The average house price in Torridge for first-time buyers has risen by a fifth over the past five years, new figures show.

It comes as property website Rightmove said the typical mortgage payment for first-time buyers has increased by £400 a month and called on the next government to support those buying their first home.

The latest figures from the Land Registry's house price index show first-time buyers in Torridge were paying an average of £227,400 for a house in April.

It was up 21% from an average of £187,900 five years earlier.

Overall house prices in Torridge have also jumped 21% over five years, reaching £283,800 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".

It comes as the property website said the average mortgage payment for a typical first-time buyer in Great Britain has risen by 61% 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."

He said: "We hope that 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."

The Conservatives' manifesto says the party will make the temporary stamp duty threshold of £425,000 permanent for first-time buyers and promises a new help-to-buy scheme for those with small deposits.

Meanwhile, Labour says it would extend the current mortgage guarantee scheme, which supports banks to offer 95% home loans.

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 Torridge, there were 30 sales in February this year – down from 98 five years earlier.