First time buyers face 'difficult times' in Lancashire

26-Jan-2007

First time buyers hoping to purchase a property in Lancashire are finding it increasingly difficult to afford a property, research suggests.

According to data provided by the Lancashire Evening Post, with the average house price reaching £146,000, a single first time buyer would be required to earn a minimum of £30,500 before considering making a purchase on their own.

However, the average annual salary for first time buyers within the region is currently around £22,000.

In Preston, although the average property price is slightly lower at nearly £145,000, the average first time buyer salary is £19,891.

To find out about all about different ways of financing a first home, see our section 'Affording Your First Home'.

"January's surprise interest rate rise is likely to soften new buyer enquiries in the coming months," said David Stubbs, an economist for the Royal Institution of Chartered Surveyors.

Although there is still widespread uncertainty over the timing of any further interest rates, economists are confident of a further rise in interest rates over the coming months, according to the Liverpool Daily Post.

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