Goodbye renting: Florian Guitton bought his studio flat in Fulham Reach
(Picture: Handout)For some Londoners, working from home has been a godsend, sparing them the joys of commuting and office politics.
But for Florian Guitton, access to his workplace is essential. He works for Imperial College as a researcher associate and his job involves Covid-19 vaccine research.
Guitton, 32, has been renting in west London for 11 long years, most recently paying £880pcm for a room in a shared flat on Fulham Palace Road.
It took him, he says, years to save up a deposit and in the meantime he researched his affordable housing options online, stumbling upon the discount market scheme (DMS) quite by accident.
The scheme is available to anyone who lives and works in Hammersmith & Fulham. Residents pay a percentage of the full value of the property, starting at 42.7 per cent, while maintaining full ownership.
When the owner sells the property, it must be sold with the same criteria and at the same market value percentage as at the time of purchase.
“It meant that I could buy a share in a property but still be its outright owner and not have to pay rent like shared ownership,” said Guitton. “And to me it was better than Help to Buy, because there could be a problem when you have to start paying interest on your government loan after five years.”
In October 2020 he moved into a studio flat at the Fulham Reach development in Hammersmith.
The apartment’s full market value was £650,000. Guitton bought a 42 per cent share of the property for just over £270,000. His monthly costs include mortgage repayments of £920 plus service charge of £150.
“It is a little bit more expensive than renting but I am building up equity for myself, not for a landlord,” said Guitton.
Guitton’s journeys to work on two Imperial sites in Hammersmith and South Kensington are entirely painless. “Being able to jump on a bus or walk along the Thames to work provided such a boost to my well-being,” he said.
In his downtime Guitton can make use of the on-site gym, pool, and spa, and there is also a residents’ cinema room, snooker room, virtual golf simulator and wine cellar.
He also loves the area’s plentiful green space the London Wetland Centre is less than a mile away from the site.
“Having moved around London a fair bit, I always found myself drawn back to the same few streets,” said Guitton. “It is such a beautiful part of the city that somehow feels like it is in its own pocket of tranquillity. Being less than 30 minutes from the City and West End it really has the best of both worlds.”
What it cost
Studio flat in Hammersmith, October 2020: £650,000
42 per cent share: £270,000
Monthly mortgage repayment: £920
Monthly service charge: £150
Where to find a discounted home
A new tranche of discount market scheme flats will launch at Fulham Reach in January. For more information see Berkeley Group’s website.
Discount market schemes are run by councils and housing associations around London. For information about opportunities in your area contact your local council or see the GLA’s Homes for Londoners page.
