House sales up by a third

Average first-time buyer deposit has fallen 10 per cent in a year

Latest figures suggest that UK house prices  rose 11 per cent over the last 12 months and one per cent between February and March, making the average house now £212,372.

The report from Sequence indicates that sales transactions were also up a third month-on-month and a quarter annually

"As we enter spring, the UK property market is hotting up, with double figure annual growth across every indicator," said David Plumtree, Chief Executive at Sequence, owners of  Barnard Marcus, William H Brown and Fox & Sons. "However, demand for property continues to outpace new instructions and this imbalance will underpin price rises going forward.

In a separate report, LSL's analysis indicates first time buyer numbers rose 60 per cent year-on-year in March to reach 31,400, the highest monthly figure since August 2007.

It also shows that the average first-time buyer deposit has fallend 10 per cent in a year to a three year low of £23,802. 

David Newnes, director of estate agents Your Move and Reeds Rains, part of LSL Property Services group, said: "The number of first-time buyers has returned to a pre-recession high, just in time for the one year anniversary of Help to Buy. More first-time buyers are seizing the opportunity to have a helping hand from the Government in putting together a deposit. Help to Buy has allowed the bottom of the market to stay buoyant, despite property prices increasing."

The average first-time buyer purchase price has increased six per cent in the past year, equivalent to a rise of £7,781 since March 2013, yet mortgage repayments have remained static as a proportion of income over the last twelve months, helped by falling mortgage rates.

In London the average deposit for a first-time buyer was £67,955, more than double the average across the UK (£30,046). The cheapest region for first-time buyers was Northern Ireland where the average first-time buyer purchase price was £90,816 in the first three months of 2014, well below the average across the UK (£155,502).

The cheapest region in terms of deposit size was Yorkshire & Humber. The average first-time buyer deposit there was £15,280 

PROMOTED VIDEO
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee