Record number of first-time buyers in London property market

First-time buyers have made a significant impact on the London property market, accounting for a record 50% of homes sold this year. Nationwide reported that the share of houses purchased by first-time buyers reached an all-time high of 33% in the first quarter of 2024, thanks to falling mortgage rates. The South of England saw the largest increase in first-time buyer purchases, with London leading the way as half of all sales went to first-time buyers. However, affordability remains a challenge, resulting in smaller homes and lower borrowing amounts. 

Daily Mail (01/04/2024)   Evening Standard (01/04/2024)   The Daily Telegraph (01/04/2024)   The Independent (01/04/2024)