Year's salary needed for house deposit
first-time buyers are expected to need a year's earnings in order to get a foot on the property ladder, according to new research.
Figures from the Royal Institution of Chartered Surveyors (RICS) show that people need a total of £27,738 to pay a deposit, fees and stamp duty on a first home.
This statistic is more that the total take home salary of a quarter of young couples, the research revealed, which could indicate that more people will look into the rental market.
Harriet Harman, standing in for the prime minister in the Commons yesterday (July 9th), said: "The situation in the housing market is of grave cause for concern".
RICS claimed that young people may turn to the rental market as they are being forced to find such large deposits and high stamp duty for property in London.
Last month the cost of a fixed-rate mortgage in the UK reached its highest level for eight years.
This comes after news last year that the average first time buyer is now 34 years of age, compared to age 27 30 years ago.
Published 10th July, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
First-time buyers are expected to need a year's earnings in order to get a foot on the property ladder, according to new research.