Recent research has highlighted how, despite the rental market slowing, actual rents are at their highest figure on record across the UK.
The Countrywide index found that compared to the same month last year, average rents in the UK rose 1.2% to £906 a month. As their website states, ‘although this represents the slowest increase in three years, average rents are 12% above their pre-recession peak, reaching the highest level on record.’
It’s no surprise to learn that London has seen the largest growth in rents anywhere in the country since 2007, with rents 34% higher than their pre-recession record. Countrywide goes on to explain how ‘between 2007 and 2016 the average Londoner has seen their rent rise from £966 to £1,295 a month.’
This is why there has never been a better time to buy that now. In addition, with help-to-buy in place, you could own your first home with just a 5% deposit.
Young working professionals feel trapped into having to rent a property which, on average, costs between £500 and £850 per month, when they could actually now have a mortgage with help-to-buy that works out a lot cheaper. In addition to reduced costs, you can own your own house, knowing that you are sitting on an asset as opposed to just throwing money away.
London help-to-buy has aided the property market to an even greater extent. London Help-to-Buy means that you could afford to buy an Inspired London home with a 40% equity loan, 55% mortgage and only a 5% deposit. Essentially, it is the same as the government’s existing help to buy equity loan scheme except “twice as generous” because you can borrow up to 40% of the home’s value, instead of 20% under the current scheme.
Our homes start at just £175,000 and combine stunning design with excellent fittings. Many of our homes also offer residents the chance to enjoy privileged access to a 10th floor ‘sky garden’ and BBQ.
To find out more information about our high tech, high spec apartments, please call 020 8688 6552.