Many years ago I got a mortgage for my first flat (off the Archway Road) – which enabled me to get a first foot on the property ladder.
Owning a house is still an aspiration for many young people, who want properties as big, or bigger, than their parents. But times are tough – particularly for many young people in the private rental sector who cannot afford to save for a sizeable deposit.
The bottom line is that, up until 2010, not enough houses were built. Prices of existing properties have spiralled out of control and the younger generation have been frozen out of the market.
That’s why the Coalition Government introduced a number of measures to ease the housing crisis, build new homes and give young people assistance in getting on the property ladder.
And we are starting to see some changes. Housing supply is now at its highest since the end of the unsustainable housing boom in 2008, with 334,000 new homes built over the last three years. The number of first-time buyers is also at a five-year high.
Please do take a look at this document – which gives details of the schemes introduced by the Coalition Government to help first time buyers and ease the housing crisis. If you’re looking to buy your first property, or know someone who is, this is a must-read!
Any questions – just ask!