The average price tag on a first-time buyer home in the UK hit a record high of £224,963 this month, according to new figures from property company Rightmove.
The news comes as Land Registry data shows Liverpool house prices outperformed the 1% drop for the UK property market as a whole and continued to increase in February.
But the good news for those looking to get on the property ladder in Liverpool is that it continues to be relatively affordable, with first-time buyers in the city spending an average of £160,000 on their homes.
That’s considerably less than the record high quoted by Rightmove, who defined first-time buyer homes as those with a maximum of two bedrooms, including houses and flats.
Rising rents may be encouraging some first-time buyers to make the jump onto the property ladder.
Property prices in Liverpool
- The latest figures from the Land Registry show house prices increased by 0.4%, in Liverpool in February.
- Liverpool has seen prices increase by 9.4% over the last year.
- The average sale price of property in Liverpool rose by £16,000 over the last year.
- The average Liverpool house price in February was £181,278 - lower than the UK average of £287,506.
- First-time buyers in Liverpool spent an average of £160,000 on their property – £14,000 more than a year ago.
- Former owner-occupiers paid £201,000 on average in February – 25.4% more than first-time buyers.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Liverpool in February – they increased 0.9%, to £364,317 on average. Over the last year, prices rose by 10%.
- Semi-detached: up 0.5% monthly; up 9.7% annually; £224,577 average
- Terraced: up 0.1% monthly; up 9.3% annually; £158,858 average
- Flats: up 0.9% monthly; up 8.3% annually; £135,106 average
Local property expert: Karl Tatler, managing director at Wirral-based Karl Tatler Estate Agents, said that there has been a “real turning point” for the property market, after a “difficult start to the year and following the turbulence of the last three months of 2022.”
He said: “The great news is that both buyers and sellers appear to have adapted and accepted the current economic and property market conditions. There are now more attractive fixed-rate mortgages available, providing buyers with more confidence, and there has been a noticeable increase in sales activity.”