First-time buyers spend £193,508

The average house price paid by first-time buyers in London is £193,508 - an increase of 203 per cent in 10 years, figures reveal today.

The 1993 price was only £63,881. At the same time, first-time buyers' average earnings in London rose by 40 per cent, from £23,982 in 1993 to £33,674 now.

The latest regional survey by the Halifax found the average deposit paid by a first-time buyer in London has rocketed from £9,319 in 1993 to £40,095 today.

Halifax said the average price paid by first-time buyers in Britain as a whole is 128 per cent up on 1993, from £45,249 to £103,294.

The Nationwide warned last week that the number of firsttime buyers this year is likely to be the lowest for 20 years.