Jen Anson is the Head of Sales at Pocket Living, a London-based affordable housing developer that sells discounted homes to first time buyers. She has been with the company for 10 years and is passionate about helping aspiring homeowners get on to the property ladder. She loves attending the welcome events that take place whenever residents move into a new development – their energy and excitement to meet their new neighbours, who are also first time buyers, is unbeatable!
I’m keen to get on the property ladder, but I’m nervous about whether it’s a good time to buy – how do I know when the time is right? Will changes in interest rates affect me, and will the service charge go up? I understand that there are different schemes available to help first time buyers, but will I be able to sell the home when I’m ready to move on?
There’s no doubt that deciding whether to buy a home is one of the biggest decisions you’ll ever make.
I often start by discussing affordability. Many people don’t realise that owning can be cheaper than renting. The average one bedroom rental property in London costs £1,620 every month, but at Sheepcote Road HA1 in Harrow, with a 15% deposit, monthly mortgage payments could be as low as £1,106.¹
Plus, with each monthly mortgage repayment, you build more equity in your home. That means your money is going towards your security and future, rather than a landlord’s pocket. And if property prices rise, you’ll benefit from the increase in value, especially if you downsize at a later stage.
Now, in terms of timing – of course this is different for everyone. But some things to bear in mind are:
- Whether you are comfortable with the monthly mortgage costs on your current income (if you fix your mortgage rate then that cost will not change for the period of the fixed term – usually two or five years, but sometimes longer)
- Whether you’re happy to settle down in one place for a few years
- How much you will spend on rent if you keep waiting.
And perhaps a question to ask yourself is, if not now, then when? If you can afford the monthly mortgage payments and fix these for a set term (perhaps five years), you’ll have certainty over your costs for that whole period.
Service charges depend on building upkeep and typically rise in line with inflation. In Pocket buildings, residents form a Residents’ Management Company, giving them more say in how their building is run.
Finally, let’s talk about the different schemes available to help first time buyers. Of course, I’ll start with Pocket – we sell 100% ownership homes that are at least 20% discounted to market value. We’re a private developer, and we’re only available in London. Buyers have to meet our eligibility criteria, which generally means they are middle-earning first time buyers who live or work in London.
In contrast, First Homes offers 100% ownership homes that are at least 30% discounted to market value. They are a Government scheme that has very limited availability in London. Buyers have to meet the eligibility criteria, which generally means they are middle-earning first time buyers or key workers.
Then, there’s Shared Ownership, where you’ll own a share of a property and rent the remainder. It’s also a Government scheme, and you can generally buy additional shares in the property (this is called staircasing). When selling a Pocket home, you’ll need to find a buyer who meets the eligibility criteria – this keeps pricing accessible for the next first time buyer, while sellers still benefit from any market uplift. A more affordable home should have wider appeal, and our Resale Team can guide you through the process.
I know this is a lot to take in, but our team has been guiding first time buyers for over two decades. Get in touch or visit our website for our comprehensive First Time Buyer Guide.
1 Rental figures from trustforlondon.org.uk. Mortgage figures based on a purchase price of £262,000 and a 30-year mortgage term. Mortgage costs correct as of 16 April 2026 and are subject to change. Mortgage costs and terms are subject to full assessment and individual circumstances. Service charges also apply
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.
