Many young professionals working in London feel they risk being forced to move out of the city as rents and property prices rise beyond their reach. When faced with increasing rents and the prospect of not being able to get on the property ladder, first time buyers Hannah Bosley and Simon Woods discovered that through shared ownership they could afford a home of their own. They are purchasing a two-bedroom apartment at East Thames’ Prospect East development in Stratford and hope to be able to own the property outright one day.
Hannah and Simon both work in fundraising for charities and found themselves in a situation that many average earning Londoners can identify with. With the average London rents 2.7% higher year on year according to the latest HomeLet rental index[1], the couple were keen to get on the ladder. Previously they were renting a one-bedroom apartment in Stratford but were anxious that lack of affordability would mean they would have to leave London. Through shared ownership, Hannah and Simon were able to purchase the portion of the £495,000 property they could afford and pay rent on the remainder, allowing them to remain living in East London.
Simon comments: “We both felt that continuing to pay rent was throwing money away but each time we renewed our contract, the rent went up. If it kept going up, we would have had no choice but to move completely out of London, which we didn’t want to do. Thankfully, through a combination of savings and contributions from our parents, we were able to put down the deposit and ultimately there won’t be much difference between what we were paying in rent and our new payments, but we know we are investing in our own future.”
Located in the heart of Stratford, Prospect East is conveniently located for all the excellent transport links, shops, amenities and leisure opportunities the area has to offer. Hannah’s place of work is in Euston and she travels to and from work by cycling along the canal. As an active and sporty couple, they enjoy the open spaces and sports facilities at the Queen Elizabeth Olympic Park and having bought a two-bedroom home, they have some space should they wish to start a family in the future.
Prospect East is the first phase of a major new neighbourhood featuring a range of properties, from one-bedroom apartments to four bedroom townhouses, alongside open green spaces and landscaped gardens for residents to enjoy. Homes come in a wide range of interior layouts but most have their own private space such as a balcony, terrace or garden. Every property features a stylish, quietly contemporary interior specification designed to complement the development’s urban setting. Built to the high standards that East Thames is known for, kitchens feature elegant touches such as soft closing doors, stone work surfaces and a range of high quality integrated appliances. Bathrooms and en-suites boast grey ceramic tiles, crystal white sanitary-ware and recessed down lighters to add a contemporary theme to the space.
Hannah and Simon are excited at the prospect of moving into their brand new home. Hannah comments: “Buying a home is always going to be a huge commitment, but the process has gone smoothly with East Thames and I would recommend shared ownership to other people like me who can’t afford to buy in London. We love the idea of a sparkly, brand new property and the apartments are really nicely finished. The area is friendly and very diverse – we have already met some lovely people and we can’t wait to move in.”
Stratford is ideal for those who want everything on their doorstep. Hannah and Simon had lived in many parts of London, but found that Stratford offered the full package. They can enjoy active outdoor activities in the park, while Westfield Stratford City offers a huge array of shops, bars, restaurants and entertainment. Prospect East is conveniently positioned for the transport hub of Stratford and Stratford International stations where tube and overground services connect London and beyond. From Stratford station, the West End is only 20 minutes travel time away and Canary Wharf just nine minutes.
Shared ownership apartments at Prospect East are now sold out. Prices for a three bedroom duplex for private sale start from £639,950. For further information or to register your interest in the scheme at Prospect East visit www.prospecteast.co.uk or call 020 8003 1718. East Thames have a range of shared ownership properties in and around London, for more information visit www.east-thames.co.uk