According to the Halifax, first time buyers in Wales cannot afford 7 out of 10 properties available.
Prices paid by first time buyers apparently rose by 32% last year, coming second only to the 35% increase in the north. First time buyers in Wales now pay an average of £80,059 for their first property.
Our View
First time buyers are finding it increasingly hard to get on the property ladder but we should not look at this in isolation. Over the past 30 years different markets have affected people with property in very different ways. The problems with first time buyers are now adding a different angle to those things that happened in the past. For example, there were the days of negative equity and massively high interest rates. Many people had their properties repossessed and had to start again. In the days of greater family wealth, first time buyers are now looking to their families to assist with the purchase of a home.