In October, the financial barrier for first-time homebuyers in London sharply increased, with the required deposit now at approximately 30% or £142,588, significantly higher than the £58,000 needed elsewhere in Britain. London property prices for first-time buyers are 85% above national averages. The government aims to build 1.5 million new homes by 2029, despite a decline in housing construction during the Labour's initial months. The new target to construct 80,000 homes per year in London has sparked optimism, although it's considerably higher than recent averages.
"A typical first-time buyer must now amass a 30 per cent deposit of around 142,588 to get on the ladder in the capital, about two-and-a-half times the amount needed anywhere else in Britain."
"The new Labour government announced aggressive housebuilding targets in July, more than doubling the rate that was delivered in London last year, from 35,000 annually to 80,000."
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