A new analysis of first-time buyer house prices looked at the cost of purchasing a first home before the start of the pandemic in December 2019 and how it has changed. The research shows that across Britain, the average first-time buyer paid £195,267 prior to the pandemic. Today this has climbed 17% to £228,627, meaning they are now paying £33,000 more, according to the data from Stipendium. First-time buyers in Wales have seen the largest percentage increase at 22%, with those in the South West, North West and East Midlands also seeing some of the largest increases at 20%. The South West is also home to the largest monetary increase, with first-time buyers now paying £43,291 more. London has seen the smallest increase in the average price paid by a first-time buyer at 8%. At local authority level North Devon has seen the largest percentage increase in the price paid by a first-time buyer at 33%. In Kensington and Chelsea, first-time buyers have seen the largest monetary increase, at £118,559.
City A.M.
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