Average starter home now above £150k

Posted: 02 Jan 2007 10:08:58 GMT

The average amount paid by first-time buyers in the UK has risen above £150,000 for the first time, Halifax research has claimed

The average amount paid by first-time buyers in the UK has risen above £150,000 for the first time, Halifax research has claimed.

Climbing onto the first step of the property ladder grew 11 per cent more expensive during 2006, rising from an average £137,122 to £151,565.

The average first-time buyer has seen the price of starter property nearly double in the past five years, increasing 95 per cent from £77,914 in 2001.

In London, the figure is now more than £250,000, meaning that aspiring property owners also face a minimum £7,500 stamp duty bill.

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

"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."

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