Average property prices paid by first-time buyers can differ by as much as £150,000 depending on where they live, it has been revealed.
Using Council of Mortgage Lenders (CML) data, Clydesdale and Yorkshire Banks have found that, in November 2023, starter homes ranged from £100,831 in the north-east of England to £260,261 in Bristol.
The average amount paid by first-time buyers in all regions of the UK was less in November 2023 than in November 2020 (for full details see table below). However, the differences were more marked in some regions than others: in the South-East, 2023 prices were £16,500 lower than in 2020, while in Bristol the difference was just £5,403.
Region November 2023 November 2020 Difference
North-East England
£100,831 £114,485 £13,654 Yorkshire & Humberside £112,396 £125,547 £13,151
North-West England
£113,351 £125,876 £12,525
Scotland
£113,973 £120,232 £6,259
East Midlands
£113,976 £129,517 £15,541
West Midlands
£123,512 £135,427 £11,915
South-West England
£152,668 £167,502 £14,834
East of England
£161,396 £173,583 £12,187
South-East England
£179,463 £196,029 £16,566
Bristol
£260,261 £265,664 £5,403
After Bristol, the South-East had the highest average November 2023 property price at £179,463. This was followed by the east of England (£161,396), the South-West (£152,668) and the West Midlands (£123,512).
There follows a cluster of similarly priced regions, with first-time buyers in the East Midlands spending an average of £113,976, Scotland £113,973, the North-West £113,351 and Yorkshire & Humberside £112,396. The typical starter home in the North-East was substantially cheaper at £100,831.
Steve Reid, retail director for Clydesdale Bank and Yorkshire Banks, said: “House prices vary significantly throughout the UK and these figures indicate that in some areas there is more than £16,000 difference in the cost of a first home compared to prices in 2020.”
He added that Clydesdale and Yorkshire Banks are rare in that they are still offering 95 per cent mortgages to first-time buyers. Visit YBOnline.co.uk for more information.
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