Spiralling rents and monthly bills have put the squeeze on all first-time buyers, reducing their disposable income and ability to save a deposit. None have been hit harder than carers, who often rely on Universal Credit while being stuck in expensive rented homes unsuitable for their family’s needs.
Shared ownership is proving to be a lifeline for Anthony and Iryna Milner, who gave up teaching jobs to become full-time carers for their eight-year-old daughter, born with a rare genetic condition.
They also have two sons, aged ten and 14, and, as a Universal Credit household, had all but given up hope of affording a home of their own.
‘We moved back to the UK from Vietnam in 2014 and when we returned it was like the property market had been turned on its head in terms of affordability,’ says Anthony.
‘We had lots of issues with our rental property and there was the problem of not being able to save on the side while shelling out extortionate costs to the landlord.
‘Eventually we were served a no-fault section 21 notice, and through the help of friends and family we were able to get back on our feet and start looking to take a step onto the property ladder.’
Having discovered that shares of ten per cent were available on homes at SO Resi Cambourne in Cambridgeshire, they bought a spacious three-bedroom semi-detached house and moved in July last year.
‘After almost a decade of being treated poorly by the rental system, it was a dream come true to have a place to call our own at SO Resi Cambourne,’says Anthony. ‘It wasn’t an easy choice to end my career as a teacher to care for our daughter, but the right one.
‘When we were in rented accommodation it was particularly challenging because the space never really felt ours. Now we have a much better home with well-planned living spaces, mostly due to the option of purchasing with a ten per cent share.
‘It has allowed for a family of our size to buy a substantial space we can call our own. Our daughter feels much more relaxed and it’s a positive environment for her. She has her own room, which gives her independence.’
Anthony says the aim is to save the extra money on what they’d have spent on rent to buy more shares.
‘Shared ownership has honestly changed our lives and we are set to be here for a very long time,’ he says.
Anthony and Iryna paid £39,000 for a ten per cent share of their house (full market value £390,000) at SO Resi Cambourne, nine miles from Cambridge. The development is sold out but more homes are coming soon, find out more about SO Resi developments here.
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