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Market Isn’t Bright for First Time Buyers
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Market Isn’t Bright for First Time Buyers
First time buyers have faced difficulty getting onto the property ladder for some time, but the market doesn’t look to be getting any brighter.
The cost of starter homes is continuing to increase, alongside UK properties in general. First time buyers still face being priced out of the market.
Buyers are paying 5.1% more than they did last year for their first home. The average price reached £211,000 in May, according to the Office for National Statistics (ONS).
House prices rose 0.9% nationwide in May, after a 1.4% decrease in April.
Annually, property values have grown by 5.7% to an average of £274,000.
