'Average first time buyer prices increase'

02-Jan-2007

The average house price for a first time buyer in the UK is now over £100,000 in each region, new research shows.

Consequently, there are now a reduced amount of affordable homes for those looking to get onto the property ladder for the first time, according to first time buyer mortgage provider Halifax.

Over the course of 2006, the average first time buyer property price totalled £151,565, constituting an 11 per cent rise on 2005.

Tim Crawford, group economist at Halifax, said: "First time buyers continue to struggle to climb onto the property ladder with the average house price paid by a new buyer entering the market now above £150,000."

He added that first time buyer affordability is now an issue across the whole of England, Scotland and Wales.

Individuals looking to get on the first rung do have a number of options which may help them purchase their own property.

Shared ownership mortgages and home loans taken out with parents are two of the choices first time buyers have to find affordable homes.

To obtain a quote for a shared ownership mortgage, consult a good broker

For more detailed information on shared ownership, click here

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