Austin Winton, a 26-year-old media analyst, shares his story of achieving homeownership through Shared Ownership, a scheme that helps individuals purchase a share of a property and gradually increase their ownership over time. The article highlights the benefits of Shared Ownership, particularly for first-time buyers in expensive cities like London.
Austin Winton now enjoys a stylish two-bedroom apartment in west London, complete with private outdoor space, modern features, and a vibrant community. 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. Shared Ownership is making homeownership more affordable by allowing buyers to purchase a share and gradually own more over time. 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. As their wages increase, they can buy more of the building. 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 yea
SHARED OWNERSHIP HOMEOWNERSHIP LONDON REAL ESTATE AFFORDABLE HOUSING FIRST-TIME BUYERS
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