The Bank of England has raised interest rates by 0.75% which increases the cost to homeowners with variable rate mortgages.
First time buyers must have a deposit of £115,000 to secure their first home as London house prices rise 48% in the last ten years.
Since stamp duty was abolished for first time buyers with homes valued under £300,000 total savings have amounted to £284 million.
The government should give first time buyers loans for their deposit to buy their homes to create a culture of home ownership.
The number of home movers have dipped to under half of all house purchases and now behind first time buyers for the first time since 1995.
The average price for a flat has increased by £75,074 in just five years and rising faster than any other property type in the country.
New stamp duty relief introduced by the government has saved first time buyers £2,300 on average when buying their first home.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
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