A young couple have realised their dream of buying their first home together at Spring Acres, after spotting the opportunity at a nearby development from Hyde New Homes.
Tom and Emily, both aged 23, are among the first new residents at Spring Acres in Bapchild. The couple are thrilled with their new home, having identified the possibility of becoming homeowners through shared ownership.
They explained: “We came across one of Hyde New Homes’ developments a couple of years ago called Blossom Grove, not far away in Teynham. It was a lovely development and we realised it could be affordable for us with the use of shared ownership, but the timing wasn’t quite right. Because of the pandemic, we had the opportunity to save some money and when we saw that Spring Acres was coming to the region, we knew it would a good move for us!”
Tom, an estate agent in nearby Maidstone, and Emily who is training to be a schoolteacher in Sittingbourne, decided they wanted to invest in their own home rather than put their money into a rental property where they wouldn’t see a return.
Upon leaving university, where the couple met, they initially moved in with Tom’s parents in Stratford-upon-Avon. The duo then moved in with Emily’s parents, who live close to Bapchild, and were able to start saving towards their dream home. Tom continued: “Because of the pandemic and while we were living with parents, we were able to save enough money to put down as a deposit.”
The couple chose a two-bedroom ‘Burdock’ style house, securing a 40% share for £126,000, with a deposit of £12,600. With shared ownership, the deposit and mortgage amount are based on the share value, and a subsidised rent is paid to Hyde on the unsold equity share.
The couple plan to ‘staircase’ to buy more shares in their home and eventually own it outright. In the meantime, they are enjoying decorating it to their own taste, putting their own stamp on their home and are also getting to know their new neighbours.
“Everyone is really friendly,” said Emily, “we know some people who have moved into the development too, so we’ll be organising a get together soon!”
As for their new surroundings: “Emily knows the area well having grown up here,” said Tom, “but we always find new things to do. Access into London is great for day trips and Bluewater isn’t far away for shopping.”
Their sales consultant, Ann McGarry helped to make the process as easy as possible. Tom explained: “Ann was very knowledgeable as she’s local to the area and the process went really smoothly. As I’m an estate agent I would have qualified for a discount from our solicitor, but we decided to use one recommended by Hyde. They were very knowledgeable about shared ownership – they understood the process and were able to offer advice as and when we needed it.”
Minnie Dando, Head of Marketing and Communications at Hyde New Homes said: “Shared ownership is a great way for first time buyers like Tom and Emily to take that first step on the property ladder and avoid being caught in a renting trap. The couple can decorate their house as they wish, really making it their own home, and will also become part of a friendly community.”
More shared ownership homes will be available at Spring Acres in the new year, prices are soon to be released. Interested buyers should register their interest at hydenewhomes.co.uk/spring-acres, or call 0808 156 7770.