BuildScan Reports: First-time Buyers are seeing House Prices Climb
BuildScan’s latest research has revealed where the nation’s first-time buyers have seen house prices climb since the market reopened in May of last year.
We analysed first-time buyer house prices from the Land Registry house price records, looking at how they have changed between May of last year when the property market reopened for business and January of this year (latest data available).
While the stamp duty holiday has helped boost buyer demand, the consequence has been a sharp uplift in house prices and this is no different for those taking their first step onto the ladder. In May of last year, the average first-time buyer in England was paying £207,068 for their first home, however, this cost has now climbed by £14,675 to £221,743 today; an increase of 7%.