14 Nov

FTBs face paying £100,000 more for a house in London

FTBs face paying £100,000 more for a house in London

It has never been a secret that those buying properties through estate agents in London will face higher prices than elsewhere in the UK.

However, a new report from Halifax has found that new buyers in the capital face paying over £100,000 more to secure their home than elsewhere in the country.

According to the study, those putting down a deposit on a house in Camden will face a deposit which is up to £145,000, five times the national average, revealed recently to be £26,000.

However, in spite of this, the lender said that those in the capital should not automatically assume that they will not be able to get themselves a mortgage just because of the prohibitive barriers associated.

Stephen Noakes, mortgage director, Halifax, said: "The NewBuy scheme enables first time buyers to purchase new build properties on a higher loan to value mortgage; up to 95 per cent in many cases. There are thousands of new builds within the M25, usually costing between £160,000 and £500,000, so you could get a brand new property with a deposit as low as £8,000."ADNFCR-1222-ID-801488204-ADNFCR

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