Is it your dream to own a property in the UK’s capital? In the past, people would typically rent for a few years whilst they saved for a house of their own. Unfortunately, today’s high renting costs make it difficult for people to save for a house. For many, renting has become a permanent arrangement instead of a temporary one. In the past 6 years alone, the price of renting in London has increased by 24% and on average, an annual salary of £51,200 is needed to be able to afford to rent a one-bedroom home. This is well above the average salary and an unattainable option for many.
Are you looking to find an affordable home of your own? Homefocus Magazine can help with all of your questions. A Help to Buy Scheme (equity loans) means you own 100% of your home, but only have to cover a percentage of the cost and defer the rest for a while due to it being covered by an equity loan. Shared Ownership, also known as part buy/part rent, allows you to buy part of your home and pay a subsidised rent on the remainder. Save to Buy offers 2 options by housing associations, to help and encourage you to save towards a deposit. Rent to Buy will allow you to pay a reduced rent on the understanding that you will buy a specific home in due course, and intermediate market rent will provide you with a reduced rent to save for a deposit to buy elsewhere.