First-time buyers expect to pay nearly £170K

First-time buyers can now expect to pay £176,070, which is an increase of 11.9% since last August, and many are stretching themselves to breaking point in order to get a foot on the housing ladder.

This means that first-time buyers are making themselves vulnerable despite the increase in income and the sharp increase in the proportion of new mortgages with high loan and multiple incomes, isn’t helping.

On average it is estimated that parents are shelling out £21,314 to help their children to get on the property ladder, with around 20% having already dipped into their savings and a further 22% planning to when the time presents itself. IFAs are reporting that the new average age for first-time buyers is 34.

Lack of affordable housing for single first-time buyers has forced people into multiple income mortgages and has resulted in the rate of borrowing increasing to 3.38 times the combined salary.

With the average house price in England currently sitting at £ 226,902 and the average house price inflation rising by around 11.4%, what are first-time buyers hopes of ever getting a foot on the rung of the property ladder?