First time buyers spend more on homes

21-Sep-2006

Breaking First Time Buyer News from FirstRungNow: First time buyers are being squeezed out of the property market as they consider increasingly higher priced property, research indicates.

In August, the price of a house sought by first time buyers increased 11.6 per cent year-on-year to £174,782, data from personal finance website Moneyextra shows.

In comparison, the amount first time buyers are looking to spend on getting onto the first rung of the property ladder has increased by 36.4 per cent since August 2004.

"Prices paid by first time buyers are roaring ahead as the property market picked up in August after early summer doldrums," Moneyextra said in a statement.

The website notes that the price rises for first time buyers are higher than for the market in general.

In related research, the New Policy Institute revealed that housing costs for low income earners comprise 25 per cent of net household income, reports Firstrung.

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