The average price of a house in London has recently risen above £600,000 for the first time, and that relates to properties within Greater London and not necessarily the city. In the city of London itself? Well, unless you carry some serious financial clout, forget it; average property prices in certain areas can run into seven figures.
If you are trying to buy within the London area, it’s likely that your best realistic chance of doing so is through a shared ownership mortgage scheme – the Shared Ownership scheme can enable buyers purchasing their first home to own a share in a new house, paying a subsidised rent on the remaining share. On the plus side, it’s a way of getting buyers onto the property ladder – though you won’t actually own the house unless you buy further shares later down the line; something you may or may not be able to afford to do.
However, if the shared ownership route doesn’t appeal and you would much rather own your home outright, then consider a property outside London. Widen your scope to towns within commuting distance of the capital and you’ll discover properties where you can afford to buy and one of them is Luton.
The Bedfordshire town of Luton might seem like too far for a commute into London, but think again. It’s actually more achievable than you imagine – a journey time of just 26 minutes into St Pancras International. And while Luton might not be deemed the most charming of towns it has plenty of amenities, including an 11-screen cinema. There are also some appealing villages on the outskirts of the town, such as Kensworth, Bendish and Peter’s Green. If you widen out a little further to Dunstable, you’ll find new build properties with prices starting from just under £200,000.