Slight hope for first time buyers as starter home price rise stalls

Wed, 20 Jan 2016

Slight hope for first time buyers as starter home price rise stalls
Rightmove have reported a rise in the amount of starter homes that are going on sale, and say that a stall in the asking price of these homes is benefitting first time buyers.

The average asking price for an average house on the market reportedly climbed last month by 0.5 per cent, pushing the amount that people looking to buy across England and Wales can expect to pay up to £290,963.

This is bad news for those with a home who are looking to move, but those seeking their first property actually had a good month.

A large increase in the number of starter homes entering the market has stalled the rising costs of homes aimed at the young and struggling demographic.

The number of homes suitable for first time buyers released onto the market has risen by 6.6. per cent. Consequently, prices for the month to mid-January rose by just 0.1 per cent, contrasting the 0.5 per cent rise of the rest of the market.

This is the effect that meeting demand can have in the housing market. As more homes are built, the price will stop rising as fast and, should supply ever outpace demand, the cost will come down. This is the effect that the Help to Buy schemes were supposed to be the catalyst for in the market.

Although these figures sound good, the fact remained that in the last year, house prices for first time buyers rose by 8.6 per cent. It is a difficult market to buy into, and such a critical one for young people to begin to build their own lives and families, and so any optimistic news is very welcome.
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