First time buyers see lowest price growth of the year

23-Jul-2007

The average asking price for a home rose by just 0.3 per cent in July, figures from Rightmove show, though first time buyers still face rocketing prices when it comes to terraced properties.

The price of a terraced home rose over 30 per cent faster than detached or semi-detached homes over the past 12 months, the study found, with flat prices rising twice as fast as semis or detached properties.

July's growth rate was the lowest since last December, according to Rightmove, with the annualised rate of growth falling from 13.2 per cent to 10.3 per cent.

"The number of households is growing, but new households are faced with limited choice in the 'affordable' sector that Gordon Brown has promised to create to help first time buyers get onto the property ladder. The result is increasing price pressure on the cheapest property types of terraces and flats," noted Rightmove commercial director Miles Shipside.

The average first time buyer paid just over £160,000 for their home in May, it was reported last week.

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