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First time buyers younger in london
An increase in cash deposit contributions for first homes from parents now means the average age of first time buyers in prime areas of London is just 23, 14 years younger than the national average.
Leading property consultants Sandfords says this can be attributed to wealthy families, who, mindful of soaring property prices in the capital, are seizing the opportunity to help their offspring onto the ladder.
Andrew Ellinas, Director at Sandfords, comments:
“As many as two thirds of first time buyer sales are currently financed by family members who either stump-up the full purchase price of a property or a substantial deposit. Prime property performed strongly in the first half of 2011 and demand continues to push up prices and the prospect for strong capital growth. Such transactions are up 25% on this time last year.
“These first time buyers are purchasing property priced from £300,000 to upwards of £1million, which parents see as a safe long term investment for their children. Areas close to the open spaces of Regent’s Park and Marylebone High Street’s sought-after shops and restaurants are the top spots for these young buyers.”
ake an equally strong case in the next leg, likely to be launched in the summer.”
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