Abacus Daily Debt News

First-time buyers ’showing interest in London property’

There is "no doubt" that first-time buyers are returning to the London property market, it has been stated.

Many people looking to get onto the ladder have noted that price drops have been greater in the capital than elsewhere, according to Ed Mead, director of sales at Douglas & Gordon.

He said that many first-time buyers will realise that now is a good time to buy a home, adding: "Not everyone wants to wait for the bottom of the market."

The city of London has "undergone slightly bigger falls than the national average so it’s not entirely surprising that the first-time buyers should be targeting that," Mr Mead remarked.

He went on to describe this development as "encouraging" and commented that the number of enquiries from this group has improved recently.

Meanwhile, the Rightmove House Price Index from February 2009 has revealed that the average asking price for a home stands at £216,163, showing a 9.1 per cent drop compared to the same period of last year.