Price of first step on property ladder soars
PUBLISHED: 17:19 02 January 2019
First-time buyers are expected to pay £40,000 more than they were five years ago.
A first-time buyer in East Devon is expected to pay an average of £220,486 to make their first step on the property ladder as part of an overall price increase of 1.6 per cent.
East Devon has seen property values increase by 3.6 per cent over the last 12 months and data from the Office of National Statistics shows the average property price in the area was £286,528. This price is over £50,000 higher than the UK average.
According to data from Rightmove, the average house price in Sidmouth was £358,370 which is a nine per cent increase since 2015.
The area has a similar average price to Ottery St Mary at £351,814 but is more expensive than Branscombe.
In the UK, house prices have increased by 3.5 per cent in 2018 and the average property owner in East Devon has seen their house value jump by £53,000 in the last five years.