House prices 'exceed £200,000'

14-Feb-2007

In news which may be of interest to first time buyers, new research suggests that average house prices have now exceeded £200,000.

According to findings released by the Department for Communities & Local Government (DCLG), the average cost of a home within the UK has risen to £201,090, which may impact upon the ability of first time buyers to purchase a new home.

Data by the DCLG shows that at an annualised rate, house price inflation grew by 9.9 per cent in December 2006.

"With average house prices breaking the £200,000 mark in December, the housing market has breached a psychological barrier which will further the woes of first time buyers," said Oliver Gilmartin, from the Royal Institution of Chartered Surveyors.

"Even in the east Midlands, the average house price is now £146,183 which is over five times the average income," he added.

To find out about all the different ways of financing a first home, see our section ‘Affording Your First Home’.

However, according to Nationwide and Halifax, average house prices are lower than the DCLG suggests, at £173,325 and £188,623 respectively.

The DCLG operates to achieve a number of objectives, including the development of economically prosperous regions and cities.

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