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
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