While many of us work in this booming capital, it is common knowledge that living in London is a luxury few of us can dream of let alone afford. And while the average rent is around £665 a week, buying is even more expensive and means many of us are forced to make long commutes into the centre every day.
But in recent years the government has pledged to put an end to the extortionate costs that living in London comes with and there are now schemes in place to get first-time buyers onto the property ladder without the unfair prices.
Knowing these routes into buying can ensure you find the perfect home in the perfect spot at a much lower cost, so check out your options and take note of these savvy strategies.
This is becoming one of the key ways to get onto the property ladder in London and making the area far more accessible to many families. Allowing you to part buy, part rent your home, shared ownership is a new scheme growing in popularity and making London far more affordable.
You can buy between 25%-75% of a home while the rest is owned by housing associations who work on a non-profit basis and are committed to providing affordable housing for everyone, meaning rental costs will be considerably cheaper than anything rented out privately in the area.
With shared ownership in London, you only pay a deposit on the portion you wish to own making your dreams of living in the capital a lot sooner than you may have previously anticipated. And with properties available in Brighton, Chester and many other areas of the UK, it’s not just London that benefits from this scheme.
Homes for Londoners
This scheme is a new proposal by Sadiq Khan to make the capital ‘genuinely affordable’ and is changing the face of property in London. Homes for Londoners involves ‘First Dibs’ which prioritises Londoners and those that work in the city above overseas buyers who may be looking to buy and rent out, putting more pressure on the housing market. It means those who need housing in London the most don’t lose out and can’t be outbid by asset wealthy buyers.
‘London Living Rent’ is also a great way to secure your place on the property ladder in London by paying affordable rent designed to help you save for a deposit. You will also be prioritised for shared ownership once you decide to move on from renting and find something more permanent for you and your family.
Help to buy
This new government scheme spans the length and breadth of the UK and is gaining popularity with first-time buyers taking advantage of the benefits. Help to Buy provides you with a 20% equity loan and requires just a 5% deposit leaving your mortgage at just 75% the value of the home. The loan allows you more time to pay once you have bought the home and with a smaller deposit you won’t have to spend decades saving up.
All these homes are new builds and available to view on propertybooking.co.uk, making the process simple and quick. It’s a scheme to definitely check out with a whole range of property out there.