With an overstretched housing market and rising prices across the board, finding a home as a first-time buyer is not always the easiest of pursuits. While banks were once a little more lenient when it came to lending, the next generation must now deal with the effects of a financial crisis and a far more careful economy. With many of London’s properties being quickly snapped up to rent out, prices have risen extensively over the last decade and availability has been scarce. But although it may seem that London is becoming an impossible place to own a home, especially for first time buyers, this may no longer be the case. With new government schemes set to change the face of housing for first time buyers the future may be looking a little brighter for those new to the property market.
Help to Buy
This scheme offers a wide range of benefits from cost to practicality with its innovative route into home ownership. Help to Buy allows you to take out a 20% equity loan on the property and pay no interest on this for 5 years taking the pressure off and allowing you to get to grips with your payments. You will also only be required to pay a 5% deposit rather than the usual 10%, making far more properties available to younger people who may not a huge amount of life savings in their bank. These homes range from spacious city apartments to bigger homes in the suburbs and available across a range of sites including propertybooking.co.uk , for more guidance on how the scheme works and the properties available.
Shared Ownership is the perfect solution for anyone looking to move up the property ladder soon but at a pace that suits them. Allowing you to part buy, part rent your home, you can manage your costs while not having to compromise on the size or quality of a home. You can begin by owning between 25-75% of your home and if you choose, eventually buy more and therefor pay less rent. Rent is affordable and much lower than that charged by private landlords who aim to maximise their profits from tenants. These homes are available all over the UK with shared ownership in London to Manchester and come in a range of styles, sizes and locations to suit everyone’s lifestyle. You can find many of these properties on originsales.co.uk and browse the wide variety of homes available.
Homes for Londoners
With London suffering the most when it comes to a housing shortage it is no surprise that drastic measures are needed to repair the capitals property market and make it accessible for first time buyers in London once again. Luckily Sadiq Khan has now pledged to do just that with his new scheme Homes for Londoners, which focuses on helping you save for a deposit and ensuring Londoners are able to own a home rather than just rent one. First Dibs is a strategy that works by prioritising Londoners and those who have a job in the city above overseas buyer looking to purchase properties to rent them out. In addition to this there is also London Living Rent which benefits Londoners by providing housing to rent for far lower costs than private landlords and later prioritising them should they want to move into a shared ownership property.
With plenty of options out there, being a first-time buyer may not be as difficult as it once was. By simply exploring the market and taking advantage of the schemes specifically designed to help first-time buyers onto the property ladder, you can make your dreams of owning your own home a reality, even before you turn 30.