First time buyers’ house price in England rise by 28% in last 4 years

NewBuy-PA-11429551-jpg_124819First time buyers in England are now paying out an average of just over £196,000 for their home, a rise of over £42,400 a 28% over the last four years, latest research shows. According to eMoov’s report, over the same period the average house price has increased by 26%, highlighting the ever growing difficulty many first time buyers face on getting onto the housing ladder. In London even the top five most affordable boroughs have average house prices for first time buyers well above the UK average.

Russel Quirk, CEO of eMoov, says: “First time buyers are paying almost as much as second and third steppers in actual price terms yet the percentage increase in first time buyer properties is tracking at even greater than regular house prices. Over 90% of the capital’s boroughs have seen the price paid by first time buyers increase by more than £100,000 in just four or so short years. We must address this issue and find a way to bring home ownership back in reach of the average home buyer, in whole of England.

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