For London renters, attempting to get on the property ladder can be a step they simply can’t afford to take without having to make sacrifices on elements of their property search including the condition or location of a property. For one young couple, Claudia Valcarcel and David Norman, by choosing to purchase their first home with Shared Ownership, they were able to break free from the costly cycle of renting and buy a stylish Resale apartment at Pembury Place by Peabody. Located in the vibrant east London district of Hackney, Claudia and David were not only able to stay in the area they loved, but also live in a home that surpassed their expectations.
What is a Resale property?
Peabody’s resale properties are homes that a current owner purchased through the Shared Ownership scheme and now wishes to sell on. The principle is the same as buying a new build property through Shared Ownership, however, the new buyer must purchase at least the share that the seller currently owns. Here, first-time-buyers Claudia and David provide their views on how this process worked and helped them achieve their dream of homeownership in a prime spot of London.
Making the decision to buy a Resale property with Peabody
Claudia and David explain why they thought a resale property was perfect for them:
“Having rented an older converted period flat in Hackney for the last three years, we decided to look for a new home to buy. We looked into our options and what we would be able to afford.
We soon realised that buying a property on the private sale market was going to be out of our budget, that’s when we looked into using Shared Ownership. We knew that we wanted to stay in the local area of Hackney if we could, so we did some research online and found the Peabody website.
We viewed the details for a two-bedroom Shared Ownership re-sale apartment at Pembury Place in Hackney. Being less than a mile away from where we were renting, this was perfect for us."
The couple found that with a resale property they didn't have to compromise on the things that were important to them and were able to meet their needs within budget. Outdoor space was a must for Claudia and David, and they easily ticked that box at Pembury Place.
“Our rented property had no outdoor space, and as we were sharing it could feel a little small sometimes. In our new home we have large rooms, and the high ceilings make it feel really spacious – it’s perfect.
Being on the ground floor makes outdoor access really easy, and we have our own private garden too which has been a Godsend in recent months. We have secure cycle storage, a parking space, lovely communal areas that have been really well-designed. We couldn’t get a better location either, we are right opposite Hackney Downs station so its super easy to travel around and get to work.”
Moving to a new home during the Lockdown
After viewing Pembury Place in February, it wasn’t until July that Claudia and David moved into their new home. The 36-year-old teacher and entrepreneur David Norman explains how the Coronavirus lockdown announced in March effected their move.
“We viewed in person in February and eventually moved in on 24th July. We decided almost straightaway that we wanted to purchase the apartment, so put in our Shared Ownership application and a couple of weeks later we were accepted. Obviously as the pandemic took hold, we did have concerns as the government restrictions meant we were unable to move and a lot of things were up in the air, so we didn’t have any real guarantees.”
Ideally located next to Hackney Downs station and Hackney Central station, Pembury Place comprises a contemporary collection of apartments within a gated development on a quiet residential street.
Having successfully purchased a two-bedroom ground floor Shared Ownership apartment with a private garden, Claudia and David explain how they are both enjoying living in their new home:
“By making this move it was our chance to live independently together and get ourselves on the housing ladder. Location was very important to us, and we weren’t sure if we would be able to afford to buy a home in Hackney. Shared Ownership gave us that opportunity, as well as surpassing our expectations in terms of the size and specification of the property.”
Enjoying the well-connected routes into central location, the east London area of Hackney is well placed to be able to get around the capital with ease. Claudia and David have taken advantage of not having to rely on public transport and have a new found love for cycling, talking about their travels, David explains:
“I am equidistant between the school I teach in and the co-working space business I run, so it means I can cycle everywhere. Claudia cycles to St. James in Piccadilly for work, which takes about 30 minutes. We chose to avoid public transport due to the pandemic, and take up cycling, now we have done it its actually quicker to get around and we are also saving money on commuting costs!
I keep myself busy being a musician, playing guitar and producing my own music. I’m also a member of the local Muay-Tai Kickboxing Gym in Clapton which I cycle to every other day. Our friends live close by and we have a park a five-minute walk away, which is great for a jog or walk.”
Becoming a homeowner with Peabody
Providing a valuable and affordable way for first time buyers to be able to purchase a home, Claudia explains how using Shared Ownership with Peabody gave them the opportunity to step on the property ladder:
“We would highly recommend the Shared Ownership scheme to anyone who is looking for an affordable way to buy a home and can’t afford what they want. Sometimes even when you can afford to buy a property on the open market, you might still have to compromises on things like location, the type of property and the condition.
With Shared Ownership you can actually aim higher, and as you progress in life and career you can do so knowing you will eventually be able to own 100% of a home – this aspect is really appealing and exciting to us. We are really happy here, and when we decide to start a family this area is perfect.”
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