Shocking new statistics have highlighted how Londoners will need £160,000 to buy a home by 2020. This means that anyone wanting to actually purchase a place in the capital will need to be on a salary in excess of £100,000 according to research by housing and homelessness charity, Shelter.
The recent study emphasised how this was an increase over the quarter on the £80,000 needed for a typical first time buyer’s mortgage today (City Am).
If you’re a first time buyer considering making the most of help to buy, but are experiencing cold feet, then read these numbers…By 2020, you will need an average deposit of £138,000 just to purchase a normal one-bedroom apartment in London. Prices are expected to rise by 23% over the next 4 years, making the housing crisis worse than we initially thought.
As Campbell Robb, Shelter’s cheif executive has said, “When house prices are increasing fifteen times faster than the average wage, it’s no wonder Londoners on ordinary incomes are being locked out of a home of their own.”
Many are placing a lot of hope on the next Mayor of London, but they have their work cut out. Now really is the right time to buy, and in the long-run, you could save yourself an incredible amount of money.
At Inspired Homes, our apartments start t just £183,000 and all you need is a 5% deposit. To find out more, please call 020 8688 6552.