Confidence in London property 'growing'

22-Jul-2009

First-time buyers who want to live in the country's capital may be pleased to hear confidence is growing, according to one sector commentator.

Over the past 30 years, there have been many peaks and troughs - and London is currently in a "supply and demand bubble", explained director at Douglas & Gordon Ed Mead.

He added it is very unusual for the market in England's largest city to be pulled from the top, as the sector is usually driven by aspirational purchasers, rather than those looking for a first property.

Now there are a number of factors giving people the confidence to part with their cash, Mr Mead noted.

"You have got a couple of years' worth of pent-up demand, values having fallen by 20 per cent on average [and] low interest rates … and it looks like they are going to stay low for at least a year," he said.

Individuals looking for a first-time buyer mortgage for a property in the capital may be interested to know Primelocation.com revealed the average asking price for a centrally-based home in June was 1.9 per cent lower than the same month last year.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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