'East London is my home'
With eight out of 10 families now unable to afford a new build home in their local area, first time buyers are increasingly being forced to move out of their local communities to get on the housing ladder. Unless, of course, you opt to buy a home through Shared Ownership as Sam Charman, 29, did.
Sam, a web designer, had lived and worked in east London for around seven years and wasn’t prepared to leave behind the area he calls ‘home’. He said: "This part of London is home for me. I wanted to own my own home, but didn’t want to move to the other side of the city or the outskirts - that would’ve felt like starting over again."
Shared Ownership often means you need a smaller deposit compared to buying on the open market
Sam had been saving up for a deposit for a number of years with a view to buying a home of the private market. However, after a change in personal circumstances and having crunched the numbers, he soon realised that buying a home outright on his own wasn’t affordable Sam said: "I met with a mortgage advisor and realised I would need to raise at least £30,000 for a deposit, which wasn’t going to happen on my own."
He said: "I knew a bit about Shared Ownership through friends who had gone down this route and I thought it might be a more affordable option. I was also really excited about the prospect of no longer living in shared housing and having a place of my own. So I signed myself up to the mailing lists for new shared ownership schemes and soon began viewing properties."
In November, Sam secured a one bedroom flat at Thimble Court, Bow, through Clarion Housing Group. He paid £93,750 for a 25 per cent share of the home. Sam said: "I knew I wanted to move here as soon as I viewed the flat. I liked the idea of a clean, modern new build, which was like a blank canvas."
Now that he’s moved in, he has no regrets. He said: "It feels like a big relief. It’s nice to know that now I am contributing to my own mortgage and not somebody else’s. I feel like I am in control and that any changes I want to make to my flat are my decision."
Despite living in Bethnal Green for a number of years, Sam still has plenty of exploring to do: "I cycle everywhere, so I am excited to be getting to know even more of the local area. Whether it’s spending time in the parks like London Fields or Victoria Park or visiting Olympic Village and Westfield, there’s plenty to see and do around here."
Clarion proud to support Shared Ownership Week
Throughout Shared Ownership Week (21 - 27th September 2017), Clarion is showcasing its hottest new developments and featuring buyers, like Sam, who were previously locked out of private market and chose to buy their home through Shared Ownership. For more information visit https://www.clarionhg.com/sharedownership/.