As a first-time home buyer, you understand the importance of searching the inventory that is available to find the best homes or flats at the best price. While your dream might be to live in Central London or in the heart of the City, your budget may not permit you to buy there. Housing prices will dictate where you can and cannot live, and even if you have a limited budget, you can still be choosy and find urban or suburban villages that suit your lifestyle. Many first-time buyers who cannot afford to buy in high profile urban villages like Wimbledon or Canary Wharf, are choosing to purchase their first homes in the inner city enclave of Limehouse Real Estate services. Here, buyers can finally purchase their dream homes for a fraction of the price while still living in an area that boasts high housing prices overall.
Why Limehouse and Why Now?
Limehouse has a London Thameside postcode, which has attracted people from all across the globe. As the place that inspired Charles Dickens and other notable literary figures, Thameside has been attracting both locals and international buyers alike. As a former dockyard that was once very seedy and industrial, London Thameside has been transformed as the dockyards and industrial buildings have gradually been converted into flats and modern apartments that sell for as much as £2.5 million on Narrow Street.
Fortunately for first-time buyers who do not have this type of money to spend, Limehouse is one of the few areas in this postcode where housing costs have remained low. While there is no telling when prices will rise in the area, as demand increases and the supply starts to dwindle, it is only expected for the average price of flats to rise accordingly.
How Much Will You Pay to Live the City Lifestyle in Limehouse?
Buying has become a much more practical option than renting in this new affordable pocket of Thamside. New home developments in the area are designed for young Londoners who have been saving to buy at the right time. These developments consist of shared ownership flats, where investors will purchase a share of a one-bedroom flat, and then pay additional rents to cover the portion of the flat that they do not own.
While this scheme may sound odd to many, it is changing the real estate environment and giving young first-time buyers something to look forward to. Buying 40% share of a one-bedroom flat will cost £88,000, and the rents for the portion of the flat that is retained by the building association will be between £220 and £350 per month. There are also larger units to choose from which are not much more expensive.
These new opportunities are very attractive to first-time buyers who want to own but also want to keep their costs down. Developers, who are trying to cater to local buyers rather than international investors, have found a way to make housing more affordable in a desirable area and increase the number of owner occupied flats in the Thameside postcode.