Price of first property doubles in 5 years

The price paid by first-time buyers in the UK has almost doubled in five years, according to the latest figures.

Research by Halifax, a mortgage provider, has found that the average price paid for a property by first-time buyers has now topped £150,000 for the first time.

In 2006 the UK''s average price was £151,565 which is up 11 per cent on 2005''s average price and amounts to an increase of £14,443 in just one year.

Tim Crawford, from the Halifax, said: "First-time buyers continue to struggle to climb onto the property ladder with the average house price paid by a new buyer entering the market now above £150,000.

"First-time buyer affordability is now an issue across the UK with the average house price paid by a first time buyer more than £100,000 in each region of the UK for the first time in 2006."

In London the average price is £250,819 compared to Scotland''s much lower £108,922.


© Adfero Ltd