Published 21 Nov 2019

Shared ownership homeowner staircases to full ownership in just three years.

Accountant Omolola Antonia was eager to become a homeowner and saved tirelessly while renting her London property, she struggled to save enough for a property she loved and could afford - until she discovered Shared Ownership with Peabody. Omolola realised that she could buy a percentage share of the property and then buy more shares at a later date, this is known as Staircasing.

What is Staircasing?

Staircasing is the process where the buyer purchases further shares of the property, enabling the buyer to own a greater proportion of their home. This also reduces the amount of rent payable to the housing association. If you staircase to 100% you become an outright owner and pay no rent.

"Peabody provided the perfect dream home."

In 2016, Omolola purchased a 75 per cent share of a one-bedroom property at Peabody’s development Heron Court in Thamesmead. Now, she is the proud owner of the property, after staircasing to full ownership in just three years.

‘I had been renting for a while and I really wanted to have a home I called my own. When I found out about Shared Ownership I was so relieved I was eligible for it.’ she says. 'I had decided to plan purchasing a share and then slowly increase to full ownership at a comfortable pace.

It didn’t take Omolola long to find her dream home, thanks to online property portals. She explains: ‘I went onto a website called Share to Buy and it listed areas and developments. It didn’t take me long to find a property I liked as I knew exactly the type of home I wanted. Once I found Heron Court, I knew this was the one. From the quality of the new build to the layout and modern design, I could see myself living there.

"Serene surroundings and community spirit at Heron Court, Thamesmead."

Omolola was willing to consider various areas in her property search, however upon discovering Heron Court, she was impressed with what the local area had to offer, saying: ‘I love the canal and the greenery surrounding the development – from the parks to the walkways, the area is just peaceful.

Additionally, Omolola was particularly impressed with the community feel surrounding Heron Court. She continues: ‘It has a great community buzz and everyone is really friendly and welcoming. There are only 18 flats, which really appealed to me, so we’re very much a small community of neighbours that are all friends.

Staircasing is simple with Peabody

Omolola was thrilled to find that she could staircase up to 100 per cent quicker than anticipated. With increasing her share always her goal, she was delighted when this dream became a reality.

She comments: ‘When I decided that I wanted to increase my share the Peabody sales team were absolutely fantastic and patient with me. They guided me through the process and everything I needed to do – everyone I dealt with was extremely supportive.

Find your dream home

All properties are currently sold out at Heron Court; however, Peabody has a range of Shared Ownership and Private Sale properties available for purchase across London including The Reach, which is also located in Thamesmead, where prices start at just £68,750 for a 25% share of a one-bedroom apartment. If you’re interested in staircasing please download our Download our guide to Staircasing to find out more.

Find a home
Omolola Antonia at her home in Heron Court

Omolola Antonia at her home in Heron Court

Related articles...

Published 13 Nov 2020

Why it’s important to use a solicitor with experience of affordable housing products.

We’ve teamed up with Direction Law, who sit on our panel of solicitors,... to help explain why it’s important to find a conveyancing solicitor with the right experience to support you in your home buying journey; particularly with Shared ownership or Help to Buy products.

Published 25 Sep 2020

Insurance - What do you need to consider when buying a home?

We take a look at the types of protection that you should consider... when buying a home. Broadly speaking there are two types of protection to consider.  The first will protect the building and contents and the second protects the buyer against loss of income and in the worst-case scenario death.