Louise, a management accountant, was struggling to get her foot on the property ladder until she discovered Shared Ownership. After saving for a deposit with her boyfriend, the two unfortunately parted ways and she found her savings alone were not enough for a deposit and Louise didn’t want to rent as she knew that high prices in the local area would drain her savings.
After a few weeks staying with friends, she attended the First Time Buyer Show, where she found Plumlife and heard about a local development called The Acorns.
Louise said: “I couldn’t believe it. I have always lived and worked in Trafford and the development was fantastic – such a peaceful, pretty place to live… and within my budget!
It was everything I was looking for – affordable, the perfect size, economical, safe and close to friends and family. Plus, everyone who visits comments on the area – I feel very lucky.”
With help from the government through a Help To Buy ISA, Louise put down a deposit: “The ISA was great as it really boosted my savings and helped towards solicitors fees, which can be a major cost, particularly as a young first time buyer. Within four months of reserving, the apartment was mine.”
Louise was shocked by the affordability of the apartment, paying just over £400 per month: “I don’t think you could get anything else in this area, rented or purchased, for such a reasonable monthly cost. It’s a great option for someone like me who is buying alone for the first time. Because Plumlife is part of a housing association, I felt safe knowing they wouldn’t sell or rent anything for anything other than a reasonable cost. The flexibility Shared Ownership offers is perfect if you are unable to afford a property outright.
“Plumlife literally changed my life. I could have ended up renting for years and losing my savings, as there was nothing else in the area I could afford on my own, despite how hard I’d worked for a deposit. I now have a beautiful home in a peaceful area where the sun shines through my windows all day. I have to pinch myself from time to time and thank my lucky stars for being lucky enough to own my own home as a single person.”