Highest number of first time buyers in London for three years
According to the Council of Mortgage Lenders latest report, 10,000 first time buyers took out a mortgage in London between July and September, the highest amount in three years. The figures also showed that first time buyers in the capital bought properties with an average loan to value radio of 75% and this figure has remained unchanged since 2008 with the rest of the UK averaging at an 80% loan to value ratio.
The report by the Council of Mortgage Lenders showed other ways in which first time buyers in London differ from other first time buyers around the country for example, first time buyers are older in London with an average age of 31 compared to 29 for the rest of the country. The parental assistance figures are also different with 28% of first time buyers in London buying with no financial assiatance from their parents compared to 34% outside of London and the average first time buyers household income in London is £50,000 compared to £34,000 in the rest of the UK. The report also showed that first time buyers in London make up the bigger proportion of the total mortgage market at around 50% compared to rest of the country making up 40% of the figures.
Another report based around first time buyers but carried out by the Yorkshire Building Society reveals that the top of the first time buyers ‘must have’ list at the moment is for their property to have a garden! Yes, that is the latest most desired part of a first time buyers home followed by living near good transport links.
The report which was complied after surveying 2,000 potential and recent first time buyers also revealed that 23% of potential first time buyers would consider purchasing a smaller home if it was located in a desirable area and that recent first time buyers are more likely to want a home that is near family compared to potential first time buyers.
Of course, it would be very difficult for potential first time buyers in London to fulfil a dream of having a garden but 63% of them are more lively to have good access to public transport and are also least likely to value living near families as most London residents are located there for work purposes.
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