First-time buyers in London pay DOUBLE for a home than anywhere else in the UK
The average price of a first-time buyer home in London has risen by two-thirds in the past five years
IT costs twice as much for first-time buyers to buy a home in London compared to anywhere else in the UK, new research has revealed.
The study - conducted by Lloyd's Bank - shows that the average house price in the capital is £420,132 compared to £210,515 outside of the city.
Those figures note a 64 per cent increase in prices for Londoners over the past five years.
The typical deposit used to buy a first London home has also increased greatly and is more than double than other first-time buyers across the UK.
An average for London was found to be £92,833 versus £39,668 regional residents.
The number of London first-time buyers has fallen for three consecutive years whilst the overall number has increased for six years straight across the rest of the UK.
According to the latest English Housing Survey, the average age of a first time buyer now stands at 33 - and they need an eye-watering average deposit of £50,000.
But despite the problems of getting on the property ladder Brits still dream of buying their own home, with 60 per cent of renters still intending to buy a house.
One young couple lived on a diet of beans and noodles while they saved to buy their first home for £220,000 all before they turned 21.
And Ethan Bragginton and his girlfriend Aimee managed to do it alone when he was just 18 and she was 20 - but he had to move away from London to be able to afford it.
We also looked at the £120,000 homes first-time buyers can afford without putting down a deposit.
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