The London area of the UK housing market is going through the introduction phase of a new plan by Mayor Sadiq Khan. It is intended to assist those living in the capital city with property purchase that typically might compete with others from outside London. London residents will have first choice opportunity to purchase the property, or potentially see buyers from outside the city come in and buy. During the first thirty days on the market, Londoners will be given first choice to buy the property.

The new scheme is being participated in by builders and housing associations. Now, those seeking new properties for purchase in the capital city can buy homes up to £350,000 in value during the first thirty days they are on the market.

Buyers have the option to make an offer on their property choice for two months after the first month. After the initial three months, those living outside the UK will have an opportunity to then bid on the property.

There has been mixed reaction to the plan introduced by London Mayor Khan. Some claim few will take part in it and the plan is simply a method to distract from the real issue which is shortage in the number of available properties.

Currently, plan to build more than 60,000 homes per year is on tap. More than half of those homes will be priced at affordable levels.

Those fortunate to be living in a house currently are still facing a massive opportunity with the possibility of remortgage. Lenders are still offering deals with extremely low interest rates and affordable admin fees.