According to the latest data, London’s average asking price is?689,000. This is an increase of 7.6 percent over the same month last years. However, homes are selling much faster than usual. The market is difficult to predict because there are so many variables that affect house prices and affordability. Those looking to buy will prioritize their needs and what they can afford, rather than waiting for the market to change. “First-time buyers” Rightmove analysis revealed that first-time buyers will have the most difficulty buying a home in this market. The average monthly mortgage payment (?901) was higher than the monthly rental payments (??877) for the first-time. The average monthly mortgage payment (?901) has surpassed the monthly rental payments (?887) for the first time in ten years. This, combined with rising house prices, means that the average UK first-time buyer will need a deposit 112 percent higher than it was a decade ago.
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