First time buyers paid more for a home in England, Wales

First time buyers paid more for a home in England, Wales
01/07/2016 , by , in INTERNATIONAL

First time buyers in England and Wales paid an average of £173,282 to get on the housing ladder in May, a record high that fuelled by intense competition for properties.

This was despite some uncertainty creeping into the housing market ahead of the referendum on the future of the UK in the European Union, according to the latest first time buyer tracker index from real estate agents Your Move and Reeds Rains.

But transactions in the first time buyer sector were down by 0.8 per cent compared to the previous month at 24,900 completed sales in May compared to 25,100 in April. However, the report points out that without a pre-referendum supply shortfall first time buyer numbers would have been even higher.

The amount paid by first time buyers was up 2.7 per cent from £168,656 in April and 15.8 per cent more than the average of £149,645 seen in May 2015.

First time buyer house prices have now increased by more than £23,000 in the last 12 months and current average prices paid are the highest on record.

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