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London Properties: Nothing Below £100,000 Anymore

 
 
 
 
  08 Oct 2018

Given the way that the London property market is rising, recent headlines highlighting the fact that there are no properties below £100,000 in the capital anymore cannot be a surprise. However, it is a fact that drives home how the property market has changed, and it will have left many people wondering how they can afford to buy a home. It is also likely to cause vendors to consider their next move as the price of property in London keeps moving upwards.

The recent headlines have focused on figures announced by an online estate agent. They stated that there are no properties for sale in the English capital for £100,000 or less and that there are only four properties in London which are priced at £125,000 or less.

It is important to discount options like shared ownership, houseboats, retirement houses and auction properties because although these offer relatively low-cost options, they are not suitable or even available for most buyers. The lowest priced property found in the London market at the time was a studio flat in the RM12 postcode area, Hornchurch, where the estate agent was asking for offers over £100,000.

Help To Buy is being debated

With the Help To Buy scheme coming under criticism for helping people further up the property ladder as opposed to first-time buyers, it is inevitable that many people will wonder if they can ever buy property. While shared ownership is likely to become a more prominent feature in the London property market, it is far from an ideal situation.

If you hold a limited share in a property, it can be difficult to influence decisions, including selling the property and it can also be very costly to increase the ownership share a person holds. It is likely that a lot of people or households will hear about the benefits of shared ownership and conclude that this is an opportunity that is suitable for them but in the longer term, it may be that there are difficulties to contend with that didn’t seem too important at the starting point of the process.

Stamp duty can impact on people’s ability to buy

Another issue to consider with these prices is that if you are not a first-time buyer, there are very few options to buy London property that doesn’t involve paying stamp duty. With stamp duty becoming pertinent at the £125,000; the recent study indicates that only four homes in the capital would be exempt from this additional cost. First-time buyers have a higher band so wouldn’t be affected in this way, but other buyers would be affected.

Even though London property prices have been cooling in recent times, there are concerns about Brexit and the impact this will have on property prices. While some people believe that a Brexit slump will lower prices, which could be good for buyers, the negative impact on buyers, with many people falling into negative equity, could lead to an even further reduction in the supply of homes to the property market.

No matter what move you wish to make in the property market, it is vital to stay in touch with the latest information. To make a fully informed decision, contact Jezzards on 03330 433 633 or contact us online and we’ll be happy to help.


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