OFFPLAN NEWS

(31.05.2007 )
Property England Average first-time buyer home in England tops Ј150,000

Over the past few years the average house price paid by a first-time buyer has almost doubled. Still English property prices depend on the region.
First-time buyers saw house prices rise by 11% last year. In an ever-worsening affordability situation, it was not an appealing market movement. 
New research from Halifax shows that the average house price paid by a first time buyer pushed through the Ј150,000 barrier for the first time in 2006.
The average price increased by 11% in 2006 to Ј151,565 from Ј137,122 in 2005. Over the past five years the average house price paid by a FTB has almost doubled, rising by 95% from Ј77,914 in 2001.
But regional differences meant that those trying to buy their first home found things tougher in London and the South East than in any other part of the country.
In 2006 the average FTB house price in each region of the UK was more than Ј100,000 for the first time.  The average FTB property price was lowest in Scotland (Ј108,922) and the North (Ј109,243) with both these regions seeing a rise in the average FTB price above Ј100,000 during the year. Five years ago, in all regions of the UK, bar London and the South East, the average FTB paid less than Ј100,000.
Affordability gap
Average first time buyer in London is now liable for 3% rate of stamp duty
The average FTB in London paid more than Ј250,000 for the first time in 2006 (Ј250,819). Significantly this is above the 3% stamp duty threshold, highlighting that the average FTB faces a stamp duty bill of at least Ј7,500 in London. Across the UK, the average FTB faces a stamp duty bill of around Ј1,500.
The gap between the average income for an FTB and someone in their 20s has widened significantly in recent years
Only 10% of 22-29 year olds, with average full-time earnings of Ј33,202, had comparable income levels to first-time buyers in 2006.
The average first time buyer had an income of Ј29,610 in 2006; 35% more than the average full-time earnings of 22-29 year olds across the UK (Ј21,913).  Five years ago, the average FTB income was 20% higher than average full-time earnings of 22-29 year olds, while in 1997 the average income of a FTB was broadly in line with the average full-time earnings of 22-29 year olds.

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