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How Shared Ownership by NHG Homes is helping single people onto the property ladder
London is the unquestionably the most expensive city in the UK to buy a home in. It’s no surprise that raising a deposit and affording monthly mortgage payments is made easier with two incomes, but for many, buying with a partner isn’t a possibility.
NHG Homes, part of housing association Notting Hill Genesis, partnered with Opinium to survey 500 renters across London looking to get on the property ladder.
Of those surveyed, just under a half said they were hoping to purchase a home on their own in the coming years, while a third of those planning to buy with another person said it was because they couldn’t afford to buy solo. A quarter said they didn’t think it would be possible to buy alone at all.
The research also found that single women in the capital are disproportionately affected by the affordability crisis, with the deposit gap between single men and women standing at over £11,500.
So what options are there for single first time buyers who can’t afford a deposit on the open market, and how can they stop the door slamming shut on their homeownership dream?
Shared Ownership as a solution
For many singletons in London, Shared Ownership offers a more affordable route onto the property ladder. With the scheme, buyers purchase a share of a home (as little as 25%) and pay a subsidised rent on the rest, meaning the deposit put down and monthly mortgage payments are lower.
In a sample of 312 people who bought a Shared Ownership home with NHG Homes between April 2021 and November 2023, two-thirds were single.
Austin Winton purchased a 25% share of a two bedroom Shared Ownership apartment at NHG Homes’ The Perfume Factory in North Acton.
Like many Londoners, Austin had found the challenge of saving the amount needed for a deposit in the capital impossible, moving from renting in Clapham back into his family home to help save money before purchasing with NHG Homes.
Reflecting on his experience, Austin commented: “I would recommend Shared Ownership to anyone looking to buy – it’s virtually impossible to get somewhere in London without it! It’s helped me get my foot on the property ladder and given me the independence I was looking for.”
Choose a home in the capital
NHG Homes has over 40 years’ of experience providing high-quality new homes and creating sustainable communities, with developments from east to west and north to south London where buyers can bring their homeownership dreams to life.
In West London, buyers can balance affordability with modern living at The Perfume Factory, located in one of the capital’s largest and most exciting urban regeneration areas.
Residents benefit from excellent transport links into the rest of the capital, with North Acton Station just a two minute walk away. The development is part of a thriving, residential-led community surrounded by leafy green space, and with a variety of local restaurants, cafes and shops on the doorstep.
Prices start from £108,750 for a one bedroom apartment, based on purchasing the minimum share of 25%, available with just a 5% deposit.
For buyers looking further east, Kidbrooke Square offers contemporary, spacious, open-plan homes with private outdoor space and sleek interiors. Convenient transport links from next-door Kidbrooke Station mean London Bridge is accessible in just 16 minutes.
Set around a new village square, residents are also part of the wider, vibrant Kidbrooke community, enjoying everything from cosy local pubs and farmers’ markets to flourishing green spaces and award-winning parks.
One bedroom homes at Kidbrooke Square start from £93,125 and two bedroom homes from £116,250, both available with a 25% share.
Join NHG Homes at the London Homes Show 2024 to find out more about available developments, buying with Shared Ownership, and how you can start your journey onto the property ladder now.
For further information, visit nhghomes.com or speak to the sales team on 0203 733 3571
Attend the London Home Show
Tickets for the London Home Show are free, but visitors must register in advance to attend. For more information, or to reserve your place at the capital’s no.1 first time buyer event, please visit the Eventbrite page.
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership via our article index.