London Mortgage Broker & London Mortgage Advisor

Mortgage Brokers London – Looking for the best mortgage advisors London has to offer? Get the current facts and stats about London and the London property market.

Mortgage Brokers London – Fast Property Facts

London doesn’t need much introduction being as it is one of the world’s most important and influential cities both historically and in the present.

As well as being a national and global center for the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism and transportation, the city also holds one of the largest financial centers in the world.

In terms of population, the Greater London Built-up Area is home to about 10 million people, which accounts for 13.4% of the total UK population and makes the city the fourth largest conurbation in Europe after Istanbul, Moscow, and Paris.

Source: https://en.wikipedia.org/wiki/London

Best Mortgage Brokers London – The Capital’s Economy

With a GRP (Gross Regional Product) of almost £500 billion in 2018 London is the powerhouse of the wider UK economy and represents around 25% of the total GDP of the country as a whole.

London not only has the highest property prices in the UK but is also one of the most expensive in the world. 

When dealing with property transactions that are so expensive it is vital that you get the best possible mortgage advice you can by finding the best mortgage brokers London has to offer for your specific requirements.

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Mortgage Advisors London – Property Prices

Unlike in most other UK cities, the most popular type of property purchase reported by mortgage advisors in London was for flats, which sold on average for £544,904 over the preceding 12 months.

Terraced properties sold for an average of £746,555 and a semi-detached house’s average sale price was £705,626.

Overall the average sale price across all types of property in London was £674,688, with big variations in cost depending on which district the property was in.

Central London was unsurprisingly the most expensive at £1,647,016, whilst east London was the cheapest at £493,691

According to Right Move these numbers represented an increase of 6% on 2019 – 20 and up 9% compared to 2018 – 19 when the average house price was £621,758.

Those numbers are made up of 61,000 property sales a figure down 30% on the previous year due to Covid restrictions.

The highest proportion of sales were for mid-range properties with 45% of all sales in the £400,000 to £750,000 bracket.

New builds were more expensive than established properties costing £726,000 on average compared to £659,000.

In order to find a London mortgage company, advisor, or broker, search our mortgage broker directory to find the best mortgage advisor London has to offer who can provide the best London mortgage advice.

First-time Buyer Mortgages London

The general UK trend of increasing house prices whilst wage levels stagnate has had a visible effect on the property market.

It is clear from the stats that the volume of property purchases by first-time buyers has fallen significantly over the last 25 years.

For example, in the 10 years between 2006 and 2016, the number of first-time buyers nationwide dropped by 21,000 from 675,000 to 654,000.

Going back further than that we can see that between 1995 and 2005 there was a decrease of 247,000 buyers.

It is the same trend with the average age of homeowners in the UK – in a statistic that seems quite incredible in 2020, nearly one in three 16 – 24 year olds in 1981 were homeowners, by 2016 that had increased to one in ten and is increasing year-on-year!

Find the best mortgage brokers London has to offer in our mortgage advisors London directory – mortgage brokers are waiting to advise you on the best available mortgage for your circumstances.

Finding London Mortgage Partners For First Time Buyers

According to mortgage brokers London the capital’s property market is something of a different beast in comparison to the rest of the UK due to the fast-rising prices and sheer expense of purchasing property in the capital.

This is reflected in the data for first-time buyers;

in 2006 the average age of the first-time buyer in the UK was 30 years old, in London, it was 32. By 2019 that had increased to 34.5 years old in London and 32 years old outside of London.

Sources: https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/ & https://www.moneysupermarket.com/mortgages/first-time-buyers-report/

Image source: https://www.plumplot.co.uk/London-house-prices.html

Mortgage Advice London – First Time Buyers Deposit

With the highest property prices in the UK it is no surprise that first time buyers in London require a much larger deposit than in the rest of the country, what may actually be a surprise is the fact that the average amount required for a deposit in London increased by £20,000 in 2020 alone!

According to mortgage advisors, London the average first time buyer deposit in London is now over £132,000 – which amounts to on average 24% of the purchase price.

Across the UK the rise in average deposit was around £12,000, meaning that £60,000 was the nationwide average deposit for all property purchases.

With such large sums at stake, it is important to get the best mortgage advice London brokers can offer –  use our directory to search for an independent mortgage advisor in London.

Mortgage Broker London – House Price to Earnings Ratio

The UK average price to earnings ratio is around 10, whilst in the better value Northern cities it is closer to 8, London, however, is in an alternative property universe compared to the rest of the country with a ratio of over 18!

According to The FT;

“London house prices link to earnings is almost entirely dislocated. Property prices closely track earnings in North West and Wales, but not in the capital”

They are reporting on the Savills research that noted;

“The performance of housing markets in the north of England and Wales is linked to what people can afford to borrow based on their incomes… House prices remain relatively affordable to aspiring local buyers, so as earnings continue to grow, we expect to see continued house price inflation. At the other end of the spectrum, house price inflation and earnings growth in London are almost entirely dislocated. In 2015 house prices rose 11% while earnings rose just 1%; conversely, earnings rose 7% in the two years to September 2019 while house prices fell by -2%.”

Popular hot-spots for mortgage brokers in London are;