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Average price of first time buyer home hits £500,000 in London

Residential property prices in England and Wales have increased on average by 6% throughout 2015, and by 10% in London according to the Land Registry. In addition, first-time buyers in the capital now face average prices of over half a million pounds.

Demand for property is high which is only worsened by a sheer lack in quality supply. Recent research has highlighted the shocking reality that a typical UK home costs more than 10 times the annual income of full-time workers, and the situation is only worsening with a shortage in supply of housing.

The average property in the UK is currently valued at £284,000 by the Office for National Statistics, while first-time buyers typically pay £215,000 to climb on to the property ladder. The average property price in London stands at £522,000 for a terraced house, making it almost impossible for those under 30 to actually own their own home.

Despite this, graduates are traditionally starting on approximately £22,000, and the median gross annual earnings for full-time employees is £27,200, according to latest official figures.

Overall, an ever-increasing level of demand, partially due to an increase in population, has caused people to predict that property prices will only continue to rise over the next ten years.

Despite this, at Inspired Homes, we offer stunning apartments in Greater London for just £234,950. All of our apartments come with an efficient heating system to ensure minimal utility bills, the UK’s fastest broadband 1GB, Sky TV, granite kitchen worktops, marble bathrooms and an open-plan interior design.

To find out more, please contact our sales team on 020 7495 0523.

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