The platform analysed the average price paid by first-time buyers and found that across Britain, they are now paying an average £236,783 - £41,764 more than they were in January 2020.
Largest uplifts in FTB house prices
The London Borough of Brent has seen the worst dent in first-time buyer affordability, with the average price paid up by more than double the national average. Those buying their first home in the borough and now paying £453,762 for the pleasure, a huge £89,753 increase compared to pre-pandemic market values.
South Hams in the South West has seen an £88,689 increase in the average price paid for a first home, with FTBs in Elmbridge now paying £76,108 more.
Bath and North East Somerset (£75,256) and Vale of Glamorgan (£72,303) have also seen some of the largest increases to the average price paid by a first-time buyer, as have Hertsmere (£71,403), Ceredigion (£69,878), Wealden (£69,535), Islington (£68,773) St Albans (£68,524) and Harborough (£68,298).
Smallest uplifts in FTB house prices
The City of Aberdeen has been the best area of Britain’s bricks-and-mortar market when it comes to the smallest increase in the price paid by the nation’s first-time buyers. Today, the average FTB is paying £121,971, just £1,287 more than they were before the pandemic property boom took hold.
Perhaps surprisingly, it’s a London borough that ranks second in this respect. The average price paid by a first-time buyer in Lambeth has climbed by just £6,570 since the start of the pandemic, with the London Borough of Tower Hamlets also making the top 10 (6th), with an increase of just £13,849.
Other areas to make the list include Inverclyde (£7,910), Copeland (£10,679), Rutland (£13,681), Hartlepool (£15,400), South Tyneside (£15,647), Allerdale (£15,880) and Gateshead (£16,998).
Christina Melling, CEO of Stipendium, commented: “The property market’s pandemic performance has largely been hailed as a success story and this is certainly true for those who have seen the value of their home climb considerably. However, it’s also made it even harder for the nation’s first-time buyers to overcome what was already a huge financial hurdle when it comes to purchasing their first home.
"In some areas, the cost of getting that first foot on the ladder has climbed by almost £90,000 since the start of the pandemic and, while that may seem like a lifetime ago, it really demonstrates how it’s a one step forward, two steps back endeavour for those struggling to climb the ladder for the first time.”
