Strong price growth 'pressuring Brits to buy now or miss out'

25-Apr-2014

First time buyers are better off purchasing property in regional markets, according to new findings; which revealed that new buyers need a £70,000 cash pot on average to acquire property in London.

Research published by property firm Jones Lang La Salle (JLL) revealed that newcomers to the market would need have to find a £50,000 deposit, taking into account 82 per cent loan-to-value mortgages in London.

Commenting on the findings, Adam Challis, head of residential research for JLL, said that fierce competition for properties in London would make a 'price correction' unlikely.

He added: "There is such strong demand from young professionals to live and work in London that huge compromises in living circumstances are made. Strong rates of price growth are also driving more people to feel the need to buy now or miss out."

The report also showed that those who buy a £280,000 home would incur a three per cent stamp duty charge, at a cost of £8,400.

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