London FTBs face near impossible struggle
House prices have risen so fast that London-based first time buyers (FTBs) face an immensely difficult struggle to get on the property ladder.
That's according to the annual Roof Affordability Index, which found that the average property price in the British capital has risen by some 250 per cent over the past decade.
Average first time property prices have gone from £73,962 to £258,756, the Index found, with the average house price to income ratio more than doubling from 1.98 to 4.30.
Housing affordability was also scrutinised in the study by comparing mortgage costs against working household incomes - revealing massive growth in the gulf between what prospective homeowners can afford and the actual costs of housing.
It found that while the average Londoner's weekly salary has risen by 60 per cent over the past decade from £720 to £1,155, during that same period average monthly mortgage payments have gone up a dramatic 208 per cent from £436.60 to £1,343.10.
Published 17th April, 2008
© 2008 Estates IT Limited
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House prices have risen so fast that London-based first time buyers (FTBs) face an immensely difficult struggle to get on the property ladder.