Property News & Views
London first time buyers spend double compared to the UK average. —
23rd May 2018
Average first-time buyers in London
spend double the amount paid by those across the rest of Britain.
A typical London buyer now spends £420,132 on their first home, compared to an average of £210,515 across the
rest of the country.
The cost of a first-time buyer
property in the capital has increased by 64% since 2013, up from £255,794.
Research by Lloyds Bank shows that
the average first-time buyer deposit in London (£92,833) is also more than
twice the value of the national average (£39,668).
The number of first-time buyers in
London has fallen by 5% over the last five years - down to 42,983, representing
just 12% of all first-timers in the UK (down from 17% in 2013).
Away from the capital, Lloyds reports
that the number of first-time purchasers across the rest of the UK has risen
for six consecutive years.
When it comes to deposits,
first-timers in the London Borough of Camden pay the highest on average
(£175,844), while the largest rise in typical deposit paid over the last five
years was recorded in Haringey (rising from £63,447 to £131,827).
Meanwhile, the average age of a
first-time buyer in the UK is now 31 years old. In London, these average rises
to 34 years old.
The typical age of a first-time buyer
in the London boroughs of Barnet, Sutton and Harrow, however, is now 39 years
Despite the recent slowdown in
London house prices this latest data shows how expensive it has become to live
in the capital, particularly for young people trying to get on the ladder for
the first time," says Andrew Mason, Lloyds Bank's mortgage products director.
While property prices drop as you
head to the fringes of the capital, this gap is closing as house price growth
in outer London boroughs is continuing to increase at a greater pace than inner
"This healthy growth may be
linked to a high demand for these more affordable properties as well as some
areas benefiting from the new Crossrail link due to open next year as commuters
move further afield, he says.
Peter Scott from Peter Scott Estate Agents commented - With some first-time buyers being able to access the market with a
5% deposit and a fixed rate mortgage of less than 3% its no surprise buyer
numbers outside London are rising as property is more affordable.
If you are looking for the best mortgage deal that suits you please let me know by email to firstname.lastname@example.org and I can put you in touch with a qualified broker who can help. Initial conversation is free of charge.
Article Source Estate Agent Today, May