London home price surge hits first-time buyers
With little help likely from parents, they are forced to make huge downpayments, take out large mortgages
London
EVEN the Bank of Mom and Dad can't keep pace with London's spiralling property market.
The average cost of a home in the city has climbed to over £500,000 (S$1 million), forcing first-time buyers to make the largest downpayments as a proportion of their income in at least a decade, according to an analysis of Council of Mortgage Lenders (CML) data by Neal Hudson, an associate director at Savills plc. It's also prompting them to take out larger mortgages, the CML said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents