Buyers in London forced to 'lower their sights'


Thu 26th Jul, 16:09:36 BST
First-time buyers in London are being forced to lower their sights and consider properties further out of the centre as a result of rising house prices, Your Mortgage has said.

The property website and magazine has stated that affordability issues are leading to people having to reassess the areas in which they are prepared to live and potentially make some sacrifices over what type of home they live in.

"First-time buyers, in London in particular, have had to lower their sights for many years now," said editor Paula John.

"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."

Earlier this month the average cost of a home in London broke through the £300,000 barrier for the first time after prices in the capital rose by 4.9 per cent during the three months to the end of June.

The rate of growth in London is only surpassed by that of Northern Ireland, according to the latest statistics released by the Halifax.
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