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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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