First-time buyers in London need £70,000

25th April 2014

Research from JLL suggests that first-time buyers need £70,000 to cover the deposit, 3% stamp duty, and moving costs, to get on the property ladder in the capital.

Newcomers will need a £50,000 deposit to buy a flat or terraced home worth an average of £280,000, said JLL, a level that would incur stamp duty at 3%, costing £8,400. Typical moving costs add up to between £10,000 and £12,000. "London house prices are underpinned by strong fundamentals, including strong employment prospects and expectations of future wage growth," said Adam Challis, head of residential research for JLL. "There is such strong demand from young professionals to live and work in London that huge compromises in living circumstances are made. Strong rates of price growth are also driving more people to feel the need to buy now or miss out", he added.

Source:   The Daily Telegraph (21/04/14)