First time buyers in London ‘still getting raw deal’

First-time buyers now pay an average price of £449,000 for a home in London, new statistics have revealed. Average prices in Q3 were down from £478,000 in the second quarter as the market cooled off from pandemic highs, according to the Office for National Statistics. The average advance in the last quarter was £309,339 while the average recorded income of borrowers was £84,646. Ten years ago, in the third quarter of 2011, first-time buyers paid an average of £318,000. Richard Dana, CEO and founder of Tembo Money, said the data “further reiterates that first-time buyers are still getting a raw deal." 

City AM (03/12/2021)