Success Stories: Omolola
Peabody Case Study: First time buyer staircases to full ownership in just three years
Omolola Antonia was eager to become a homeowner. Tirelessly saving while she rented her London property, the Accountant was struggling to save enough for a property she both loved and could afford. Omolola soon discovered Shared Ownership, and realised she could buy a percentage share of the property and then staircase at a later date. Staircasing is the process where the buyer purchases further shares of the property, enabling the buyer to own a greater proportion of their home. This also reduces the amount of rent payable to the housing association, which in Omolola’s case was Peabody.
In 2016, Omolola purchased a 75 per cent share of a one-bedroom property at Peabody’s development Heron Court in Thamesmead. Now, she is the proud owner of the property, after staircasing to full ownership in just three years.
‘I had been renting for a while and I really wanted to have a home I called my own. When I found out about Shared Ownership I was so relieved I was eligible for it.’ She says.‘I had decided to plan purchasing a share and then slowly increase to full ownership at a comfortable pace.’
It didn’t take Omolola long to find her dream home, thanks to online property portals. She explains: ‘I went onto a website called Share to Buy and it listed areas and developments. It didn’t take me long to find a property I liked as I knew exactly the type of home I wanted. Once I found Heron Court, I knew this was the one. From the quality of the new build to the layout and modern design, I could see myself living there.’
Omolola was willing to consider various areas in her property search, however upon discovering Heron Court, she was impressed with what the local area had to offer, saying: ‘I love the canal and the greenery surrounding the development – from the parks to the walkways, the area is just peaceful.’
Additionally, Omolola was particularly impressed with the community feel surrounding Heron Court. She continues: ‘It has a great community buzz and everyone is really friendly and welcoming. There are only 18 flats, which really appealed to me, so we’re very much a small community of neighbours that are all friends.’
Omolola was thrilled to find that she could staircase up to 100 per cent quicker than anticipated. With increasing her share always her goal, she was delighted when this dream became a reality. She comments: ‘When I decided that I wanted to increase my share the Peabody sales team were absolutely fantastic and patient with me. They guided me through the process and everything I needed to do – everyone I dealt with was extremely supportive.’
All properties are currently sold out at Heron Court; however, Peabody has a range of Shared Ownership properties available for purchase across London including The Reach in which is also located in Thamesmead.