The average price paid by first-time buyers (FTBs) in the UK has climbed to nearly £200,000.
What Mortgage reported on data from the Office for National Statistics, which showed that the average cost of buying a first home had increased by 6.3 per cent this January, compared to a year ago.
As a result, the average price of a property for FTBs is now £196,459. Overall, average UK house prices stood at £218,000 at the start of this year.
There is some good news for anyone who lives in the north east of England though, with this region currently boasting the lowest average house price in the country at £124,000. That could encourage FTBs in this area to visit estate agents in Hull to see what’s available in their price range.
Director of Legal & General Mortgage Club Jeremy Duncombe commented: “The root of this ongoing problem lies with supply not being able to keep up with demand. To put it simply, we are not building enough homes.”
Earlier this month, research by Which? Mortgage Advisers found that 23 per cent of FTBs are having to save for between five and ten years to get a deposit together for a property.
It also revealed that 69 per cent saved for at least two years to raise the funds they needed to put down a deposit on their first home.
Estate agents like Beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.