Sisters are doing it for themselves through Shared Ownership at Icon

Sisters Josephine and Baaba Oppong-Bimpeh have beaten London’s steep property prices and now have a place of their own at Icon in Burnt Oak, with only 10% of the average London first-time buyer deposit. Buying through Shared Ownership with SNG (Sovereign Network Group) meant the sisters were able to get onto the property ladder with a deposit of just £15,000, compared to a London first time buyer average of £144,500. They were also able to make a saving compared to the average three-bedroom property price in Barnet, which stands at £649,500, picking up a brand-new, three-bed apartment with views of Wembley Stadium and parkland with a full market value of £605,000.

Josephine explains: “We purchased a 25% share of a ninth-floor apartment at Icon for £151,000, meaning we needed just £15,000 for our deposit. Buying through Shared Ownership provided a route onto the property ladder for us. The apartment is lovely and the location is superb. Plus, the views are excellent – we can see all the way down Burnt Oak Broadway, as well as Wembley Stadium, Harrow on the Hill and surrounding parkland.”

Josephine, an HR professional who works in central London, now shares the cost of owning the apartment with her sister. Their monthly outgoings are around £2,000, split between a mortgage payment of £700, rent of £1,040 for the remaining 75% share of the apartment and a service charge of £280. The experience has been a hugely positive one – so much so that Josephine has now become a keen advocate for Shared Ownership.

“There are a lot of myths around Shared Ownership,” she explains, “But going through the process has busted so many of them for us. Some people think that paying rent on the remaining share of your home is a losing situation, for example, but actually you’re growing equity in the share you own at the same time. It means you own your own home, while in the rental sector you’re paying someone else’s mortgage instead. And if your plans change, it’s simple to sell your home. People shouldn’t be afraid to explore Shared Ownership as a way to buy.”

Josephine and pharmacy manager Baaba are both in their twenties and were previously living with their parents in nearby Hendon. While they weren’t in a huge rush to move out, they were conscious that both of their careers were starting to skyrocket, so it made sense to get onto the property ladder while they had the time and energy to do so. Both sisters had taken a ‘little and often’ approach to saving their deposit since graduating, with Josephine also investing in index funds to grow her money.

The sisters had viewed another couple of properties in the local area. They were already familiar with Burnt Oak, regularly visiting the area for shopping while living in the family home in central Hendon, when they came across Icon on the Share to Buy website. The decision to buy at Icon ultimately came down to two factors, as Josephine explains: “Proximity to the nearest station was a key factor for us. We know the local area really well, so when some agents said ‘just a short walk to the station’ we knew that wasn’t the case. At Icon, we are really close to both Burnt Oak Station and the shops. I work in Central London, so the commute is easy. Plus having the shops, Bang Bang food hall and Watling Street market on hand is great for day-to-day essentials. There will be a Sainsbury’s downstairs too, which will be incredibly handy to have. Icon also had the lowest service charge of all the properties we looked at.”

Icon also benefits from plentiful greenspace, with a large park behind the development and a lovely communal garden on the first floor. The greenery and waterways of Silk Stream Park are also just five minutes’ walk away.
Icon provides Shared Ownership apartments with one to three bedrooms.

Josephine and Baaba were originally looking to buy a two-bedroom apartment, but realised they could afford a three-bedroom home instead. Now, Baaba has the larger bedroom and bathroom, while Josephine has the second bedroom and uses the third bedroom as a home office. It provides a lovely space for her to work from home two days per week, as well as to run the Amammere Collective, a community for culture enthusiasts focusing on Black media. The apartment also has a large kitchen and a lovely outside terrace.

Josephine and Baaba moved into their apartment in May 2024, having completed at the end of April. They took the move slowly, largely due to delivery delays with their newly ordered mattresses. The sisters were keen to choose new furnishings for their home, rather than bringing too much from the family home.

“Furniture is definitely something to budget for when you buy your first home,” recalls Josephine. “I suggest adding about 20-25% on top of your furniture budget, as it ends up costing more than you might imagine! It’s a lovely feeling though, choosing things for your home. There’s a lot of lost hope in the property market right now, but Shared Ownership shows that it is possible to buy your own home and own an asset. Although at times it still doesn’t feel real that we’ve achieved that.”

The sisters have the option to ‘staircase’ in the future, gradually buying additional shares in the property until they own it outright. However, there is no fixed timescale to do so.

“Being able to staircase at our own pace means it can be a long-term goal, rather than a short-term pressure,” comments Josephine. “We want to enjoy life for a bit and get used to our new home before going back to saving again. We’ll decide what to do about staircasing in a few years; there’s no rush.”

Josephine is now extolling the virtues of Shared Ownership to friends who are keen to buy. She explains: “The rental market is insane right now and Shared Ownership is such a good opportunity for people to get onto the property ladder. Icon is a great choice. It has a good location, feels secure and the setting is so scenic. Plus the customer service is excellent – we were very comfortable buying off plan here and they helped us with everything, even setting up our household bills when we moved in. They recommended an efficient mortgage broker and solicitor too, making it very easy for us. SNG did all the heavy lifting in process terms.”

Josephine and Baaba are making the most of their new home, spreading their housewarming festivities across three separate gatherings: one for each set of their friends and then a joint event for family. Josephine plans to paint one for the walls a bright colour in future, but for now is still getting used to the space, focusing on decorative touches such as getting colourful prints on walls.
“There’s so much to love about our new home,” concludes Josephine. “It’s filled with light, and very peaceful, even though we have the convenience of the A5 nearby. The views are one of my favourite features, particularly at night and when we can see Wembley Stadium lit up for events – it was red and white for the Euros recently.

“I love the sense of space, as well. The bedrooms are surprisingly spacious with plenty of storage as they have built-in wardrobes. There’s loads of storage in the kitchen too – and a dishwasher. There’s even a pantry. The washing machine is in a utility area with more storage. We have so much space, we’re not sure where to put things! We bought a parking space with the apartment too, which was a big deal for Baaba as she drives to work. The car park is very convenient. It’s all very high quality and the apartment is B-rated for its energy efficiency too, which was important to me. It’s well insulated so feels very cosy and warm, perfect for those chilly winters in London.”

“Having your own home has given us such a sense of freedom and independence. It’s given us an extra layer of responsibility – we’ve grown up as a result. That’s really special.”