18 Nov

First-time buyers may need to look outside London

First-time buyers may need to look outside London

First-time buyers looking at purchasing property for sale in London may want to consider buying their house in other areas further outside the capital, according to the head of residential research at Knight Frank. 

Liam Bailey believes that first-time buyers are finding it "incredibly difficult" to buy a house in the capital, suggesting that many should try looking to places around the outskirts such as Enfield or Barnet. 

He claimed that unless people are earning very good salaries, many may have to consider leaving London because of the housing issue. 

Mr Bailey said: "It is incredibly hard. The problem really is that London has been undersupplied with housing for a long time and demand has grown year-on-year.

"It is a major centre for people coming into new jobs and immigration et cetera and the housing stock hasn't kept pace."

The National Housing Federation recently reported the average Londoner would need to triple their salary to £87,000 to buy an average priced property in the capital.

 


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