Monday, July 16, 2007

Save for 7.5 years to get a mortgage on the one bed starter home?

First time buyers in London face a year longer off the first rung

First-time buyers (FTBs) in London are hit the hardest, needing to save for 7 years and 5 months on average in 2006; 2 years longer than they needed to save in 2005 (5 years, 5 months). This reflects the rapidly increasing house prices in addition to the fact that first-time buyer homes in the capital are now breaking the 3% stamp duty barrier (£250,819).

Posted by converted lurker @ 11:21 AM (450 views)
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One thought on “Save for 7.5 years to get a mortgage on the one bed starter home?

  • “First-time buyers (FTBs) must save for 11 months longer than last year to be able to afford the deposit and fees for their first home, according to research by Stroud & Swindon…”

    So some poor FTB in London who has been saving for a deposit for the last year has actually only managed to make a 1-months saving dent into the cost of a deposit. The other 11 payments into their savings were simply to keep up with the increase in house prices! Now that definately isn’t sustainable.

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