Encouraging news for contractors looking to purchase their first property in London emerged this week. It seems that despite both house prices and average deposit sizes continuing to rise, the number of successful first time buyer mortgage applications in London has increased to its highest level since the credit crunch started in 2007.
Between April and June this year there has been almost a 40 per cent increase from the same period last year which equates to 11,200 new mortgages being granted to first time buyers in London during this period.
If you’re a contractor looking to increase your investment or property portfolio, purchasing property in London is currently being advised as a safe asset “if there can be such a thing” by many financial experts. London property values continue to outpace all other investments with London property prices continuing to increase in all areas and not just the traditional affluent locations.
Leading estate agent Savills predicts that areas such as Lewisham and Tower Hamlets could see property prices rise by 20% during the next 5 years.
If you are looking to cash in on your London property more quickly, you may want to consider the renovations market, where simple and small improvements can quickly add thousands to the market value of your investment.
Taj Kang, Operations Director at Contractor Mortgages Made Easy commented “As with any investment there is no guarantee that you will make money and that prices will continue to rise and it’s for this reason that I would always recommend that you first speak with a financial expert before purchasing property as an investment opportunity”
If you want to find out how much you could borrow as a contractor, enter your daily rate in the calculator at the top of this page or contract a consultant on 01489 555 080.
Article By: Simon Butler, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080