Over the 12 months to October 2006, the average first-time buyer property value searched against on Moneyextra.com’s mortgage comparison tool rose by 12.6 per cent to £176,241.
That compares with a rise of 8.13 per cent to £268,508 for those looking to move to a new home and a rise of 4 per cent for all properties to £217,098.
The average mortgage comparison carried out by first-time buyers rose to £140,991, a loan-to-value ratio of 80 per cent. This leaves first-time homebuyers to put together a deposit of more than £35,000 - equivalent to more than 150 per cent of average annual earnings.
The average value of mortgages completed by AWD Moneyextra customers in October was £146,203.17, up by 8.37 per cent on the average value of loans completed in October 2005 (£134,909.65). The overall average value of loans completed during the first 10 months of the year (Jan-Oct 06) was £142,029.34.
