Cost of buying a first home up 200%

Rebecca Atkinson — Thu, 17 Apr 2008 12:28:46 +0100

The cost of buying a first home in England is 200% more expensive than 10 years ago making it even harder for people to get a foot on the ladder.

Figures from homeless charity Shelter show the average first-time property price has rocketed from £52,674 in 1998 to £159,494 today, with house price to income ratios doubling from 1.72 to 3.4.

In London the average first-time buyer property now costs £260,000, an increase of 250% over 10 years.

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Cost of buying a first home up 200%