London Property Statistics

Help Londoners To Buy

Here at Share a Mortgage we want to deliver a solution to all of you Londoners out there that are being forced to live in commuter towns or are stuck renting.

So come on all you Londoners, do what we do best rally together, join forces, buddy up to buy and get on the property ladder in London.

Otherwise this time next year you will still be renting!

Help To Buy - The Facts

There are 2 forms of Help to Buy: ‘Help to Buy Equity Loans and Help to Buy Mortgage Guarantee'

The difference being Help To Buy Equity Loans can only be used to buy a new build property and Mortgage Guarantee can be used to buy all other types of property.

Help to buy Equity Loans – Facts:

• in the first 14 months (to end May 2014) there were 22,831 properties bought (legal completions) with the support of the Help to Buy: equity loan scheme, up 2,283 (11%) from the total as at 30 April
• the majority of sales were to first-time buyers, representing 86% of total sales
• the average (mean) purchase price was £206,084
• the top 5 local authorities in terms of legal completions are Leeds, Wiltshire, Central Bedfordshire, Milton Keynes and Peterborough
• Londoners made up a mere 6% of the 22,831.

Help to Buy Mortgage Guarantee - Facts

• In the first 6 months of the Help to Buy: mortgage guarantee 7,313 mortgages were completed with the support of the scheme.
• Of these, 80% were purchases by first time buyers.
• The total value of mortgages supported by the scheme is £1 billion.
• Compared to total mortgage completions in each region, the scheme is supporting a higher proportion of mortgages in the North West and the East, and a lower proportion in London and the South East.
• The mean value of a property purchased or remortgaged through the scheme is £151, 597, compared to a national average house price of £252,000.
• And Londoners formed 5.26% of the 7,313.

So come on guys buddy up and buy let’s make more of this outstanding opportunity.

Other Key Facts

Here are some other key facts about London property market that only go to prove, Share a Mortgage is the future and probably the best if not the only route to owning a property in London.

• 73% of new build properties over the last 2 years are bought by overseas investors
• This has fuelled a price increase for everyday Londoners looking to buy with a mortgage
• 59,313 properties are left empty, of which 24,056 are classed as 'long term empty'
• Average Londoner earns around £35,550 and on a 4 times mortgage can get £142,200
• Average London property is £439k
• Londoners are now looking to move out on London and live in commuter hotspots, this is now overheating property markets as a knock-on effect in some more traditionally commuter dormitory hubs.

So you’ve heard it before Buddy Up and Buy.