First time buyers still struggling in south-west

25-Jul-2007

A combination of fast-rising country house prices and growing buy-to-let interest means that first time buyers are still struggling to buy property in the south-west of England, new figures indicate.

Research from the Knight Frank estate agency has shown that the average price of a country house in the south-west of England is increasing at a faster rate than anywhere else in the country, with manor house, farmhouse and cottage prices all rising.

Meanwhile, developer Barratt Homes has advised that investor interest in the region was also on the increase, suggesting that first time buyers could be losing out.

“Despite recent reports of a slowdown in the buy-to-let sector, the market remains buoyant […] so many people want to live in the south-west that in some cases, landlords can choose their tenants too," commented Barratt Homes sales director Caroline Hill.

"The south-west region was the best performing region in the UK with property prices increasing by an average of 5.3 per cent in the first quarter of the year," noted Liam Bailey, head of residential research at Knight Frank.

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