HOW SHARED OWNERSHIP WORKED FOR ME

‘It’s cheaper than renting’

Prior to the pandemic, 30-year-old Lloyd Ellis hadn’t really thought about buying a place of his own, as he preferred to spend his spare time and money on travelling the world.

Everything changed when the country went into lockdown in March last year, and Lloyd was forced to remain in his London flatshare with very little personal space. With no social life outside his four walls and unable to go on holiday, he had the opportunity to start saving seriously and began looking into purchasing his first home.

A top priority for Lloyd, a civil servant at HM Revenue & Customs, was finding a location convenient for his office, which will shortly be moving to Stratford in east London ‘Anything over 30 minutes is a long commute for me,’ he explains.

‘I also wanted to live somewhere peaceful and private, and with high ceilings as I’m 6ft 2in. I began my house hunt online in August and honestly didn’t think I would find a home in London that met all those requirements. Peabody’s Greenway At Beckton Parkside really stood out because it wasn’t surrounded by high-rise buildings.’

At the in-person viewing, Lloyd was impressed by the quality of the build, the outdoor space and quiet E6 location. He used shared ownership to buy a 40 per cent stake in a one-bedroom top-floor flat, moving in last November.

‘My view is fantastic. I look out over two-storey houses and in the distance I can see the park – it really is lovely,’ he says. ‘And when I eventually go back into the office, my commute via electric bike on the Cycle Superhighway will be very quick. Shared ownership has enabled me to stay in London and be close to my friends, while still allowing me to invest in my future.

‘I plan on staircasing eventually, but for now I am happy with the share I have purchased. The great thing is, I will still be able to travel as buying through shared ownership has worked out cheaper than renting a one-bedroom home. I will have to cut back on the number of holidays I take but it is worth it to finally have my own place.’

WHERE LLOYD BOUGHT

Greenway At Beckton Parkside is adjacent to Beckton Park, a mile from Royal Albert Docklands Light Railway station and has direct access to Cycle Superhighway CS3. Only a handful of two and three-bedroom shared

ownership flats are left, featuring crisp, contemporary kitchens and bathrooms, fitted mirrored wardrobes in main bedrooms, and use of a concierge service, gym, podium gardens and a roof terrace. Two-bed homes start from £112,500 for a 30 per cent share of full market value £375,000, with three-beds from £127,500 for 25 per cent of £425,000,