The most and least expensive regions for FTBs revealed

The most and least expensive regions for FTBs revealed

Unsurprisingly, the latest data on regional price differences for those taking their first steps onto the property ladder has shown that London remains the priciest location for first-time buyers.

According to Your Move and Reeds Rains, the average value of a first-time buyer property in the capital climbed to £343,614 in the three months to November 2015. The South East is the second-most expensive, with average FTB house prices there hitting £214,359 over the same period.

Region

Average Purchase Price

Average deposit

Average mortgage

Number of FTBs*

London

£343,614

£83,025

£260,589

13,100

South East

£214,359

£35,208

£179,152

17,300

East of England

£192,919

£47,960

£144,959

3,100

UK

£156,226

£24,614

£131,611

87,500

South West

£151,406

£23,358

£128,048

7,200

West Midlands

£138,112

£20,493

£117,619

7,200

East Midlands

£128,522

£18,026

£110,496

6,200

North West

£127,815

£17,752

£110,064

8,900

Yorkshire & Humber

£126,177

£19,340

£106,837

7,300

Scotland

£122,979

£21,559

£101,420

8,600

Wales

£120,041

£14,380

£105,661

3,800

North East

£108,419

£14,550

£93,869

3,800

Northern Ireland

£92,638

£15,556

£77,081

2,100


Conversely, the North East and Northern Ireland rank as the least expensive regions for first-time buyer properties. Average first-time buyer property values stand at £108,419 in the North East and £92,638 in Northern Ireland.

Nationally, the average price for a first home stood at £156,226 in the three months to November 2015.

On average, Londoners put down by far the largest deposit of any region in the three months to November 2015, paying out £83,025 – more than five times the size of the average first-time buyer deposit in Northern Ireland (£15,556). The second-largest deposits are paid by first-time buyers in the East of England. Buyers there paid an average of £47,960 to secure their first home in the three months to November 2015, which equated to almost double the national average (£24,614).

Director of estate agents Your Move and Reeds Rains, Adrian Gill, said: “The end of 2015 sees the south eastern corner of the UK remain dominant when it comes to property prices. The cultural, financial and political prowess of the capital – and its surrounding neighbourhoods in the South East – has proved to be an enduring lure for aspirational professionals and successful families. But that’s not the whole story. Home values in the East of England and the Midlands have also performed strongly due to a combination of investor interest in the buy-to-let market in those areas and buyers, particularly older ones, seeking a quieter environment, away from the hum-drum of the capital. For first time buyers, all of these factors make buying in and around London particularly tough – and explains the comparative strength of first time buyers in northern England, Northern Ireland and other parts of the country.”

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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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