First time buyers clinging on in London

06-Jun-2007

A levelling off in house price growth in London last month meant that first time buyers were able to retain their proportion of the market share – but the proportion remains just 25 per cent, it has been revealed.

A study from haart found that average prices in the capital rose fractionally to £264,801, a 0.1 per cent increase from April's figure of £264,636.

However, hope for first time buyers still exists in the fact that asking prices were lowered by three per cent last month, in part due to confusion over the delayed implementation of Home information packs (Hips).

But such trends are unlikely to last, the estate agent advised.

"Due to a slight change in the balance between supply and demand, as sellers tried to beat the impending Hip deadline, May saw London prices stabilise," commented the firm's chief executive Paul Smith.

"Once the dust has settled on the pre-Hips listings, growth in the London housing market will pick up again and remain steady for the rest of the year," he added.

Prices in the capital rose by 2.3 per cent in April, according to recent Land Registry figures.

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