According to the Halifax’s 2015 Generation Rent Report, 82% of 20-45-year-olds living in London have given up on buying a home. They feel pushed out of the capital and excluded from the possibility of home ownership. Those who do want to buy are desperate for high-quality, affordable homes to purchase in a desirable location that is convenient for work.
One such Londoner, Matthew Francis, was looking to put down roots in Catford and seized the opportunity to become a home owner when he found his ideal one bedroom apartment through Shared Ownership with Peabody. Having previously lived in Catford with his parents, Matthew wanted more independence and space for himself and his six year old daughter.
The 27 year old analyst programmer was determined to stay in Catford and find an affordable option for his first property in an area he loves. In addition to its fantastic transport links, Catford has a community feel. Plus, Matthew’s family and friends live close by. Having initially felt priced out and struggling with the rising house prices in the area, Matthew was relieved when he found the solution to his problem at Peabody’s Prospect Quarter.
Matthew immediately noticed Prospect Quarter when it went under construction, he comments, “On my way to work I came across Peabody’s Prospect Quarter opposite Catford train station, I was really intrigued but I never thought I would be able to afford an apartment there. After browsing online I found that there was a selection of properties at the development available to buy through Shared Ownership.”
He continues, “After viewing the show home, I made a reservation straightaway. From the get go I loved the location, mainly because my daughter goes to school down the road and Catford train station is adjacent. This was the deciding factor for me as I can get to Holborn for work in about half an hour and can be more readily available to pick up my daughter.”
Buying at Prospect Quarter through Shared Ownership meant Matthew’s dream of living in the area where he grew up became a reality. He adds, “There is no way I would have been able to afford a property on the open market in Catford. Shared Ownership is an affordable initiative that has allowed young local people like myself to get on the London property ladder in a place that I feel is my home. I now have a financial plan and can gradually increase the share of my property with the help of Peabody’s dedicated residential sales team.”
After discussing his options with the sales team, Matthew purchased 40% of his one bedroom apartment which required a deposit of around £14,000. He is already saving to staircase to 100% ownership and regularly recommends Shared Ownership and Peabody to friends. “The whole process is really straightforward, I had the appropriate support and guidance which really helped me organise a financial plan. I think it’s a fantastic initiative and I frequently recommend Shared Ownership to all my friends and family looking to buy their first home.”
In addition to the affordability, Matthew comments on the features that drew him to the development, “The apartment layout is very spacious, ideal for my daughter and I to have our own space. The branded appliances are an important element for a first time buyer like myself and can significantly save on costs. The development is conveniently located near to a leisure centre where my daughter and I regularly go swimming. There is also a neighbouring park with lots of green space that we can enjoy at the weekend.”