SINGLES ARE DOING IT FOR THEMSELVES!

Single

and hoping to get a foot on the

Property Ladder

In the survey of over 2,600 users on sharetobuy.com, 57% of respondents confirmed that they are looking to buy a property solo. Buying without the support of a partner, friend or family member bucks the UK trend; national statistics suggest that couples – both with and without dependent children – were the most common household type among homeowners in 2022, making up 59% of all mortgagors.

So why this significant difference? The upfront costs – 77% of respondents to the survey said they did not think they could currently afford to buy a property on the open market without the help of alternative homeownership schemes. Given that the average deposit for a single person on the open market is now £74,402, this is hardly a surprise. In stark contrast, the average deposit for a one bedroom London apartment on the Share to Buy portal is currently sitting at just £8,652.

In the current financial climate, this additional support is more important than ever for many prospective buyers – 71% of hopeful shared ownership buyers say the cost-of-living crisis has reduced the amount of money they are able to save for a deposit each month.

Nick Lieb, Head of Operations at Share to Buy, comments, “It’s no secret that this is a difficult time for those looking to buy a home, with interest rates skyrocketing, and the cost-of-living crisis impacting how much money people can realistically save each month.

“The results of our survey are clear –affordable homeownership options, such as shared ownership, are now completely critical, allowing thousands of first time buyers to purchase a property in a climate where they otherwise wouldn’t have been able to. It is unmistakable that demand is still strong – 60% of our surveyed users plan to buy in 2023, and with the help of shared ownership they aren’t as restricted by sky high deposits and ever-changing mortgage rates. The fact that the majority of hopeful shared ownership buyers are purchasing on their own is testament to how significant the support of this scheme really is.”

While the property market continues to face economic uncertainty, first time buyers remain unwavering in their goal of securing their own home. Taking increasing interest rates in their stride, they are undeterred and looking at how to overcome any financial obstacles faced. Since 76% of survey respondents confirmed they have not received any money from parents or family members to put towards their deposit, it is crucial that financial support is available from an outside source.

As a Government-backed scheme, shared ownership enables buyers to purchase a share in a home, paying a mortgage on the part they own and a subsided rent on the rest. As the buyer only needs a mortgage on the share that they are purchasing, the amount of money required for a deposit is often substantially lower when compared to buying a private sale home. This allows hopeful homeowners to take a step on to the property ladder at a much more realistic price.

If you’re planning on buying a property alone, do your research; make sure you know what support is available. Share to Buy is the UK’s leading independent website for first time buyers, and a great place to start. The site lists over 12,000 homes available through alternative housing schemes every year, as well as providing a wealth of independent information and how-to guides for budding buyers. Owning a property in 2023 may be more realistic than you realise, and even save you money each month, long term.

FOREST GATE Earlham Square

Two and three bedroom apartments are available on this established leafy road in Forest Gate. All homes offer Zanussi integrated fridgefreezer, dishwasher, hob and oven, as well as a freestanding washer-dryer. The development is designed to be people focused, with close attention paid to the quality of outside space as well as the interiors; all apartments have their own private balcony or terrace, and landscaped courtyards interlink the buildings. Earlham Square is conveniently located just minutes from a range of local amenities, including Forest Gate station –offering fast, frequent rail connections to the city and surrounding counties.

newhomes.gatewayhousing.org.uk/developments/earlham-square 020 3376 6455

NORWICH Broadland Fields

Legal & General Affordable Homes is offering newly built, energy-ef cient, two-storey three and four bedroom homes at Broadland Fields on the edge of Norwich. All homes include modern, open-plan living areas, full of natural light.

Kitchens are streamlined and well equipped, with integrated appliances and ample workspace. Finished to a high speci cation, every home also has space for a home of ce, and includes two parking bays and a garden.

landgah.com/scheme/broadland- elds 01603 385 340

HARROW Harrow and Wealdstone Heights

FROM £152,500* FROM £112,000* FROM £81,250* originhousingsales.co.uk/harrow-wealdstone-heights 0300 323 0325

Located in the heart of Harrow, Origin housing is offering a brand new collection of 81 contemporary one and two bedroom apartments. Every apartment at Harrow and Wealdstone Heights has access to a private balcony, with a further communal roof terrace offering a view of London’s skyline. Impressive eco-credentials for the development include a ground source heat pump and solar panels used to power communal lighting. A central public realm will accompany the new homes; residents will have access to landscaped green spaces including new play areas and mature planting. Perfect for commuters, the development is located just a few minutes’ walk from Harrow & Wealdstone station. Residents will bene t from easy connections into central London, with journeys to Euston taking just 12 minutes.

Sarah, 46, has recently purchased a 35% share of a two bedroom semi-detached house at The Arbour in Beaulieu, Chelmsford, through L&Q. After a turbulent period of renting privately in Chelmsford, with partner Darren and her 13-year-old son Harry, she is nally settled.

