First time buyers 'restricted' by high house price inflation

17-Oct-2006

First time buyers are facing a return to double-digit house price inflation, new data suggests.

According to data published by Rightmove, first time buyers are struggling to purchase their first property, on the back of house price increases of 11.5 per cent over the last 12 months.

Over the last month, house price inflation has risen by two per cent.

"There is no respite for potential first time buyers," said Miles Shipside, commercial director of Rightmove.

"Renting for longer, buying your first home later, possibly via shared equity or an interest-only mortgage, is the reality," he added.

The average price for a property has now increased to £218,954, according to the company.

Rightmove is an online property portal, listing properties for over 50 per cent of the country's estate agents.

Aspiring first time buyers worried about how their debts will affect their borrowing power should contact a good broker.

For our first time buyer's guide to buying a property click here.

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