London tenants less likely FTBs

The supply of tenants in the capital can only increase over the coming years with many 20 - 40 years olds stuck in the private rental sector and increasingly seeing home ownership as an impossible dream.

Latest data show that the average First-time buyers in London needs to put down £19,350 to cover the minimum required 5 % deposit, following a £63k rise of the average starter home to £387,000.

The increase in London property prices means that FTBs are looking to find an additional £3,150 compared with amount required 12 months ago and this is alongside more stringent lending checks.