Londoners get onto the local ladder with shared ownership
Ash Honooman, his wife Lakshmi, and daughters Pari and Mahi had been living in a rented flat in Edmonton, North London.
Londoners get onto the local ladder with shared ownership
Ash Honooman, his wife Lakshmi, and daughtersPari and Mahi had been living in a rented flat in Edmonton, North London. The family were desperate to get onto the housing ladder, but believed they’d need to leave the capital and the neighbourhood they love – as well as the girls’ schools - to be able to afford their first home.
In 2023, Ash discovered Meridian One, a development by Countryside Homes and Enfield Council where Sage Homes is managinga number ofone, two and three-bedroom apartments available through shared ownership.With the help of the sales team who guided Ash through the process of purchasing a shared ownership property, the family’s application was successful, and they purchased a 30% share of a two-bedroom apartment off-plan with a £15,000 deposit (full market value £420,000). Their monthly costs include a rent of £930 and a mortgage payment of £516, inclusive of the service charge.
Ash says:” We’revery happy with our new home. We were so confident that it was the right move for us that we reserved our apartment before it was even built! When we received the keys and moved in May this year, we were amazed at how closely our home matched the show apartment we’d viewed.”
Ash works as acivil servant in King’s Cross and his wife an administrator based in Edmonton. Finding a home within the community of which they were already a part meant their commute remained convenient and affordable. Ash travels from Meridian Water station, just two minutes’ walk away, while Lakshmican walk to work in just 20 minutes.
He continues: “By far the best thing about being able to buy a home in the neighbourhood where we already lived is that we haven’t had to uproot our daughters from their schools. We didn’t want to move out of the capital, but when we were looking originally, we were finding it very hard to find anything suitable nearby. We now have the long-term security of owning a home without having to leave our community, and with both our daughters at a crucial time in their school life, this has been a real benefit for them.”
Meridian One, when complete will deliver over 2,300 sq m of leisure, retail and community spaces, including a resident’s gym, skills academy, primary school, skate park, playground and community garden – all amenities are available for use by shared ownership residents, providing further value to their investment in their new home.
“One of the reasons we decided to go ahead was because we knew there were new facilities coming. It is great that we can have access to so much, right on the doorstep, and a fantastic benefit of buying with Sage Homes.
"We didn’t want to move out of the capital"
“We were one of the first people in the shared ownership apartments, so we’vewatched as more people have started to move in and the community has grown. We’ve started to meet some of our neighbours, we’ve seen more people who were already living in the area finding a home here, even one of my colleagues has moved into this building.”
Shared ownership enables buyers to purchase a share of a home, typically between 25% and 75%. This method requires a much lower deposit compared to the full market price, making it more accessible for many families. Buyers only need to take out a mortgage for their share (making the purchase more affordable) and they pay a monthly rent for the portion they do not own.
Meridian One offers a selection of modern one, two and three-bedroom apartments starting from just £87,000 for a 25% share. The development is part of a wide-reaching regeneration across north London, which will on completion deliver 10,000 new homes to London.
Enfield Councilsaid: “Ash’s story is testament to this Council’s pledge to bring genuinely affordable homes to local people through mixed tenures, in a neighbourhood with leisure and retail facilities, employment and community spaces. I am thrilled that Ash’s family have been able to stay in London and have made Meridian Water their home.
"Enfield Council is at the forefront of major infrastructure and house building schemes in our borough. We will continue to deliver with our partners good quality, affordable homes for our residents. As a local authority we are working hard to tackle housing shortages and we will increase the supply of affordable homes in areas where people need them the most.”
