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House prices increase by staggering 12% in past year for first-time buyers


07-22-2016

Find out which areas have seen the highest spike in the past year and where first-time buyers can save some cash

The average house price among first-time buyers in Surrey has risen by 12% in the past year.

Statistics published the Land Registry have revealed just how much you’ll have to stump up if you want to start climbing the property ladder in every area of the country.

Across Surrey the average price for first-time buyers reached a whopping £323,973 in May 2016, up by 12.1% compared to £288,923 in May 2015.

This increase is significantly higher than the national average with prices for first-time buyers increasing by 9.1% across England over the same period.

Average price for first time buyers by area

It means that first-time buyers in Surrey would need to have a deposit in excess of £32,000 (assuming a 10% deposit) and pay around £1,500 per month on a 25-year mortgage.

It also means that house prices for first-time buyers are rising faster than for existing homeowners.

The figure for all house prices in Surrey has risen by 11.9% over the same period.

Within Surrey, Elmbridge is the most expensive area for first-time buyers with the average property going for £409,396 in May 2016, up 10.1% compared with May 2015.

Waverley is the cheapest area in the county, however it has seen one of the biggest annual increases with prices up by 14.4% to £262,828.

Annual percentage change in house prices

Across the whole of England the average cost of a house for first-time buyers reached £191,099 in May 2016, up by 9.1% compared with the figure of £175,211 in May 2015.

It means that prices for first-time buyers rose faster than prices for all house purchasers over the past 12 months.

The average house price irrespective of buyer status rose by 8.9% between May 2015 and May 2016.

Slough in Berkshire has seen the largest increase in prices for first-time buyers in the country with values up by 23.3% over the past year.

Fifteen areas of England and Scotland saw a decrease in prices among first-time buyers with the City of London seeing the largest drop, down by 9.2%.

Kensington and Chelsea is the most expensive place in the country for first-time buyers with the average cost in May 2016 reaching a staggering £1.1 million.

Average price for first time buyers by area

Area / Average price May 2016 (Annual % change)

  1. Elmbridge / £409,396 (10.1%)
  2. Epsom and Ewell /£354,905 (15.9%)
  3. Mole Valley /£331,877 (5.8%)
  4. Runnymede /£318,339 (15.0%)
  5. Guildford /£312,840 (5.2%)
  6. Reigate and Banstead /£312,172 (14.0%)
  7. Tandridge /£312,013 (11.3%)
  8. Woking /£306,990 (13.9%)
  9. Spelthorne / £305,588 (14.3%)
  10. Surrey Heath /£289,329 (12.0%)
  11. Waverley / £262,828 (14.4%)

www.getsurrey.co.uk/

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