If your dream has been to get yourself a spot on the highly sought after housing market of the capital then you may be looking at saving your money for quite some time. With first-time buyers struggling to find the funds to make a move to a home anywhere near their place of work, the London property market can seem a bit more like an elite club than anything that allows access to first time buyers. But in recent years the government has come up with a few different schemes to help people get a home in London and live close to work and family without being priced out of the market. So here are a few tips and tricks to finding your spot on the London housing market without the whole thing taking half a life time and your entire bank account.
Shared Ownership is a great new way to get a home on the property market without the scary initial payments. Shared ownership has been around for a while but in the hiking prices of London’s market, the scheme has seen growing popularity amongst first time buyers. The scheme allows you to buy a share in your home while only putting a deposit down on the amount you want to own so you’ll be cutting those big payments right down. You can buy between 10% and 75% of the property and rent the remaining portion from a housing association. Shared Ownership offers flexibility to first time buyers and you can even buy more of your home over time while increasing your share. These homes are all brand new or renovated apartments in some of the best spots in London so it’s well worth checking out if you have your heart set on the capital.
Help to Buy
Help to Buy is also worth taking advantage of if deposits are your biggest hurdle. Buying your home through help to buy allows you to put down just 5% in deposit and receive a 40% equity loan of your property in London. That means you are left with just 55% for your mortgage and what’s even better is the equity loan has no interest for the first 5 years. Outside of London this loan is limited to 20% of the property so taking advantage of the scheme in London is a great idea. These homes are also nearly all new builds and the scheme is available on properties up to a value of £400,000 in the London area.. These homes are available across the capital and with plenty of homes showcased on connectwithhome.co.uk you can browse them easily from one bedroom city apartments to big family homes in the suburbs.
If you’re looking for a property in London then start in the upcoming areas and you may just find some gems. From shared ownership homes in Surbiton to Ebbsfleet, areas that have had bagfuls of regeneration and an influx of young professional residents, these homes are not only a promising investment but also come with all the benefits of being in central London while still being kind to your pocket. With shared ownership homes in Dartford offering endless transport connections and artisan coffee shops to West London hotspot for cocktails and roof terrace bars, new developments are a great way to start your property buying search.