First-time buyers are still being squeezed in the property market. The price of properties being considered by first-time buyers is rising faster than the general market.
The average property price sought by first-time buyers in August 2006 was £174,782, up 11.6 per cent on a year ago and up a massive 36.4 per cent on August 2004.
In contrast, the average property value searched against on Moneyextra.com by all those people looking to compare mortgages actually fell by £1418 from July to August and was up just 2.08 per cent over the last 12 months to £213,111 and up by 6.65 per cent since July 2004.
Robin Amlot, Senior Editor at Moneyextra, said: “The average value of mortgages completed by AWD Moneyextra customers jumped by 7.17 per cent between July and August, more than recovering the fall seen in the previous month.
“However, at £147,453.41, the average agreed mortgage in August this year was still down 3.85 per cent on the average agreed mortgage value in August 2005 of £53,353.77.”
