Britain’s property prices are almost out of control and are set to keep on rising for the next five years at least. Even with the Mayoral election on the horizon and the uncertainty of a Brexit, prices are soaring, and this is simply due to increasing demand. However, the Royal Institution of Chartered Surveyors have suggested that there’s a small window of opportunity to buy a London property at a cheaper price this year and before they start skyrocketing again, and that time is now!
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.
In addition, changes in stamp duty legislation, combined with political instability mean that prices, for now, has stabled slightly for a short period.
The average price of houses in Britain sits at £284,000, while the price to buy a home in London is now at a huge £524,000, according to the Office for National Statistics. It is shocking to learn that a large property developer recently announced that consumers now see £600,000 homes as relatively affordable!
At Inspired Homes, we just don’t agree. We are committed to providing what we call affordable luxury. Unfortunately, renting is no longer a viable option for many. Thanks to the actions of George Osborne, almost all landlords are considering increasing rents to pay for the higher taxes they now face.
This information comes from a survey by the Residential Landlords Association (RLA), which found that 84% of private sector landlords are likely to consider increasing rents and 78% of landlords felt that the changes would deter them from investing in more properties to rent, with half considering getting rid of properties.
If you think you can’t afford to buy, think again. With help to buy, all you need is a 5% deposit, and our homes start at just £183,950.
To find out more about owning your London or Greater London property, give the team a call on 020 8688 6552.