Kevin Sims is the Sales & Marketing Director at SO Resi and has over 35 years of experience in the property industry. SO Resi is one of the country’s leading shared ownership specialists with the aim of making homeownership possible through affordable housing.
With such diverse experience in all things new build homes and now specializing in shared ownership, Kevin is on a journey to help as many people onto the property ladder as possible in 2024.
Q&A: Overcoming Housing Costs in London
Question: My partner and I (both 24) are finally looking to move out this year. We currently both live with parents in London but are looking to avoid renting due to the rising costs and are afraid that once we start renting, we may never be able to get out of it. We really want to stay in the city as this is where we have grown up and both have all our friends, family, and jobs here. Could you offer some advice on how we may be able to build a life here, despite the costs?
Answer: It is no secret that London has become a place where a range of buyers are being priced out – especially first time buyers. It does sound, however, as if you and your partner could benefit from shared ownership in London, and there are plenty of schemes available across the capital at different price points. The scheme will allow you to buy a percentage share which you’ll pay a mortgage on, with the remainder being paid on below-market rent, and then service charges too. A lot of people are looking to avoid the rental trap with rents rising the fastest in London, but would never be able to afford to buy on the open market. One of the biggest benefits of shared ownership is that deposits are often considerably lower than buying on the open market. This is because you put a deposit down on the share that you’re buying (for example 25%), rather than the value of the whole property. As an example, at our SO Resi Hendon Waterside development, a 5% deposit of a 25% share of a one-bedroom property could be as low as £4,129. If London is a place you aim to stay in the long term too, staircasing is a brilliant way to continue along the journey to full homeownership. It’s possible to buy shares at any time, but at SO Resi we offer the SO Resi Plus scheme, which was pioneered by us and has now been rolled out nationally. The SO Resi Plus scheme allows buyers to staircase at a gradual pace by purchasing an additional 1% share each year, which can be done at the touch of a button with no solicitors needed, making the ultimate goal of homeownership that little bit more achievable. Knowing this benefit is available to you throughout your journey should give you peace of mind, and a purchase of as little as 1% can make a world of difference in the long term!
Featured Property
SO Resi One Nine Elms, London
From £158,750, One Nine Elms offers 57 shared ownership homes in the heart of Wandsworth. This includes a range of one and two-bedroom apartments with prices starting from £158,750 for a 25% share. Located in London’s tallest residential building, all apartments provide sleek and stylish living, with open-plan main rooms and some homes with river views and private winter gardens. Internally, each property comes complete with integrated Bosch appliances and carefully considered living areas to maximize space. All residents will also have access to the panoramic viewpoint on the 58th floor of the building, which offers stunning views over central London and the River Thames.
The surrounding area also offers a host of fun things to do for a range of buyers, with excellent transport links too, including:
- The Grade II listed Battersea Power Station is a 10-minute walk away, boasting a range of shops and eateries.
- Green open space is also plentiful, with residents spoilt for choice with Vauxhall Pleasure Gardens, Pedlar’s Park, and Battersea Park.
- Sandwiched between two Zone One underground stations of Vauxhall and Nine Elms serving the Northern Line and the Victoria Line, commuters are truly spoilt for choice with options to get into the City of London.
- An excellent network of buses also serves the surrounding area, with a plethora of new cycle lanes and pedestrian footpaths for journeys on foot, including a new footbridge over the River Thames.
For more information, please visit: SO Resi website
