Help To Buy in London – perks and best areas
Getting on the property ladder has become an achievement not everyone will be able to accomplish in their lifetime. However, as property prices skyrocket and mortgage rates become more unfavourable, there are still a few options for people looking to buy their first property.
High-density cities like London, in particular, make for an extremely difficult property market, with house prices constantly increasing. But you’ll be happy to know that London is one of the cities offering the Help to Buy scheme. S0, how does this work?
What is Help To Buy and how does it work?
The scheme was introduced to help first-time homebuyers struggling to find affordable loan-to-value mortgages due to having an insufficient deposit.
Help to Buy in London allows eligible buyers to purchase a property with just 5% deposit, thanks to an additional Government-backed loan of up to 40%. The government loan is interest-free for the first five years, and the current deadline for applications is 31st October 2022.
Depending on your area of interest, the scheme will have regional price caps. For instance, in London, Help To Buy is available on new build properties with a maximum value of £600,000.
The properties must be bought from a registered Help to Buy homebuilder, and are only suitable for owner occupiers.
Help To Buy in London
According to research conducted by Movestreets, the best place to buy a home through the scheme is Suffolk. Here, around 3.6% of all the homes listed are eligible for the Help to Buy scheme. But overall, the research shows that the average proportion of properties for sale with Help to Buy in any given county in England is 1.8%.
Popular cities like Manchester, Bristol and London offer an appealing list of properties available to buy through the scheme. In fact, new properties are popping up across London every month. And each apartment comes with a different set of specifications, perfect for everyone’s needs!
On the Share to Buy website, you’ll be able to view properties in North, South, East and West London. Top areas include the stunning Camberwell and Wandsworth, or charming riverside locations like Hackney Wick.
The apartments available for Help To Buy in London are as varied as they come. Some come with high-specification fixtures and fittings, others offer compact yet private terraces. And most buildings will come with an array of local amenities and beautiful communal gardens. Estate agents’ websites are also particularly useful, as they will often display many Help To Buy properties in the search results too. This guide put together by Foxtons gives you great insights on the best developments available for Help To Buy in London.
Top areas for Help to Buy in London
- North London. A good location is Colindale, with an average house price of £415,000. The area is well-connected through the Northern line, only 20 minutes from King’s Cross. The local amenities are also appealing; the area offers plenty of shops and restaurants – including Bang Bang Oriental, London’s largest Asian food hall.
- South London. Another appealing area is Croydon, where the average property price is £396,000. With 80% of developments offering the scheme, the area is under constant growth, offering a vibrant social scene, with lots of eating, drinking and dancing available at Boxpark. Connections to central London are also excellent, as Croydon is a stone’s throw away from Victoria, London Bridge and St Pancras.
- East London. If you’re looking for an up-and-coming area, then Bromley-by-Bow is the answer, with an average property price of £376,000. With plenty of canals to explore and the local Queen Elizabeth Olympic Park, the area is central ad well-connected. The Hammersmith & City and District lines make it very convenient for the City and Canary Wharf too.
- West London. A well-connected and tranquil neighbourhood, Greenford’s average property price is just under £478,000. Directly connected to central London through trains and underground, the area is one to watch. In particular, the new waterfront district is taking shape on former industrial land, where plenty of new properties are under development.
Moving into your new property
So, if you’re ready to Help To Buy in London, what happens next? That’s where we come in, helping to make your move as smooth as possible.
At Vanguard, we always put customer satisfaction first and we achieve that by offering a stellar service. Just like finding the right property, our teams will help you decide on the best storage unit for your needs. In fact, our range of solutions goes from compact 10 sq ft lockers, to 150 sq ft units. Our guide to storage unit sizes can help you find the perfect unit for your needs.
Moving into a new home can be stressful, so the more streamlined you can make the process, the better! Our domestic self-storage allows you to safely store away any non-essential items, ensuring your first days in your new home are less stressful. With flexible access and robust security, there’s no company better suited to store your belongings than Vanguard Self Storage.