“Shared Ownership helped me buy my first home at 34 – otherwise I’d still be saving for years.”
Kingsley, an IT engineer based in Brighton, has taken his first step onto the property ladder with a brand-new riverfront apartment in Shoreham-by-Sea at Kingston Wharf.
“I’ve been living with my dad and saving hard. I put money into a Lifetime ISA and was able to build up a deposit. However, buying a home outright down here just isn’t realistic unless you’re earning a lot more than I am right now. As a result, Shared Ownership has made this possible, particularly as the deposit amount for a full market value apartment would have been much higher.”
With Shared Ownership, buyers purchase an initial share of a property and pay a subsidised rent on the part they don’t yet own. This means you can step onto the property ladder with a smaller deposit. In addition, you can buy more shares through a process called staircasing, right up to full ownership.
Kingsley opted to start with a 25% share in a one-bedroom apartment at Kingston Wharf, putting down a £10,000 deposit. Location was also a key factor for Kingsley, as he was keen to stay close to both his father in Worthing and his partner Georgia’s family, who live in Hove.
After looking at other developments, they found that many lacked parking for one-bedroom apartments. In comparison, they also didn’t offer the same feel as Kingston Wharf.
Kingsley adds: “As soon as we visited Kingston Wharf, it just clicked. The Hyde team took the time to walk us through how Shared Ownership works and explained how they would support us throughout the process. Because of this, we immediately felt like we were in safe hands.”
“Features like solar panels, high-quality flooring and integrated appliances, which were all included, also made a big difference. As a result, it felt like we were getting real value for money – not just a home, but a smart investment in our future. We’re really excited to finally have our own space. Overall, it feels like the right step for both of us.”
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