Posted: 29 Jan 2018
#New Home #Affordable Home #First Time Buyer
A closer look at the Capital's property market
According to research from ECA International, London is the most expensive city in Europe in terms of property rental. Renting a property in the capital is also almost four times higher than other major UK cities.
For many already living in London, the results of this and other similar surveys come of little surprise. However, what is potentially a little surprising is how London has maintained its spot as the most expensive city for rent in Europe, despite Brexit and general economic uncertainty across the country. Indeed, it would seem that the Capital’s rental property market shows little sign of cooling off any time soon.
Furthermore, the South East is not immune to such inflated rental prices – with areas surrounding London also considerably more expensive for property rental than the rest of the country.
The continued high rental price, alongside wage stagnation, also means that for many first-time buyers, there isn’t much disposable income left to save for a much-coveted deposit.
However, the good news is that Shared Ownership aims to make it easier for first time buyers. Shared Ownership allows potential home owners to purchase a share in a property (minimum of 25%) using a small mortgage, while paying a controlled rent on the share that isn’t owned.
Furthermore, Shared Ownership typically requires a lower deposit in comparison with buying a home on the open market, and also allows homeowners to increase their share of the property all the way up to 100%.
Consequently, in the majority of instances, Shared Ownership works out cheaper than renting on the open market and allows people to live and own a property in the capital without breaking the bank.
Are you looking for a stylish and modern home in London or the South East?
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If you're a first-time buyer and interested in buying a Shared Ownership property in London or the South East, then click on this link to take a look at our latest developments.