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Price of average FTB home rises 2.9 per cent – Barrows and Forrester

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  • 16/09/2020
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Price of average FTB home rises 2.9 per cent – Barrows and Forrester
House prices for both first-time buyers and the wider market increased by 2.9 per cent in the last year, research from lettings and estate agent Barrows and Forrester has revealed.

 

Despite the parallel rise in costs, first-time buyers are paying an average of £198,513 for the homes compared to the wider market average of £238,414. 

 

Price change breakdown 

Over the last year, 18 areas of Britain have seen the average first-time buyer house price drop or remain static. 

Some 13 of these areas are in Scotland, with the Western Isles, Inverclyde and East Lothian seeing the hugest reductions of 25 per cent, 13 per cent and nine per cent respectively. 

Gwynedd in Wales saw a drop of 3.5 per cent to £134,576.

In England, County Durham recorded a 0.5 per cent decline and Cambridgeshire dropped by 0.4 per cent. Hertfordshire and Bedfordshire remained flat at 0.1 per cent and zero percent at £316,988 and £228,038 respectively.  

James Forrester, managing director of Barrows and Forrester, said: “Buying your first home is a huge mile marker in life, and finding the right property can be a daunting process. 

“For many, affordability will be the deciding factor and the price paid by first-time buyers varies dramatically across Britain, with the majority of areas seeing this cost of getting on the ladder increase over the last year.    

“While first-time buyers may have a location in mind, expanding their search to the surrounding areas could mean a much more affordable property or a more significant saving.” 

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