First-time Buyers in London Need £64,000 Deposit

‘New data from the Council of Mortgage Lenders reveals that first-time buyers in London are putting down an average deposit of £64,000 to get on the property ladder.

House prices in London rose by 6% between April and June, compared with 2.9% for the UK overall. The average home loan for a house in the Capital was £192,600 during the period, up from £183,900 for the same three months in 2012.

Lenders advanced 11,200 mortgages to first-time buyers in London in the three months, representing 56% of all house purchase loans, compared with 46% in the UK as a whole.’

Source: Financial Times,  Daily Mail, Daily Mirror, Evening Standard



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