First published: Monday, 14 September 2015
Nick Lieb from Share to Buy talks about the options for London’s first-time buyers, and what you can learn at the London Home Show this month.
Being a first time buyer in London can be challenging. As newspaper headlines keep pointing out, house prices are on the rise and the cost of renting makes it tricky to save for that all important deposit. According to some reports, growing numbers of young people are giving up on the dream of ever owning their own home. Here at Share to Buy we want to help Londoners and there are lots of schemes out there designed specifically to help first time buyers make that step into home ownership.
The biggest of these is the Mayor of London’s FIRST STEPS scheme. This intermediate housing programme is designed to help modest income Londoners buy or rent a home at a price they can afford. Shared ownership is the most popular FIRST STEPS option, where you part buy and part rent your home. That means you buy a share you can afford and pay a reduced rent on the remainder to a housing provider. By so doing, you only need a deposit on the share you’re buying – which can be as low as 25%. This reduces the need for a large deposit.
Over time, most shared ownership leases give you the chance to buy your property all the way to 100%.
Shared ownership has already helped thousands of Londoners onto the property ladder, and continues to do so.
London Home Show
Even though we’re living in the digital age in which information is only ever a click away, we know that sometimes it’s better to talk to someone face to face. That’s why we’re hosting the London Home Show on 26 September at the QEII Centre in Westminster.
This is the number one event for first time buyers in London. There’ll be a range of exhibitors including major shared ownership providers like L&Q, East Thames, Fabrica and Moat. There’ll also be exhibitors promoting shared ownership homes available now across the capital. The event gives you the chance to talk to housing providers about which properties might be best for you. Most importantly, you can register an interest in the properties there and then - one of which could even become your first home.
You’ll also be able to find out about some of the other innovative schemes available to first time buyers, including Help to Buy, Genie, Pocket and A Home of Your Own. Furthermore, there will be expert legal advice on hand from specialist solicitors. You can even sit down for a one-on-one session with a mortgage broker to discuss how much you may be able to borrow. We’ll be running Ask the Expert Q&A sessions, and broadcasting them live via the Periscope app.
If you’re a first time buyer trying to make sense of your options, the London Home Show should not be missed.
The event, supported by the Mayor of London, is free to attend. Register now.