The number of first-time buyers in the UK housing market has fallen for the first time in four years, with the typical deposit required to buy a property now above £30,000. The estimated number of first-time buyers last year was 310,000, down 0.5% on 2014 and the first decline since 2011, according to Halifax.
A report by Stirling Ackroyd, found even areas such as London’s Peckham – traditionally seen as affordable – have now joined the half-a-million club, with average house prices of £503,000. Streatham, Mile End and the East End’s E1 district have also joined the club, as well as St Katherine’s Docks.
Prices per square foot are now, on average, 33% higher than in the previous peak in 2007. Greater London prices are 13% higher than in 2007.
Residential Property prices in London exceed the prices in the rest of the UK according to the figures released by the office for national statistics. House prices went up by 11.2% in the year to March 2015 compared to the national average of 9.6%.