First-time buyers are now paying much more to get on the property ladder as the average cost of a first home has now hit an all-time high. As well as increased mortgage rates, new homeowners are new facing higher house prices with a typical first-time buyer property now costing around £224,963.
According to Rightmove, a standard first-time buyer home is a two-bed or smaller property including houses or flats. The new record high comes after the average price for these properties has gone up by 2 percent in the last year alone.
Despite it becoming more difficult to own your own home, buyer demand amongst first-time buyers is now 11 percent higher than in the same period in 2019, according to Rightmove. It is thought that as soaring rents are reaching new records, buying is continuing to be compelling for those who can raise the deposit and obtain a mortgage.
