The price of first time buyer homes reached a record high this month, after increasing by 0.2 per cent
The price of first time buyer homes reached a record high in April, after increasing by 0.2 per cent.It defined the typical first-time buyer homes as those with a maximum of two bedrooms, including houses and flats.
Agreed sales in the first-time buyer sector in March had been running at around 4 per cent higher than those seen four years earlier, in March 2019, while sales of homes higher up the housing chain were still lagging behind levels seenreported last week that if interest rates peak at 5 per cent, as some economists are now predicting, it would mean financial pain forThey will have seen their monthly payments increase on average by £555.
Tim Bannister, Rightmove’s director of property science, said: “The first-time-buyer sector typically accounts for over a third of all sales, which are often the start of chains, so these positive sales agreed figures are good for the health of the whole market. “The current multi-speed market is highlighted by sales of larger homes continuing to lag behind, with some sellers in the upper sectors likely needing to show a greater degree of pricing restraint to attract buyers in this much more price-sensitive market.
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