Over GBP 100,000 More Expensive to Buy Your First Home in London
Halifax Generation Rent research shows the cost of buying your first home in London
(firmenpresse) - HALIFAX, UNITED KINGDOM -- (Marketwire) -- 11/20/12 -- from the latest Halifax Generation Rent research demonstrate the extent of the challenges for those looking to buy their first home in London. The figures show that the Local Authority with the lowest average house price and deposit (Barking and Dagenham) is still more expensive than the national average.
The average first time buyer (FTB) deposit in Camden, at GBP 145,148, is over five times higher than the average national FTB deposit (GBP 27,537). The average house deposit in Camden actually costs GBP 10,000 more than the average UK FTB house (GBP 135,468).
Further to this, the Local Authority of Kensington and Chelsea is so expensive that it has priced itself out of the research, with so few first homes bought in the area in 2011 that the sample size was too small to include.
Despite the high prices, there are still options available to first time buyers, and the mortgage market is better than many people think.
Stephen Noakes, Mortgage Director, Halifax, said:
"Halifax's Generation Rent report showed that only 4 in every 10 people think they could get a mortgage, yet we accept 8 out of every 10 applications. The mortgage market in London isn't what it used to be, but it isn't as bad as many people think - lenders are still lending. In the past year alone to first time buyers in Greater London.
"Londoners shouldn't just assume they won't get a mortgage - always speak to a mortgage advisor and find out. You can arrange an appointment with an advisor in any Halifax branch; an advisor will look at your individual circumstances and discuss the various options available, such as buying a new build property. The NewBuy scheme enables first time buyers to purchase new build properties on a higher loan to value mortgage; up to 95% in many cases. There are thousands of new builds within the M25, usually costing between GBP 160,000 and GBP 500,000, so you could get a brand new property with a deposit as low as GBP 8,000. There are also a number of areas that have relatively lower average house prices while still providing convenient access to work - such as Southwark for the City, or Lewisham for Canary Wharf."
First Time Buyer Hali-facts
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Datum: 20.11.2012 - 13:59 Uhr
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News-ID 205427
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