Posted on May 18th,2022.

The average first-time buyer faced paying £223,751 for a property in 2021

House prices for first-time buyers have been increasing by £24 per day on average, according to analysis. The average first-time buyer faced paying £223,751 for a property in 2021.

Someone getting on the property ladder typically needed to find £43,623 more than they would have in 2016, Direct Line Home Insurance said. The North West of England has seen the greatest percentage increase in first-time buyer prices, rising by 35% (£43,812) over five years to 2021.

London is the most expensive first-time buyer market, with average prices reaching £440,590 last year, according to the research. A typical first-time buyer property is now worth roughly seven times the average salary of someone aged in their 30s, compared with a multiple of six times in 2016, Direct Line found.

It used Office for National Statistics (ONS) figures in its calculations. Dan Simson, head of Direct Line Home Insurance, said: “The rate at which (first-time buyer) prices have been increasing is frankly frightening.”

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