"The results come as no surprise, demonstrating the struggle faced by those looking to buy their first home in the Capital or within commuting distance."
The latest House Price Index from the Nationwide revealed that prices in London fell by an annual 0.6% in September, the first time since 2009 that London has recorded a drop in its annual prices.
This will "possibly offer a small glimmer of hope for those considering their first property purchase in the region", MAB says.
Additionally, almost three quarters are planning to take advantage of a Help to Buy Scheme to enable their first property purchase.
50% expect to receive financial help from parents or other family members in order to buy.
Brian Murphy, Head of Lending for Mortgage Advice Bureau, commented: “The results come as no surprise, demonstrating the struggle faced by those looking to buy their first home in the Capital or within commuting distance. With our data showing that the average purchase price in Greater London currently sitting at over half a million, £521,0853 in September, first time buyers in the region are still facing a challenging first step on to the property ladder.
“What is encouraging to see is that first time buyers in London and the South East are making good use of the government schemes available to them, with 74.5% of those surveyed saying they planned to use a Help to Buy Scheme to enable their purchase. The ‘Bank of Mum and Dad’ continues to feature heavily, with half expecting to receive help from a parent or relative.
"It’s also reassuring to see that first time buyers are willing to compromise on their search criteria in order to buy their first home, as almost half stated that they would be willing to compromise on the condition, location and size of property in order to purchase a property.”
