London has made a name for itself as an incredible city, boasting thousands of sought-after properties just waiting to be bought. However, when it comes to property prices, the capital is not the most affordable city in which to buy your forever home, and many young Londoners wonder if they’ll ever make it onto the property ladder.
According to Zoopla, the average house price in London is £505,700, making the average deposit £150,000. Even with help from mum and dad, first-time buyers are looking for longer mortgage terms to afford the repayment on their homes.
In June 2021 11,160 first-time buyers took mortgages for over 25 years, with the average age of these buyers in London being 33 years old. Still, despite the circumstance, property in London is in high demand and continues to rise.
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