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First-time buyers beat homemovers with 10.5% increase in asking prices

Growth in first-time buyer asking prices is outstripping that of homemovers’ prices, according to online property site Rightmove.

First-time buyer properties were marketed at an average price of £163,251 in January 2014, up 10.5 per cent from £147,738 a year earlier.

In comparison, sellers of second-stepper properties asked for an average £228,642 this month, 7.7 per cent higher than January 2014’s average asking price of £212,295.

Across all property types, the UK average asking price this month reached £273,275, representing an 8.2 per cent jump from £252,565 a year ago. It is only the third month since January 2014 in which the annual increase has risen above 8 per cent, after May and November last year showed 8.9 per cent and 8.5 per cent increases respectively.

Regionally, Greater London saw the biggest rise in asking prices, with the average up by 12.8 per cent from £502,131 to £566,404 between January 2014 and this month. The North-east had the slowest annual growth in asking prices, rising just 0.8 per cent to £135,055.

Despite some cooling in the housing market in the final six months of 2014, Rightmove director and housing market analyst Miles Shipside believes there are already signs that the Chancellor’s reforms to stamp duty are providing a boost.

He says: “Early-2015 statistics point in the right direction for homemovers, with the Chancellor’s stamp duty Christmas present perhaps being the spur for people making New Year’s resolutions to get on with moving. However, we are only a few days into the year and it remains to be seen whether this initial flurry is sustained.”

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