Matthew stepped onto the property ladder sooner with Shared Ownership
When Matthew Taylor moved back in with his mum to save in order to buy a house, he did not imagine that he’d be able to get a deposit together in just eight months. Recent 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, 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 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 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. I bought off-plan, which allowed me to choose certain fixtures and fittings, so I still feel like I’ve put my stamp on the place – and means I don’t need to decorate further as a result. 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 eventually.”