The average deposit paid for a Greater London property is over two and a half times larger than a home outside the capital.
This is despite deposit sizes as a proportion of purchase prices falling nationally from 27.58 per cent to 25.77 per cent according to research by conveyancing service My Home Move
Large rises in house prices across the UK and in particular Greater London have resulted in buyers having to pay with a typical deposit of £127,000 in the capital. That is nearly £30,000 than in 2013.
The firm analysed over 60,000 purchase records to determine the average deposit size paid by home buyers between 2013 and 2015, comparing them to average property prices as reported by the Land Registry during the same period.
A company spokesman says the deposit size now required in London is “unsustainable.”
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That's why London house prices are falling, they are vastly overvalued and now the speculators are pulling out its all going down.
Is this any surprise? People want to live in London because of all that is has to offer so of course it's going to be more expensive to buy there. Simple supply and demand. I can't see why people are so consistently baffled by this.
Absurd. Ridiculous. Unnecessary. And many other words beside.
Will anything be done about it? You can bet your bottom dollar that their won't be!
*there. My errant grammar can be corrected, not so sure about the current housing crisis!
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