The Struggle of First Time Buyers in London

A place to Live for nearly all individuals, is the element in their lives and brings overall wellbeing. Yet more and more in London, people are fighting 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 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 fallen to 64 percent (which is the lowest level in 30 years). These days a 20\% to 30 percent deposit is required for a mortgage, which is why in the UK 11 million people rent their homes. And a new YouGov poll predicts lets will rise from 21 percent to 24 percent over the next 4 years.
So, just how can our
Well the good news Is, there are a lot of London Mortgage Brokers and Mortgage Advisors out there who can provide guidance and advice. For all those living and working in the capital, it’s crucial to talk to evaluate your options, see what mortgages and schemes are available, which places are affordable and of course, to look at realistic repayment plans.

Already in some of The surrounding regions of London, particularly in the south and southeast, we’re seeing a huge influx of first time buyers. Areas like Eltham, Sidcup, Mottingham, Bromley and Croydon are showing possible and offering a glimpse of hope to the ‘Generation Rent’. Mortgage advisor Canary wharf and Mortgage Broker Sidcup have been reporting increasing interest in their areas.
In fact Croydon is Now described as a hot spot showing huge growth in regeneration and homes, which is not surprising when you consider homes in the region are # 185,000 less costly than the average of the capital. The area includes a fast growing culture due to cheaper office space for rent, which in turn is drawing in young creatives.

Over the next couple There are thousands of housing developments planned in the Croydon area with some of these part of the Government’s ‘Help to Buy’ scheme, offering loans of 40 percent of the properties worth reducing a deposit requirement.

But, with approved Mortgages becoming more complex, it’s always a good idea to seek professional advice. Research an area that’s cheap and then type a Google search; mortgage advisor 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 not that gloomy after all!
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