Consultant Embarks on New Adventure in Elephant & Castle

Posted 28 May 2019 by Helen Christie

At age 23, business consultant Alex strikes out on his own with his first property purchase in Elephant & Castle...

According to the UK Finance, the average first-time buyer in Britain is now over the age of 30, with the Office of National Statistics (ONS) identifying the period during which prospective buyers are most likely to save for a house as between the ages of 22 and 29.

However, at 23, business consultant Alex Joe has defied the odds, recently securing a new build property as his first home: a two-bedroom, third floor apartment at The Levers – a Peabody development in Elephant & Castle.

Due to his profession, Alex had a strong grasp of the financial requirements for getting on the property ladder, which is what led him to explore Peabody’s Shared Ownership offering.

Alex says: “Many of the first-time buyer schemes didn’t allow for the purchase of more expensive properties; Help to Buy has a maximum purchase price of £600,000 and the flats I was interested in were priced higher than that due to the locations and specification. While I was keen to gain access to the market, I didn’t want to commit a huge outlay of cash, so the option to purchase part of a property in a location I desired was perfect for me.”

Prior to buying at The Levers, Alex was living with his family in Crystal Palace – for the specific purpose of saving up. When it came to buying his own home, however, he was determined to move somewhere that would be a perfect base for London living.

“Most young people in my position move to Brixton or Clapham to purchase their first home. I already know those areas quite well, and I wanted to live somewhere I could explore, while also being closer to work and more central in terms of transportation links.”

As part of his search, Alex looked in both Stockwell and Highbury & Islington, and while he found the properties in Stockwell to be nice, they weren’t as spacious as he wanted, nor were they new builds. He also wasn’t keen to settle somewhere too similar to Crystal Palace, which while suitable for young families, didn’t have the lifestyle element he was looking for. Finding The Levers was perfect for Alex as it ticked all the boxes of what he wanted.

Peabody had just launched the development when he started looking in Elephant & Castle, and Alex was quickly drawn to its superb specification – including the high gloss cabinets with slate-effect worktops in the kitchen and brushed chrome fixtures throughout – and location near the local high street.

“I liked that closeness and the access to businesses. My family is Chinese, so being able to easily visit an Asian supermarket is fantastic. As an area, Elephant & Castle is in the middle of a regeneration, with a lot of up-and-coming spots and fantastic transport links to Central London. My apartment itself is also very spacious, with a balcony overlooking the residents’ courtyard, and finished to a high quality.”

Alex purchased a 40% share of a two-bedroom apartment for £232,000, based on a full-market value of £580,000. Once he made the decision, the buying process ran smoothly thanks to Peabody’s support and guidance. Alex comments: “They made everything very easy and were accommodating when it came to working out the financials with the solicitors.”

Currently one apartment is available at The Levers through Shared Ownership, with pricing starting at £172,500 for a 30% share of a two-bedroom apartment with a full market value on £575,000.

Additionally, a selection of two- and three-bedroom apartments are available for purchase through Private Sale - prices starting at £595,000. Help to Buy is available on select apartments.

For more information on The Levers, visit thelevers.london or call the sales team at Hastings International on 020 7378 9000.

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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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