Property in London is three times more expensive than property in the UK

The average size of Deposit to obtain a mortgage for the purchase of property in London is more than three times the Deposit for purchase of real estate in the rest of the UK and reached £127000.

The Deposit in London is more than three times the Deposit required for the purchase of real estate in other cities in the UK. Thus there is a growing gap in the opportunities to buy a property between London and other UK cities.

The average Deposit for Londoners increased by £30,000 or 30% over the last three years. For the rest of the UK Deposit in 2013 grew by only 1.8%

The national average price of property in England and Wales was in 2013 was at £162040 with a Deposit of £44690, in 2014 – £173202 with a Deposit of £45534 and £182293 with a Deposit of £46976 in 2016.

In London the average price per unit of residential property ranged from £377855 in 2014 with a Deposit of £ 99375, up to £439399 in 2014 with a Deposit of £112266 and up to £482515 with a Deposit of £127141 in 2015.

Property in London always rising in price much faster than anywhere else in the UK. But the data show how rapidly increased the gap between London and other parts of the UK in recent years. Over the past year the gap began to decline and so-called “ripple effect” when property in London has ceased to rise in price and the investors ‘ interests spread to the suburbs of London and major cities-universities. However, the gap in prices is so great that it is unlikely to be reduced significantly. In the next few months a significant impact on the market sentiment of real estate in the UK will have a referendum on Britain’s withdrawal from the European Union. Well, in the future, a total lack of available properties for sale will be the main driver, pushing property prices upwards.

® Maxim Savitsky. G. 18.04.2016

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