With average rent rises outpacing wage increases in the last five years (average earnings have increased by 31% since 2020 versus a 40% rental hike)*, Ricky was just one of thousands of Londoners seeking a way out of the rental cycle. While renting in Acton for £2,000 per month, Ricky, a Pipeline Technical Director at a VFX Company, was determined to buy his first home to provide stability for his family. “The uncertainty in price increases was one of the biggest factors for us buying a home. I could almost pay my mortgage fully with the same amount of money that I had paid in rent. We’d also moved many times in the past and felt it was better for the whole family if we settled somewhere.

“I pay slightly more on my mortgage payments (£2,776), versus the £2,000 I was spending on rent, but I know that it is going into paying for my own home rather than to a landlord. I also have more space, including two outdoor terraces in my new home.” Residents at Park Quarter also benefit from beautifully landscaped communal gardens, leaving them with no shortage of outdoor space on their doorstep.

Armed with a deposit of £45,000 saved for their new home and having explored various locations and properties, Ricky and his wife opted for a new-build as the incentives available would enable them get onto the property ladder without compromising on the space and quality of home they wanted. “When we realised deposit top-up was available, it was a no-brainer for us as we knew it’d be a huge help in getting our mortgage. Fairview gave us a boost of £29,300, which helped us reach a deposit of £74,300. The warranties on new build homes also gives us security, meaning we are protected for up to 10 years after our completion.”

Ricky was one of the last of Fairview’s buyers to purchase his home ahead of the Stamp Duty threshold changes on the 1st of April, a change which, according to Fairview data, has impacted 92% of first-time buyers in the UK as they do not have the funds to cover the additional tax due.** Ricky was able to save £10,950 in purchase fees ahead of the changes on 1st April 2025. “The purchase experience was mixed feelings of happiness, stress and relief.

“We had a couple of viewings at other properties before finding a home at Park Quarter which ticked many boxes. During the time we were looking, the government announced the change in the Stamp Duty Tax relief during the autumn budget, which meant the cost of our purchase would increase if we weren’t able to complete in just five months, by 1st April 2025. Thankfully, Fairview completed the build in time for us to finish our completion, just a few days before the deadline.” Ricky also benefitted from using Fairview’s recommended solicitors and brokers, which helped accelerate the process and ensure he and his family didn’t miss the deadline.

Ricky would advise speaking to as many people as possible and researching all possible areas before committing to a new home, “We had so many questions in the beginning about the buying and mortgage processes. Finding the right house was also very challenging as there were so many factors to consider – how safe was the local neighbourhood, which secondary schools were available for our daughters next school, what the transport was like and the commuting distances for both me and my wife to Central London office every day."

He found Barnet to be the perfect place to lay roots given the value for money in the area, “The apartment was well within our budget while giving us exactly what we were looking for in terms of the number of bedrooms, the size of the flat and the neighbourhood itself.

“The flat is less than a four-minute walk to the train station, and we have a fantastic high street on our doorstep that is home to a large supermarket, gym and a post office as well as local restaurants.”

Ricky’s advice to first-time buyers would be to start saving as early as possible, being disciplined with your finances and making saving a priority: “If I were to do it again, I’d start saving from a younger age as it would have helped greatly for my deposit which is what I found most challenging for buying a new home.

“Be disciplined and make sure you’re putting money aside each month, no matter how much it is!”