REAL LIFE
FACT FILE
Property: Three bedroom apartment Full market value: £530,000 Share: £132,500 for a 25% share Deposit: £13,250
Monthly costs: £1,391 (mortgage – £606, monthly rent – £497, service charge – £288)
Shared ownership: Royal Albert Wharf
because it makes me want to get outside.” Other highlights of her home are the large windows, which have been designed to maximise natural light – she says this helps to create a sense of space, complemented by the roomy balcony – and the quality of the interiors of the apartment. She also likes the flexibility offered by shared ownership. As a key worker, she has the stability of homeownership alongside the opportunity to increase her share as she sees fit, or to resell her property and buy another home through shared ownership. “This home gives me great flexibility to either staircase or sell my share based on the market – I could definitely see myself raising a family here. If I were to move homes, I think my next purchase would also be with shared ownership – I can’t recommend it enough. In London, the house prices are now very high – if I hadn’t bought with shared ownership, I would still be renting or living with my parents. It gives you a lifeline, especially for someone in their 20s or 30s.” One, two and three bedroom homes are currently available to buy through private sale. Prices for new homes start at £375,000 for a one bedroom, £494,995 for a two bedroom and £634,995 for a three bedroom apartment, with further apartments available with shared ownership from autumn 2024. Farhana Mallic, 27, a history teacher, was raised in east London and has spent her early 20s living there. Now teaching at a school in Barking and Dagenham, she knew she wanted to put down more permanent roots in this part of the city
S he considered Tower Hamlets, or further east towards Ilford, but in the end Farhana chose to make a home in one of London’s emerging communities and most up-and-coming areas – the Royal Docks. She bought her home at NHG Homes’ Royal Albert Wharf with shared ownership, which enabled her to get on to the property ladder in a more accessible way and purchase a three bedroom apartment with a deposit of £13,250. “I decided I was done losing my money on rent. I wanted to invest in a property and have a home I could make my own. Shared ownership really appealed to me because it meant I required a much smaller deposit than if I was buying privately. I’ve stuck to my roots as I grew up in east London, but the Royal Albert Wharf community has got a really modern and stylish twist to it.” By putting down roots at Royal Albert Wharf, Farhana not only found a new home but a new, thriving community to be a part of. There’s an abundance of local amenities on her doorstep, and just an eight-minute walk away is Gallions Reach DLR station,
connecting with the Elizabeth Line via Custom House, so she can reach the City within 30 minutes. “I do travel into central London but often I feel like I don’t really need to, because I’ve got so many things on my doorstep. If I am going into town then I’ll take the DLR as it has so many connections. I shop locally, including at Gallions Reach Shopping Park and also Beckton Triangle Retail Park, both of which are very close. “We have created a great community here and that’s really rare to find,” she adds. “We have our own residents group, which is great as you can get to know other people living here. When I have friends or family visit, there is so much to do on the doorstep and there’s a children’s playground being built at the moment as well, plus there is a gym planned. So I feel like the area is constantly evolving.” Farhana loves the waterfront location and family-friendly green spaces, but the design of her apartment was what appealed to her most. “I’m trying to get into my fitness these days, and living here has helped that
"SHARED OWNERSHIP REALLY APPEALED TO ME BECAUSE IT MEANT I REQUIRED A MUCH SMALLER DEPOSIT THAN IF I WAS BUYING PRIVATELY"
nhgsales.com
84 First Time Buyer June/July 2024
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