Record Number of First-Time Buyers in London's Property Market

First-time buyers constitute half of all property sales in London this year, a significant increase driven by falling mortgage rates and high rents.

First-time buyers have purchased a record 50% of homes sold in London this year, marking a significant rise from 28% a decade ago.
Across Britain, the share of homes bought by first-time buyers has reached an all-time high of 33% in the first quarter of 2024, doubling from 17% in 2014.
The average London first-time buyer now spends £108,710 less on their purchase compared to 2020, with many opting for smaller homes due to affordability issues.
Areas like Slough, Wandsworth, and parts of East London have seen the highest shares of first-time buyer purchases.
Despite the increase in first-time buyers, the affordability of homeownership remains a challenge, with the average cost of owning a home more than doubling since 2013.