First-time buyer house prices have risen most rapidly in Waltham Forest with an increase of 93% between 2012 and 2017, research from Lloyds Bank reveals.
Newham and Greenwich follow closely behind with increases of 92%, with all three boroughs having average prices below the London average in 2012.
Andrew Mason, mortgage director at Lloyds Bank, said: “Over the past five years, the price of a first-time buyer purchase in London has risen by an average 67%, with some parts of the capital recording even more substantial rises.”
On the other end of the spectrum, the most expensive borough for first-time buyers in 2012 – Westminster – saw the smallest rise in prices with an increase of 28% to 595,568.
Camden is the most expensive borough for first-time buyers, with the average house price reaching £602,080.
Mason added: “This means monthly mortgage payments and deposits have increased substantially, making it increasingly difficult for many young people to buy their own home, and as a result we saw a 5% drop in first time purchases last year.”
Barking & Dagenham has remained the least expensive borough for those entering the property ladder despite a 74% rise in average prices since 2012.
The average mortgage taken out by a first-time buyer in London has increased by 71% from 185,538 in 2012 to £317,253 in 2017 according to Lloyds Bank.
The research also reveals that the average deposit put down by a first-time buyer is highest in Hammersmith & Fulham at £190,518.