Shared Ownership Week - First-time buyer lands London zone 1 home
Posted 16 September 2016 by Ben Salisbury
Trapped in the familiar renter’s nightmare and having dismissed the possibility of being able to afford to buy in London, Peter Cumming, 32, was delighted to find he could buy a two-bedroom apartment in Islington in Zone 1 of the London travel network, thanks to Affinity Sutton’s Shared Ownership scheme.
Part-buy/part-rent enables buyers to purchase a share of the property (25% to 75%) and pay a reduced rent to Affinity Sutton on the remainder. Residents have the opportunity to buy more shares – a process known as staircasing – at a later stage, until they own 100% of their home.
“Living in London it’s pretty hard to get on the property ladder so when my friend told me about The Fable Apartments at The Lexicon, I assumed I wouldn’t be able to afford it. However thanks to Affinity Sutton I realised it was achievable,” Peter says.
Peter purchased 25% of a two-bedroom apartment at The Lexicon – a stunning, 36-storey tower designed by world-renowned architects Skidmore Owings & Merrill (SOM) – paying just £181,250 of the full market value of £725,000, with a 10% deposit of £18,125.
The move made perfect financial sense. Thanks to shared ownership and the rent Peter receives from his lodger, his monthly outgoings are now less than the monthly rent payments he made at his previous home – a three-bedroom apartment he shared with friends in Clapham.
“Shared Ownership has given me stability and I now have a home I can call my own!” says Peter.
“I’m really impressed with the modern layout and I love the way the apartment has been designed with an open-plan kitchen and living area. To top it off I have a south facing balcony, which acts as a sun trap with a lovely view looking out toward Angel.” Peter adds.
Originally from Leeds, Peter travelled the world for two years’ post-university, before moving to London for work. As a quality analyst, Peter helps produce video analysis software for international sports teams, such as Manchester United, the All Blacks and the Australian rugby team.
“The location of my new home is great for travelling around London and further afield as the transport links are excellent,” he said.
Angel and Old Street underground stations, both located just half a mile away, open up the rest of London while Kings Cross St Pancras is less than 15 minutes away by bus or just two minutes on the tube. Trains to the rest of Europe regularly depart from Kings Cross St Pancras making this an ideal location for anyone that travels often.
City Road is located in the bustling borough of Islington and just half a mile away from Islington High Street with a host of independent boutiques and sought after high street brands. The beautiful Regent’s Canal is just a short walk and offers a scenic retreat from London life.
All of the homes at The Fable Apartments at The Lexicon are now sold, however Affinity Sutton offers a range of Shared Ownership developments throughout London and the South.
A collection of contemporary one-bedroom apartments at Nine Elms Point, part of the remarkable regeneration of Nine Elms, has recently launched. Prices start from £113,750 for a 25% share of the full market value of £455,000.
For more information contact 0300 100 0303 or visit www.affinitysutton.com
Unsure on Shared Ownership? Get your free Shared Ownership guide here