Best Ways to buy a Home in London


Whether you want to get on the property ladder this year, or you just want the reassurance that it can be something obtainable in the future, checking out what schemes are out there for first time buyers could be your answer. With a range of ways to buy a home in 2022, get to know what’s available to you as a first time buyer and you may just be surprised.

Help to Buy

This scheme basically does what it says on the tin. Help to Buy allows you to buy a home with a bit of extra help and in London the deal is even better. Help to Buy involves providing you with an equity loan on 40% of the property that you pay no interest on for 5 years. And what’s even better is you only have to pay a 5% deposit meaning you cut the saving in half and the stress. Help to Buy is open on many homes across the country including those in London but outside of London the equity loan is half of that of London’s. It also depends on the total cost of the house whether or not you can buy your home through the scheme and this changes from region to region. In London this price cap is £400,000, the highest in the UK, in line with the high prices on the market and even more a reason to take advantage of it. You can find plenty of these homes on sites such as connectwithhome.co.uk and save yourself plenty of time and money when it comes to buying your first home.

Shared Ownership

This scheme allows you to part buy part rent your property while paying a small deposit and acquiring a manageable mortgage. It works by allowing you to buy between 10%-75% of a property and renting the rest from a non-profit housing association. This often makes monthly payments with the mortgage and rent combined, less than paying rent alone from a private landlord. And what’s even better is that you only pay a deposit on the portion you wish to buy meaning for 25% of a £200,000 property you pay a deposit of just £5000. Shared ownership allows you to buy more of your home over time by increasing the shares you own. You can also spread the cost of stamp duty and minimise those upfront costs. From shared ownership homes in Surbiton to shared ownership apartments in West London, you can find your perfect patch to settle down without worrying about the cost.

New Developments

A great way to get on the property ladder as a first time home buyer is by buying a piece of property in a new development area. These regions surrounding cities like London mean that you’re well connected, at the centre of all the amenities you could need and you are surrounded by a community of fresh faced young professionals and young families. Shared ownership homes in Dartford are the perfect properties to get your hands on if you’re a busy London commuter and if you’re a young family wanting to ensure your kids have the best opportunities when it comes to school, shared ownership homes in Sevenoaks are a great idea. So whatever you’re looking for, as a first time buyer, there are plenty of options available so don’t miss out.

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