First-time buyers must contend with rising house prices

08-Apr-2010

House prices are back on the rise, according to the latest figures, which could be bad news for first-time buyers.

The Halifax House Price Index for March shows the value of the average British home is now £168,521, up 1.1 per cent on February and 5.2 per cent on this time last year.

It is the eighth month out of nine that prices in the UK have recorded an increase.

Soaring costs associated with buying a home may put further pressure on first-time buyers looking to get on the first rung of the property ladder.

There was one positive for young buyers though, with Halifax's housing economist Martin Ellis saying: "There are signs that an increase in the number of properties available for sale is beginning to reduce the imbalance between supply and demand."

And first-time buyers got a welcome boost recently when chancellor Alistair Darling made them exempt from paying stamp duty on properties worth under £250,000.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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