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The average mortgage repayment for a first-time buyer in London who can find a 25 per cent deposit is £1,240 a month — more than half the average wage, research reveals today.
Realpricecomparison.com found that the lowest average repayments are in Barking and Dagenham, at £760 a month, followed by Newham, Bexley and Waltham Forest where monthly mortgage payments are £821, £851 and £860.
The most expensive borough, Kensington and Chelsea, has an average monthly mortgage repayment of £3,062.
Second costliest is Westminster, followed by Camden and Hammersmith & Fulham. A 25 per cent deposit for London buyers is an average of almost £80,000, more than two and a half times the national figure of £30,000.
First-time buyers with smaller deposits face much higher monthly costs — if they can get a mortgage.
Francis Ghiloni, commercial director at realpricecomparison.com, said: “Anyone looking to take a first step on to the property ladder should try to bide their time until they have a sufficient deposit to secure a best-buy mortgage.”
Reader views (5)
I don`t mind paying tax as that`s the only way to run a country but salaries remain the same year on year while cost of living keeps going up and up - that doesn`t make any sense to me. So, the rich WILL continue to get rich and the poor WILL continue to be poor. The gap between rich and poor will get wider and wider.
- Anita Agarrat, London - England, 18/05/2011 07:34
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I don`t mind paying tax as that`s the only way to run a country but salaries remain the same year on year while cost of living keeps going up and up - that doesn`t make any sense to me. So, the rich WILL continue to get rich and the poor WILL continue to be poor. The gap between rich and poor will get wider and wider.
- Anita Agarrat, London - England, 18/05/2011 07:30
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Whilst the young and less well off struggle under the burden of high prices and money costs for FTB's; the multi millionaires dodge stamp duty with tax mitigation schemes. What a state...
- Jules_London, london, 08/02/2010 13:10
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Paul,
If taxation is cut, giving people more spending money, what do you think would happen to inflation? It certainly wouldn't fall. What do you think would happen to our national debt if taxation was cut?
- Mark L, Vauxhall, 08/02/2010 13:05
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Crunch time is coming. As most people know and feel inflation is far above the Bank of Englands official rate and taxation, both local and national, is out of control. There will be tears after the election.
- Paul B, London, 08/02/2010 10:17
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