First time buyer affordability 'continuing to worsen'

11-Jun-2007

First time buyer affordability plunged again in April, the latest house price survey has shown.

Research from the Department for Communities and Local Government found that house prices rose by 11.3 per cent in April, up from 10.9 per cent in March.

Based on prices at the transaction stage, the figures show that the average house price now stands at £209,454 – a 1.2 per cent rise on March's figure of 206,809.

"These figures […] emphasise the broad nature of the prices rises, with every region of England seeing rises of over seven per cent in the year to April. As this is faster than earnings are rising, it indicates that first time buyer affordability continues to worsen across the country," advised David Stubbs, senior economist at the Royal Institution of Chartered Surveyors.

However, a separate study conducted by Acadametrics and published by the FT found that prices rose by just 0.5 per cent in May and 8.5 per cent year on year.

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