If you are hoping to get on the property ladder in or around London then we wouldn't blame you if it all feels a bit impossible.
Government research sums up the mood. First time buyers are getting older and it’s getting harder to get a mortgage.
But our experience shows that it’s not all gloom and doom. If you are prepared to look around for alternative places to buy or commute in from further afield, and you take advantage of the many new mortgage opportunities available to first time buyers, then a world of possibilities opens up.
One idea is to leverage the opportunities that parents sitting on equity in their own homes can offer.
“One option we offer is to refinance mum and dad’s house because often they own homes worth £1m or more but have no, or only very small, mortgages,” says Anthony Emmerson, a director at mortgage broker, Trinity Financial.
“This is because the mortgage deals that we can get for parents are likely to be much more affordable than those the children can secure.”
Anthony also says there are deals available where parents place funds in a linked savings account which is then used as a security to help their children get a better mortgage deal.
“No one answer is right – each first time buyer will need a tailor made packaged to suit their different circumstances.”
But as well as securing finance, getting the most for your money in and around London is also key.
We’ve scoured our listings to find what we believe is good value both inside and outside London for between £400,000 and £450,000, which these days is the average price for a first-time buyer property in the capital.
One-bedroom apartment within a Victorian house in Lenthall Road, E8.
Price: £432,000 Share of freehold
Contact Winkworth Hackney on 020 8986 4216 for more information.
Two-bedroom first floor apartment within a period property on Casselden Road, NW10.
Price: £419,950 Leasehold
Contact Winkworth Willesden Green on 020 8451 1000 for more information.
Two-bedroom flat within a mansion flat on Mitcham lane, SW16
Price: £450,000 Leasehold
Contact Winkworth Streatham on 020 8769 6699 for more information.
Two-bedroom Victorian with a 17ft lounge on Cedars Road, BR3
Price: £400,000 including share of freehold
Contact Winkworth Beckenham on 020 8650 1000 for more information.
Two-bedroom cottage with 100ft garden on Longfellow Road, KT4
Price: £425,000 Freehold
Contact Winkworth Worcester Park on 020 8335 5555 for more information.
Three-bedroom semi-detached house overlooking a green in Alton, GU34
Price: £450,000 Freehold
Contact Winkworth Farnham on 01252 733042 for more information.
Are you looking to buy, sell, rent or let? Find your local Winkworth office here.
To view our 'Perfect picks for first time buyers' infographic click here.