Staircasing success: how two first-time buyers have increased their shared-ownership stake in a profitable west London flat

When Chantel Epp saw her home it was love at first sight — so much so, she filled out the application form before her partner, Thomas Bean, had a chance to take a look at it.

Fortunately, Thomas felt just as strongly about the two-bedroom shared-ownership flat at Apsley House in Roehampton SW15, close to the fringes of Richmond Park.

First-time buyer Chantel’s quick decision-making has really paid off since.

The couple moved in just over two years ago after putting down a £10,600 deposit on their 25 per cent share of the £425,000 property. They found the buying process efficient and simple.

Their monthly costs, which include rent to Thames Valley Housing, mortgage repayments and service charge, come in at about £1,200 a month — which is certainly less than it would cost to rent a similar flat in the same area.

Though the couple started off owning a quarter share in the property, last year Thomas, 27, a security officer at Heathrow airport, received a family inheritance which he decided to put towards increasing their share to 35 per cent.

Because they part-own the flat, they share in any price growth, and while going through the process of “staircasing”, or increasing their share, they learned that their budget buy is already paying off. Required to have the flat revalued, they discovered it had risen to £500,000.

Chantel, 23, head of business development at music company CueSongs, says: “It has already been a brilliant investment as it got us on to the property ladder, but if we were to sell we would receive equity of about £18,000, which is reassuring.

“There’s no going back to renting now.”