The average price of a first home has broken through the £100,000 barrier, according to the Halifax.
First-time buyers have seen prices rise 22.6% in the past year, from £82,968 to £101,747, the bank said.
The Halifax also announced that house prices increased 2.2% in January as a shortage of properties continued to push prices up.
House prices rose by 16% over the past year.
The Bank of England will decide whether to raise interest rates this week to help cool the market.
Wednesday February 04, 2004
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