Bromley Property - People Waiting until 30s to Buy

Description:

Most people in the London Borough of Bromley will be in their thirties before they are able to buy their first home.  As average deposits in the area hit 25% of the total house cost, the average first time buyer will struggle to raise that kind of cash in the current climate.

People in their twenties are now more likely to rent, enter a rent to buy scheme or purchase a property with friends in order to achieve the desired capital between them.  Realistically people are having to wait for the better salaries that come with age before they are able to get on the property ladder.

According to Rightmove figures, only 25.8% of first time buyers were looking to purchase in the last quarter, the second quarter in a row where this figure has fallen.  When the housing market was at its peak in 2007/08 this figure was closer to 40%.

See Bromley Property.