Affordable Housing In London

Affordable housing in London isn't as difficult to find as many people believe.
A number of new houses and apartments have been built in the city of late that offer a comfortable solution to first time buyers without breaking the bank.

With rising property prices and a lack of high LTV mortgages available, it's no surprise that the age of the average first time property buyer has shot up to 37.
But a new developments in Croydon and Hackbridge could be just the tonic for young people with ownership aspirations.

Builder Taylor Wimpey has started a scheme that allows buyers to purchase one of their own new build apartments with a deposit of as little as £8,500.

The scheme, entitled "FirstBuy", is backed by the government and incorporates a loan of 20 per cent from the Homes and Communities Agency (HCA) and Taylor Wimpey – which is to be repaid at the end of the mortgage term.

However, first time buyers may want to consider the few options for 95 per cent mortgages out there. At present Skipton Building Society, Yorkshire Bank and Clydesdale all offer products with just a five per cent deposit.

London Property Market News