UK house prices: Average cost for first-time buyers hits new high with 'more choice also available'

The website defines first-time buyer homes as houses and flats with a maximum of two bedrooms.

Despite higher mortgage rates boosting borrowing costs, rising rent costs could be encouraging first-time buyers to join the property ladder.

"The first-time-buyer sector typically accounts for over a third of all sales so these positive sales agreed figures are good for the health of the whole market," Tim Bannister, from Rightmove said.

"However, it remains a challenging environment to get onto the ladder, with new record average asking prices and higher borrowing costs to budget for than a year ago."

The average price of a property coming to market rose by 0.2 per cent or £890 in April.

Rightmove said the "unseasonal pricing restraint" is a sign that many new sellers are taking note of the transitioning of the housing market to a slower pace and more normal activity levels.

Bannister added: "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.

"However, those who have now decided to make a move should not wait around too long to make an inquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling 12 days more quickly than at this time in 2019."

The average price tag on a home on average in April was £366,247.

Karl Tatler, managing director at Wirral-based Karl Tatler Estate Agents, said: "The beginning of the spring market has been a real turning point, after a difficult start to the year and following the turbulence of the last three months of 2022.

"Listing figures are comparable with last year, while viewing figures are down only slightly, which given the exceptional market of last year is quite remarkable.

"Our big focus currently, is helping our clients to understand the market conditions, which are changing so quickly.

"Available stock has now 'normalised', providing an increased choice of properties for buyers and our new and existing clients are having to respond by listing their homes at more competitive prices to stand out from the crowd.

"The great news is that both buyers and sellers appear to have adapted and accepted the current economic and property market conditions."