From Gen Z to Baby Boomers, shared ownership can be the affordable option that opens the door to your own space – even in the face of sky-high property prices.
To mark Shared Ownership Week, Metro chats to people from across the generations who have sought an alternative way onto the property ladder.
Gen Z: ‘Without shared ownership I’d still be renting or living with my parents’
History teacher Farhana Mallick was 25 when she bought her three-bedroom shared ownership flat at NHG Homes’ Royal Albert Wharf development in Royal Docks.
Farhana grew up in east London and works at a school in Barking & Dagenham, so wanted a permanent base on that side of the city.
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‘I was done losing my money on rent,’ she says. ‘I wanted to invest in a property and have a home I could make my own. Shared ownership really appealed to me because it meant that I required a much smaller deposit than if I was buying privately.’
She paid £132,500 for a 25% share in her apartment, which had a full market price of £530,000, and her 10% deposit equated to £13,250. Her combined mortgage, rent and service charge come to just under £1,400 per month.
Having lived in her flat since 2021, Farhana has grown to love the neighbourhood and is looking ahead to the future.
‘This home gives me great flexibility either to staircase [buy a bigger share in her home] or sell my share based on the market – I could definitely see myself raising a family here,’ she says.
‘With shared ownership making my home more affordable, I’ve got a spare bedroom and a great community on my doorstep.’
‘If I was to move I think my next purchase would also be with shared ownership – I can’t recommend it enough. Without it I would still be renting or living with my parents. It gives you a lifeline.’
One and two-bedroom apartments at Royal Albert Wharf are priced from 33,000 for a 10% share of £330,000. nhghomes.com.
Millennial: ‘I’ve been able to buy a place I love. It’s a powerful feeling’
When make-up artist and skincare consultant Kasey Shaw was looking for a new home, his priorities were a peaceful location with fast transport connections.
He found the right balance at Places For People’s Greenwood Gardens in Lower Herne Village, about a mile from Herne Bay on the Kent coast.
Kasey, who’s 40, had owned a flat in Hastings, East Sussex. After selling it and temporarily moving back in with his parents, he discovered shared ownership through a friend.
It was a turning point, giving him the freedom to own a home in an area he loves, without overstretching himself financially.
He bought a 26% share in a two-bedroom house with a full market value of £330,000, putting down a 5% deposit. His monthly mortgage is £480, and with rent, service charge and bills, the total comes to £1,060.
‘The process was so much quicker and easier than I expected,’ says Kasey. ‘I viewed the house last December and moved in by February.
‘Since then, I’ve loved making the space my own. It’s light, spacious and just feels right.’
Every room reflects Kasey’s playful, nostalgic style. The living room has a 1950s Malibu vibe, with bold pops of colour and tributes to Miss Piggy, Dolly Parton and The Golden Girls.
There’s an underwater-themed bathroom, a 1970s-inspired bedroom and a colourdrenched kitchen with a framed photo of Princess Diana and a neon sign.
‘I finally have a place where I can grow and create a home that reflects who I am,’ says Kasey. ‘The location is ideal for my work and my wellbeing.
‘The station is just a 15-minute walk and a bus stop is right outside my front door. It’s so easy to get into London, but when I come home, I can just switch off.
‘Shared ownership has changed my life. It meant I could buy a place I love and call it mine. It’s a powerful feeling.’
One and two-bedroom flats at Greenwood Gardens are from £54,375 for a 25% share of £217,500. Two, three and four-bedroom houses start from £83,750 for 25% of £335,000. placesforpeople.co.uk
Gen X: ‘I thought I’d never buy in London…but I was wrong’
First-time buyer Daniela Ballerino, 45, was desperate for a place of her own but feared she’d have to leave London to afford one.
Then she realised shared ownership could get her on to the ladder. In August last year she moved into a one-bedroom flat at Square Roots Hendon in north London after reserving it off-plan a few months earlier.
Daniela, who works in sales operations, left Italy ten years ago to move to London and lived in shared rental accommodation.
She was more than ready to live alone, but London’s property prices made that feel like an impossibility. On visiting Square Roots Hendon for the first time, she knew she’d found what she was looking for.
‘I’d thought that buying a home in London would be totally unaffordable, even having saved a £20,000 deposit,’ she says.
‘But with a mortgage payment of £440 per month and rent of £650 on the remaining share, shared ownership is affordable for me as a solo buyer.
‘It means so much to me to have my own space and not have to share any more. I have the freedom to invite my family to come and visit whenever I choose. And I love that I finally have somewhere to call home.’
Studio, one and two-bedroom flats at Square Roots Hendon are priced from £73,125 for 25% of £292,500. squareroots.co.uk
Baby Boomer: ‘I thought renting was my only option. Now I have my independence back’
For Karen Belcher, 62, a senior customer liaison adviser in the care sector, shared ownership offered a much-needed route back to independence after separating from her partner.
‘I’d been told by a couple of banks that I couldn’t get a mortgage at my age, so felt a bit deflated thinking that renting was my only option,’ she says.
‘Then I found out I was eligible for shared ownership. It changed everything.’
Having previously owned a three-bedroom shared ownership house in Reading, Karen was already familiar with the scheme. She found just what she was looking for in L&Q at Bankside Gardens in the Berkshire town.
She bought a 25% share of a two-bedroom flat, moving in last month. ‘I put down a lump sum using money from the sale of my previous shared ownership home,’ she says.
‘Owning a portion of my home gives me stability and independence without the pressure of paying off a full mortgage in retirement. It’s a good investment for me. I’ve got my own space in a lovely neighbourhood and that’s what counts.’
One and two-bedroom flats at L&Q at Bankside Gardens start from £69,375 for a 25% share of £277,500. lqhomes.com
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