Waiting game: high London house prices force couples to delay buying a home for five years

Sky-high property prices are forcing London couples to delay buying a home together for longer than anywhere else in the UK, a survey found.

On average, couples in the capital wait four years and nine months before taking out a mortgage — eight months longer than in the North-West.

One in five London couples are together for more than five years before getting on the housing ladder, whereas 12 per cent of UK couples do it within six months.

As they wait to buy a home, London couples typically spend about half of the time living separately, and a similar period cohabitating in rented accommodation.

They are also more unsure about buying together — perhaps due to the scale of the financial commitment — than couples outside the capital, according to the research from mortgage brokers John Charcol.

Roughly 60 per cent said they were “nervous” about the step, compared with a UK average of 47 per cent.

The average first-time home in London costs about £370,000 and is paid for with a deposit of approximately £95,000 and a typical mortgage of £275,000.

Ray Boulger, of John Charcol, said: “While hunting for the right home may be the nice bit, the longer [couples] are together before deciding to take the plunge, the more time they have to plan and put themselves in a stronger position when they are ready to buy.”

He added that couples struggle to save a deposit as rents are high in London.