The Struggle of First Time Buyers in London

A secure place to Live brings wellbeing and for the majority of individuals, is the factor in their lives. 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 landlords that are exploitative 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\% (that is the lowest level in 30 years). Nowadays a 20\% to 30 percent deposit is required for a mortgage, which is probably 11 million individuals rent their houses. And a recent YouGov poll predicts lets will rise from 21 percent to 24 percent over the next 4 decades.
So how can our
Well the good news Is, there are a lot of Mortgage Advisors and London Mortgage Brokers out there who will provide guidance and advice. For all those living and working in the capital, it’s vital to talk to a mortgage broker/advisor to assess your choices, see what mortgages and schemes are available, which places are affordable and needless to say, to look at repayment plans.

The surrounding regions of London, particularly in southeast and the south, we are 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 for the ‘Generation Rent’. Mortgage Broker Sidcup and mortgage advisor Canary wharf have been reporting increasing interest in their areas.
In fact Croydon is Now described as a hot spot showing growth in starter homes and regeneration, which isn’t surprising when you consider homes in the region are # 185,000 cheaper than the average of the capital. The area also has a growing tech culture due to cheaper office space for rent, which in turn is currently drawing in young creatives.

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

But, with approved It’s always advisable to seek expert advice. Research type a Google search; mortgage advisor Croydon / mortgage broker Croydon / mortgage broker Eltham / mortgage advisor Bromley / mortgage broker Bromley etc and then an area that’s cheap, pick up the phone and get the ball rolling.

So, perhaps London’s Future is gloomy after all!
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