skyrocket, these aspiring homeowners are adjusting their expectations and increasingly opting for smaller properties.
Not only are they more affordable, with an average price tag of around £210,000 compared to £230,000 for a three-bedroom home, but they also offer a more manageable financial commitment. Its report said: “The rapid growth in house prices over the last three years means the household income to buy a three-bed home has increased by an average of £7,530 to a required household income of £55,900.
For two-bed properties, prices have increased at a much slower rate annually, which is helping to drive buyer interest According to the estimation, first-time buyers who relied on mortgages constituted approximately 34 per cent of all sales in the previous year. Zoopla indicated that the escalation of mortgage rates and prices is compelling some first-time buyers to modify their criteria and preferences.