Recent data brings a mixed bag of news for first time buyers.
The good news is that property prices only rose by 5.8% in September, whereas six months ago, first time buyers were facing annual rises in house prices of 10%.
However, the bad news is that those buying in the priciest parts of the UK, including London, are typically seven years older than those in more affordable areas.
The research, carried out by Halifax, claims that the youngest first time buyers are in Carlisle in Cumbria and south Wales, at an age of 27 years. Yet, those buying in Slough, Barnet and Ealing were averaging 35 years of age.
Overall, this means that the average age of a first time buyer in the UK is 30 years, with the figure in central London reaching 40.
Halifax also said that the average price of a typical home in the UK is £214,024, with the average price of a London home being £630,000.
This is where we have stepped in and filled a gap in the market.
It’s ridiculous to expect young working Londoners to have the capacity to afford a home that’s over £600,000, yet if they go much cheaper, they are only getting awful properties. That is why we developed our model of turning old offices in lovely new apartments, with a very affordable price tag.
All of our homes are based in locations which boast excellent transport links, superb amenities and award-winning communal areas. In addition, the interior of an Inspired home is always of the highest quality with Bosch appliances and marble bathrooms.
It’s therefore surprising that we bring these London homes to market with a price tag starting at £235,000.
Furthermore, we also have help to buy in place, which means that a London home could be yours with just a 5% deposit.
To find out more about how we are helping first time buyers, please contact the team on 0208 688 6552