First-time buyers in this London borough have seen house prices soar
First-time buyer (FTB) house prices in Waltham Forest have risen faster than in any other London borough since 2012, according to research by Lloyds Bank.
It found a staggering increase of 93% from an average FTB house price of £212,629 five years ago to £409,491 today.
The boroughs recording the next biggest gains are Newham (92% to £359,212) and Greenwich (91% increase to £382,945).
Westminster has seen the smallest rise in prices since 2012 – an increase of 28% to £595,568; less than half the gain across London as a whole (67%) and significantly below the UK average of 50%.
Despite a relatively small price gain over the past five years (47%), Camden has become the most expensive borough for first-time buyers, with an average house price of £602,080.
At the other end of the scale, Barking & Dagenham has remained the least expensive borough for first-time buyers despite a 74% rise in average prices since 2012. The borough is the only one where the average price paid by first-time buyers is below £300,000 (at £292,446).
Andrew Mason, Lloyds Bank mortgage director commented: “Over the past five years, the price of a first-time buyer purchase in London has risen by an average 67%, with some parts of the capital recording even more substantial rises.
“This means monthly mortgage payments and deposits have increased substantially, making it increasingly difficult for many young people to buy their own home, and as a result we saw a 5% drop in first time purchases last year.”