First time buyers: richer and... younger?
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Figures out yesterday showed that the cost of buying a home in London rose on average £28,000 last year. That’s a yearly rise equivalent to the average London income. No wonder renters feel that the dream of home ownership is out of reach.
The Land Registry data also indicates another trend: younger first time buyers.
Across England and Wales the number of properties sold for under £200,000 fell by 7% over the last year, while the number of properties sold for over £1 million increased by 14%.
In London, where prices are rising fastest, there was a 25% increase in homes sold for over £1 million while the number sold for under £300,000 fell by 9%.
Does this mean that there has been a huge decline in first time buyers?
No. According to mortgage lenders, the number of homes bought by first time buyers has been increasing in recent months. Even as homes become less affordable for those on ordinary incomes, the number of first time buyers is increasing.
This is a conundrum. The number of first...
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