In my last post I talked about how bad things have been in the Scottish property market since the recession hit. In this post I want to discuss the opposite end of the scale where properties sell within a day, and owners can expect to make 10%+ growth per annum. The strange thing is, this isn’t happening in a foreign country, it is happening right here in the UK.
The London Property Market
Everyone who is seeking to buy a house in London can agree with me that right now it is not the right time for one to enter the London market. Buying a home has become quite a challenge as compared with previous years. There has been doom and gloom around as house prices rise (how contrasting is this to my last post where the issue was falling house prices!), slow wage growth as well as higher bills that are making it quite difficult for one getting on the property ladder very intricate.
Some scary prices are emerging one having to make an average deposit of around £50, 000 if he or she is a first time buyer. In some areas, the prices are racing way too far ahead of wages. Affordability has worsened and still is throughout. However, in order to overcome these challenges, the Government has decided to bring home ownership scheme closer into reach.
The calculated index using official data on incomes, house prices, interest rates and taking into account the changes in the cost of living , shows how homebuyers in some regions are quite very lucky to have homes far easier that other homebuyers. Also peering beyond the fog of despair, for those who know how to look, there are options that are relatively fair that are being offered by home builders and agents. Though, it is also quite a challenge to find such agents if you do not know where to look.
The reason why it is becoming so difficult for one to get a home at affordable prices in London is because of the following reasons; First, London is an international city and it is not strange that there are thousands of property markets across the UK thus you are left with hundreds of different markets and you get confused and worried where to invest or get a home from as well as you will have your doubts with this markets.
This is the reason why the best way for one to buy a home is through the government backed shared ownership. The shared ownership programs or schemes are provided through the housing associations. One usually buys a share of his or her home i.e. between 25%-75% of the home value and you pay rent on the remaining share.
You can be capable of buying either an existing or a newly built home with the shared ownership scheme, such as the development at Greenwich Millennium Village, through the resale programs from the housing association. One is also required to fund this through one’s savings or take out a mortgage to pay for the share of the home`s purchase price.
Do not allow your home dreams to fade away. Get this deal and make your home dreams come true as well as you don’t experience a lot of challenges especially if you decide to buy a home on your own. Also you can decide to consider the available home building agents deals in London but if you really want a relieved time as well as manage to do other critical issues in your life then it is advisable you opt for the government backed shared ownership.