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First-time buyer property prices rose to record highs in April and have led the way in the recovering housing market, according to real estate website Rightmove.

First-time homes – with fewer than two bedrooms – hit an average of £224,963 in April, Rightmove noted, leading the way as the housing market eyes a return to more stable pre-pandemic levels of trading.

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Agreed sales of first-time properties sat 4% higher in April 2023 than in March 2019, though transactions for second-step and top-of-the-ladder homes remained 4% and 3% lower respectively.

Across the market, average asking prices rose just 0.2%, or £890, between March and April this year, “as new sellers heed their agents’ advice to price cautiously and tempt Spring buyers,” Rightmove explained.

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Looking ahead, Rightmove property science director Tim Bannister said: “The current unexpectedly stable conditions may tempt more sellers to enter the market.

“Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available.”

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By Josh Lamb

Source: Proactive Investors

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