First-time buyer property prices shoot up by £138 per day

Average first-time buyer house prices shot up by £4,150 in June, says estate agent haart.

The rise equated to £138 per day, or £12,000 over the year.

Haart also said that the number of first-time buyer registrations were down 13.6% in the year to last month, with a fall in London of 17.3%.

Haart reports that supply of properties was down 13.9% in June compared with the same month last year, with average property prices up 6.1%, to stand at £216,951.

The firm, looking at data from its network of over 200 branches, says exchanges in June were 15.8% behind those of June last year.

CEO Paul Smith said: “First-time buyer house prices climbed £138 every day in June.

“A potential first-time buyer on an average salary of £27,000 must be prepared to spend 42% of their take-home salary on mortgage repayments, showing that the traditional rule of spending no more than 30% of income on housing is no longer reality for many.

“As a result, we’ve seen a knock-on effect on first-time buyer registrations.

“The only solution to this is to unlock the market and free up supply.

“Efficient use of space is a must and we need to dispel fears that downsizing indicates older home owners have lost their zest for life.

“Movement in the upper echelons of the market will free up stock at all levels and put the brakes slightly on property price growth.”

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