Buying your first home is seen as a key goal of achieving success in adulthood, yet with soaring prices and an incredibly competitive housing market, first-time buyers have been faced with large hurdles.
New research has now revealed how more first-time buyers are getting onto the market, but thanks to rising house prices, it’s taking a lot longer.
First-time buyers in London are now putting down an average deposit of £96,000, according to the latest Halifax First Time Buyer Review. Worryingly, this is almost three times higher than the rest of the UK, where the average deposit comes in at £34,000. The research highlights how those living outside London are on average able to put down a deposit two years earlier.
Interestingly, the price of homes bought by first-time buyers across the UK rose by 12% over the past year, to just less than £200,000 across the UK and £385,000 in London. Additionally, in London, the average first-time buyer deposit was 25%, compared with 17% in the rest of the country as buyers are doing their very best to keep mortgage costs low.
The positive news recorded in the report was that the number of first-time buyers has increased by 10% during 2016, with almost 155,000 first-time buyers securing a place on the property ladder.
However, this is where we come in. Inspired focus on helping first-time buyers to secure their place on the property ladder in London, without having to compromise on quality or area.
We choose to develop in areas perfectly suited to young Londoners, which boast excellent transport links, vibrant communities and an extensive amount of entertainment options. These areas include Croydon, Epsom, Sutton and Chertsey and thanks to our unique designs, we are able to bring our properties to market for less than £200,000 with help to buy in place. That means that your first home is only a 5% deposit away!
To find out more about our homes, please contact the team on 0208 688 6552