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Havering becomes second most affordable borough for home buyers

PUBLISHED: 13:58 01 August 2016 | UPDATED: 13:58 01 August 2016

File photo dated 22/01/08 of houses in south Derbyshire as competition among lenders to attract home buyers with smaller deposits heated up further today, with the launch of a new market-leading deal.

File photo dated 22/01/08 of houses in south Derbyshire as competition among lenders to attract home buyers with smaller deposits heated up further today, with the launch of a new market-leading deal.

PA Archive/PA Images

In the midst of soaring house prices, new figures reveal Havering to be the second most affordable borough for first-time buyers.

Estate agent eMoov’s analysis of Land Registry data reveals the average price for first-time buyer homes in Havering is £281,836.

However, in the space of just four years, the figure has risen by 51 per cent from £186,180.

Across London, the cost of buying a home has soared by 55 per cent to £522,105 in just four years, with the current price paid by a first-time buyer now averaging £462,602.

Russell Quirk, CEO of eMoov, said: “First-time buyers are paying almost as much as second and third steppers in actual price terms, yet the percentage increase in first-time buyer properties is tracking even greater than regular house prices.”

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