The average first-time buyer home costs 7.4% more than 12 months ago
In November 2015 first-time buyers typically paid £221,000, this is an increase of 7.4% than a year earlier.
For those stepping up on the property ladder, the average price spent on these homes was £335,000 - or 7.8% more than they did in
The considerable price gap amid first-time buyer properties and subsequent homes,
indicates it is becoming gradually more
difficult to progress up the property ladder to bigger houses.
The current housing market is symbolised by a continual shortage of supply, with the number of properties for sale reaching a new record low in November, according to the Royal Institution of Chartered Surveyors (RICS).
The need from potential buyers is strong, and this mismatch is putting upward demand on prices.
The rise in house prices has been on an upward course since August 2015, after it decreased suddenly in April last year, due to insecurities around the outcome of the General Election.
This latest rise is bad news for both first-time buyers and those hoping to trade up the
property ladder, but homeowners will no doubt appreciate the boost to their housing equity.
If you are a first time buyer and would like more information about purchasing a property, please call one of our 12 offices, and they will gladly assist you with your requirements.