years of renting but now the media analyst has his own light and bright place, just 45 minutes from his office.
As well as private outdoor space, it has all mod cons from an open-plan layout to underfloor heating, wooden floors and integrated kitchen appliances.
What’s more, his apartment’s in a thriving part of the city, close to public transport and full of people his own age.
It’s a dream home but for Austin, it’s also very real.
His secret? He’s bought it through Shared Ownership, which helps people onto the housing ladder who wouldn’t normally be able to afford a place of their own.
It works by allowing them to buy a share of a home – usually between 25 to 75 per cent – instead of purchasing somewhere outright. They have a mortgage for the part they own and also pay rent to the landlord for the remainder.
Shared owners can choose to buy more shares of their home up to 100 per cent ownership at any time, although there is no obligation to do so.
Even in an expensive city like London, it makes home ownership – and the stability and comfort it brings – much more affordable.
AFFORDABLE STABILITY
Austin bought a 25 per cent share of a two-bed flat at NHG Homes’ The Perfume Factory development – two minutes from North Acton tube – in west London, in January this year.
The charitable housing association has invested in developments across the capital, creating thriving, specially-built communities in different locations throughout the city.
Austin put down a £25,000 deposit and pays £1,500 a month in total for his mortgage, rent and service charge – far below the market rate for a rental in the area.
‘I would recommend Shared Ownership to anyone looking to buy – it’s virtually impossible to get somewhere in London without it unless you have the huge deposit needed!’ says Austin.
‘It’s helped me get my foot on the property ladder and given me the independence I was looking for.’
Austin had rented in Clapham, south London, before moving back to live with his family in Ealing, west London, to try to reduce costs.
He’d always wanted to buy so when he heard about a new development called The Perfume Factory nearby, it piqued his interest.
After speaking to the NHG Homes sales team about the homes, local area and benefits of buying with Shared Ownership, he asked his father’s advice.
‘He’s where I get a lot of my advice from about buying in London and the financial decisions that go with this,’ he says.
‘After speaking with him about The Perfume Factory and Shared Ownership as a way to buy, he agreed it was a wise investment decision and gifted me the amount needed for a deposit, allowing me to make that first step onto the property ladder.
‘I wouldn’t have been able to do this without him.’
Austin moved in at the beginning of this year.
‘The quality of the property is great,’ he says. ‘It’s so light and bright with big windows and it’s amazing to have my private outdoor area.
‘Plus the space is good for hosting – I love getting my friends together to see the flat and introduce them to my new area.’
It’s a great place to live, with the Central Line at North Acton station just two minutes away, and 15 minutes from the Elizabeth Line at Acton Main Line station.
‘The transport links here are pretty amazing,’ admits Austin. ‘I work in Blackfriars and can be in the office less than 45 minutes from leaving my front door. It’s great being able to live slightly further out of London without having to compromise on convenience.’
But it’s not just about travel – The Perfume Factory and its area is a brilliantly vibrant part of town full of shops, restaurants and amenities.
‘What I was really pleasantly surprised by was how much of a young area it is,’ says Austin. ‘The place is buzzing and lively and there’s a real energy with something always going on somewhere.
‘Although I could be in central London in under twenty minutes, it’s great to not have to go into the city because there’s enough for me to do here. It means I can have a really nice work-life balance and make the most of the evenings and weekends close to home.’
Most Londoners are eligible for Shared Ownership. To find out if you are, go to nhghomes.com or speak to the sales team on 020 3733 3571
HOW AUSTIN DID IT
One-bedroom Shared Ownership apartments at The Perfume Factory start from £108,750 for a 25 per cent share and a minimum 5 per cent deposit of £5,438.
Austin opted to buy 25per cent of a £500,000 two-bedroom apartment in the complex (£125,000) with a £25,000 deposit.
His monthly costs are now £1,500 (£750 rent; £250 service charge; mortgage £500)
AFFORDABLE, QUALITY HOMES FOR LONDON
Each year NHG Homes helps hundreds of people in London and the South East finally secure a precious home of their own through Shared Ownership, whether it’s a new flat or house or a resale.
They have more than 40 years of experience providing quality homes at below-market rents for those who would otherwise struggle to afford them.
Today they have more than 130,000 residents in 60,000 existing homes with another 3,000 in the pipeline in great locations such as the Perfume Factory in Acton, Kidbrooke Square near Blackheath, Royal Albert Wharf in Silvertown and many more.
They’re a not-for-profit organisation that was founded in the 1960s to address slum conditions in west London and they’ve since become one of the capital’s largest charitable housing associations.
And as NHG Homes are both a landlord and a developer, they’re in it for the long haul; committed to caring for their developments and looking after their communal spaces.