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
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Singaporeans can now buy record amount of yen per Singdollar
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
