Rightmove’s October House Price Index reported that first-time buyer prices surged nearly 10% in a year.
Top headlines are:
- Highest ever national average price of property coming to market, up by 0.6% (+£1,715) this month to £296,549 – and 5.6% more expensive than a year ago
- New record fuelled by high demand for first-time-buyer properties, with prices up 4.9% on last month and 9.6% (+£16,105) over the past 12 months
- Vicious circle as high tenant demand leads buy-to-let investors to go head-to-head with first-time buyers: – Many letting agents report ‘same-day’ rentals and little or no property to rent – Number of first-time-buyer properties (two bedrooms or fewer) coming to market down by 8% on same period a year ago, exacerbated by first-time sellers struggling with second-step price gap
- Rightmove advises first-time buyers how to get on a level playing field versus landlords by winning over the hearts, minds and pockets of sellers
- You can read their full report Right Move House price index
[Source: Rightmove Property Portal]