FIRST time buyers are itching to get on the property ladder with 2022 seeing record demand, according to Zoopla.
The increase in the number of homes coming on to the market is good news for first-time buyers as it means they'll have more choice.
But estate agents say they are still "unable to find enough homes to meet demand.”
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Nicky Stevenson, managing director at estate agent group Fine & Country, said: “While monetary policy will tighten in 2022, this is unlikely to have a significant dampening effect on the housing market any time soon, with most agents around the country still unable to find enough homes to meet demand.”
Demand soared across the board at the start of the New Year, with buyers up 49 per cent compared with the average for the past three years.
Clearly, more and more people are making the decision to get onto the property ladder.
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But many are struggling to afford to buy houses as annual house price growth increased to 11.2 per cent in January 2022, accelerating from 10.4 per cent in December 2021, Nationwide Building Society said.
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Average house price for first time buyers (FTBs): £270,000
Household income needed: £52,800
Most common property for FTBs: Two bedroom flat
Bracknell
Average house price for first time buyers (FTBs): £325,000
Household income needed: £66,600
Most common property for FTBs: Three bed Terraced
Wokingham
Average house price for first time buyers (FTBs): £350,000
Household income needed: £72,800
Most common property for FTBs: Three bed Semi
West Berkshire
Average house price for first time buyers (FTBs): £300,000
Household income needed: £60,200
Most common property for FTBs: Three bed terraced
Slough
Average house price for first time buyers (FTBs): £350,000
Household income needed: £72,800
Most common property for FTBs: Three bed terraced
Windsor and Maidenhead
Average house price for first time buyers (FTBs): £385,000
Household income needed: £81,600
Most common property for FTBs: Two bedroom flat
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