First time buyers 'returning' to London

11-Sep-2006

According to research by Haart estate agents, first time buyers accounted for nearly 30 per cent of the London property market in August, an increase of nearly ten per cent from the same period last year, reports About Property.

"August is commonly very quiet but we have seen this trend reversed this year," said Paul Smith, Haart chef executive.

"June and July were quieter, with the hot weather and World Cup distracting buyers and sellers from entering the housing market.

"Confidence in their own financial security is high, under a backdrop of positive economic growth and high employment," he added.

Increased consumer confidence comes on the back of a fall in house prices across London over June and July.

The average cost of a property in London is now £248,580, according to Haart.

Recent research by CBRE now suggests that London has overtaken New York and Tokyo to become the most expensive city in the world for property purchases.

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