(Bloomberg) -- First-time buyers have all but abandoned the London housing market over the last decade after a surge in mortgage rates and high deposit requirements price more out of the market.
Mortgage lender Halifax said only 24,323 Londoners bought a house for the first time between January and August 2023, a 9% drop from the same period in 2013. The capital is the only UK region with fewer first-time buyers than a decade ago. Elsewhere, cheap borrowing and government aid post-Covid have fueled double-digit growth over the last 10 years.
“The growth in house prices over the past decade means raising a suitable deposit remains a significant hurdle,” Kim Kinnaird, director at Halifax Mortgages, said in a report Wednesday. “There is then finding the right property in a housing market with limited supply, coupled with the sharp rise in interest rates, meaning there is lots to consider for any first-time buyer.”
That’s even though deposit requirements declined 12% from last year, and house prices edged lower in response to slower demand. Halifax said average house prices have fallen 2% to £288,030 since 2022.
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