More bad news for first timers

More bad news for first timers

The average house price in England and wales has hit a record high in May, with prices soaring to £308,151, according to Rightmove.

Prices increased by £1,118 month on month, despite the shaky start to 2016, with stamp duty changes, tax concerns and lack of property stock rocking the market.

Properties with two bedrooms or less, the most popular bracket for first time buyers and investors, shot up an average of £11,298, reaching a national average of £194,224. According to data released by the Office of National Statistics, the average price for properties brought by first time buyers has jumped by 9.7% from march 2016 to February 2017, whilst existing owners only saw an increase of 8.7%. This hike is bad news for buyers hoping to take their first step on the ladder, with the jump further stretching mortgages, affordability and required deposits.

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