A secure place to Live for nearly all individuals, is the fundamental element in their lives and brings wellbeing. Yet more and more in London, people are struggling to secure a place to live that fulfils their work and family requirements while at the mercy of exploitative landlords sky-high rents and a ‘profit from property’ culture.
Since the UK Financial crash in 2008, the average deposit to purchase a property has risen by 276 percent and home ownership in Britain has fallen to 64\% (which is the lowest level in 30 years). Nowadays there is a 20\% to 30\% deposit required for a mortgage, which is why in the UK 11 million people currently rent their homes. And a recent YouGov poll predicts lets will rise from 21 percent to 24 percent during the next 4 years.
So how can our young people be expected to get on the property ladder in London?
Well the good news Is, there are a lot of London Mortgage Brokers and Mortgage Advisors out there who can provide advice and guidance. For those living and working in the capital, it is vital to talk to a mortgage broker/advisor of course, to look at realistic repayment strategies and to assess your options, see what mortgages and schemes are available, which places are affordable.
The surrounding areas of London, particularly in the south and southeast, we’re currently seeing a massive influx of first time buyers. Areas like Mottingham, Sidcup, Eltham, Bromley and Croydon are showing possible and offering a glimpse of hope to the ‘Generation Rent’. Mortgage Broker Sidcup and mortgage adviser Canary wharf have been reporting increasing interest from time buyers in their areas.
In fact Croydon is Now described as a hot place showing growth are #185,000 cheaper than the capital’s average. The area also includes a growing culture due to cheaper office space for lease, which in turn is drawing in young creatives.
Over the next couple There are thousands of housing developments planned with some of these part of the Government’s ‘Help to Buy’ scheme reducing a deposit requirement to five \%.
It’s always advisable to seek expert advice. Simply research an area that’s affordable and then type a search; mortgage adviser Croydon / mortgage broker Croydon / mortgage broker Eltham / mortgage adviser Bromley / mortgage broker Bromley etc, pick the phone up and get the ball rolling.
So, perhaps London’s Future is bleak after all!
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