Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.

First-Time Buyers Target Higher-Priced Homes, Says Zoopla

First-time buyers are now searching for homes priced £10,000 higher than last year, according to figures from Zoopla. In London, the average home targeted by first-time buyers has surpassed £500,000 for the first time, reaching £502,250.

Zoopla’s data also indicates that this trend is occurring even as fewer first-time buyers are making enquiries. Despite the increase in the average price of homes sought by first-time buyers in London, average property prices across the capital have remained unchanged year on year.

This shift in buyer behaviour may be relevant for letting agents and inventory clerks monitoring demand and pricing trends in the UK property market, particularly in London. The data highlights a growing interest among first-time buyers in higher-priced properties, which could influence rental demand and property management strategies.