The Office of National Statistics has recently carried out a survey of National House Prices. Across England and Wales a rise of 2% on the average purchase price was reported, and in London a rise of 5.7%. For the 20 somethings of today, getting a foot on the property ladder seems to many like an unachievable dream. Young people struggle to save any money towards a deposit in order to purchase a home. Lack of disposable income thanks to low salaries and poor job prospects makes saving money near on impossible for most. Those lucky enough to have a job could well struggle to be approved for a mortgage based on affordablity of monthly payments.
London (PRWEB UK) 21 September 2012
Christopher Marriot of Property Property Property believes that the answer for some young people is to be more flexible in their choice of property. “Lots of young people think they can’t afford to buy aproperty in London so they just give up on the idea. But actually if they looked a little further afield for a starter home they’d be surprised what they could get for their money. We have 8 homes for sale in London via our agents under £100,000 and with new agents signing up every day we expected this list of affordable home to keep growing and growing. Living a little way out of town or in a smaller property is a good sacrifice for young people to make for becoming a homeowner instead of spending money on rent that pays off someone else’s mortgage”
Christopher’s point is a very valid one. The average price of a 1 bedroom flat in the majority of North London Boroughs in £275,000 but in Enfield this week the average offer accepted on a 1 bedroom flat is less than half that at £120,000.
“For a single person to be able to afford a £100,000 flat a £25,000 salary is enough to find a mortgage” Says Christopher. “There are so many great websites for finding he best mortgage deals and doing a little homework can go a long way”
Aside from changing priorities when looking for their first home, young people can also help themselves by learning about the negotiation process a little better. Knowing how to communicate well with your estate agent could help first time buyers to find a way of bargaining a fantastic price for a house in London that they might otherwise have believed was beyond their budget.
In a recent article published on [This is Money Simon Lambert states that vendors should “be willing to lower their expectations, if they want to get a sold sign up outside their house” It seems first time buyers would do well to do their homework and search around the internet before ruling out their chances of becoming a homeowner completely.
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