The average house price for first-time buyers in Gwynedd has risen by a third over the past five years.

The Land Registry's house price index show first-time buyers in Gwynedd were paying an average of £183,100 for a house in April - up 33% from an average of £137,400 five years earlier.

Overall house prices in Gwynedd have also jumped 33% over five years, reaching £208,500 in April 2024.

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".

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.

"We hope the next government can support first-time buyers with well thought out policies, which address the difficulties of saving up a large enough deposit and being able to borrow enough from a lender."

Propertymark, a membership organisation for estate agents, said surging interest rates and inflation have impacted the housing market "with force".

Nathan Emerson, chief executive, added the organisation is keen to see targeted support for first-time buyers at the first opportunity from any incoming government.

"The potential of home ownership should never be a prospect that is ever out of reach for people," he said.

"As inflation is now back within the range initially targeted, we are optimistic to see the base rate cut as soon as realistically possible, which would be very welcome news for people stepping onto the housing ladder when it does happen."

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 Gwynedd, there were 67 sales in February 2024 – down from 111 five years earlier.