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Buying or renting in London
Buying or renting in London
Many people are probably still pondering this question as they are getting ready for the festive season and this may be one of their new year's resolutions.
Last week, I was talking about this very thing with one of the new members of our team who had started to find it unbearable to have to share a flat with very disagreeable flat mates. Her and her husband had been sharing a flat with 3 other people and up until recently things had been going fine until one of them had her new girl friend move in. Does this remind you of anything? Well, who hasn't had the flat mate's new boy friend or girl friend create this new tension?Anyway this was when they decided that enough was enough and that they had to do something about getting a place of their own. And about time too! The big question was whether they should buy or rent their next place. And then immediately after came: How much can we afford? Where should we do it? Is buying wise in this unstable environment? Can the market crash?...And so on and so forth... Being a young couple without a family, they decided that living in central London near their work had to be their main goal if they wanted to be able to carry on enjoying the London scene without worrying about transport. Spending most of their time commuting was not an option. To help them further, we asked a few agencies what they were recommending at this stage for young couples. Here is what they told us: |
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According to Boulle International
Do you think that they should always be looking at Properties in Central London?
Do you think that it is the right time to buy in London?
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Chard of Notting Hill told us the following: What you think young people should do? Buy or Let?
What about rent deposit? Many young people don't trust their landlords? |
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Conclusion Having spoken to a number of estate agents, I came to the conclusion that you could easily make a case for either buying or renting. In the end, if I was a young married couple, I would seriously think about buying knowing that average house prices are predicted to triple by 2020 by the Centre of Economics and Business (CEBR). It is expected to reach £300k i.e. a 6.2% annual rise. Let's not forget that most mortgage companies would still require a 5 to 10% deposit, making things even more difficult for first time buyer. Fortunately, some mortgage lenders such as Northern Rock are now offering 105% or even 125% mortgages with guarantees but at interesting rates. Newcastle Building Society has designed a 100% loan guarantor mortgage fixed at 5.99% until March 2007. Guarantors need only prove that they can cover the shortfall. For example, a young solicitor on £25,000 could borrow £100k but wants to buy a flat at £135K. A normal guarantor would require the parents to pledge all the costs, whereas this product will require only £35k excess to be covered. On this very happy thought; happy flat hunting.
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COMMENTS:
23/03/2012 - lesliecottenceau said :
Londres: vente, achat et/ou location dans votre langue
L'agence Century 21 "Abbey-road" s'est specialisee dans la gestion de biens proches de la gare internationale Saint-Pancras, dans les quartiers de Euston et Camden, ainsi que de l'autre cote de Regents park dans le quartier de Saint Johns Wood. Centraux, ces quartiers proposent des biens de qualite a des prix plus abordables que les quartiers huppes de South Kensington ou Chelsea, dans un cadre de vie dynamique et agreable. Besoin de vendre, d'acheter ou de louer un bien dans ces quartiers (ou ailleurs dans Londres), y compris depuis la France, le tout avec le confort d'un conseiller immobilier dans votre langue? Demandez Leslie au 02073282930, par mail a Lesliecottenceau@yahoo.co.uk ou rendez-vous directement a l'agence Century 21, 116 Boundary road, London, NW8 0RH. Notre site internet: http://www.century21uk.com/office-details~action=dtl,bid=62. Pour information : 50% de reduction sur la commission d'un bien vendu par nos soins jusqu'au 31 mai 2012. Je vous attends !
29/08/2010 - matthieu.cany said :
Cet article a grandement besoin d'etre mis a jour
c'est fini les LTV a 125%!
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