Sarah explains, “I’ve always privately rented, and I think once you’re on the ‘renting boat’ it’s really hard to get off it. I never thought I’d be able to afford to buy a house, so renting always felt like the only option. I used to look at friends my age who had their own place and felt like they were all sorted, and we weren’t in the same position.

“Unfortunately, over the years we’ve had a few landlords kick us out – either they were selling the place or wanted the property back for whatever reason. In every new place we lived in I was always expecting a call saying, ‘you need to leave’. It was really horrible and unsettling.”

Sarah had heard of shared ownership but assumed she wouldn’t qualify. In fact, she was so sceptical that it was actually her sister who phoned L&Q initially. She recalls, “It was like some sort of miracle unfolding. I kept thinking we wouldn’t be eligible, but we progressed through each stage of the application and all of our nancials were approved – I couldn’t believe it. At Easter, all three of us went to view the show home, and it was incredible. The property was brand new, the rooms were so large, and the location was perfect. We put an offer in straight away.”

The timelines were tight between the family’s rental contract ending and the house being ready to move in to but, Sarah says, the team at L&Q did absolutely everything they could to make sure the house was ready. It’s safe to say the family are happier now than they ever have been. “I cannot nd a fault,” says Sarah. “The house is so lovely, and the area is amazing. It feels incredibly safe here – there are loads of footpaths and cycle paths, so Harry can now cycle to school in the morning, and I’m not concerned about it at all.”

Most importantly, Sarah knows she will be at The Arbour long-term – no longer needing to move house every few years. She concludes, “The luxury of shared ownership is that no one can ask us to leave any more. I’ve been on the edge for years expecting that call, but now I nally feel settled knowing that this house is mine. I feel so much more positive these days.”

ABBEY WOOD Southmere

FROM £121,500* peabodysales.co.uk/developments/southmere

Southmere is one of the rst milestones in Peabody’s ambitious regeneration of Thamesmead, a project delivering over 500 homes as well a public square, a library, tness studio, cafe and other commercial and community spaces to follow.

Overlooking the iconic Southmere Lake, the development is conveniently located just a 10-minute walk from Abbey Wood station. Residents bene t from more than double the amount of green space per person than the London average and direct access to the podium garden.

020 3369 2170

Chelmsford

The Arbour

FROM £78,750* lqhomes.com/beaulieuarbour

L&Q is launching an exclusive collection of one and two bedroom shared ownership apartments at The Arbour, forming part of the award-winning Beaulieu neighbourhood.

The apartments have been designed to minimise energy consumption and are available in three different speci cations: Classic Contemporary, Timeless Warmth and Cool Style. Kitchens come with integrated appliances including an oven, hob, fridge-freezer, dishwasher and washing machine.

Nestled within the 176 acres of green public space that make up Beaulieu, The Arbour is ideally situated for those who enjoy exploring the outdoors. A seven-minute drive away is the bustling hub of Chelmsford with a vast array of cafes, restaurants and bars, plus a good selection of independent and high street shops including John Lewis.

A short walk away is Beaulieu Square, offering a number of essential shops and facilities on the doorstep, such as a day nursery, Sainsbury's Local and takeaway options.

The Arbour enjoy easy links by train, with Chelmsford station offering journeys of less than 30 minutes into central London. Beaulieu railway station is set to open in 2026, which will create further transport links across the east of England.

Wimbledon

The Switch

FROM £133,750* catalyst.homes/development/the-switch

The Switch is a collection of 181 one to three bedroom apartments, with a selection of two bedroom apartments remaining. All residents have access to communal podium gardens, and most also enjoy private outdoor space. Homes are built to a high speci cation with premium ttings and nishes throughout. With acres of green space to enjoy on the doorstep, including Wimbledon Park and Wandle Meadow Nature Park, and a 20-minute walk to Tooting Bec Food Market for an array of gourmet street food, the location is ideal for those keen to explore their local area.

020 8131 9746

020 3369 2170

NHS Business Manager Kanwal, 46, has just bought a 40% share of her one bedroom shared ownership home through L&Q. Having spent a decade renting in east London, she decided it was time to get on to the property ladder, but it wasn’t as easy as she had expected.

Kanwal explains, “When I rst began my search about a year ago, looking in places like Aldgate East and Hackney, I was dismayed to discover that most properties were out of reach on my single income, or really weren’t very nice! It was disheartening to think that, even after 10 years of renting and saving for a deposit, buying in London might not be a realistic goal for me.”

Kanwal, a baking blogger and founder of the website and Instagram page @incredible.kitchen, recalls, “All the properties I initially viewed did not t my criteria – mainly they were small, cookie cutter sized properties that were poorly laid out and felt very claustrophobic. I was desperate to nd somewhere with a large kitchen, where I would feel inspired while baking and creating blog content.”

