They were due to get married this year but opted to postpone the wedding and use the money to save for a 10% deposit.
"We're looking at a small-ish two bed flat on the outskirts of London," says Mr O'Toole"We're talking, we need £70,000 for a deposit now, which is an enormous amount of money, double the amount we were initially looking at.Their experience is far from unusual. Mortgage lenders have pulled their riskiest products, raised borrowing rates and tightened lending criteria.
At the same time wealthy buyers are active in the market, buoyed by a cut in stamp duty and pent-up demand during lockdown. "The problem for [first time buyers] is they're excluded from the market, they just they don't count in effect towards housing market activity or house prices," explains Neal Hudson, a housing analyst at BuiltPlace.
If the government want to balance out the housing market they need to put a 20 year moratorium on all immigration now and even then there's a good chance that because of past immigration our natural growth rate is already too high to make it sustainable house owning wise.
Something should be done regarding foreign investors. Like... Bugger off!!
I'd rather look outside of London and commute 1hr for a few years. Then sell and gradually move closer. No way I'd pay about £400 000 for a poxy London flat though!
edsheeran managed to do quite well for himself didn’t he, snapping up lots of property?
Its called supply and demand. Too many people living here - not enough houses. As ever though, SkyNews and the government are scared to point out the bleeding obvious.