Thursday 26th July 2007
First-time buyers are being forced further out of London by rising house prices, it has been claimed.
Paula John, editor of Your Mortgage magazine, suggests that first-time buyers are increasingly likely to compromise on both property type and location.
"A lot of first-time buyers go from renting in an area they actually want to live in to buying a lot further out than they first intended to," she states.
"Many wont get the sort of property they would ideally have liked and also wont get to buy in the areas theyd like."
Her comments follow the publication of the Halifax House Price Index, which shows the average purchase price of property in the capital is now more than £300,000.
Meanwhile, the Office for National Statistics notes that while the average price paid by a first-time buyer increased by 204 per cent between 1995 and 2005, wages rose by 92 per cent.
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