Mendip: Average price of first home rises to £275,000

By Laura Linham

1st Dec 2022 | Local News

Bad news for anyone saving up for their first home - first-time buyers in Mendip spent an average of £275,000 on their property up by £31,000 a year ago, and £73,000 more than in September 2017.

By comparison, on average, former owner-occupiers paid £386,000 for a new home in September – 40.5% more than first-time buyers.

In September, the most recent figures available, house prices increased by 3.5% across Mendip – more than the average for the South West.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.5% over the last year.

The average Mendip house price in September was £342,123, Land Registry figures show – a 3.5% increase on August.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar.

In September, buyers paid 1.6% more than the average price in the South West (£337,000) for a property in Mendip. Across the South West, property prices are roughly the same as those across the UK, where the average cost £295,000.

The average buyer will be 37-years-old by the time they get their first home, up five years from 2020, according to data from First Direct.

It now takes nearly eight years for a first-time buyer to save enough for a deposit, and the rising interest rates have led to many delaying their plans. The data revealed that nearly eight in ten (77%) of prospective home buyers are concerned about their ability to get on the property ladder, and with inflation at a 40-year high of 10.1%.

The majority of prospective buyers (86%) said that they saw the cost of living crisis as the biggest barrier to home ownership. Nearly three in 10 of those surveyed said that the only way they would be able to get onto the property ladder was through inheritance.

     

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