Words by Jadie Troy-Pryde
The thought of trying to get yourself on the property ladder in your twenties is daunting to say the least. The thought of trying to get yourself on the London property ladder in your twenties is actually laughable, unless you’ve been saving like a pro since the age of 5.
Oh, and being single is actually costing you thousands so if you’re not in a relationship you can definitely forget about it. It’s no wonder that people are packing their bags and planning to move abroad to one of these far more bank-balance friendly countries.
But what if we said that, actually, there might be a nice little house at the end of the financially dark tunnel that is your twenties?
It sounds too good to be true, especially when we’ve been beaten down by news that thanks to the housing crisis, it’ll take 22 years to save for a deposit.
However, official figures are suggesting that although house prices are still rising they’re doing so at the slowest rate in the last five years.
Land Registry revealed that the average house price in London rose just 3.7% in the last year, even dipping slightly at the start of 2017. The four boroughs to keep an eye on are Tower Hamlets, Brent, Islington and Hammersmith & Fulham as these are experiencing steady decline in terms of house prices.
The slow-down could be down to the irritatingly extortionate stamp duty which less people can afford to pay, and less about Brexit, but it does also mean that if you thought jumping* on the property ladder was a distant dream, it may actually be more realistic than you think.
*We say jumping, we really mean gripping onto it with our fingernails à la Leonardo DiCaprio in Titanic. But still – the lifeboat is there.