Propertymark has responded to the latest house price data from Nationwide, highlighting improving affordability for first-time buyers in many areas, but warning that regional disparities and deposit challenges continue to shape market activity.
Mary-Lou Press, President of NAEA Propertymark (National Association of Estate Agents), comments below:
“This latest data highlights a mixed picture for first-time buyers across the country. It is positive to see affordability improving in many areas, with around 70% of local authorities recording progress over the past year, which should help support market activity.
“However, significant regional disparities remain. While some parts of the country are becoming more accessible to buyers, high house prices in areas such as London and the South East continue to create substantial barriers, particularly when it comes to saving for a deposit.
“The finding that a 10% deposit falls between £10,000 and £25,000 in over half of local authorities is encouraging, but many aspiring homeowners will still find it challenging to save amid wider financial pressures.
“To maintain momentum, it is essential that housing supply increases, access to competitive mortgage products is supported, and planning systems are fit for purpose so that more of the right homes can be delivered where they are needed.”
