First-time buyers typically paying £20,000 below market average, says Zoopla

22 February 2024 , 10:39

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The average monthly mortgage payment for those getting on the property ladder in 2023 is around £990, according to property website Zoopla (Image: PA Archive/PA Images)

First-time buyers are finding homes for about £20,000 less than the market rate, says a property website.

They're getting their first houses for an average of £244,100 that's £20,300 less (8%) than the market average, Zoopla reports. But because mortgage rates have gone up, new homeowners who bought at the end of 2023 are paying about £213 more each month compared to those who bought at the end of 2022.

The average monthly mortgage payment now is about £990 compared to around £777 last years, says Zoopla. They used numbers from UK Finance and looked at how much people put down as a deposit to figure this out.

Izabella Lubowiecka, senior propoery researcher at Zoopla, said: "First-time buyers are in a stronger position in the current buyer's market so we encourage them to be resourceful and assess all the options available to them."

Lawrence Matheson