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London Deposits Could Buy A Home Elsewhere In The Country

  23 Sep 2018

When it comes to making the most of your money, the thought of buying a home in London will make many people wince. Even though London property prices have slowed down and even slipped slightly in some areas, house prices in the capital still stretch out beyond the expectations of property prices in other areas. In fact, the size of the deposit required to buy a starter property in the capital would be sufficient to buy a lovely home in a reputable area in many parts of the country.

A recent study by the Halifax suggests that the average cost of a starter home in London comes to around £420,000. With the average deposit coming in at 27%, the first-time buyer is expected to provide around £115,000 as a deposit when buying a home. This is a huge amount of money to find in one go and if buyers were to compare what this money could buy them outside of London, you wouldn’t blame people for having a regret or two about buying a home in London.

Areas to consider with a London sized deposit

Some notable property types and location that the deposit would cover include:

  • A three-bedroom terraced property in Scarborough
  • A two-bedroom cottage in a village in the Midlands
  • A one or two-bedroom flat in Norfolk or some areas of Essex

Owning a house for the price of a deposit would be appealing but of course, there are many reasons why people need to look for property in London. There may be family or childcare reasons why people look for a property in the capital while London is obviously the key employment centre of the country, so it is inevitable that this is where people want to stay so they can be close to their place of work.

There are many reasons to buy property in certain locations

If there were comparable jobs around the country, many people would be happy to get out of London, but of course, this isn’t the case. Therefore, first-time buyers need to be able to buy London homes and this means paying London prices.

Russell Galley is the MD of Halifax and he spoke about this matter, saying; “It’s not surprising that the average age of a first-time buyer has crept up to 31. Despite the number of first-time buyers continues to grow and is nearly back to the peak seen of 2006. Government measures, such as Help to Buy and record-low mortgage rates continue to make buying more financially attractive than renting, with savings of £900 a year.”

While there is support from the Government with Help To Buy schemes, many people are struggling to raise the sums of money involved. There are also fears as to how long the Help To Buy schemes will run for, which may impact on people looking to step on to the property ladder.

No matter what you want to achieve in the property market in London, it is best to get a helping hand. Contact Jezzards on 03330 433 633 and we will be more than happy to help you out.


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