11 months ago

City Matters Edition 068


FRANK HARRIS & CO. Celebrating 40 years in Central London 1978 - 2018 87 Long Lane, London, EC1A 9ET Heneage Street, London, E1 Guide Price £1,300,000 EPC: D A unique, architect designed (MPH Architects) two bedroom triplex with its own street entrance, which occupies the entire top part of the building. Approximately 1340 sqft/124.5 sqm. Shakespeare Tower, Barbican, EC2Y £950.00 pw (fees apply) EPC: n/a This fantastic three bedroom apartment is situated on a high floor of one of the Barbican’s towers.The flat has a minimal, modernist interior and offers awesome views over London. Approximately 1253 sqft/116.4 sqm. 020 7600 7000 frankharrisestateagents @frankharris_uk

CITYMATTERS.LONDON 28 February - 13 March 2018 | Page 13 Property Matters FIRST-TIME HOME BUYERS TAKING ‘EXTREME’ MEASURES TO SAVE DEPOSIT Help is at hand for first timers FIRST-TIME home buyers are adopting drastic measures to get a foot on to the property ladder, moving in with family members and selling personal belongings to scrape together a deposit, according to new research. Which? Mortgage Advisors surveyed 700 firsttime buyers, and found that one in five have moved in with family to save on rental payments, while 37% worked overtime or longer hours to build a bigger nest egg. Average house prices in the UK topped £237,794 in January, according to the Office of National Statistics, and a whopping £729,134 in London, despite falling -10.9%. Spending Researchers found that close to half were putting down a 10% deposit, equating to just over £23,000 on average, or £73,000 for those looking to buy in the Capital. People spend between three and four years actively saving for a deposit, according to the study, although a quarter said they had saved for more than five years. Most had scaled back their spending, with 41% going out less often and cutting out non-essentials. A further 38% cut back on travel, while 24% said they shopped around for the best banking deals. And while 62% of respondents saved every month to be able to afford a deposit, savings alone weren’t always enough, with close to a third relying on an inheritance to top up the balance and 29% receiving help from family. A report from Legal & General estimated that parents loaned more than £6.5billion to help their children buy a home in 2017, a 30% increase year on year. David Blake, principal mortgage adviser at Which? Mortgage Advisers, said that while it’s easy for first-time buyers to become discouraged by rising house prices, there are plenty of options for those without a Bank of Mum and Dad to draw from. Shared ownership – where you buy 25% to 75% of a property and pay rent on the rest – is an increasingly popular option for first home buyers, as are Help to Buy equity loans; where the government lends up to 20% of the property value (40% in London) so you can buy with a 5% deposit. The Help to Buy Isa is a scheme that lets people saving for a deposit put away £200 per month tax free, and when it comes time to buy, the government will top up your savings, up to £12,000, by 25%. “For many, the prospect of saving a deposit for a first home can be daunting, unrealistic and even downright depressing,” said Mr Blake. “However, there are various options out there for first-time buyers... consider speaking to an independent expert who can offer tailored advice.” getting on the ladder: an ever-growing list of schemes has been created to give first-time buyers a better chance of purchasing their own property, but it still means pinching the pennies SHOW APARTMENT LAUNCHING THURSDAY 8 TH MARCH CONTEMPORARY ONE, TWO AND THREE BEDROOM APARTMENTS IN LONDON’S MOST ECLECTIC QUARTER Just three minutes’ walk from Aldgate East Tube Station, where the City meets the vibrant East End, London Square Spitalfields is a stylish collection of one, two and three bedroom apartments set around the beautifully landscaped grounds of Mallon Gardens and Grade II listed Toynbee Hall. Intelligently designed and well-appointed, each apartment has a private balcony, winter garden or terrace and all benefit from a concierge service. Prices from £705,000 To arrange your appointment call 0333 666 0929 or email The Sales Suite, Commercial Street, London, E1 7SA. Open Tuesday - Saturday: 10am - 6pm, Wednesday 11am - 8pm. To RSVP call 0333 666 0929 or email External computer generated image depicts London Square Spitalfields and is indicative only. Internal computer generated image depicts Apartment 10 at London Square Spitalfields and are indicative only. Details and price are correct at time of going to press, February 2018.