Research for Mayor of London Sadiq Khan shows first time buyers in the capital are losing out to overseas investors acquiring property.
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Despite the property market slowing down this year house prices have unexpectedly rebounded including expensive London.
The housing market has recorded its third consecutive monthly fall in house prices for May, the first time this has occurred since 2009.
For the second quarter in a row the number of home buyers are lower in London due to restricted supply and affordability.
Manchester house price growth leads the UK while there is a material slowdown in the most unaffordable cities such as London.
The number of first time buyers increased by 30% in the last month with demand expected to continue with attractive mortgage deals.
Prices of new build properties have reduced by -7% as price inflation has eased and housing market activity is subdued across the country.
Housing wealth in England of £1.8 trillion can be accessed with equity release and used by an aging population to fund retirement.
The mortgage market has seen a rise in the number of products on offer giving homeowners more choice as rates reach new lows.
Nationwide’s index has recorded the second monthly fall in house prices with homeowners feeling the pinch due to the economy.