First time buyers are less likely to be supported by the Bank of Mum and Dad as a third of parents are unable to financially support their children.
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The number of properties sold in London have reduced 24% in the last year with those in England down by 17% as buyer demand falls.
There is enough space above London railway lines to build apartment blocks adding 250,000 new homes for the capital.
The Halifax survey shows confidence in the housing market is at a five year low with one in five thinking prices will fall.
The cost of a fixed rate mortgage has increased for first time buyers and the Bank of England is expected to raise base rates next month.
English market towns command a £30,000 premium from homeowners or 12% more compared to living in neighbouring towns.
First time buyers in London can expect to pay less to get on the property ladder as house prices fall and expectations remain negative.
Homeowners showed resilience with borrowings from home movers rising to £8.4 billion up 20% compared to August last year.
The government has pledged £10 billion for the Help to Buy scheme to fund 135,000 first time buyers to get on the property ladder.
House prices in London are at £471,761 and negative for the first time in eights years with the weakest performance in the UK since 2005.