Determined, Kanwal spent time researching all of her options. Using the Share to Buy property portal, she arranged viewings for several one bedroom homes across east London. It was L&Q at The Silk District that eventually captured Kanwal’s heart. She says, “I didn’t know Whitechapel particularly well, but the amenities on offer such as the on-site gym and cinema were too good to miss – it’s rare that you see anything like this with rst time buyer homes… The living space and bedrooms were the biggest I had seen, and the kitchen was modern and stylish and even came with integrated appliances – it really ticked all my boxes. L&Q had really thought of the people who would live there, rather than just delivering a collection of buildings.”

She continues, “As a keen baker and cook, having a gorgeous kitchen/dining space has been a dream for hosting dinner parties. Plus, the development is right in the middle of Whitechapel, close to the market where I can source ingredients and less than a 10-minute walk to the station, meaning I’m well-connected to the rest of London. I already feel very settled in my new home. The development is perfect for me – having access to green space has changed the way I live my life and I feel very safe – what more could you ask for? I love this place!”

SOUTHALL, EALING

Union Walk at the Green Quarter latimerhomes.com/new-build-homes/london/ ealing/union-walk-at-the-green-quarter 0300 100 0309

One and two bedroom apartments are ready at this exciting new community with a school, retail and leisure hub, restaurants, cinema and parks. Homes are nished to an excellent standard, with exible open-plan living areas and stylish kitchens complete with a range of integrated appliances. Many homes also bene t from private balconies. Outdoor leisure spaces include an amphitheatre, play areas, and tness trails. The development, along the Grand Union Canal, will feature tree-lined avenues, 2,500 freshly planted trees and living green roofs to enhance the biodiversity of the area, located just a ve-minute walk from Southall station.

Whetstone

SO Resi Whetstone soresi.co.uk

Sitting on the tree-lined Oakleigh Road North in Whetstone, this new development of one and two bedroom apartments from SO Resi is built around an attractive landscaped central courtyard. There are balconies or terraces to each apartment giving a spacious feel and plenty of places to unwind outside. A short stroll will take you to High Road, with its cafe culture, shops and foodie pubs, while the tube station is conveniently positioned just a mile away.

020 8607 0550

*Based on

CASE STUDY

WELWYN GARDEN CITY SO Resi Welwyn Garden City

This selection of one and two bedroom apartments available to purchase with shared ownership forms part of an impressive development created around the landmark Shredded Wheat factory. These light and airy homes are perfect for anyone who loves the vibrancy of modern life surrounded by lots of green spaces. From Welwyn Garden City it takes just a 29-minute train journey to London King’s Cross. All apartments will bene t from a balcony or terrace to enjoy the local scenery.

soresi.co.uk

020 8607 0550

FROM £71,875* *Based on a 25% share of the full market value of £287,500

Enfield

Trent Park

Trent Park is a unique development in the north London triangle of Oakwood, Cockfosters, and Hadley Wood. The Kendrick and The Chase Collections available at Trent Park, through Legal & General Affordable Homes, offer a selection of one and two bedroom apartments with generously sized rooms, nished to a high speci cation. These homes are full of natural light, and have been carefully designed to complement the semi-rural setting. It’s hard to believe you’re just a 15-minute drive away from the M25. For commuters, it’s a 26-minute tube journey to King’s Cross from Oakwood station. landgah.com/scheme/trent-park

020 4579 8490

“I discovered that the cost of renting had increased dramatically,” Emma recalls. “Finding a new home had not been on our agenda and my family and I were stuck between not wanting to leave our close community, but being nancially unable to continue renting in the area.”

Having initially assumed the shared ownership scheme was for homebuyers in their 20s or 30s, Emma was delighted to discover that they met the requirements for it after all, and the family have managed to stay in the community they love.

A self-confessed “new build convert”, Emma admits, “I was previously sceptical of new builds but with a little persuasion from Paul I agreed to view one and my mind was instantly changed. I was so impressed with Oak Point that we decided to buy a two bedroom semi-detached house off-plan.”

Their positive experience didn’t end there. Emma enthuses, “When it came to completion day, my expectations were exceeded and we’ve been over the moon since we moved in here in January. Although we didn’t want to move house at rst, our new home is so impressive and I can see that what started out as a stressful situation actually happened for a reason. The modern features of our house are fantastic and I love all the high-tech appliances. We would never have these luxuries if we were still renting. This home is working so well with my family’s day-to-day lifestyle and we’re happier than ever.”

Emma is also loving the views. “I can look out of my window and revel in the remarkable views of the South Downs,” she says. “There is so much sky when I look up and they’ve recently planted daffodil bulbs which are already adding beautiful splashes of yellow to the gardens here. I also like to take the short walk down some steps to a local farm shop and during the day I sit in the garden surrounded by nature and I can hear the donkeys, sheep and horses roaming in their nearby eld.”