Taking a Break from Owning Until the Perfect Opportunity Arrived

Posted 26 February 2019 by Helen Christie

Dispelling the myth that Shared Ownership is only for first-time buyers, Timothy shares how he went from homeowner, to renter, to a homeowner again...

From homeowner, to renter, to a homeowner again, 37-year old IT consultant Timothy Percival, wanted to give himself a break from the rising house prices in London. Opting to sell off everything, he rented a property for three years until he discovered Shared Ownership – which to him was the perfect flexible solution that suited his changing circumstances.

Timothy found the Shared Ownership scheme appealing due to the flexibility it gave him with his savings. Having calculated his outgoings, Shared Ownership worked out cheaper and therefore more beneficial financially. He comments: “After doing the sums and realising that Shared Ownership was a cheaper option, it made sense to investigate. It looked like a great way to save money alongside my monthly outgoings which I always intended to do whilst renting but never got around to it. Having owned properties in the past I know the process well, so I wasn’t sceptical about the buying process and after speaking to Peabody I decided to take the plunge.”

Determined to purchase a property in London that was well-connected, within close proximity to social scenes and nearby green space, Timothy managed to get his hands on the last available one-bedroom apartment on the top floor at Peabody’s development, The City Angel. Putting down a deposit of £61,250 for a 30% share, Timothy has plans to staircase to full ownership in the near future. He comments: “I absolutely love where I am. To be situated in Zone 1 in Islington just minutes from any coffee shop and bar I desire is amazing. This is exactly where I wanted to be and I’m happy I can appreciate the fact it is a luxury to live where I do - the location really does tick all the boxes. I have everything I need on my doorstep and I can even cycle to work when I choose to.”

Just a ten-minute walk away from Islington’s Upper Street, the secrets of the backstreets of Islington can be discovered alongside the finest gastropubs and the historic Exmouth Market.

But it wasn’t just the location that won Timothy over. He goes on to express how he gets better value for money at The City Angel, with the top floor location and the large terrace fitting the criteria he was looking for.

Timothy explains: “I was so impressed by the whole finish in my apartment, especially in comparison to other places I had viewed, The City Angel has such a high specification and utilises space well – I’m very happy here thanks to Peabody making it so easy and stress-free for me throughout the process.”

The City Angel currently has apartments available to purchase through Shared Ownership, with prices starting from £127,500 for a 30% share of a studio apartment, and £170,250 for a 30% share of a one-bedroom apartment.

For further information on other Peabody developments please visit peabodysales.co.uk/ or contact 020 7021 4842.

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