Getting on the property ladder in London is notoriously difficult. From sky rocketing house prices to hefty deposits and mortgages that just aren’t realistic for a single young professional looking for something modest, the London property market can be tough. But luckily, for first time buyers, there are now a number of schemes out there to get you on the property ladder without those huge obstacles. With many areas now being enhanced with housing developments offering different options for first time buyers, knowing your stuff could see you getting your keys to a London property in 2022.
An increasingly popular way in which first time buyers are getting themselves on the property ladder is through shared ownership. This scheme allows you to buy a share in your property rather than having to pay for the entire property all at once. This means you only have to put down a deposit on the share you wish to own rather than the entire value of the property. You also will need a much smaller mortgage making it easier to secure the property. The remaining portion that you don’t own will belong to a housing association in which you will pay a small rent for. These homes are available all over London from shared ownership homes in West Drayton to Essex. They are also almost all new builds so you can expect the best quality and what’s even better is your landlord will be responsible for repairs for the first 10 years if you don’t own the entire home by then.
Help to Buy
Another great way to get on the property ladder in London is through Help to Buy. Help to Buy allows you to put down a 5% deposit on your chosen property, cutting down those initial hefty payments. Help to buy also means you receive a 40% equity loan that carries 0% interest for the first 5 years. This is usually 20% for the rest of the UK, but taking into consideration the average house prices of the London area, this portion is doubled in the capital. After everything, if you do decide to buy a property not in London but elsewhere, then they can most definitely help out there too! Places around London can also be great places to consider buying, and you might just be able bag a great deal for a better price. Take some time to think about where you want to live, and if you’re looking for estate agents in Cottingham or other nearer areas, then you’re sure to find some guidance there too. Help to buy are also all new builds with top quality fittings and everything from big family homes to smaller city apartments.
If you’re looking to live in London then you need to be browsing the London boroughs. London boroughs are being reshaped and redeveloped to fit the needs of young professionals and commuters living and working in the city. Home to plenty of new housing developments from shared ownership apartments in Acton to Help to Buy homes in Newham, finding your dream home here at the perfect price is a lot easier. With great city connections and transport links while benefiting from more green spaces, parks and sports facilities you can get the work/life balance right. And with more and more garden villages being built, with Ebbsfleet being one of them, buying a home here is a great investment.
So whether you’re looking at shared ownership homes in West London or you want to get your hands on a help to buy property in Tower Hamlets, there are plenty of portals out there to get you started.