Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

This week, we’re in Battersea visiting 33-year-old Elliot Gleghorn, who bought a two-bedroom flat in Nine Elms.

Prior to moving into his new home, Elliot rented nearby and was able to save through the London Living Rent (LLR) scheme.

Funded by the Mayor of London, the policy enables tenants to boost their savings by paying a reduced rate for their rented homes, eventually giving them the opportunity to buy their rental property – or a different home – through shared ownership.

Now, Elliot lives right next to the vibrant Battersea Power Station with its shops and restuarants, and even has the Nine Elms Sainsbury’s Superstore (so beloved it’s gained a niche online fan club) right on his doorstep.

Here’s what Elliot had to say about his property journey…

Tell us about yourself!

I’m a 33-year-old chartered surveyor and I’m originally from Hertfordshire. I moved to London mainly for work, but it’s always been somewhere I wanted to live and own a property. I believe that shared ownership was the only way I could achieve this.

Whereabouts is your property? What do you think of the area?

I’ve been lucky enough to purchase a brand-new apartment close to my previous London Living Rent apartment in Nine Elms, and my monthly payments are actually lower now with shared ownership than they were renting.

How did you save up for your deposit?

I previously lived in an apartment rented out by housing association and developer L&Q Homes, who offer tenants the option to take part in the London Living Rent scheme. There, I was paying £1,540 per month, of which £350 was allocated towards a deposit.

It allowed me to live in a great location, in a high-quality home, while saving up each month. It gave me the lifestyle I wanted, but still left room for my long-term goal of homeownership. Without it, I would’ve likely had to flat share, which wouldn’t have been ideal.

It gave me the independence and flexibility I needed to start saving for a home of my own. I started looking after two years of saving through London Living Rent. Paired with some inheritance, I was able to use my savings to secure a two-bedroom apartment just down the road.

When did you move in?

October 2024.

How much does your property cost?

The full market value is £820,000. I own 25% through shared ownership, which equates to £205,000.

How much was your deposit?

£110,000.

What is the monthly cost of living here now; both mortgage and bills?

Around £1,500 per month (including mortgage, shared ownership rent, service charge and bills).

What was the process of getting a mortgage like for you? Did you find any parts challenging?

Very straightforward, but I would highlight that the key is working with an experienced mortgage advisor who has good knowledge of how affordable and shared ownership products work, and has good relationships with the high street banks.

This makes it much more efficient to find and secure the best rate, and most appropriate lender for your circumstances.

Can you share details on your mortgage (rate/term)?

I’m on a three-year fixed no-fee purchase. I was given a loan of £95,000 for a duration of 40 years.

What made you want to buy rather than rent?

Recent large rent hikes and increases in the cost of living have made renting in London very difficult.

I concluded that if I wanted to continue to enjoy working and living in London, a shared ownership purchase was the only viable option that allowed me to build equity in my own property. Renting through London Living Rent helped me to save.

How did you find this property? What made you choose it?

I did my research – I looked into the available shared ownership schemes in Wandsworth (the London borough I worked in). I also registered on the affordable housing government website to receive updates from relevant housing associations.

I chose this development as it is one of the tallest and most impressive newbuild developments in London, with views over the River Thames. It’s a modern high-quality build, has great amenities, and fantastic transport links nearby.

How have you made the property feel like home? What’s the inspiration for your interior decor style?

Fortunately, I moved from a self-furnished one-bedroom flat nearby, so I was already very familiar with the area and it was quite straightforward to move everything over to the new apartment, which made the transition really easy.

Do you feel like you have enough space?

I have a two-bedroom flat as a single occupant, which means I can utilise the second bedroom as an office, and implement good storage solutions to make the place feel much less cluttered.

Storage space is normally a problem in apartments, particularly in London, so with the benefit of the second bedroom, the property feels surprisingly spacious.  

Do you have plans to change the property?

Nothing other than a few more minor decorations.

Are there any problems with the property that you have to deal with?

There have been some snagging issues to do with the heating system, but this was all dealt with by the developers and is to be expected with new build properties.

What do you want people to know about buying a home?

Please do your research, get good advice from experienced property experts and only make the big commitment to purchase a shared ownership property, once you have understood the costs and benefits, because like everything in life, there are always both!

What are your plans for the future, in terms of housing? Do you plan to stay here long-term?

In the long term, my preference is to staircase and build my equity in the property.

My aim is to be in the property for a minimum of three years before considering my next steps. For the moment it suits all my requirements perfectly.

Shall we take a look around?

Do you have a story to share?

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.