London first-timers pay twice UK average

Research from Lloyds Bank shows that first-time buyers in London pay double the UK average to get on the housing ladder, with the average buyer in the capital paying £420,132 for their first home, while the average first-time buyer across the country pays £210,515. The average deposit paid by a first-time buyer in London is £92,833, more than 60% higher than in 2013. Five years ago 17% of all first-time buyers in the UK were in London, while the proportion has now dipped to 12%. Meanwhile, London house prices fell 0.7% in March according to the Office for National Statistics, with average property costing £472,000, compared to the English average of £241,000.

Daily Mirror (22/05/2018)   Evening Standard (22/05/2018)   Financial Times (23/05/2018)