Affordable Places To Buy In London
14th June 2021 posted in Sellers Buyers
If you believe everything written or said by the media, you would be forgiven for thinking that you couldn’t find affordable places to live in London. There is no denying houses in the capital carry a premium price compared to many places across the country, but there are ways you can step on to the property ladder here, or at least move up in the marketplace.
At Hunters Forest Hill, we are pleased to say we help many would-be buyers find their ideal home in the capital. If you are looking for assistance, get in touch, and we will be more than happy to assist you.
Extra help is on offer for London buyers
Analysis undertaken recently has uncovered the most affordable postcodes across London. With the 95% mortgage guarantee scheme in place, there are some places where you can place a deposit of less than £20,000 on a home.
South East London is home to five of the ten most affordable parts of London to buy property. All of these areas have an average house price of under £381,000.
While none of the areas we cover are as competitively priced as this, you will find many fantastic homes in Forest Hill, New Cross, Peckham, Dulwich and Brockley at affordable prices. You should also find many coming in beneath the £600,000 threshold for the new mortgage guarantee scheme.
The criteria of the scheme is based on:
- Buyers can purchase property valued up to £600,000 with a 5% deposit
- The scheme is open to first-time buyers, and existing homeowners
- The scheme is not limited to new-build property, it can be used on all manner of property
- The scheme aims to help buyers by incentivising lenders to provide more affordable mortgages to more buyers
Do you need help buying property?
Tim Bannister, Rightmove’s director of property data, says: “The new mortgage scheme could help some first-time buyers bring their plans forward if they have a lower deposit but are still able to pass the affordability checks, and will be welcomed by those who last year we’re struggling to come up with a 15 or 20% deposit. Although the number of new properties coming to the market is improving, it’s still nowhere near enough to satisfy the buyer demand that is already at record levels, and so more people choosing to trade up will be vital to open up more choice at the start of the property ladder.”
Tim Bannister also said; “The combination of not enough stock and high demand will help underpin prices, and over the past five years asking prices of a typical first-time buyer home have already increased by £23,000 on average, so those who can now afford to buy a home will be trying to make the move quickly in case prices rise further.”
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.