Latest figures from UK Finance show that first-time buyers in London typically borrowed £268,100 (£137,700 in the UK overall), up from £254,800. The average household income was £66,900 (£40,800 in the UK overall), up from £64,300 from the previous quarter and the typical income multiple in London of 4.02 (up from 4.00 the previous quarter) also compared to the UK average of 3.58.
Overall the second quarter in London showed:
Home buyers borrowed £6.1bn for house purchase, up 11% quarter-on-quarter and 17% year-on-year. They took out 18,000 loans, up 6% compared to the previous quarter and 8% on the second quarter 2016.
First-time buyers borrowed £3.1bn, up 10% on the first quarter and 8% on the second quarter lastyear. This equated to 10,600 loans, up 5% quarter-on-quarter and 3% year-on-year.
Home movers borrowed £3.0bn, up 11% quarter-on-quarter and 28% compared to a year ago. This equated to 7,400 loans, up 7% quarter-on-quarter and 18% compared to the same quarter in 2016.
Remortgage activity totalled £3.9bn, down 10% on the first quarter and 4% compared to the same quarter last year. This came to 12,800 loans, down 12% quarter-on-quarter and 5% compared to a year ago.
Source – UK Finance