Austin Winton purchased a 25% share of a two bedroom apartment at NHG Homes’ The Perfume Factory in North Acton with Shared Ownership – a scheme which offers first time buyers a more accessible route on to the property ladder
Fact File
Property: Two bedroom apartment
Full market value: £500,000
Share: 25% for £125,000
Deposit: £25,000
Monthly costs: £1,500 (£750 rent; £250 service charge; mortgage £500)
Like many Londoners, Austin, 26, an analyst at a media agency, had been looking to get on the property ladder but found the challenge of saving the amount needed for a house deposit in the capital impossible. He was previously renting in Clapham before he decided to move back to his family home in Ealing to help reduce his monthly outgoings and save money.
While living back in west London and speaking with friends in the area, he started looking at North Acton as a potential location to buy a home and discovered The Perfume Factory, which piqued his interest as a place he could put down roots.
After speaking to the NHG Homes sales team about the homes, local area and benefits of buying with Shared Ownership, Austin’s decision was made. “When I was in Clapham, I was stuck in the trap of paying sky-high rents every month and not being able to put any money aside to buy, so I decided to move back in with my dad to build up some savings. He’s where I get a lot of my advice from about buying in London and the financial decisions that go with this. After speaking with him about The Perfume Factory and Shared Ownership as a way to buy, he agreed it was a wise investment decision and gifted me the amount needed for a deposit, allowing me to make that first step on to the property ladder. I wouldn’t have been able to do this without him.”
Using Shared Ownership, first time buyers can get on to the property ladder in popular, sought-after parts of London with smaller deposits. For parents looking to help their children start their journeys, this scheme provides a more accessible and manageable route with the amount needed for a deposit being significantly less than what’s required on the open market.
“When I was in Clapham, I was stuck in the trap of paying sky-high rents every month and not being able to put any money aside to buy, so I decided to move back in with my dad to build up some savings”
Situated two minutes from North Acton station with access to the Central Line and less than a 15-minute walk away from the Elizabeth Line at Acton Main Line station, residents at The Perfume Factory are well connected to the heart of the capital.
“The transport links here are pretty amazing. I work in Blackfriars and can be in the office less than 45 minutes from leaving my front door. It’s great being able to live slightly further out of London without having to compromise on convenience.”
For those looking to stay closer to home, the area surrounding The Perfume Factory and wider west London offers a vibrant community filled with many shops, restaurants and other amenities.
“What I was really pleasantly surprised by was how much of a young area it is. The place is buzzing and lively and there’s a real energy with something always going on somewhere. Although I could be in central London in under 20 minutes, it’s great to not have to go into the city because there’s enough for me to do here. It means I can have a really nice work-life balance and make the most of the evenings and weekends close to home.”
Since moving in to his apartment, Austin has enjoyed making the space his own and doesn’t see himself moving anywhere else in the near future.
“The quality of the property is great. It’s so light and bright with big windows and it’s amazing to have my own private outdoor area. Plus the space is really good for hosting – I love getting my friends together to see the flat and introduce them to my new area.”
Homes at the Perfume Factory offer sleek interiors complete with underfloor heating and digital programmable room controls; fitted modular kitchens with integrated Bosch appliances including a fridge-freezer, dishwasher and washer-dryer; and a TV with digital, Freeview, SkyQ and broadband-enabled points.
“I would recommend Shared Ownership to anyone looking to buy – it’s virtually impossible to get somewhere in London without it unless you have the huge deposit needed! It’s helped me get my foot on the property ladder and given me the independence I was looking for.”
For further information on Shared Ownership and homes available with NHG Homes, visit nhghomes.com or speak to the sales team on 020 3733 3571
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.
