020 7538 0102
26th February 2016
In the fourth quarter of last year a record 18% of homes bought by first-time buyers in London were in the £500,000-plus bracket, according to the Council for Mortgage Lenders' latest data. For 2015 as a whole there were 7,000 first-time buyers in this category, 15% of the total. This compares with 12% in 2014 and just 3% a decade ago. The CML figures also reveal that for the first time, no debut buyers in London took out mortgages on homes valued at less than £125,000. The median mortgage advance to a first-time buyer in the fourth quarter of last year was also a record at £242,920. The typical deposit was 25%, or £80,973.
Evening Standard (24/02/2016)