First-time buyers endure 69pc price leap in tough market
THE cost of purchasing a first home has increased by more than two thirds in the last decade, with young people trying to get on to the ladder today facing significantly higher hurdles.
Research from Halifax showed that the typical first-time buyer purchase price had grown from £142,473 in 2010 to £241,025 today, a rise of 69pc. The average house price has only risen 33pc over the same period.
First-time buyers have faced multiple issues during 2020. The property market was closed for months during the coronavirus lockdown, putting potential purchases at risk.
Hundreds of mortgages for young buyers were withdrawn and now house prices have started to spike.
The Government’s stamp duty tax giveaway has restored confidence to the market but first-time buyers, who already enjoyed a tax break, have seen their competitive advantage disappear.
Mortgage availability remains poor and the number of first-time buyers has now fallen to a seven-year low, according to Halifax.
The typical first-time buyer now faces a purchase price of £241,025, according to Halifax