28 Jul

Average affordable house price close to £190k

Average affordable house price close to £190k

The average price paid for an affordable property is now £189,786, according to the latest figures.

Research from Halifax shows this is just four per cent or £7,750 lower than the average £197,535 paid for house prices generally across England and Wales.

The figures revealed the highest average price paid by those using affordable housing schemes was in London at £323,148, while the lowest amount paid was in North England at £147,437.

Although, there was relatively a small difference between affordable houses and open market properties nationally, regionally it was a different picture.

The average value of a London property sold via an affordable scheme was 33 per cent lower than the average London price of £482,579.

First-time buyers continue to be the major beneficiaries of the Help to Buy housing initiatives as they continue to grow in popularity.

According to government figures Help to Buy equity loans and mortgage guarantee schemes and NewBuy have helped a total of 99,601 buyers purchase a property since the introduction of Help to Buy in 2013, with 79,680 of these purchases involving first-time buyers.

"Many of the affordable home ownership schemes available have been designed specifically to help first time buyers get on the ladder and support construction of new build homes and the latest official figures show this has been successful," said Craig McKinlay, mortgages director at the Halifax.

"As the economy continues to recover and mortgage interest rates remain at very low levels. We expect to see continued growth in first time buyers during the second half of the year," he addedADNFCR-1222-ID-801795644-ADNFCR

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