New analysis from property website Rightmove has revealed that first-time buyer asking prices and equivalent asking rents have risen three times faster compared with pre-pandemic years.
Average asking prices for first-time buyer type properties (two bedrooms and fewer) are up 13 per cent (+£17,557) since July 2020, compared with the 4 per cent (£8,069) rise between July 2018 and July 2020. For prospective first-time buyers looking to save while renting, they face the challenge of record rents that are rising at the fastest rate ever recorded.
Average monthly rental payments are 17 per cent higher (+£128) nationally than they were two years ago. National average earnings are up by 14 per cent over the same period.
