Londoners are struggling to buy properties in the capital.
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Foxtons have reported their highest sales since the Brexit vote in 2016, but many Londoners still believe that getting onto the housing ladder is still becoming more difficult.
The report shows that in the last six months of 2024 and into 2025 more houses have been sold in London.
‘In fact, we’ve actually seen mortgage approval levels climb by 31% in the last 12 months versus the 12 months prior,’ said Foxtons CEO Guy Gittins says. ‘At the same time, there’s been some 3.4% more homes sold across the UK market, with over one million transactions taking place over the last 12 months.
Nationwide also released a report showing that houses in London are gradually becoming affordable.
Nationwide also released a report in which they showed that housing affordability had improved in London. They stated that all regions have seen ‘a modest improvement in affordability compared to 2023 when looking at the costs of servicing the typical mortgage as a share of take-home pay’.
But some Londoners disagree. A property owner in central London stressed the difficulties they had faced.
‘I’ve been here six or seven years now, and now is definitely the most difficult time to buy property since I’ve been here.’
Young people have also been impacted by housing affordability in the capital.
‘Young people cannot afford to buy a house in London because you need to have a certain income to be accepted for a loan,’ said a local student.
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HeadlineLondoners believe it’s not getting any easier to break onto the housing ladder
Short HeadlineGetting onto housing ladder remains difficult, say Londoners
StandfirstNationwide expect a hike in the sales of houses in early 2025.
Foxtons have reported their highest sales since the Brexit vote in 2016, but many Londoners still believe that getting onto the housing ladder is still becoming more difficult.
The report shows that in the last six months of 2024 and into 2025 more houses have been sold in London.
‘In fact, we’ve actually seen mortgage approval levels climb by 31% in the last 12 months versus the 12 months prior,’ said Foxtons CEO Guy Gittins says. ‘At the same time, there’s been some 3.4% more homes sold across the UK market, with over one million transactions taking place over the last 12 months.
Nationwide also released a report showing that houses in London are gradually becoming affordable.
Nationwide also released a report in which they showed that housing affordability had improved in London. They stated that all regions have seen ‘a modest improvement in affordability compared to 2023 when looking at the costs of servicing the typical mortgage as a share of take-home pay’.
But some Londoners disagree. A property owner in central London stressed the difficulties they had faced.
‘I’ve been here six or seven years now, and now is definitely the most difficult time to buy property since I’ve been here.’
Young people have also been impacted by housing affordability in the capital.
‘Young people cannot afford to buy a house in London because you need to have a certain income to be accepted for a loan,’ said a local student.
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