Philly Garrett had a stable career and over £40,000 saved, but found it almost impossible to buy
A woman with a ‘good’ job and £40,000 deposit saved up says she made two decisions that turned her life around. Following her eviction from a rental property when her landlord decided to sell, Brit Philly Garrett was determined to secure her own home – and believed she was well-positioned to do so.
Yet despite the 33-year-old’s planning and £55,000 annual income, she discovered it “almost impossible” to buy even a one-bedroom flat in Zones 5 and 6 of London. “It felt deflating to have saved a sizeable deposit, and not be able to afford a home in an area that felt safe near my work,” Philly, who was then working as head of brand marketing for a collective of fashion brands, said. “I had saved over £40,000 and had a stable career.”
She eventually followed two steps that got her her dream house. She had found that on London’s outskirts, she could realistically only consider compact properties valued up to £300,000 – but discovered that in Reading, she could purchase a three-bedroom house with a garden for less. Philly said: “It was a no-brainer to move out.
“A lot of people said I was ‘brave’ for moving to a new area where I didn’t know anyone, but logically I had to buy and live somewhere as nowhere let me rent with a big dog and I wanted to pay into my own assets.” She ultimately managed to buy her home in Reading in 2020 for £267,000, refurbishing it and now benefiting from increased value, with the property currently worth £415,000.
Yet that alone was not enough. Philly planned the layout with shared living in mind, aware she would accommodate two live-in lodgers.
She said: “I ripped out the carpets and put hard flooring in the rented bedrooms, so it’s easy to keep clean. When I renovated the kitchen, I included plenty of cupboards so everyone has their own designated space.
“Designated storage in the bathroom is a simple yet effective way to keep the space clear. Revenue from renting rooms has far exceeded total costs of renovating my home.
“Having lived in house shares in London rentals for seven years and at uni beforehand, it was an easy adjustment as co-living is normalised in the rental world. In fact, this now means I have complete choice of lodger, and I keep my house homely because I own it.
“Co-living really suits my life stage of being a single female in my 30s. When I have a family one day or young children, I wouldn’t use the rooms for lodgers, but if that time comes, I’ll be in a better financial position having bought, thanks to house appreciation and paying down the mortgage. Buying a house was the best financial decision I have ever made.”
However, the struggle to secure a place on the property ladder remained with Philly, and following a decade working in the beauty sector, she chose to address the problem directly. With a fresh concept aimed at tackling the housing crisis, when Philly lost her job in 2024 — having been earning a £75,000 salary — she resolved it was the right moment to launch Cucoon.
She says the company operates as an online platform designed to help single professionals jointly purchase their first home, with the appropriate legal and practical protections in place. It is supported by Virgin StartUp’s Momentum cohort — an accelerator programme supporting dyslexic entrepreneurs.
Philly said: “It was inspired by my friends who co-bought together successfully, and the fact that co-living is very normal in the rental world, with the likes of Spareroom, which I previously used. I wanted people to have the opportunity to make home-buying choices that set themselves up for the future.
“Many people are choosing to stay single for longer and Cucoon offers a solution for those who are ready to buy without waiting for traditional milestones such as marriage or inheritance. If a service like this existed at the time, I would have used it to buy a bigger home in an area of London that felt safe.
“I didn’t know anyone who was able to buy single, especially without family help, and I don’t believe home ownership and ability to build wealth should be dependent on relationship status. I thought there had to be a solution to the housing crisis, and this solves the biggest barrier of affordability.”
