In less than a decade, the typical first time buyer will need pockets to the depths of £450,000 if they want to buy in the capital.
According to Oxford Economics in a report to the National Housing Federation, the average London first time buyer home costs £277,000 now, but will rise to £344,000 in 2016 and then £450,000 by 2020. That’s an increase of 62%.
Fortunately for the sellers of such properties, eMoov’s fixed fees are not determined by price and so whether you sell at £100,000 or £1,000,000 our fee is the same.
That’s because it doesn’t cost an estate agent ten times as much to sell a property that is ten times more expensive, rather it’s just another means of them making more money from you.