Step up: Pedro in his kitchen at the Eastside Quarter development
(Picture: Handout)Originally from Portugal, Pedro Embalo, 28, rented on the open market in London after graduating. After landing a job as a team manager at Tesco, he decided to put down roots in the capital.
“I really wanted to get on to the property ladder here as I love the city,” says Pedro. “However, with such high property prices, it’s really difficult as a first-time buyer to build up a large enough deposit or secure a big enough mortgage.”
As a single buyer he only had his own savings and income, giving him an £8,000 deposit when the average first-time deposit on the open market was £58,986 last year, according to Halifax.
“I found looking at properties online really demotivating,” he says. “But when I saw an advert for shared ownership, I realised there was an alternative way to buy my dream home.”
Pedro visited L&Q’s Eastside Quarter development in Bexley, south-east London in November 2020 and, within two weeks, had reserved a home for £70,000, buying a 25 per cent share of a one-bedroom apartment worth £280,000.
He moved in during April last year – and he loves his new home. “It’s enormous compared to what I was renting before,” he says. “I have a huge balcony that’s perfect for sunny days. And small touches like the built-in wardrobe in the bedroom make a big difference.
“I really like the area, too. There’s lots of green space in the town, and all the amenities I could need are only a short walk away.”
Pedro is aware the part-ownership, part-rental scheme was the only way for him to get on the property ladder. “If it were not for shared ownership, I would still be renting a cramped, low-quality studio flat on a busy east London road. Instead, I’ve become a homeowner in a spacious, light-filled apartment, and it has made a huge difference to my quality of life.”
All homes are reserved at Eastside Quarter, but L&Q has properties for sale at nearby Kidbrooke Village, with prices starting from £96,250 for a 25 per cent share of a one-bedroom apartment worth £385,000.
The London home show
For first-time buyers considering the shared ownership route, visit the London Home Show this Saturday at the QEII Centre in Westminster, where you can talk to more than 60 of the housing industry’s biggest names including L&Q, Peabody and SO Resi, attend a first-time buyer workshop or get advice in an Ask the Expert Q&A session. You’ll get the lowdown on everything from securing a mortgage to what the buying process is really like
