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First-time buyer property prices up 69% in last 10 years

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03/09/2020
Those buying their first home are putting down record deposits of £47,000
First-time buyer property prices up 69% in last 10 years

Average house prices for first-time buyers have risen from £142,473 in 2010 to £241,025 today, according to Halifax – a huge increase of 69% in the last decade.

In London, the average first-time buyer property price has grown even faster, having nearly doubled in price (up 98%) to £463,536.

First-time buyer properties have seen a 7% rise in the last year alone, said the lender, with Wales experiencing the highest rise at 9%. Properties in London and the South East saw the smallest annual increase – 3%.

Regional costs

The most expensive first-time buyer properties are, of course, found in London, where the average home costs £463,536. This is followed by the South East, at £303,838, and East Anglia, with an average property price of £228,004.

First-time buyers can find the cheapest homes in the North East, where the average price is £140,114, and Northern Ireland (£143,040).

First-time buyer deposits

Buyers are putting down record deposits for their first home, averaging £47,059 in 2020, 25% higher than in 2010.

First-time buyers looking to get the biggest ‘bang for their buck’ could consider homes in the North East, which has the smallest average deposit, at £24,279 (17% of the property price).

Tom Martin, mortgages director at Halifax, said: “Whilst the number of first-time buyers suffered a sharp fall during lockdown, numbers are beginning to increase as we approach the autumn, with purchases that were paused beginning to move again, and buyers making the most of the Government’s Stamp Duty changes.

“With first-time buyers in London paying almost double what they were a decade ago, yet many regions in Scotland remaining affordable, the challenges facing first-time buyers are clearly significantly influenced by where in the UK they are house hunting.”

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