Deliberating when would finally be the right time to bite the bullet, earlier this year his landlord unexpectedly raised his rent by a staggering 40%. This substantial increase proved to be the catalyst he needed to initiate his search for a property to buy. He said, “I was paying £750 a month for a double room in a shared three bedroom apartment. Then in February the managing agent informed us that the landlord wanted to put the rent up to £1,050 for my room. I’ve been thinking about moving out of London and as this was a 40% hike in rent, I decided it was time to buy. I understand that landlords have faced rising costs, but 40% is an awful lot.”
Fact File
- Property: One bedroom apartment – £289,000
- Deposit: £40,000
- Monthly mortgage: £1,400 per month
- Service charge: Around £120 per month
Although he had some flexibility in terms of location, his ideal purchase would be within an hour’s commute of his workplace in Moorgate, where he is part of the broadcast events team for a large film and television company. However, his job requires him to frequently travel for work abroad, so great transport links and close proximity to Heathrow were also key.
To commence the research process, James turned to Google Maps. He identified a range of commutable areas extending as far as Reading to the west. Beginning with properties in Reading, he gradually worked his way back along the M4, exploring various towns until he reached Slough. It was at this juncture that his search presented him with the Berkeley development Horlicks Quarter, where he found a number of apartments that were within his budget.
“I was paying £750 a month for a double room in a shared three bedroom apartment. Then in February the managing agent informed us that the landlord wanted to put the rent up to £1,050 for my room”
Having considered a few older-style properties needing renovation, James was thrilled to discover what his budget would allow him to buy in this vibrant new community being created on the site of the former and iconic Horlicks Factory.
The Horlicks Factory has been the town’s most recognised and loved landmark for over a century. Today, this iconic building has been meticulously refurbished to create contemporary apartments taking inspiration from its industrial heritage. He explains, “I was astonished… I genuinely hadn’t expected to find something in the Horlicks Factory within my price range. I was first struck by the high-end kitchen and bathrooms being installed and the quality of the finish planned for each of the properties.
“But it was everything else that the Horlicks Quarter development offered that really appealed! The amenities available to residents are truly remarkable. My front door will open on to a floating walkway over the internal atrium gardens, with a glass elevator going up to an amazing roof terrace. I will also have access to a concierge, residents’ lounge, games room, cinema room as well as a gym and secure cycle storage. The real highlight for me though is the coworking space that will be a couple of floors up from my new apartment.
“Like many people, since the pandemic I’ve had the option to work remotely. While I am really looking forward to working in my new living room/dining room, it will be great to have access to a purpose-built, shared workspace being created in the original clocktower. I’ll be able to nip upstairs where I can have a change of scenery and interact with my new neighbours. The location is also perfect in terms of commuting into the office as the transport connections in Slough are great. The station is less than 10 minutes’ walk away, with trains into central London taking just 15 minutes, the Elizabeth Line taking me all the way to the city and Heathrow is only a short drive away.
He added, “I bought a one bedroom apartment for £289,000 and put down a £40,000 deposit. My mortgage will work out at £1,400 a month and my bills will be around £220. So while it is an overall increase, I am not paying someone else’s mortgage and I am happy to reduce the amount I save each month, as I was primarily saving to buy.”
One two and three bedroom apartments are available from £279,950.
For further information please visit: horlicksquarter.co.uk
James Frater has been stuck in the rental cycle for more than two decades. During this time, he has rented various properties in and around west London, including Putney, St Margarets, Richmond and most recently Twickenham, while trying to save for a deposit towards buying his first home.
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.
