Average first-time buyer house prices range from £112,112 in Inverclyde in Scotland to £682,981 in Westminster.
As house prices can vary so much, 40 per cent of young people are looking at more “affordable and up-and-coming areas to move to”.
First-time buyer priorities
Looking at first-time buyer priorities, around 52 per cent pointed to the price of the house, 38 per cent cited being close to family and friends and 37 per cent pointed to the crime rate in the area.
Community feel, transport connections, nearby supermarket, good schools, better job prospects, green spaces and proximity to a major city rounded out the top 10 priorities for first-time buyers.
Halifax said that the house price for those buying for the first time has nearly doubled in the past decade and the average age has gone up by around two years to 32 over the same period.
The desire to own a property has stayed high at 87 per cent and a third say they want to get on the housing ladder as soon as possible.
First-time buyer plans on hold
The report said that four in 10 first-time buyers were pushing back their house purchase plans by four years on average, with factors like high mortgage rates a key factor.
It continued that 71 per cent were prioritising other purchases over a house, with 31 per cent saying they were saving to go travelling instead and 30 per cent noting that finance for a car was a bigger focus.
Almost half of those looking for their first home say that they have downsized, with four in 10 looking at homes up to a quarter smaller than their ideal and 55 per cent reassessing their preferred property type.
Almost a third of those surveyed added that they don’t understand the home buying process.
Up-and-coming areas for first-time buyers
Kim Kinnaird, mortgages director at Halifax, said, “Despite fluctuating house prices, the desire to buy a first home isn’t going away, with almost nine in ten young people keen to get on the property ladder.
“There’s an appetite from under-35s to consider more affordable areas further afield, so we’ve identified up-and-coming locations that prospective first-time buyers might do well to look into. These are based on relatively low average house prices, alongside other positives such as access to green spaces, easy commutes and safe neighbourhoods.”
She added: “Buying a home is daunting, especially if it’s your first time doing so. That’s why we’ve launched Halifax’s First-Time Buyer Report, which is full of information and tips to support those embarking on their home-buying journey.”
The lender has highlighted up-and-coming locations for first-time buyers with lower average purchase prices compared to the surrounding region and cross referenced with other priorities like low crime rates, transport links, good schools and so on.
Areas include Kingston upon Hull, Middlesbrough, Neath Port Talbot, Derry City and Strabane, Falkirk, Blackburn with Darwen, Aberdeen City, Telford and Wrekin, Ipswich and Eastbourne.
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Location (Local Authority)
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Average first-time buyer purchase price
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Price compared to regional average (e.g. NW, East Mids, Scotland, Wales etc.)
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Kingston upon Hull – England
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£156,509
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-23%
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Middlesbrough – England
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£156,761
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-11%
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Neath Port Talbot – Wales
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£158,702
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-20%
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Derry City and Strabane – Northern Ireland
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£160,636
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-8%
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Falkirk – Scotland
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£165,511
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-12%
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Blackburn with Darwen – England
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£168,895
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-21%
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Aberdeen City – Scotland
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£173,061
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-8%
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Telford and Wrekin – England
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£213,741
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-10%
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Ipswich – England
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£249,338
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-25%
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Eastbourne – England
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£253,744
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-29%
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