The owning-a-London-home dream: the heart says yes, the bank account says no.
We’ve all looked at our pay slips, checked London house prices, and given up on dreams of owning a London home.
Stories like the average London home costing more than £1m by 2030 don’t help either.
A quick look on Zoopla shows that there are homes in the capital you could buy for less than £100,000. You can either buy them under a share ownership scheme or snap them up in an auction.
Take a look at these five homes:
1. 1-bed property in Coulsdon
Price: £75,000
Built in 1985, this one-bedroom home is a studio apartment with an open living space and a residents’ lounge. It also comes with a laundry room, communal gardens and visitors parking.
2. 1-bed flat in Wembley
Price: £75,000 (shared ownership)
You could buy this contemporary sixth floor apartment for £75,000 under a shared ownership scheme. Situated in the centre of Wembley’s shopping outlet, the house has an open plan lounge/kitchen, double bedroom with walk-in wardrobe, bathroom and private balcony.
According to Zoopla, the property is available at £75, 000 for a 25% share, based on a full market value of £300, 000. The rent per month is £410.00 and the service charge per month is £156.40.
3. 1-bed flat in East Ham
Price: £90,000
This newly-built second-floor flat comes with a reception room, bedroom, kitchen and bathroom. The property is situated close to the local shops and amenities near Barking Road. East Ham Tube station is a short walk from the home so you can get in central London within 30 minutes.
If you’re interested in buying this property you should move quick as it’s being auctioned on 9 September.
4. 1-bed home in Lewisham
Price: £63,000
This one-bedroom Lewisham home is located not too far off from the Lewisham shopping centres. It comes with fitted wardrobes, a lounge, bathroom and a kitchen.
This house has strict eligibility criteria for the new buyer. According to the property description, this home is available to anyone that is affordable, minimum household income required £32, 517 and is able to raise a shared ownership mortgage.
5. One-bed flat in Plumstead
Price: £70,000 (shared ownership)
This third-floor, one-bedroom apartment is located in Plumstead. This flat is in a 7-storey building with a lift facility. It has an open plan lounge/dining area, a double bedroom, a bathroom/WC and an allocated parking space.
According to Zoopla, this property is available for £70,000 for a 25% share, based on a full market value of £280,000. The monthly rent is £762.48 and the monthly service charge is £251.93.
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