First-Time Buyer Prices Surge Nearly 10% In A Year

·         Highest ever national average price of property coming to market, up by 0.6% (+£1,715) this month to £296,549 - and 5.6% more expensive than a year ago

·         New record fuelled by high demand for first-time-buyer properties, with prices up 4.9% on last month and  9.6% (+£16,105) over the past 12 months

·         Vicious circle as high tenant demand leads buy-to-let investors to go head-to-head with first-time buyers:

-          Many letting agents report ‘same-day’ rentals and little or no property to rent

-          Number of first-time-buyer properties (two bedrooms or fewer) coming to market down by 8% on same period a year ago, exacerbated by first-time sellers struggling with second-step price gap

Read more on the Rightmove website.