With cuts to stamp duty and an increased uptake in the government‘s Help to Buy scheme, more people are now getting a foot on the property ladder – here’s what you can expect to pay where
Last year saw the highest number of first-time buyers in the UK since the financial crisis of 2007.
Research by UK Finance, the trade body for Britain’s banks, shows that 365,000 people bought their first home in 2017, up 7.4% from the previous year.
Data showed that the average first-time buyer was aged 30 and earned £41,000 per year.
The increase in first-time buyers has no doubt been buoyed by the government’s announcement in the November 2017 Budget that stamp duty for all properties up to £300,000 would be abolished.
READ MORE: The UK's most expensive and cheapest places to buy a house
In addition, first-time buyers are now exempt from paying stamp duty on the first £300,000 of properties with a value of up to £500,000. This shift in policy is thought to save four out of five first-time buyers up to £5,000.
The government’s Help to Buy scheme, which enables people to get on the property ladder with a smaller deposit by offering a low-cost equity loan, is also thought to have contributed to the rise in purchases, including in Scotland where the scheme has just been extended by two years.
Looking at research conducted by Halifax, online property agents, Sellhousefast.uk has pinpointed the average house prices for first-time buyers in England and Wales with the North East having the cheapest asking prices by far at £126,437, and London the most expensive place to buy your first home, with average asking prices a whopping £422,580.
But for buyers that don’t have a London wage packet, the good news is that in all the other regions assessed, the average cost of a first-time home still falls below £300,000.
Here is the full list of average property prices in England and Wales, in ascending order:
Region Average first-home price
North East £126,437
Wales £139, 875
Yorkshire and the Humber £139,970
North West £149,990
East Midlands £163,005
West Midlands £168,627
South West £207,103
South East £278,749
Greater London £422,580
Robby Du Toit, Managing Director of Sellhousefast.uk, said: “As the next generation begins to consider flying the nest and become homeowners for the first time, it can feel incredibly daunting. With unrealistic house prices and deposits needed to buy a home in today’s market for many buying a home and stepping foot on the property ladder feels impossible.
“However, this is where the government has helped. Schemes such as Help to Buy and changes to stamp duty for first-time buyers are proving to be extremely helpful.”