A shared ownership case study: Damian

  • Name: Damian Williams
  • Address: The City Mills
  • Age: 41
  • Occupation: Head of Academic Services at CASS Business School, City University
  • Purchased: 1 bedroom flat on top floor with balcony
  • Full Market Value: £495,000 (share purchased 35% – £170,000)
  • Deposit: £26,000
  • Approx monthly costs: £1,400

 Getting on the ladder in East London…

Damian had been renting in Dalston for six years but was keen to find somewhere permanent to settle down. Eager to stay in east London, he started looking at properties for sale nearby, but just couldn’t save enough for a deposit.

He says: “I was working out the numbers one day and figured out I’d have to save for fifty years to afford a deposit for the homes I was looking at! I almost gave up looking – I thought I’d be renting forever.”

Damian, Head of Academic Services at CASS Business School, has just bought a 35% share of a top floor, one bedroom flat with a balcony at The City Mills, Haggerston. He explains:

 “I knew a bit about Shared Ownership beforehand, but all the properties I’d seen in the past were tiny and really far out of London, so I thought it wasn’t for me.”

 “When I came across The City Mills, I was really impressed. I went for a viewing and put my name down immediately. There were only two flats left, but I luckily managed to secure my top floor flat. The sales process was extremely smooth, and unbelievably, there was only six weeks between viewing the flat for the first time and moving in!”

 “My standard of living has gone through the roof!

 He continues: “L&Q were brilliant through every aspect of the process. The financial eligibility questions could have been quite confusing, but L&Q were extremely helpful throughout. The sales team were also extremely accommodating; they let me pop into the flat a few times and measure up for furniture and they gave me a fantastic induction when I first moved in, showing me where the boiler is and teaching me about the central heating. It was such a nice welcome to my new home”.

 When asked if there were any problems throughout the process, Damian replied: “The only hiccup was trying to find someone to fill my old flat in such a short space of time!”

 Now that he’s settled in, Damian explains what he loves so much about his new home:

 “My standard of living has gone through the roof! My apartment is incredibly light and airy. It feels so spacious, and has an enormous balcony overlooking Haggerston.”

 “The City Mills is in a fantastic location; I’m right next to the canal, so I can walk to work that way, which I love, or I can just hop on a train at Haggerston or Dalston. I’m close to Broadway Market and plenty of parks and fields, which is where I love to spend my weekends, and I can get to Shoreditch in 5 minutes. It couldn’t be better really.”

 Looking towards the future, Damian plans to stay firmly planted at The City Mills. He concludes: “I am definitely staying put. I’d love to staircase to 100% actually, maybe in a couple of years. This is my home now, and it would be such a great feeling to own it fully!”