A recent article in the Telegraph highlighted the problems
younger people have getting a foot on the property ladder. With the
high price of houses in London and the south east, buying a flat in
a property block is an economical and wise choice. And for
first-time buyers, the communal aspects of living in a block are
tempting.
Research by insurance giant Legal & General has confirmed
that one solution is that parents are helping their children to buy
or rent their first homes. The 'bank of mum and dad' is
expected to fork out a whopping £6.5bn this year in deposits and
mortgage repayments on behalf of their children. Much of this
amount will be for leasehold properties in blocks around the
UK.
Parents offering financial support has been unofficially listed
as the ninth biggest lender, and the Social Mobility Commission
estimate that 34% of first-time buyers use a gift from family or
friends to help them get started.
With rental properties often being much higher than mortgage
repayments due to low interest rates, buying a block property is
particularly attractive. This is especially true for younger people
where developments include affordable housing, and the advantages
of being a leaseholder in a well-maintained block are
increasing.
If you're the leaseholder of an apartment in a block property -
or the landlord of one, you'll love the security of knowing your
home and property is well maintained and secure. For confidence
that your investment (or your mum and dad's!) will be permanently
maintained to the highest and safest standards, call Roisin on 0845
456 8775.
Posted on Friday, September 08, 2017.