Reports from a major mortgage lender show that the average deposit in London is now over £90,000, three times the national average salary.
For most, this means that buying a home is becoming increasingly out of reach, and yet getting on the ladder remains top of many renters’ wish lists. A recent survey by Home Let showed that 71% of tenants said that they would rather own their own home than rent.
Christine Shea, Regional Sales Director for L&Q, explains how achievable it is topurchase a property through Shared Ownership:
“Shared Ownership allows buyers to purchase a share in a property (usually between25% and 75%), and pay a subsidised rent on the part they do not own. One of the scheme’s most attractive features is that buyers aren’t required to pay such a large deposit up front, and only need to put down a minimum deposit of 5% of the share they purchase. For example, if you decide to buy 35% of an L&Q home worth £400,000 you will need a deposit of approximately £7,000. This is considerably more manageable than buying on the open market.
With just a few lifestyle changes and a close monitoring of expenditure, potential home buyers could be even closer than they think to taking those crucial first steps onto the property ladder. For example, we’ve worked out that just through ditching that pricey coffee shop habit (two cups per day), you could save up to £1,000 per year.”
L&Q, one of the UK’s largest housing associations, has a broad cross section of high specification properties for Shared Ownership across the capital. At Bolingbroke Park in leafy Cockfosters, a collection of high specification one and two bedroom apartments are surrounded by an abundance of green spaces and woodland areas, with prices from £90,000 for a 25% share. The next phase of homes at Stadium
Place, a development of 99 new homes set in the grounds of the iconic former Walthamstow Dog Stadium, includes a selection of two and three bedroom duplexes, priced from £100,000 for a 25% share.
For further information, and helpful tips on how you could save for a deposit, visit: lqpricedin.co.uk.