The cost of buying homes in London has further increased
The cost of buying a house in London has continued to increase, making it harder for first time buyers to get a foot on the property ladder. New figures from the Council of Mortgage Lenders (CML) have found that the average deposit for someone buying their first home in London has reached an all-time high of £64,000. This new information suggests that people wishing to find a new home might be better looking for properties to rent in London.
More buyers are now having to take out increased numbers of loans in order to provide the deposit due to a number of mortgage advisers refusing to provide mortgage advances to those classed as 'high-risk'. It is also continuing to be quite difficult to find affordable housing in London, as house prices are still on an upward trend.
The cost of the average home in London has now reached £385,800 in comparison to the UK's average house price, which is under half of the capital's figure at £170,514. This suggests that those wishing to live and work in the city are going to face difficulties finding a property within their price range.
Despite the continuing rise in the cost of London homes, competition is strong and properties tend to get snapped up at a faster rate than the rest of the country. This poses further problems for buyers unable to scrape together the huge deposits needed to secure their preferred property.
Rather than dealing with the race for houses and the stress of having to take out loans as well as a large mortgage, those looking for a property could benefit from exploring the option of rental Properties in London. A variety of homes are still available for renters, offering a great variety to suit most people's needs.
It can also be a quicker process to secure and move into a rental property as once the paperwork is signed and the deposit is handed over, which will be massively lower than the deposit needed to buy a property, the property is ready for tenants.
Published 30th August, 2013
© 2013 Estates IT Limited
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Buying homes in London is a costly experience for first time buyers