Data from property website Zoopla reveals that first-time buyers are buying homes worth £10,000 more than a year ago. The average price they pay has increased by 4.3 per cent to £254,750 year-on-year in April, meaning they are borrowing more despite higher mortgage rates ratcheting up monthly payments.
First-time buyers are shunning flats in favor of houses, even if it requires shelling out more cash. Data from property website Zoopla reveals that first-time buyers are buying homes worth £10,000 more than a year ago.
The average price they pay has increased by 4.3 per cent to £254,750 year-on-year in April, meaning they are borrowing more despite higher mortgage rates ratcheting up monthly payments. This is nearly three times the headline rate of annual house price growth of 1.5 per cent, which means the average home now costs £271,900. Zoopla said higher prices paid by first-time buyers had contributed to a rise in house price growth, which increased from 1.4 per cent in March.
Aiming high: First-time buyers are shelling out more for larger homes, Zoopla says
First-Time Buyers House Prices Mortgage Rates Larger Homes Zoopla
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