First-time buyers in London need a lump sum of £70,000 to get on the property ladder

A whopping £70,000 is what first-time buyers need to own a property in the capital, research from real-estate adviser, JLL, has shown.

To get on the property ladder, the newcomers have to pay 3% stamp duty on a flat or terraced home worth an average of £280,000.

“London house prices are underpinned by strong fundamentals, including strong employment prospects and expectations of future wage growth,” said Adam Challis, head of residential research for JLL.

“There is such strong demand from young professionals to live and work in London that huge compromises in living circumstances are made. Strong rates of price growth are also driving more people to feel the need to buy now or miss out.”