There aren’t many Londoners who can afford to buy their own flat in their 20s, but Mercedes Ola has managed it with good old-fashioned saving.
The 23-year-old first time buyer moved into her three-bedroom apartment at Trinity Walk in Woolwich in October after two years of saving for a deposit.
Whilst the average age for buying a flat is 32, Mercedes is proof that through saving and spending less it is possible to buy your own new stylish home in an up and coming part of south east London.
Mercedes, who has a career in finance on the foreign exchange markets, has been living in the capital for two years.
Mercedes explained: “I wanted to be able to buy a place that could be my home for quite a long time. The apartment at Trinity Walk has flexible space and gives me a home that I wouldn’t outgrow too quickly. Finding a location where I would be able to walk and
explore in my spare time and somewhere I would enjoy living was important. Woolwich and Greenwich, with all the history and riverside walks, ticked a lot of boxes.”
Mercedes bought the 1,000 square feet three-bedroom apartment for £540,000. With two balconies, one of which leads directly from the master bedroom, she’s not short of outside space.
Mercedes said: “Lovell Homes really design their living space very well. Features like the light and airy open hall way and having lots of generous storage are what buyers are looking for. Having three bedrooms also gives me a separate office so I have the option to work from home during lockdown, as well as having a spare second bedroom.”
Before moving into Trinity Walk, Mercedes rented in Elephant & Castle on a discounted scheme that meant she was able to save more towards her deposit for her first home purchase.
Mercedes explained: “The discount scheme really helped and I did have to make sacrifices to save my deposit. I lived really frugally during that period. I knew it would all be worthwhile in the end when I moved into my own home.”
The timing of Mercedes’ purchase also enabled her to save around £10,000 in Stamp Duty tax, taking advantage of the ‘holiday’ which runs until the end of March 2021. She was also able to use the London Help to Buy scheme.
Lovell Homes’ collection of 445 contemporary new build one, two and three bedroom residences at Trinity Walk have appealed to first time buyers and young professionals because of they have been built to maximise space and light as well as being finished with a high specification to ensure high levels of comfort, security and quality.
Lea Hudson, sales manager at Lovell Homes, said: “Property hunters have been taking advantage of one of the best times to buy an apartment in London we’ve ever seen with low interest rates and the stamp duty holiday. We have seen the majority of first-time buyers take up the London Help to Buy scheme which allows them to secure a mortgage of only 55 per cent of the value of the property, with only a five per cent deposit.”
Address: Trinity Walk, Sandy Hill Lane, Woolwich, SE18 6PA
Prices start from £355,000 for a one bedroom apartment
For more information and booking an appointment please call 020 8854 0590