London house prices too high for first-timers

LONDON continues to lead the fragile national housing market recovery with asking prices in the capital rising 0.3 per cent in March to stand at 8.7 per cent higher than they were a year ago.
According to the house prices and affordability index from, the average London property is now on the market at £437,464.

This means it is increasingly difficult for first-time buyers to get a foot on the housing ladder with an effective deposit of a whopping £130,155 now required. In London, prices fell in only four boroughs – the City, Redbridge, Waltham Forest and Harrow. The biggest winners were Greenwich, Haringey, Kensington & Chelsea, Hackney and Newham.

Nigel Lewis at said: “The London property market continues to lead the recovery for the UK overall, and has bounced back following a dip at the beginning of the year.”