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Property prices for first time buyers up, but mortgage payments continue to drop

By z4027672030, Jun 30 2016 04:12PM

First time property buyers in England and Wales paid an average of £173,282 to get onto the housing ladder in May, recent figures have found.

This was despite the uncertainty surrounding the housing market ahead of the referendum, according to the latest first time buyer tracker index from real estate agents Your Move and Reeds Rains.

Transactions in the first time buyer sector as a whole were down slightly by 0.8% compared to the previous month, but the report states 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% from April, but the demand for getting onto the property market has not been affected, with first time buyer numbers 13.2% higher than seen in February and 5.1% higher than a year ago.

The report also found that the average mortgage rate for first time buyers has continued to fall in May to 3.08%, a new record low. These cheaper mortgage repayments accounted for 21.1% of income, which is only 1.7% more than a year ago.

The growth in property prices is expected to slow in the coming months, which is good news if you are currently seeking to get onto the property ladder.

If you are purchasing a property for the first time, our North Devon property solicitors will be able to help you through the process from start to finish. Please contact us today for more information.

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