Regional guide
Greater London
England's most expensive market. First-time buyers often need larger deposits, with shared ownership and the Mortgage Guarantee Scheme among the most-used routes onto the ladder.
- Average house price
- £540,000
- Typical FTB price
- £475,000
- 10% deposit on FTB avg
- £47,500
- SDLT (FTB)
- £8,750
- 90% LTV 5-yr fix
- 5.20%
- Est. monthly payment
- £2,316
Figures derived from HM Land Registry UK HPI and our live rate table (see rates). Updated 18 April 2026.
What the headline numbers hide
Regional averages are useful for planning but they smooth over significant variation. In Greater London, the gap between the most and least expensive postcodes is often 2-3x — a country-cottage-and-greenbelt pocket next to a post-industrial town can sit in the same ONS average. Use the regional price as a sanity check, then look at the specific town or postcode you care about.
Schemes that work well here
Shared Ownership
Buy a 10–75% share of a home (5% on new AHP-funded homes) and pay rent on the rest.
Lifetime ISA
Save up to £4,000/year and the government adds a 25% bonus — free deposit top-up (£1,000/year max).
Mortgage Guarantee Scheme (original)
Historic 95% LTV guarantee; replaced by the permanent Freedom to Buy scheme.
A rough affordability picture
Use the numbers above as a starting point, then load the affordability calculator, set the region to London, and adjust from there. The calculator will apply the current best-buy rate for your loan-to-value and give a cash-on-day-one figure that includes stamp duty and fees.
Frequently asked
What's the typical deposit for a first-time buyer in London?
Across England, 15-25% is typical but 5-10% is very usable with high-LTV products or schemes. In London specifically, average FTB prices are around £475,000, so a 10% deposit is about £47,500. The Lifetime ISA (25% government bonus on up to £4,000/year contributions) is especially useful here because the £450,000 property cap covers almost all FTB-bracket homes.
Does stamp duty bite in London?
At the regional average FTB price of £475,000, first-time buyers pay £8,750 in SDLT. Non-FTB movers pay £13,750. Above £500,000, FTB relief doesn't apply — a reality for parts of this region.
Which schemes work best in London?
For this region, we'd direct you first at Shared Ownership and Lifetime ISA. Buy a 10–75% share of a home (5% on new AHP-funded homes) and pay rent on the rest.