You are here: Home -

First-time buyers in Waltham Forest see house prices soar

0
Written by: Christina Hoghton
30/03/2017
First-time buyer (FTB) house prices in Waltham Forest have risen faster than in any other London borough since 2012, according to research by Lloyds Bank.

It found a staggering increase of 93% from an average FTB house price of £212,629 five years ago to £409,491 today.

The boroughs recording the next biggest gains are Newham (92% to £359,212) and Greenwich (91% increase to £382,945).

Inching up

Westminster has seen the smallest rise in prices since 2012 – an increase of 28% to £595,568; less than half the gain across London as a whole (67%) and significantly below the UK average of 50%.

Despite a relatively small price gain over the past five years (47%), Camden has become the most expensive borough for first-time buyers, with an average house price of £602,080.

At the other end of the scale, Barking & Dagenham has remained the least expensive borough for first-time buyers despite a 74% rise in average prices since 2012. The borough is the only one where the average price paid by first-time buyers is below £300,000 (at £292,446).

Andrew Mason, Lloyds Bank mortgage director, commented: “Over the past five years, the price of a first-time buyer purchase in London has risen by an average 67%, with some parts of the capital recording even more substantial rises.

“This means monthly mortgage payments and deposits have increased substantially, making it increasingly difficult for many young people to buy their own home, and as a result we saw a 5% drop in first time purchases last year.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
‘No one over 50 should be investing in ISAs any more’

As the end of the tax-year looms, one advisory firm says it makes more sense for savers in their 50s...

Close