First time buyers explain exactly how they got on the property ladder

Fed up with moving from rental to rental, marketing executive Angelika Smith felt that the time was right to buy a place of her own.

But with property prices – and rent – being so high, the 33-year-old couldn’t see how she’d be able to buy on the open market, or get anywhere near saving the hefty deposit needed.

Instead, Angelika look to shared ownership, which allows you to buy a portion of a property and pay rent on the part you don’t own. This can work out cheaper than renting somewhere similar, and deposits are a fraction of what’s usually required.

‘My job in Kensington requires me to be in the office almost every day, so I needed somewhere with an easy commute, while remaining close to my family and friends,’ says Angelika.

‘A few things were non-negotiable: plenty of natural light, outdoor space, and 
a peaceful environment.’

She found a one-bedroom flat at the One Hundred development from Guinness Homes, next to the Grand Union Canal in Alperton. It not only ticked all Angelika’s boxes, but it was affordable, too. She moved in earlier this year.

One, two and three-bedroom shared ownership flats at the One Hundred start from £85,000 for 25% of £340,000.

It’s no wonder that budding buyers like Angelika find it so hard to save a deposit when rent’s so expensive.

Recent research by sharetobuy.com found that 31% of prospective purchasers have less than £5,000 in savings, and over a third spent 40% of their income on rent.

‘Our survey highlights the need for more accessible, affordable housing options which can help buyers step
on to the property ladder with initial lower costs,’ says Jade Turnstill, head of brand and content at Share to Buy, which is hosting the London Home Show on April 26.

‘The London Home Show is a vital resource for anyone looking to navigate the challenges of getting on the property ladder,’ says Jade.

‘Our commitment remains the same – to support aspiring buyers by providing honest, unbiased guidance, giving them the knowledge needed to make confident decisions about their home-buying journey.’

‘The process was straight forward’

Angelika has no doubts she made the right choice. ‘Once I fully understood how shared ownership works, the process was straightforward,’ she says.

‘I purchased my flat in November and moved in by January. My mortgage advisers, the housing association and the solicitors were all incredibly helpful throughout and made the whole process a lot smoother and easier than I had expected.

‘Given the high prices in London, without shared ownership, I would likely have been limited to properties outside the city, which just wasn’t ideal. The scheme gives me the flexibility to gradually increase my share in the property over time, making it the perfect, sustainable, long-term investment.’

Angelika has spent the year so far settling in. ‘The location is fantastic, with multiple commuting options making it easy to get to work in under 30 minutes,’ she says. ‘Additionally, the convenience of having shops, a community hub and even a gym just 30 seconds away from the building makes it ideal.

‘My flat has a spacious living room and a large terrace, which is perfect for outdoor relaxation. Large windows overlooking the canal flood the space with natural light, and the open-plan kitchen and living area make it feel even larger.

‘But without a doubt, my favourite part is the terrace. It’s my little sanctuary where I can unwind after a long day. Despite being so close to central London, my home provides me with the sense of tranquillity that
I was looking for.

‘I’m beyond happy with my decision – I have found a home that perfectly fits into my life.’

‘I now live in the building I used to deliver post to’

New parents Josh and Chloe Clark found their desire to buy a house increased with the arrival of their son Mason, now a toddler.

The childhood sweethearts – now both 25 – were living with their parents in Reading at the time.

‘Josh and I were living at home, but having recently had a baby, we knew it was the right time to move out and find a place of our own,’ says Chloe, who works in healthcare.

‘Location was the most important factor for us – we wanted to find somewhere local that would allow us to travel to work easily and see friends and family nearby.’

They knew of Reading’s new Bankside Gardens development and in February 2024 moved into a two-bed shared ownership flat from L&Q.

‘I’m the postman for Bankside Gardens,’ says Josh, ‘so we were aware of the new homes and knew that shared ownership might be a good option for us to get on to the property ladder with a lower deposit. From my work, I knew how well-connected L&Q at Bankside Gardens is. You’ve got Reading Green Park train station right on the doorstep, and it’s easily accessible by bus and car.

‘We learnt all the apartments came with parking, which was important.’

The excellent amenities came as a pleasant surprise. ‘What we weren’t expecting were the onsite facilities that we would also have access to,’ says Chloe. ‘The residents’ club is a great feature. It has a cinema room, gym and co-working spaces.’

L&Q’s one and two-bedroom flats at Bankside Gardens start at £67,500 for 25% of £270,000, and Chloe and Josh had a £10,000 deposit and bought a 25% share of their £384,000 two-bedroom flat, which cost £96,000.

Their combined mortgage, rent and service charge come to approximately £1,342 each month. They have settled in quickly and agree it’s the perfect place for Mason to grow up.

‘He loves it here!’ says Chloe. ‘We’ve got our own space with new furniture, and we really enjoy taking him to the communal gardens and going for walks around the lake.

‘It has been a big change for us, going from living with our parents to moving out and living together as a family but it’s been the best thing.

‘We may buy more shares in our home in the future, but at the moment, we’re settling in and enjoying everything it has to offer.’

‘It’s given me the independence I was looking for’

Austin Winton, 26, an analyst at a media agency, had been renting in Clapham before moving back into his family home in Ealing to reduce his monthly outgoings and save towards a place of his own.

While chatting with friends, he started looking at North Acton as 
a potential location to buy a home 
and was made aware of new development the Perfume Factory, which piqued his interest.

With the help of his father, he paid £125,000 for a 25% share in a two-bedroom flat, putting down a £25,000 deposit. His monthly costs are now around £1,500 – £750 rent, £500 mortgage and £250 service charge.

No two-bed flats remain at the Perfume Factory, but a few one-bedroom flats remain, with prices from £102,500 for 25% of £410,000 from NHG Homes.

‘I got a lot of my advice from my father about buying in London,’ says Austin. ‘After speaking with him about the Perfume Factory and shared ownership as a way to buy, he agreed it was a wise investment and gifted me the deposit. I wouldn’t have been able to do this without him.’

Since moving in 15 months ago, he has enjoyed making the space his own and doesn’t see himself moving anywhere else in the near future.

‘The quality of the property is great and the space is really good for hosting – I love getting my friends together to see the flat and introduce them to my new area,’ he says.

He can’t get over how lively North Acton is. ‘The place is buzzing and there’s a real energy, with something always going on somewhere,’ he says.

‘Although I can be in central London in under 20 minutes, it’s great to not have to go into the city because there’s enough for me to do here. It means
I can have a nice work-life balance and make the most of the evenings and weekends close to home.’

Austin is full of praise for shared ownership. ‘I would recommend it to anyone looking to buy – it’s helped me get my foot on the property ladder and given me the independence I was looking for,’ he says.

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