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TODAY'S OTHER NEWS

Huge rise in deposits means first time buyers priced out, warns agency

Agency chain Haart says UK-wide property prices have risen 7.3 per cent annually and 0.9 per cent in the past month. 

It claims the typical home now costs £219,315 although the biggest growth in the market is in the first time buyer's typical property - this has risen in price by 9.9 per cent annually to an average of £169,259.

However, first time buyer deposits have soared 7.0 per cent in just one month to reach an average of £34,472 - that's about 20 per cent of the average purchase price and 30 per cent higher than the average wage, the agency claims.

New buyer registrations are up 10.0 per cent across the UK over the past year.

“It's concerning to see the growth in the price of starter homes outstripping the rest of the market as it means it is becoming increasingly difficult for first-time buyers to get on the property ladder" says Haart chief executive Paul Smith.

"The 10 per cent annual increase in first-time buyer house prices comes as a result of a shortage of homes, due to lack of building but also the absence of fluidity in the upper echelons of the market, as people who might otherwise be moving to their second or third home hold on to their current property for its value to increase further" he says. 

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