What can you buy for the average first-time buyer house price?
If you’re thinking about buying your first home, you might be wondering what the average asking price is, and what’s happening in the housing market right now.
We’ve seen the number of sales agreed for first-time buyer type homes increase the most out of all property types, when compared to the more normal, pre-pandemic property market of 2019. This could be because of the competitive rental market we’re seeing at the moment, with buyers who are able to raise a deposit now taking steps towards buying their first home.
The average asking price of a first-time buyer home (homes with two bedrooms or fewer) is currently just below £225,000. So, what could you expect to find around this price if you’re searching for your first house? Take a look…
What’s happening with mortgage rates at the moment?
As well as the price you’re likely to pay for your new home, you also might be wondering how much your mortgage payments might be.
Lenders change the rates of their mortgage products regularly. You can check what the current average UK mortgage rates are here, and compare how they’ve changed since the previous week. You can also compare the rates across a range of loan to value (LTV) percentages and see what the average monthly mortgage repayments are at the moment, depending on the type of property you buy.
Looking to buy your first home but not sure where to start?
If you’ve got an area in mind that you might want to move to, you can use our draw a search tool to define your search. You’ll be able to see all of the homes currently for sale in that area within your chosen price brackets. And you can also take a look at how much other homes in the area have sold for.
If you’d like to find out more about applying for a mortgage, take a look at our 7 steps to getting mortgage ready. When you find the home you want, you could get viewings faster by applying for a Mortgage in Principle. It’s quick, free, and your application won’t affect your credit rating.
And remember, if you’re a first-time buyer, you won’t pay any stamp duty on the cost of a home, up to £425,000. The government has also raised the stamp duty threshold for all home-buyers to £250,000, a change which is set to be in place until March 2025.