Comments : Many queue overnight for chance to become first time buyers in London

Posted: 05/11/2015

A new development in the West of London, could provide hope for an affordable dream home for aspiring homeowners. A que began prematurely yesterday morning, despite the new launch not starting until 5 o’clock today.

The price of these one to two bedroom flats, is considerably cheaper than the expected £500,000 price of a property in the capital, starting at £199,000. The competition to secure one of these Hounslow flats is anticipated to be quite steep. By this morning the que of people camping outside the development is said to have increased to 30, although this is just the beginning with 2,000 people having registered their interest in buying.

Although the development was purpose built for first time buyers, the queues were believed to have been a mixt of, people from overseas needing a London home and young people buying with help from their parents as well as first time buyers. However, they will all be competing with investors for one of the 228 flats, as the investors will be in stronger financial position. All possible candidates will have to pass a harsh lending criteria and pay a hefty deposit.

It is a welcome development as research shows that ‘affordable’ homes have halves in initial part of the year compared with figures from the previous year. 

Aislinn Devlin, Pali Ltd

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