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Property ladder's first rung higher than ever before

By Western Daily Press  |  Posted: August 20, 2014

First time buyers are finding it tougher than ever

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House prices have surged to a new all-time high of £265,000 with property prices in England climbing above the 2008 peak.

First-time buyers are having to pay for out more for their starter home than they did a year ago, with the highest increases in this sector since April 2010.

According to official figures most of the country has seen an average increase of 10.2 per cent.

A typical first-time buyer faces paying 12 per cent more than they did a year ago, and in June, the latest month for which the figures are available, they paid an average of £204,000.

In the most expensive area of the country, Knightsbridge central London, this wouldn't even cover a parking space as sought after garages cost around £225,000.

But in the West Country you could buy a four-bedroom cottage on Cross Street, Littledean or a three-bed property at the Symonds Yat beauty spot and still have change to decorate.

On a month-on-month basis, house prices in general increased across the UK by 0.5 per cent between May and June.

Although all regions have seen house price growth over the last year, if London and the South East are taken out of the figures UK house prices would have increased at a slower pace of 6.3 per cent in the 12 months.

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