First time buyers dismayed at London market

01-Aug-2007

Fifty-four per cent of all young professional first time buyers aged 25 to 34 say that the property ladder in London is beyond them because of rising prices, new research from Zoomf.com has shown.

The state of affairs is even graver for those aged 18 to 24, the website's study found, with 84 per cent saying they were unable to buy a home in the capital.

The average price of a one bedroom flat on the site is now reportedly £265,333, the firm notes.

"The market in London remains extremely competitive and with house prices showing no sign of relenting on their upward surge, an increasing amount of young people are unable to afford to buy their first home," commented Zoomf co-founder Mike Carter.

"Although rate rises have hit hardest property owners who have stepped onto the ladder within the last 12 months, it has also acted as a further barrier to those still struggling to gain a foothold in the market," Mr Carter added.

A survey produced last week by Scottish Widows Bank found that house prices were cited as the main barrier to entry into the housing market by over seven in ten first time buyers.

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar