I want to share with you a quick story.
Ryan lives a few doors away from his sister Lucy both moving in around 2 years ago renting at a similar price. Ryan's rent is now £850 pcm and just received notice from his landlord to leave whilst Lucy's rent is still £750 pcm and she is looking to buy some new carpets in the January sales whilst Ryan and his partner will be looking to find somewhere else to live.
Lucy and her husband are in a rent to buy house with a 4 year fixed contract and local house prices have gone up around £15,000 compared to the price she has agreed to buy at.. She also has the comfort of two more years before she needs to buy - in which time the house could go up even more.
Lucy took action and moved in to a rent to buy house that was not her first choice and does involve more travelling time to work - but she wanted a place of her own and was prepared to compromise - and now could make over £20k equity when she buys, has the comfort of a long term agreement on a house she has turned into her family home and buy in the future - whilst her brother Ryan keeps putting things off and now paying the price of moving from one place to another with higher rent and property prices getting further out of reach and being priced out of the property market and live time renter.
The moral of this story is to take action and do something today!
1.The Government help to buy scheme with a 5% deposit finishes this month so go see an independent mortgage broker for some advice and maybe a soft application that will not impact your credit score.
2.Make time to check out any available or new developments with shared ownership.
3. You are welcome to get back in contact with us regarding rent to buy but we will be working with a smaller number of serious people in 2017 that want to make things happen.
Hope this gets you thinking and doing!
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.