First time buyers in London 'saving for five years'

25-Jul-2007

It takes a typical first time buyer five years to save enough money to get onto the property ladder in London, a mortgage advisory firm has suggested.

Your Mortgage magazine has said that this figure has risen by eleven months in the past year alone, indicating the extent to which first time buyers are being priced out in the capital.

The magazine's editor, Paula John, added that first time buyers were continuing to be pushed further away from the centre of the capital in order to afford a home.

"A lot of first time buyers go from renting in an area they actually want to live in to buying a lot further out than they first intended to," Ms John noted.

"We're also seeing first time buyers having to be quite creative about the way they get onto the property ladder. It's very difficult to get onto the property ladder as a single first time buyer so a lot who aren't in couples are clubbing together and buying with siblings or friends," she added.

Commenting on the government's plans to deliver more shared ownership schemes, FirstRungNow.com managing director Helen Adams said: "Such services would be a welcome introduction to the market as eligibility for shared ownership through [NewBuild] HomeBuy is currently too narrow and supply is well below demand"

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