22 July 2024

They say that a problem shared is a problem halved.  This rings true when it comes to getting on the property ladder, especially in London, as raising a deposit and affording monthly mortgage payments on a home is often made easier with two incomes. 

But what if you want to, or need to, buy a home alone?  Many people in the capital are looking to buy their first home as a single person and searching for a route to do so, but this can be a challenge.

 

In a survey of 500 renters, conducted by NHG Homes in partnership with Opinium, just under half of respondents said they were looking to purchase a home on their own in the coming years. 

Of those who were planning to buy a home with another person, a third said it was because they couldn’t afford to buy on their own and a quarter said they didn’t think it would be possible to buy alone.

Our research also found that one in two women looking to buy a home in London think access to savings is one of their biggest challenges to getting on the property ladder, perhaps due to the significantly lower deposits available to them. 

The research found that, on average, men looking to get onto the property ladder have access to £27,545 for a home deposit while for women this number drops over 25% to £20,025.  Between single men and women in London, the deposit gap is greater still, standing at over £11,500.

 

How can buying alone in London be made more accessible?

Shared Ownership – the scheme where you part buy and part rent a home – offers singletons in the city a more affordable route onto the property ladder. 

With the scheme, buyers purchase a share of a home (as little as 25 per cent) meaning the deposit put down, and monthly mortgage payments, are lower.  They can also purchase more shares in the home over time, when they are able to.  Often, the deposits required can be as low as four figures – much lower than what is needed when buying on the open market.

Find out more about Shared Ownership.

Many of our buyers at NHG Homes are women who buy with Shared Ownership as a way to get onto the property ladder.  In a sample of 312 people who bought a home with the scheme with us between April 2021 and November 2023, two-thirds were single.

One of our buyers, Farhana, bought a home on her own at Royal Albert Wharf with a deposit of just £13,250 – read her case study here.

I would still be renting or living with my parents if it wasn’t for Shared Ownership
Farhana Royal Albert Wharf Resident

Find a home of your own

At NHG Homes we have developments across London, from east to west, where single first-time buyers can get onto the property ladder and bring their independent home ownership dreams to life.

In the Royal Borough of Greenwich, buyers can balance affordability with modern living at Kidbrooke Square, with spacious open-plan homes that are perfect for hosting friends and family as well as private outdoor space for a quiet morning coffee or relaxing at the weekend in the sun.  

Getting into and around the city is made easy with convenient transport links including trains from Kidbrooke Station which provide access to London Bridge in just 16 minutes.

1 bedroom apartment at Kidbrooke Square

1 bedroom apartment at Kidbrooke Square

1 bedroom apartment at Kidbrooke Square

1 bedroom apartment at Kidbrooke Square

1 bedroom apartment at Kidbrooke Square

Views from Kidbrooke Square's Skyline Collection

Exterior CGI of Kidbrooke Square

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Residents at Kidbrooke Square will never feel lonely in the development that is set around a new village square – with a café and shop planned for the future – and already part of the wider, flourishing community.  One bedroom homes at the development start from £92,500 for a 25% share, and buyers can purchase with just a 5% deposit or a 10% deposit.  Two-bedroom homes are also available, starting from £111,875 for a 25% share. 

For buyers who’s property hunt takes them further south, Aspect Croydon offers first-time buyers a combination of quality, style, and affordability in this up-and-coming south London neighbourhood.  Across the development, all one, two and three-bedroom apartments are available to purchase with Shared Ownership and the development’s unique Skyline Collection offers buyers a taste of luxury with rooftop apartments.

With an increasing number of people choosing to start their home ownership journey in Croydon, new residents at Aspect Croydon will join a vibrant and thriving community, which is well connected to some of London’s hidden gems.  For those who enjoy time outdoors on a morning dog-walk or weekend run, there is ample green space within close reach at leafy Wandle Park, Lloyd Park and Coombe Wood.

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

2 bedroom apartment at Aspect Croydon

Exterior CGI of Aspect Croydon

Exterior CGI of Aspect Croydon

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Here, homes start from £87,500 for a one-bedroom, £108,750 for a two-bedroom and £127,500 for a three-bedroom apartment, each with a 25% share.

Aspect Croydon and Kidbrooke Square are among a variety of NHG Homes developments that has homes available to purchase with deposits of less than £10,000.  

With an array of Shared Ownership properties available in first-time buyer hotspots across the capital; NHG Homes is helping single people achieve their dreams of getting on the property ladder in London.

With a more affordable route to home ownership, singletons can escape the trap of ever-rising rents and enjoy the freedom of putting down roots in the city alone.

Greenwich

Kidbrooke Square

Croydon

Aspect Croydon

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