First time buyers struggling due to house price increase

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First time buyers are feeling the pressure when buying their first homes.

Due to price increases in the North West, first time buyers need a salary of £54,400 on average to buy their first home, according to This is Money.

Buyers are often saving for years before putting a deposit down on their first property.

Nicola Nac, first time buyer said: “I bought with my fiancé, we saved for four years as well as trying to have a life at the same time.

“Somebody on their own would find it very difficult to save a ten per cent deposit.”

Property prices have risen from £135,758 to £167, 683 on average in the North West in the last decade, according to HM Land Registry.

However, there was a dip in prices between 2009 and 2013.

How house prices have changed in the North West over the last decade.

Buyers expect to need a ten per cent deposit in order to buy a house, but there are schemes where you need a five per cent deposit.

Higher deposits tend to get buyers lower interest mortgages, but due to some first-time buyers being university graduates they are also paying student loans.

Miss Nac said: “We did notice a huge difference in the quality of a house dependant on the price.

“It seemed in our area anything lower that £95,000 was in serious need for repair.”