HOUSE prices in Basingstoke have soared for first-time buyers, increasing by more than a tenth in five years, figures show.

The latest figures from the Land Registry's house price index show first-time buyers in Basingstoke and Deane were paying an average of £270,074 for a house in April this year. 

It was up 13 per cent from an average of £238,557 five years earlier.

Overall house prices in the area jumped 31 per cent over five years, reaching £416,323 in May 2024.

READ MORE: Survey reveals most expensive and cheapest streets in Basingstoke

Tim Bannister, Rightmove’s property expert, said reduced mortgage rates would help first-time buyers in the short term, "more so than election housing promises".

It comes as the property website said the average mortgage payment for a typical first-time buyer in Great Britain has risen by 61 per cent over the past five years – from £667 a month in 2019 to £1,075 this year.

Mr Bannister added: "As rates have increased over the last five years, the amount that a typical first-time buyer is paying each month on a mortgage has outstripped the pace of earning growth.

"Some first-time buyers are looking at extending their mortgage terms to 30 or 35 years to lower monthly payments, or looking at cheaper homes for sale so that they need to borrow less."

The most recent Land Registry figures also show a significant drop in housing sales compared to five years prior, with over 26,600 sales across Great Britain in February this year compared to 66,000 the same month in 2019.

In Hampshire, there were 532 sales in February this year – down from 1,460 five years earlier.