Conveyancing Solicitors in London - A new hope for first-time buyers?

House prices are always guaranteed to be a lively topic of conversation among not only Conveyancing Solicitors in London, but all Londoners. Owners hope they've found a good deal, and renters hope to escape the cycle and climb onto the ladder.

The Land Registry has just reported that there was no change in June for property values across the country, but that London has experienced an increase in its average value over the last 12 months of 0.8%.

Hardly a reason for buyers to celebrate, right?

Recent research from agents Knight Frank indicates that prime London property values have increased by 9.6% over the last twelve months, and prices are some 35% higher than the post-credit crunch trough in March 2009. Whether this applies to the average home owner is less clear, but for the right type of dwelling there is still a strong market with foreign buyers still seeing this as a safe investment.

The 2012 Olympic Games are another factor which may be helping to push up prices in some London boroughs. Suren Thiru, housing economist with Lloyds TSB, comments:

"Interest in the East London housing market from both buyers and investors has increased markedly since London was awarded the 2012 Olympic and Paralympic Games, partly reflecting the substantial regeneration taking place there. However, despite this, house price performance in the postal districts closest to the main site of the Games has been rather mixed with some of these areas recording significantly larger house price increases compared to neighbouring districts."

At the lower end of the market, first-time buyers may find that shared-ownership presents a way of getting that first leg on the ladder, and some interesting developments are becoming available. One such is Aspire@The Works, in Staines Road, Hounslow which has been launched by A2Dominion New Homes. This features a range of one and two-bedroom apartments and three-bedroom houses with prices starting at just £91,000 for a 50 per cent share of a one-bedroom home, with a government subsidised rent payable on the remainder.

Tariq Qureshi, Director of Sales & Marketing for the company, said “This up-and-coming area offers good value for money for home-hunters looking for a property close to main transport links, shopping centres, restaurants and leisure and entertainment centres, and just three miles from Heathrow.”

In short, property prices in London look set to continue to rise for the foreseeable future, but there are nevertheless opportunities for smart buyers willing to compromise.

If you are considering a share of freehold purchase, be sure to instruct a Conveyancing Solicitor in London who is familiar with these more complex matters.