When Matthew Taylor moved back in with his mum to save up in order to buy a house, he did not imagine that he’d be able to get a deposit together in just eight months. Research by agents Hamptons International suggests it could take up to 10 years for a first-time buyer to save for a deposit, but thanks to shared ownership with Radian Homes – part of the Abri Group – 27-year-old Matthew managed to purchase his first home at Daedalus Village earlier this year. .
Matthew explains: “I was renting a flat by myself, but quickly realised how much of a waste of money it felt. I moved home and put the money saved on renting aside, as well as picking up some extra shifts at work, which allowed me to save enough for a deposit in less than a year. Researching my affordability options, I discovered shared ownership, and when I saw the billboards for Daedalus Village advertising homes available through the scheme, I was excited. The location is great: 25 minutes from Southampton Airport where I work, but so quiet and peaceful next to the Solent. I couldn’t ask for more.”
“The process of buying through Abri was really straightforward,” Matthew says. “It took a couple of months, but I was happy to be patient as it meant I was able to get on the ladder by myself. My mortgage is around £250, and my rent is less than £400, so my outgoings here are less than I was saving, which is great.”
Speaking about his new home, Matthew says: “My one-bedroom house is ideal for me living alone. My previous rental property was unfurnished, so when I moved here I had all my furniture to bring with me, and that certainly helped to make it feel more like mine. I love my home and having my own space, so I’d definitely be keen to staircase and buy a bigger share in my property eventually.”
Shared ownership is an affordable home ownership scheme designed to help people get onto or up the property ladder. It does this by offering purchasers the opportunity to buy a share of a home, while paying a subsidised rent on the remaining share - this makes buying a home more achievable as purchasers only have to save for a deposit on the share bought (rather than the full market value).
All the homes at Daedalus Village are now reserved.
For more information on Abri’s homes developments and resales properties across the south and south east, visit www.abri.co.uk or call 0800 145 6663.