Is London's housing market set to soar?

Is London's Housing Market Set to Soar?

House hunting in London can be an absolute nightmare with horror stories revealed daily of tiny properties on sale for astronomical prices.

The couple looking to buy a house in this video are not actually a couple at all - they've only met a handful of times but are looking to invest in a property together all the same.

This is thanks to a new solution that will lend a helping hand to young people looking to buy a property in the capital.

Propertybuyersmatch.co.uk is an online service that matches like-minded people who are looking to buy their first home.

This may be the answer that young people all over London have been looking for.

Ross says: "I've been really keen to get onto the property ladder, which is obviously a huge challenge for anyone my age. It's a really big consideration but something that I'm really keen to do."

Katie says: "For a deposit size you're looking at 15 to 20%."

House prices across the country have risen 14% since the last election and it was a key point in the campaign, although the London property market has slowed in recent months.

Wages during the same period of time have remained broadly flat however, and UK properties now cost as much as five times the average first-time buyer's salary.

Statistics in the video show that it could take 29 years just to save up the deposit.

Iain Hawthorn and Emma Leicester developed the Property Buyers Match site together.

Emma told The Mirror: "My partner and I developed this idea after recognising there was a Facebook generation who lives and work in London," Emma told The Mirror.

Adding: "We asked ourselves, if we didn't have the help of our parents to get on the property ladder, how would we do it? Wouldn't it be great if you could co-buy?"

But she also says they advise those co-buying should run through a set of questions before they enter into an agreement, asking: "How long is this for? What are your plans? What are my plans? Do you intend to travel? Would you want to rent out your place?"

10 PHOTOS
Cosy studio properties
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Is London's housing market set to soar?
This studio in Sydenham has been cleverly designed to make the most of the space. By fitting a spiral staircase between the sink and the washing machine, the flat can be on two floors, keeping the sleeping and living areas separate, without wasting space with hallways.
There's not much excess space in the sleeping area, but by being conservative on space, the rent comes in at just £625 a month.
This newly refurbished studio costs just £650 a month, fully-furnished. There's clearly space for both a wardrobe and a bed, and the agent points out that it's likely to suit a single working professional.
There's no separate oven, but by adding some shelving, there's room for a fridge a hot-plate and a microwave, which could serve someone well if they're after a crash-pad.
Desirable and leafy Harrow also has its share of affordable property, if you are prepared to be flexible on space. This property, for example, costs just £665 a month.
There's room in this well-maintained property for a double bed and a dining table. Given the fact it has just seen a price cut, it could be an affordable option.
The clever use of space in this flat includes a pull-down ladder, which enables a bed to be included on a sleeping platform, so not an inch is wasted. It means the sellers can price this Clapton flat keenly at £235,000.
The other side of the living space offers room to relax, for the busy professional.
You can even afford to buy in a highly desirable part of West London for just £220,000, if you are prepared to think creatively about space. This flat in W2 offers a separate kitchen and bathroom for the money.
At 192 square feet, there isn't an awful lot of room to spare, but the owners have managed to find space for a washing machine, which is very handy.
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