First-time buyer numbers in London at highest level for nearly three years

The Council of Mortgage Lenders reports that 10,000 first-time buyers took out a mortgage in the capital between July and September

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The Independent Online

The CML's figures show that first-time buyers in London put down higher deposits than in other parts of the UK despite more expensive house prices.

First-time buyers in the capital bought properties with an average loan-to-value (LTV) ratio of 75 per cent, a figure unchanged since 2008, and less than in the rest of the UK (80%).

The report shows that London’s first-time buyers differ from the UK average in various ways:

* First-time buyers are older in London (31) compared to the rest of the UK (29)

* Parental assistance is greater - 28% of first-time buyers in London bought unassisted, compared to 34% in the UK

* The average first-time buyer household in London had an income of £50,000 compared to £34,000 in the UK

* First-time buyers in London make up a larger proportion of the total mortgage market, around 50% compared to around 40% in the UK