What can you buy for the average first-time buyer house price?
If you’re looking to buy your first home soon, there are probably lots of things you want to know about the buying process and what’s involved, as well as how much your new home is likely to cost.
Average asking prices have grown the most in the first-time buyer sector (all homes with two bedrooms or fewer) since this time last year. In August, first-time buyer house prices increased by 1.6% compared to a year ago, while the average price of ‘top of the ladder’ homes (those with five bedrooms or more, and four-bed detached houses) edged up by 0.1% over the same period.
Right now, the national average asking price of a first-time buyer home is £227,191. However, average prices vary by region, so you can check our latest House Price Index to see what’s happening in your local area.
You can also take a look at the type of homes can you buy for the average first-time buyer asking price below.
I’m looking to buy my first home soon – what are my next steps?
If you’re getting ready to buy your first home soon, chances are you’ll be buying with a mortgage. A mortgage broker or adviser can talk through your specific circumstances to help determine the best lender for you, as well as explaining the type of mortgage that might be the best fit.
You can also keep an eye on the current average mortgage rates, which we track and update weekly. You can apply for a Mortgage in Principle online, which will give you personalised result showing how much you can borrow. It’s free, and your credit rating won’t be affected.
You can also take a look at our step-by-step guide to buying a home, which takes you through each stage of the process.
READ MORE: What’s next for house prices?