London continues to be the least affordable location in the UK for first-time property owners, according to analysis by Halifax.
People trying to get on the property ladder in Islington face values at 10.6 times the average salary (£57,548), making it the most expensive location.
In 2023, the average house price for first-time buyers in London was £492,234. Deposits in these cases average at £108,848 – which is 22% of the purchase price.
In contrast, Inverclyde in Scotland was identified as the most affordable location, with properties costing about 2.6 times the average salary (£41,598).
Research also found that nearly two-thirds of people looking to buy their first home are doing so with someone else.
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HeadlineLondon remains least affordable location for first-time buyers
Short HeadlineLondon remains most expensive location for first-time buyers
StandfirstFirst-time buyers typically need to find a deposit of more than £100,000 to set up a home in the capital.
London continues to be the least affordable location in the UK for first-time property owners, according to analysis by Halifax.
People trying to get on the property ladder in Islington face values at 10.6 times the average salary (£57,548), making it the most expensive location.
In 2023, the average house price for first-time buyers in London was £492,234. Deposits in these cases average at £108,848 – which is 22% of the purchase price.
In contrast, Inverclyde in Scotland was identified as the most affordable location, with properties costing about 2.6 times the average salary (£41,598).
Research also found that nearly two-thirds of people looking to buy their first home are doing so with someone else.
