Yesterday morning I sat in on a round table discussion about affordable housing at the soon to open Thurston Point apartments in Lewisham. I was joined by a few other “media type” folks and some reps from L&Q London Housing Association. One of the UK’s leading housing associations and one of London’s largest residential developers, L&Q owns or manages more than 70,000 homes in London and the South East. Key to the talk was the topic of shared ownership.
At the L&Q hosted table with me were Rebecca Thomson of Greenwich Mums; Lindsay Keith aka Ophelia Bottom of Refinery TV; Mariette Immaculate of UK lifestyle and fashion blog, catface.me. To follow the highlights (the most tweet-able ones anyway) from our chinwag, have a look at the #LQSOWeek2015 hashtag on Twitter. We all came to the discussion with different perspectives and experiences: a couple of home owners (me, Lindsay) feeling relieved to be on the London property ladder but nonetheless overwhelmed and amazed by the housing market; a mother (Rebecca)with a husband and small children renting but aiming to buy soon; a young single Londoner (Mariette) worried whether she’ll ever get a chance to buy a place of her own in the city where she grew up – no matter how much she saves or how successful she becomes.
Feeling priced out of #LondonProperty? Join us to discuss with @tikichris & @greenwichmums #LQSOWeek2015 #SOWeek2015 pic.twitter.com/nFLB2z3CPg — PricedIn with L&Q (@LQPricedIn) September 28, 2015
For my part, I found the opportunity to chat about shared ownership to be enlightening. Although I didn’t go the shared ownership route a few years back when I bought my first place in London with my partner, my experience has been that just getting a toehold on that fabled property ladder was a smart financial move (if not the smartest I’ve ever made). Thinking about how much the cost of a one-bed flat and the average deposit have become leaves me wondering if I could even be able to own property in London today if I hadn’t had bought already.
Shared ownership seems like a good option to (at the very least) consider if you’re want on the ladder, but don’t have the average £70,000 to cough up for a deposit. It’s not too far fetched to secure quarter ownership with a down payment of £5,000 or maybe slightly less. From that you can buy more ownership, keep the situation as is or sell out and move on.
And in addition to owning a little bit of something tangible, shared ownership also affords you the security of a more fixed and stable monthly budget and no fear of a landlord shoving you out after a year’s lease. If I wasn’t already in my happy home, I certainly would be looking into shared ownership.
Shared ownership is a good option to consider when trying to get on the property ladder without a massive deposit. #LQSOWeek2015
— Chris Osburn (@tikichris) September 29, 2015
Is shared ownership ideal or the perfect solution for anyone’s housing needs? No. But neither is the London housing market ideal, and everybody’s got a different story when it comes to making a living and finding a home. Obviously, loads of research needs to go into any search for housing – no matter what you’re situation is or your hopes may be. But don’t gloss over anything you come across related to shared ownership, it might turn out to be just right for you or someone you know.
For more about shared ownership go to lqpricedin.co.uk and sharetobuy.com.
