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.”
