Trapped in the familiar renter’s nightmare and having dismissed the possibility of being able to afford to buy in London, Peter Cumming (32) was delighted to find he could buy a two-bedroom apartment in desirable Islington in Zone 1 of the London travel network, thanks to shared ownership.

Shared ownership enables buyers to purchase a share of the property (25% to 75%) and pay a reduced rent on the remainder. Residents have the opportunity to buy more shares – a process known as staircasing – at a later stage, until they own 100 per cent of their home.

“Living in London it’s pretty hard to get on the property ladder so when my friend told me about The Fable Apartments at The Lexicon, I assumed I wouldn’t be able to afford it. However thanks to shared ownership I realised it was achievable,” Peter says.

Peter purchased 25% of a two-bedroom apartment at The Lexicon – a stunning, 36-storey tower designed by world-renowned architects Skidmore Owings & Merrill (SOM) – paying just £181,250 (full market value £725,000), with a 10% deposit of £18,125.

The move made perfect financial sense. Thanks to shared ownership and the rent Peter receives from his lodger, his monthly outgoings are now less than the monthly rent payments he made at his previous home – a three-bedroom apartment he shared with friends in Clapham.

“Shared ownership has given me stability and I now have a home I can call my own!” says Peter.

“I’m really impressed with the modern layout and I love the way the apartment has been designed with an open-plan kitchen and living area. To top it off I have a south facing balcony, which acts as a sun trap with a lovely view looking out toward Angel.” Peter adds.

Originally from Leeds, Peter travelled the world for two years’ post-university, before moving to London for work. As a Quality Analyst, Peter helps produce video analysis software for international sports teams, such as Manchester United, the All Blacks and the Australian rugby team.  

“The location of my new home is great for travelling around London and further afield as the transport links are excellent,” he said.