According to recent research, the average for first time buyers in some parts of London is now 34.
However one young couple from Bexleyheath weren’t prepared to wait to get on the housing ladder, so when they found out about shared ownership they just knew it could hold the key to getting on the property ladder sooner rather than later.
George Day, 21, who works in Sydenham as a plumber, and Emily Paczensky, 23, a hairdresser in Welling, said: "We had been looking at houses for around a year and half, but we knew we would not be able to afford somewhere suitable in London as the prices are just silly."
He said: "We wanted to move into a new build development as we like the freshness of it and were attracted to the idea of putting our own stamp on things".
The couple had visited a number of different schemes but when they visited Clarion Housing’s Castle Hill development in Ebbsfleet Garden City they knew it was right for them. Through shared ownership they paid £135,000 for a 45 per cent share of a two-bedroom home Castle Hill (full market value of £300,000).
George said: "We fell in love with it straightaway. The finish on the home was much higher than we had seen anywhere else and the layout of the home is ideal."
The couple had been living with Emily’s mum in Bexleyheath which enabled them to save up around £20,000 for a deposit. George said: "It’s great value for money, we certainly couldn’t have got anything like this if we had stayed in London."
On living in Ebbsfleet itself, the couple see the area as a perfect place to put down roots. "It’s very up and coming. There’s so much happening here and there’s already a nice community feel to the place. We love it. And although we both drive to work, having two train stations with quick links into London is great and means you don’t feel like you are missing out on living in the capital".
"Shared ownership is perfect for young people like us to get on the ladder. If you aren’t fortune enough to inherit a substantial amount of money, buying outright is almost impossible. I’ve already encouraged all of my friends to do the same."
Searching for a shared ownership home?
Clarion Housing has a wide range of shared ownership homes available for first time buyers who are looking to get onto the property ladder. Buyers can view our latest schemes on share to buy.