The cost of a first-time buyer’s house varies by more than £150,000 depending on where the property is in the UK.
The average price of a first home ranges from £100,831 in the North-East to £260,261 in London.
Clydesdale and Yorkshire Banks’ research also shows that London first-time buyers are almost unique in that their first home costs more than it did in November 2006.
A London first-time buyer home would have cost £230,304 then. Now it costs £260,261.
In Scotland, back in November 2006, a first home cost £110,174 and is now £113,351.
Everywhere else, first-time buyers are paying less than the year before the market peaked. Even in the South-East, prices are £16,500 lower than in 2007.
Clydesdale and Yorkshire are using the figures to try to promote home ownership to first-time buyers and tell them that now is the time to step on the housing ladder.
Two of only a handful of lenders still offering a 95% mortgage to first-time buyers, last month the banks launched a new savings account specifically for first-time buyers. While it pays very little interest, it does give a £1,000 cashback when the savers take out a Clydesdale and Yorkshire mortgage.
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Comments
"Clydesdale and Yorkshire are using the figures to try to promote home ownership to first-time buyers and tell them that now is the time to step on the housing ladder."
Now is the time to go into negative equity, over pay for you home and mess up your life according to Clydesdale and Yorkshire.
Crazy, crazy stuff.
Gheoff well siad, the price is fixed by someone paying it, too many HCP muppets dont work that out and blame agents for asking prices, crazy view! Well done for putting them straight in a simple 2 lines.
PeeBee the womb unless your Will Hicks then it was the accommodation next door.
Prices at 2001/02 by year end.....simple.....not what the agent markets them for......what the buyer is prepaired to write the cheque for.
I agree with woodentop - prices in any areas are at 2003 levels and forced sale even less.
And average earnings is at........???
Anybody buying a flat or a terrace at Circa £150k is an utter mug and FTBS are better off waiting for continued slow price falls.
It might look more expensive renting but when your losing £1000 a month off the percieved value of your property the "smart" money is definately sticking on this hand.
Prices at 2001/02 by year end anyone?
Read alongside the comments from Santander yesterday it sounds as if the banks are getting as desperate for business as some of us agents.
Good question Pee Bee.
I've never got my head round the idea of someone who took out a 115% mortgage being classed as a homeowner. Don't they own even less of the place than they did before they signed the dotted line?
Thankfully that particularly mad aspect of the boom years' lending seems to be coming to an end.
Wouldn't it be interesting if the definition of "first home" was released?
What should a "first home" be? What is it in reality?
Clydesdale & Yorkshire banks are 12 months behind the times. Prices are edging to 2003?