London, capital of the United Kingdom, is home to thousands of businesses, a large transport network and millions of home owners. With London being the capital and having every amenity required to live comfortably its easy to see why the average property price exceeds £300,000.

Property in London is a large market, with an increase in demand and rising prices as a result. Because of the increased value, many may find it harder to get onto the property ladder in London then they would elsewhere.

It is a difficult task for first time buyers to get on to the property ladder, more-so in South London where even the cheapest of properties exceeds £300,000. The current crisis in the UK and the credit crunch has now made it nearly impossible for first time buyers to get onto the property ladder, especially in London.

The current crisis has crippled the ability to get 125% mortgages which at one point made it more likely that first time buyers could join the property market in London. Property in London has a growing demand, especially with London offering better business prospects and a higher average wage, more and more continue to aim at moving within London or its boundaries.

London

South London has the highest rate for failed mortgage applications, mainly due to cost and status, as even the lowest average priced region reaches above the average for the rest of the country. The credit crunch that has hit the UK is making it harder to get a mortgage that the applicant can manage, and it is even harder in London where prices are typically higher. First time buyers should consult a broker before going directly to their bank or other lending instituion. A mortgage broker is really essential in the current mortgage climate. There have been a rising number of repossessions in the UK, especially throughout mid 2006 to late 2007. Mortgage brokers have the skills required to ensure that borrowers get the right deal for them and not for the mortgage firm.

Mortgages