'Easy buy' London development offers hope for first-time buyers

Canning Town development to help first-time buyersPic: SWNS

First-time buyers across the country have been struggling for years to save for deposits and secure a mortgage to get that first step on the property ladder, and for most young Londoners, it has been almost impossible to buy that first home.

But a new development in Canning Town could give hope to first-time buyers in the capital, by bringing 'easy credit' back into the market.

The £100 million Royal Gateway development not only features flats costing £250,000, a mere half the average property price in London, but will enable buyers to purchase a home with a deposit of just £2,000.

Developers Galliard then have their brokers source the down payment, which the buyer repays with an affordable monthly amount.

The Royal Gateway, which will comprise 336 homes, from studios to three-bedroom apartments, with landscaped courtyards, communal roof gardens and plans for a commercial hub, was unveiled yesterday.

Buyers can sign up and even pay their £2k deposit at next Friday's launch party at the Crowne Plaza Hotel, Royal Victoria Dock, with the first occupations scheduled in 2016.

David Galman, sales director at Galliard, told the Daily Mail: "Last time we offered our 'Easy Buy' scheme it was back in 2007 when the market was buoyant and credit was readily available.

"During the recession credit and realistic mortgages dried up, but credit has now returned to the housing market in full force this year, and it will enable ordinary Londoners to get onto the housing ladder and purchase their own home."

What do you think? Is this welcome news for first-time buyers in London, or will it tempt young people into repayments they can't sustain? Leave your comments below...