Investing in a home in your twenties

Posted on 3 min read 7319 views


It may seem like a far-fetched idea for anyone these days to look for a home in their twenties. With an over stretched housing market and shortages up and down the country, buying a first home has been pushed to the bottom of the list of priorities for young people and many of us have no choice but to rent at unfair costs. With London being the most affected, it is expected that over a third of us will still be renting in our thirties unless action is taken in the next few years.

However, luckily, the UK government have pledged to change the future of home ownership and instead get young people onto the property ladder more than ever. The idea is that you will be able to own a home by the time you’re thirty and may have even climbed a few extra rungs up the property ladder by then.

Help to Buy

This new government scheme is quickly growing in popularity and has already made home ownership a reality for many people who thought it not possible. With Help to Buy homes ranging from apartments in London to bigger homes in the suburbs, you can easily take advantage of this scheme in hundreds of areas of the UK. With this strategy, you receive a 20% equity loan with zero interest for the first 5 years and are only required to put down a 5% deposit. This will leave you with a mortgage of a reasonable 75% of the value of the home and take the pressure off when it comes to repayments. The scheme ensures you can afford to move into a brand-new home in the ideal spot and make an investment for life.

Shared Ownership

This fairly new scheme comes with a whole host of benefits and gets you onto the property ladder with as little as a 2.5% deposit. With these homes also ranging in size and location you can choose one to suit your lifestyle at the perfect price. The idea works by allowing you to buy between 25-75% of a property to begin with and renting the rest, ensuring you have a manageable mortgage and only pay a deposit on the amount you wish to buy. The part of the home you do not own belongs to non-profit housing associations who only charge fair prices for tenancy even in highly sought-after areas. In addition to this you can also purchase more of your home over time, a strategy known as ‘staircasing’, which moves you up the property ladder without actually moving you anywhere. You can find out more about the scheme on propertybooking.co.uk and with houses for sale in Harrow to Yorkshire, the possibilities are endless when it comes to your future.

Homes for Londoners

For those of us looking to live in the capital but can’t stomach the extortionate costs then Homes for Londoners is the ideal solution. Set out to make the city a ‘genuinely affordable place to live’ Sadiq Khan is changing the property market in London with schemes such as ‘First Dibs’ that ensure properties can not be bought as second homes or by overseas buyers. You can also take advantage of ‘London Living Rent’ which ensures you pay a small amount for tenancy encouraging you to save for a deposit with priority when it comes to shared ownership in the area. There are also plenty of properties for shared ownership in Sussex, Berkshire and Kent, finally giving First Time Buyers in London a chance at owning a home to be proud of before the age of thirty.

This is partner content on behalf of Haggerston Times Voices

Leave a Reply

No Comments Yet.

%d bloggers like this: