Posted: 16 May 2018
#New Home #First Time Buyer Find out how this impacts buying your first home
New research has been published showing that on average first time buyers could take over 11 years to save the required deposit for a one-bedroom home in London. This is a daunting statistic for many first time buyers looking to step on to the property ladder.
Share to Buy have recently orchestrated research, which shows that the median income of a first timer buyer in London is £66,111. This is more than three times the average UK salary.
Despite the increased average wage in the capital, the typical deposit for a studio or one-bed apartment is £77,407. This figure jumps to £112,555 for a three-bedroom home.
As a result, many of those wanting a first home are unable to save a deposit of this size.
With only a third of first time buyers reporting that they received a proportion of their savings as a gift or loan from friends or family, the gap between savings and a deposit is too wide to bridge for the vast majority.
Without the assistance of Shared Ownership, buying a property is seemingly only available to the elite earners within the capital.
With these figures, home ownership is at worst, unachievable, or at best, a long way off, unless you have the assistance of Shared Ownership.
With Shared Ownership, first time buyers have the opportunity to purchase a percentage share of their first home property, starting from 25%. There’s also the prospect of owning up to 100% of your property outright with our Staircasing initiative.
Nick Lieb, Head of Operations at Share to Buy, concludes: Our figures show that schemes such as Shared Ownership really are the most achievable, and perhaps only route onto the housing ladder for many first time buyers.
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