In most of the UK, buying a home rather than renting a property is cheaper. In fact, buying in London could save you over £3,500 a year. For City administrator, Rita, buying her first home with Peabody has significantly reduced her monthly outgoings. Rita took her first step onto the property ladder at the stylish, new, well-connected development, Colindale Gardens, NW9 using the Shared Ownership scheme.
Experiencing home ownership during lockdown, Rita describes the benefits of her new home:
“I was previously living in a rented studio flat in West Hampstead. The area was lovely, the property was nice and modern, but it was also very expensive. Whilst renting can offer many short-term benefits, I wanted to get on the property ladder and longed to have a place to call my own. By buying a studio flat at Colindale Gardens I have managed to reduce my monthly outgoings by quite a lot – it has been the best decision I have ever made!
My new home is bigger than the one I was renting; I have a separate kitchen and bathroom which has a bath in it! The layout is spacious and it’s a lovely bright home, I also have a lovely big balcony – currently in the Covid-19 lockdown this has been a godsend! The warmer weather we have had recently has meant I could sit outside and enjoy the outdoors without leaving home. It’s really important to have access to outdoor space, and London is full of so many lovely green areas, you are never far from a place to enjoy.
Peabody has really thought about the design of the development, there are plenty of green communal areas dotted around to enjoy. We have an amazing concierge; they look after us all very well and ensure the grounds and gardens are well-tended. I also have access to a residents-only gym, which I can’t wait to use once it is open.
My work commute is easy, it is a very straightforward journey. I am a 5-minute walk from Colindale tube station, from there I take the Northern Line into Kings Cross - no changes, it’s very quick and easy.”
Staying Positive during lockdown
Rita explains how her life has changed since the UK lockdown began in March 2020:
“I am a very positive person, and you have to keep a positive attitude at uncertain times like this. I received the keys to my property the same weekend the lockdown was announced, so I was very lucky. I am working from home at the moment, and I am actually enjoying it, I have also been able to decorate already – something I may not have been able to do so quickly otherwise.
I have lots of friends that I keep in touch with, social channels have worked so well recently and I am looking forward to seeing them all again soon.”
The benefits of Shared Ownership with Peabody
Having started her home ownership journey at The London Home Show in 2019, in under a year Rita is now the proud owner of a studio flat in North West London and has reduced her monthly outgoings considerably. She talks about the positives of buying a Shared Ownership home with Peabody:
“The Shared Ownership scheme gave me the chance to save an achievable deposit and the opportunity to be able to purchase the maximum initial share amount of 75%. I will definitely be planning to staircase in the near future – it’s such a great way to own your own property.
Shared Ownership is very good, especially in London. Everyone’s circumstances are different, and for some people renting works really well, but I didn’t want to keep paying someone else to live in a property that I didn’t own. My advice to anyone thinking about using the scheme would be to go for it! If you can afford it, do it while you can, then you can move forward as and when you are ready. All of the sales team from Peabody were extremely professional, helpful and friendly – one of the best teams I have ever dealt with. So glad I used them, and I really love living here!”