Doubling up London’s first-time buyers

The UK builds amongst the smallest homes in the world with floor space in new homes averaging 76 sq metres.


The above statistic frequently raises questions about how much space is required to meet people’s aspirations. New research from JLL Residential Research shows that first-time buyers in London are prepared to sacrifice size in favour of other property attributes in order to get themselves on the ladder.

The findings of the JLL survey reveals that aspiring first-time buyers in London prioritise location and proximity to public transport as their top two preferred attributes, ranking them both above the size of a property.

Furthermore, by following this lead and building smaller, it is possible to nearly double the number of eligible first time buyers in London.

JLL’s analysis reveals that of London’s 1.5 million strong workforce aged 22-39, currently 182,000 can afford to buy an averagely priced first time buyer home in the Capital with up to a 20% deposit.

However, by following the lead of London-based developer Pocket, which builds smaller thoughtfully designed homes at a minimum of 20% below the open market price, the number of eligible first time buyers increases to 327,300.

Enabling an extra 145,000 Londoners to be able to afford their own home represents a genuine opportunity to provide a solution to the chronic housing supply problems facing London.

In the UK, rising inequality cost the economy almost nine percentage points of growth, according to the Organisation for Economic Co-Operation and Development (OECD)

There is a growing gap between earnings and house prices in London creating an ever expanding squeezed middle.

This group makes up just under half of London’s entire workforce and has been dubbed the Motor of London. It is vital to meet home owning aspirations of this group to ensure that London can continue to attract and retain the world’s top businesses.


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