WALES’ MOST EXPENSIVE LOCATIONS FOR FIRST-TIME BUYERS

THERE’S one part of Wales where house prices for firsttime buyers are going up faster than anywhere else.

Analysis of figures from the Land Registry has revealed exactly how much you’ll have to pay to get on the property ladder in every part of Wales.

House prices for first-time buyers in Bridgend are going up faster than anywhere else. The average price for first-time buyers in the area reached £127,640 in May this year, up by more than 9% (or £11,000) from the same time last year.

The increase is well above the national average – but it doesn’t mean Bridgend is the most expensive place in Wales for first-time buyers.

That distinction goes to Monmouthshire, where the average firsttime buyer house costs £179,684.

First-time buyers in Bridgend will need to have a deposit of nearly £13,000 (assuming a 10% deposit) and pay around £600 a month on a 25-year mortgage.

Carmarthenshire and Ceredigion also saw some of the most significant increases in average house prices for first-time buyers.

But some parts of Wales – Gwynedd, Blaenau Gwent and Torfaen – saw the average first-time buyer house price fall.

The Land Registry takes its data from the Regulated Mortgage Survey, which it says enables it to determine whether the buyer is a firsttime buyer or an existing owner.

Estate agents have recognised that several factors have contributed to house prices for first-time buyers in Bridgend increasing faster than anywhere else.

Sam Dovey, residential sales manager at Watts & Morgan estate agents’ Cowbridge branch in the Vale of Glamorgan, was not surprised at the figures.

He said: “The housing market is certainly active at the moment and, given the price range most first-time buyers are looking at, this tends to be a fast-moving price range.

“There are areas that will always be in demand due to commutability and the local amenities that they offer, which typically rank highly on the buyers’ check list.

“At the moment, there are a good number of buyers in the market, but we are still seeing a bit of a subdued level in terms of housing stock on the market. I think that this information is representative as an indication on the activity in the marketplace itself.

“Bridgend most certainly offers a huge amount of appeal as an area for all levels of buyer, not just the firsttime buyers.

“I would certainly say the same for the Vale of Glamorgan too. There are not many places that can offer the work/lifestyle balance that we see here.”

Stephanie Evans, sales manager at Michael Graham Young estate agents – which has three Cardiff branches – said it was not surprising areas within commutable distances to cities were proving popular with first-time buyers.

She said: “That’s to be expected if Cardiff is out of first-time buyers’ reach.

“It’s the same with Newport and Caerphilly, where you can commute to Cardiff fairly easily. I think those areas will continue to increase steadily.”

It comes as Post Office Money today reveals how first-time buyers are increasingly on the move as they seek to get a foothold on the property ladder.

In a study of more than 1,000 people who made their property ownership goals a reality in the last 24 months, compromise was the key to realising their dreams, with 70% choosing to buy a home an average of 26 minutes from their original “preferred” location.

While 16% didn’t have to adjust their expectations at all, 5% of those surveyed ended up being flexible towards having a suitable garden, while 3% were flexible about availability of car parking spaces.