26 Nov

London first time buyers at 3-year high

London first time buyers at 3-year high

Around 10,000 first time buyers took out a mortgage in London during the third quarter of 2012, making it the highest figure in three years, according to new figures.

The Council of Mortgage Lenders (CML) has released its quarterly report titled Housing in London: Challenges and solutions, highlighting the latest capital city buying trends.

It revealed that the level of home ownership is 50 per cent in London – the lowest level in the UK – however, because it is so large these buyers account for 28 per cent of the value of all first time lending in the UK over the past 12 months.

Furthermore, those getting on the property ladder are slightly older in London (31) when compared to the rest of the UK (29).

Paul Smee, director general of the CML, said that there is a lack of supply and affordability in the capital, however, different demographics and population flows ensures that London is unique.

"With the mayor now directly responsible for housing strategy and investment in London, we look forward to seeing his finalised London Housing Strategy," he added.ADNFCR-1222-ID-801494833-ADNFCR

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