The average amount paid out by first time buyers has gone over £150,000 for the first time ever, so new Halifax figures show.
The mortgage provider considered affordability and cost for new UK homeowners, along with data from the Council of Mortgage Lenders, Office for National Statistics as well as Department for Communities and Local Government figures.
First time buyers are going to continue to have difficulties climbing onto the property ladder . The average house price that is paid by a new buyer entering the property market is £150,000.
The average first time buyer home costs £151,565 in 2006, up 11% or £14,443 on 2005 levels. Since 2001, the average first time buyer home has gone up 95% or £73,651.
Increasing mortgage costs and prices over 2006 has ensured that only 315,000 people have managed to climb on the property ladder in 2005, which makes this the lowest figure for new homeowners in 26 years.
Scottish first time buyers paid the least for their homes in Scotland at £108,922, followed by those in the north (£109,243).
In London, average first-time buyers paid £250,819, above the 3% stamp duty threshold. This entails new homeowners adding £7,500 to their mortgages in order to pay the tax.
The average UK stamp duty tax bill for first-time buyers is about £1,500.
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First Time Buyers Forking Out More than GBP150,000
Thu, 04 Jan 2007
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