Shared Ownership: Myles' Journey to His First Home
Thinking about Shared Ownership but not sure what the journey is really like? We spoke to Myles, who's a proud shared owner of his first home at Wharf Twenty One in Shoreham-by-Sea, about his experience – from saving for a deposit, thinking Shared Ownership wasn’t right for him and then reconsidering it, to finally getting the keys to a place to call his own.
What made you decide it was the right time to move?
After a relationship breakdown, Myles moved back in with his mum with one goal: to give his savings a final push towards a deposit.
“Whilst my mother is an angel, losing my independence again after a long time renting was not an easy adjustment,” he says.
Once he'd saved enough deposit to enter the housing market alone, and with house prices showing little sign of going down, Myles felt it was time to make his move. But he still felt like full ownership (of something that didn’t need “loads of work” ) was out of reach.
Why did you choose Shared Ownership?
Shared Ownership wasn't initially part of the plan for Myles. In fact he admits “steering away” from it after reading some stories online.
However after exploring his options on the housing market and researching the newer Shared Ownership model, he changed his perspective, releasing a lot of the issues of the past had now been addressed.
"After exploring the (quite awful) housing market, my choices were to relinquish my whole deposit on a property that needed ample work done, and have no money left to do so, or reconsider my options, so I began looking at Shared Ownership again.”
What made you choose your particular home?
Even then, Wharf Twenty One wasn't the obvious choice.
Myles already loved Shoreham-by-Sea, having lived in different places between Worthing and Brighton, but parking was a must-have. He initially ruled the development out before booking a viewing while looking at other properties in Brighton.
“To my surprise there were limited parking spaces available, and a specific two bed two bath flat that I immediately loved” he says.
The flat gave him the space, parking and location he wanted, while being noticeably cheaper than the Brighton and Hove alternatives he'd considered.
“The mixture of sea, river and pedestrianised centre makes it feel a lot more quaint than Brighton or Hove, while making them very accessible still.”
Was there a moment when you knew, "This is my home"?
Myles had narrowed his options down using the development's floorplans before getting the chance to see his chosen flat.
One stood out as a “hidden gem”, offering the view and internal space he was looking for. Upon viewing it for the first time, he was pretty much sold and reserved it.
Despite some building delays, that we know can happen, on the buying journey impacting his experience, his feelings about the home itself haven't changed: “Now I'm here, I thoroughly love it.”
How has having yout own home changed your day-to-day life?
For Myles, one of the biggest changes has simply been getting his independence back.
Having a “blank canvas” has allowed him to create an environment that feels like his own. And because his friends are scattered across the UK and further afield, having enough space for people to stay has been particularly important.
His favourite moments are refreshingly simple: enjoying the sea and river view, taking on home-improvement projects and having long-distance friends over.
What would you say to someone considering Shared Ownership?
Research, research, research.
Myles recommends looking into how the newer Shared Ownership model works, while being equally aware of the responsibilities and potential drawbacks for some people.
“As long as you know your rights and expectations, I believe Shared Ownership is likely to be a majority positive experience for most now.”
As for what's next? Myles plans to stay in Shoreham-by-Sea for the foreseeable future, both to remain close to family and because he genuinely loves the area.
Myles' experience shows that buying a home isn't always a perfectly straightforward journey. But for him, Shared Ownership provided a route to a home, location and independence that worked for what he wanted.
If you're considering your own next step, Southern Housing New Homes has Shared Ownership homes available across London and the South East.
Explore Shared Ownership with Southern and discover whether it could work for you.