For the past few years it has been really difficult for many first time buyers to purchase their first home.
First they had to deal with huge house price increases, in affect having to battle against more wealthy people in the market. This in turn forced up house prices at an alarming rate, which meant they had to save more to put a deposit on their home.
Then the credit crunch hit and house prices began to plummet. Some first time buyers thought that this may be a great opportunity to get on the housing ladder. But now the problem was that the banks were not prepared to give you a mortgage unless you had excellent financial credentials.
Again many fist time buyers were left in despair.
Now it is possible to purchase a flat in London for under £100,000 as many repossessed houses are coming onto the market.
For more information on dropping London house prices, please read the following article by the IrishTimes.com.
Because there is now so much affordable housing on the London property market, do you think it is possible for most London first time buyers to buy a home?