How Much Does The Average First-Time Buyer Home Cost?

It looks like now is a great time to be taking your first step onto the property ladder as new reports have revealed a sharp rise in the number of first-time buyers taking advantage of the support available to them.

It seems that the abolishment of stamp duty coupled with Help to Buy schemes has had quite the effect on the UK property market as many are reporting a surge in activity from young prospective owners.

UK Finance has reported that 2017 saw 365,000 buyers purchase their first home, a considerable increase of 7.4% on the previous year and the largest recorded amount of first-time buyers since 2007/08, pre-financial crisis.

Earlier reports this year from Savills revealed that approximately 40,000 first time buyers had decided to take advantage of the potential £5,000 savings since the scrapping of stamp duty.

So how much does the average home cost for a first-time buyer?

According to the latest statistics provided by Halifax and analysed by sellhousefast.uk, the cost of the average home in England and Wales for a first-time buyer is £200,166, £212,079 for the UK.

The cheapest area in the UK to purchase a home for the first time appears to be the North East with an average price tag of £126,437.

In second place with a slightly higher average value is the region of Wales, where first-time buyers can expect to pay £139,875. Similar property prices can be found in Yorkshire and the Humber with homes valued at £139,970.

House prices seem to increase as you move further south, with the South West and the South East breaking the £200,000 mark, with homes costing £205,333 and £207,103 respectively.

As expected the area with the highest prices for first-time buyers was Greater London, boasting average values of £422,580, more than three times the amount of the North East.

While some of these prices may seem staggering to prospective owners, the recent figures showing the rise in first-time buyers suggest that it is possible to get on the ladder.

It is clear the recent schemes and support from the government have helped give the upcoming generation a bit of leg-up and many are clearly taking advantage of this period of low mortgage rates.