The average first time buyer age is 33, and the average new buyer’s deposit is a whopping £61,090, placing homeownership out of reach for many first time buyers. But for nurse Danielle Tcheugoue, now 22, sheer determination and a solid commitment to saving meant she was able to buy her first home at just 21 years old. Using Shared Ownership to get a foot on the property ladder, Danielle bought a stylish one bedroom apartment at Highcross in the heart of West Croydon – a development by Latimer, part of Clarion Housing Group
Keen on getting on to the property ladder soon after leaving university, paediatric nurse Danielle decided Shared Ownership was the best route to owning a home in a London postcode.
She explains,“I began saving when I was 18. I lived with my parents while at university, then continued to do so once I started working full time. I worked part-time while studying too, saving the majority of my pay cheque each month so that I could build up a deposit. When I got my first job after university in nursing, I was still living at home and paying a small amount of rent to my parents, meaning I put away around £1,000 every month. Those extra few years living at home meant that I was able to buy my own home when I was 21.”
Combatting London’s notoriously high prices, Danielle chose to buy in Croydon – London’s most affordable borough, according to Zoopla. She purchased an initial 40% share of her home, paying £19,000 for her 10% deposit.
She comments, “London’s property prices are seriously expensive, and although I did originally want to buy 100% of a home, it just wasn’t feasible for my budget. Buying with Shared Ownership meant I could get my foot in the door to homeownership. It means I’ve got equity building up in my home, ready for whenever I decide to sell in future. Shared Ownership also means I have the option to staircase my way towards full ownership, if I choose to do so.”
Danielle spent a month searching for suitable properties online, looking at different ways she could put her budget to good use. While many of the older homes she saw needed major work doing, Highcross offered brand new apartments with outstanding access to West Croydon station and the local area. The ability to move into a high-quality home that didn’t need any work done was a significant attraction, as was the location, which meant she could easily reach her work at Great Ormond Street hospital and her family in Streatham.
Of all the properties Danielle viewed online, Highcross was the only one that she felt warranted an in-person viewing. She said, “I kept coming back to Highcross when I was searching for properties online. I considered other new builds, but they were either too far out of London or just not to my taste. Highcross had the ideal blend of location, convenience and style.”
Danielle’s seventh floor apartment provides extensive views of the hustle and bustle of London, including lovely sunset scenes over the city skyline. The home comes with a winter garden – an enclosed outdoor space that she can use year-round, with large windows that flood the apartment with light. She is now enjoying settling into her home and being part of the flourishing new Highcross community.
Homes at Highcross are available through Latimer with Shared Ownership, priced from £86,875 for a 25% share of a one bedroom apartment (with a full market value of £347,500).
For more information, please visit latimerhomes.com
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
