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First-time buyers see prices rise 8.9%
17/03/10
Edited by Bob Witham. The annual rate of house price inflation for first-time buyers rose from 6.8 per cent in December to 8.9 per cent in January, according to the latest new figures from the Department for Communities and Local Government (CLG).
People purchasing their first residential property during the first month of the year paid an average of £149,924.
The average price for owner-occupiers moving to a new home was £242,404.
Overall, the CLG said that property values were 6.2 per cent higher in January compared with the same time a year earlier and 2.2 per cent up on December.
Year-on-year, house prices rose by 6.6 per cent in England, 7.1 per cent in Scotland and 1.3 per cent in Wales. They fell by 13.7 per cent in Northern Ireland.
The mix-adjusted average house price stood at £207,159 in January.
Commenting on the figures, Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn said that the recent increase in the supply of homes coming on the market "is not yet sufficient to arrest the upward move in prices".
