A secure place to Live for nearly all people, is the element in their lives and brings wellbeing. Yet more and more in London, people are struggling to secure a nice place to live that fulfils their work and family requirements while at the mercy of exploitative landlords rents and a ‘profit from home’ culture.
Since the UK Financial crash in 2008, the average deposit to buy a property has risen by 276 percent and home ownership in Britain has dropped to 64 percent (which is the lowest level in 30 years). Nowadays there is a 20 percent to 30\% deposit required for a mortgage, which is probably 11 million people rent their houses. And a new YouGov poll predicts private lets will rise from 21\% to 24\% during the next 4 years.
So can our young people be expected to get on the property ladder in London?
Is, there are a lot of London Mortgage Brokers and Mortgage Advisors out there who can offer guidance and advice. For all those living and working in the capital, it is vital to speak with a mortgage broker/advisor to assess your choices, see what mortgages and schemes are available, which places are affordable and of course, to look at repayment strategies.
The surrounding regions of London, particularly in southeast and the south, we are currently seeing a huge influx of first time buyers. Areas such as Mottingham, Sidcup, Eltham, Bromley and Croydon are showing potential and offering a glimpse of hope to the ‘Generation Rent’. Mortgage Broker Sidcup and mortgage adviser Canary wharf have been reporting increasing interest from first time buyers in their areas.
In fact Croydon is Now described as a place showing huge growth are #185,000 cheaper than the capital’s average. The area has a growing tech culture due to cheaper office space for rent, which in turn is currently drawing young creatives.
Of years there are also thousands of housing developments planned with some of these part of the Government’s ‘Help in the Croydon area to Buy’ scheme, offering loans of 40 percent of the properties value reducing a deposit requirement to five \%.
Mortgages getting more complex, it’s always advisable to seek expert advice. Research an area that’s affordable and then type a Google search; mortgage advisor Croydon / mortgage broker Croydon / mortgage broker Eltham / mortgage advisor Bromley / mortgage broker Bromley etc, pick the phone up and get the ball rolling.
So, maybe London’s Future is bleak after all!
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