Young buyers struggle as Welsh market booms
Posted: 01 Jun 2006 09:17:16 GMT
House prices in Wales reportedly climbed by six per cent in the first quarter of 2006.
While those planning to sell a house will be delighted with the news, young first-time buyers are unsurprisingly less enthusiastic as they find it increasingly difficult to find a way onto the property ladder.
The average price of a house in Wales is now £145,026, having increased from £137,076 a year ago, reports the Western Mail.
Citing figures from the Principality building society, the publication reports that a couple would now require a combined income of £43,507 to consider purchasing a house.
There are signs that those in Bangor will soon be facing particular difficulties, after house prices increased by 7.9 per cent to £139,814. In Newport, growth of 7.2 per cent in the first quarter means that houses cost an average of £153,112.
For those using estate agents to complete the purchase of a house, there are also the escalating fees to consider, making it increasingly difficult to contemplate buying at a young age.
It is a situation that is affecting first-time buyers throughout the UK and many are now opting to buy and sell houses privately as a means of avoiding some of the added costs.