Siblings get on the property ladder thanks to Shared Ownership

Posted 19 August 2016 by Helen Christie

Less than a fifth of current renters envisage buying a property on their own rather than as part of a couple or with family, highlighting how expensive the current property market is for individuals…

For two sisters from South Wales, buying alone was never an option. First-time buyers Alexandra and Victoria Webb recently purchased their first home together, thanks to the Shared Ownership scheme at Octavia Living’s Walpole Lodge, in Putney.

Alexandra and Victoria were interested in new developments in London, but due to the rising costs of housing, their options for a new build home seemed limited. That was until they learned about the benefits of Shared Ownership. After looking at various Shared Ownership developments in and around the capital, they found Octavia’s Walpole Lodge, and immediately knew they had found their first home.

Alexandra says: “Most new build developments in London were out of our price range, or offered very little value for money. However, Walpole Lodge was one of the few developments we saw offering a high specification, and two-bedroom apartments that offered plenty of space for the two of us. The location was spot on too, and we know the area really well.”

As first-time buyers, the sisters’ made sure they did all their research so they knew what to expect from the buying process. Alexandra adds: “Buying a home was a new experience for us, and one that we didn’t want to get wrong, so we made sure we got lots of advice. Things moved pretty quickly too, and from securing the apartment in September, we moved into our new home less than five months later, in February of this year.”

Now happily settled in their new Putney home, the girls couldn’t be happier. Alexandra continues: “Our apartment has two bedrooms, one double and one king size, with accompanying bathrooms and an open-plan design, which suits us very well. There is also a shared roof terrace which we’re looking forward to using this summer!”

The monthly mortgage for the sister’s two-bedroom apartment is £330 and with their combined incomes, the rent is a comfortable £690 a month. Alexandra says: “Buying together meant we were able to combine savings and put forward a larger deposit, reducing the monthly payments from the start. When I was renting, the monthly rent was £625, so buying a Shared Ownership property with my sister has proven to be cost effective as well as helping us take the first step to home ownership.”

The siblings have enjoyed personalising their new apartment and have plans for further decoration. Alexandra says: “I am in charge of the finances and my sister Victoria is in charge of the decorating. With our home being a new build, it didn’t need a lot done, which was great. However my sister worked hard on the design of the flat in the months before we moved in. We love having the freedom to decorate and personalise the apartment how we want.”

The Shared Ownership scheme is specifically designed for first-time buyers whose household income is less than £71,000 a year and priority will be given to those who live or work in Wandsworth.           

For more Shared Ownership properties in Putney, clik here.



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