First time buyers in London need to spend £100,000 more

New first time buyer figures from Halifax Generation Rent show how expensive properties can be for those looking to buy their first home in London – even Barking and Dagenham, the Local Authority with the lowest average house price and deposit, is still more expensive than the national average.

The average first time buyer (FTB) deposit in Camden is £145,148, more than five times higher than the average of £27,537. The average house deposit in Camden actually costs £10,000 more than the average UK first time buyer house (£135,468).

Indeed, the Local Authority of Kensington and Chelsea is so expensive that it has priced itself out of Halifax’s research, with so few first homes bought in the area that the sample size was too small to include.

The research shows that:

* Since 2007, the average FTB house price in London has fallen from £286,987 to £244,041
* The biggest (by percentage) fall is in Greenwich, where the average FTB house price has dropped by 14% to £200,946
* The biggest (by percentage) increase is in Harrow, where the average FTB house price has increased by 8% to £285,334

Property for sale in Barking

Property for sale in Camden

Property for sale in Greenwich

Property for sale in Harrow

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• BudBludgeon

  “Indeed, the Local Authority of Kensington and Chelsea is so expensive that it has priced itself out of Halifax’s research, with so few first homes bought in the area that the sample size was too small to include “.
  Fixing the figures, iow. I’ve known for a long time about the Halifax Method of calculation.
  Include this, sample that etc.
  Talking down house prices means more printed money. Financials see it as their wages
  being printed or their losses being printed.

• http://www.facebook.com/burton.tim Tim Burton

  London is expensive to buy a property in; especially popular areas like Camden, Kensington and chelsea. How is this news?

• Adrian Fox

  I read recently that the majority of new mortgages are going to the ‘buy to let’ market, and it is definitely these parasites who continue to force up house prices by snapping up anything reasonably priced on the market.
  If the UK introduced tax policies in line with the French ones, that meant there was 40% tax payable on any profit made on the sales of second homes, and more such housing was brought into the public sector to be rented as social housing, we would not see the continuing spiral of house price increases.
  Most of the UK economic problems are because we have become over dependent on just a few sectors such as financial services and housing. Once these bubbles burst, it is inevitable the result is recession and stagnation.
  Housing is a fundamental human right and should not be regarded as a way to quick unearned profits on the back of growing need.