Property News - Britain’s best property pockets for first-time



Posted on Monday, February 15, 2021

 

The latest research from lettings and estate agent, Barrows and Forrester, has revealed which areas of the property market are currently the most first-time buyer (FTB) friendly based on current price, annual change and cost compared to the broader average in each area.

The research shows that both the average price paid by FTBs and the average price paid across the broader market have both increased by 2.9% in the last year. However, at a current average of £198,513, FTBs are still getting on the ladder at a lower cost to the wider average of £238,414.

Overall house price

When it comes to overall affordability, Inverclyde is home to the lowest price paid by FTBS at £72,435. East Ayrshire (£74,876), the Western Isles (£76,122) and North Ayrshire (£87,447) are also amongst some of the most affordable FTB areas of Britain for outright house price. 

In England, County Durham (£90,488), Tyne and Wear (£121,976), Lancashire (£122,721) and Merseyside (£124,725) are home to some of the lowest prices paid by FTBS, while Blaenau Gwent (£95,729), Merthyr Tydfil (£99,995), Rhondda Cynon Taf (£105,380) and Neath Port Talbot (£116,805) are the most affordable markets in Wales.

In contrast, the average FTB is paying £924,576 in the City of London although this drops considerably to the next most expensive county, with the cost coming in at £335,933 in Surrey. 

Annual house price growth

18 areas of Britain have seen the average FTB house price drop or remain static over the last year. 

13 of these areas are located in Scotland, with the Western Isles (-24.8%), Inverclyde (-12.7%) and East Lothian (-9.3%) seeing the most considerable reductions. 

Gwynedd (-3.5%) is the only area of Wales to see the average FTB house price drop in the last year. In England, County Durham (-0.5%), Cambridgeshire (-0.4%), Hertfordshire (-0.1%) and Bedfordshire (0%) have remained largely flat. 

Biggest FTB discounts

When it comes to the most significant FTB discounts when comparing the average FTB house price with the wider average in each area, Perth and Kinross is currently the best place to buy your first home. The average FTB house price of £140,886 is -26.1% more affordable than the wider average of £190,758 in the area

In England, FTBs can find the biggest relative discounts in Surrey (-25.3%), Bucks (-25.2%), Herefordshire (-23.1%), Hampshire (-21.8%) and Rutland (-21.5%). Monmouthshire (-22.3%), Vale of Glamorgan (-16.8%), Flintshire (-15.7%) and Anglesey (-15.6%) are home to the biggest FTB discounts in the Welsh market. 

Managing Director of Barrows and Forrester, James Forrester, commented:

“Buying your first home is a huge mile marker in life, and finding the right property can be a daunting process.

For many, affordability will be the deciding factor and the price paid by first-time buyers varies dramatically across Britain, with the majority of areas seeing this cost of getting on the ladder increase over the last year. 

However, while Scotland is home to the greatest wealth of first-time buyer affordability, those house hunting at the other end of Britain are unlikely to up sticks and move that far from their desired area. 

The good news is that all but one area of Britain is home to a lower price paid by first-time buyers when compared to the wider market. With this relative discount ranging from around five to 25 per cent. 

While first-time buyers may have a location in mind, expanding their search to the surrounding areas could mean a much more affordable property or a more significant saving.”

Table shows the current average house price for both first-time buyers and the wider market in each region, the annual change for both and the difference between the two to demonstrate the FTB discount available. Ranked by largest percentage FTB discount to lowest. Source: The Land Registry House Price Index.

Location

FTB Average House Price

Annual FTB Increase (%)

Average House Price

Annual Increase (%)

FTB Discount (%)

South East

£260,080

2.0%

£324,659

2.0%

-19.9%

Scotland

£125,461

1.9%

£154,648

2.1%

-18.9%

South West

£215,435

3.4%

£261,006

3.4%

-17.5%

East of England

£242,019

0.6%

£290,621

0.7%

-16.7%

West Midlands Region

£170,361

3.5%

£203,658

3.4%

-16.3%

East Midlands

£166,380

2.8%

£197,505

2.9%

-15.8%

North West

£141,759

2.5%

£168,261

2.6%

-15.8%

Yorkshire and The Humber

£145,677

4.6%

£170,198

4.9%

-14.4%

North East

£115,286

4.1%

£134,545

4.4%

-14.3%

Wales

£146,439

4.9%

£169,436

4.8%

-13.6%

London

£419,583

3.6%

£479,018

3.3%

-12.4%

England

£211,404

2.9%

£251,973

2.9%

-16.1%

Great Britain

£198,513

2.9%

£238,414

2.9%

-16.7%

Research by Barrows and Forrester based on house price data for May 2020 (latest available)

 

Table shows the current average house price for both first-time buyers and the wider market in each area, the annual change for both and the difference between the two to demonstrate the FTB discount available. Ranked by largest percentage FTB discount to lowest. Source: The Land Registry House Price Index.

Location

FTB Average House Price

Annual FTB Increase (%)

Average House Price

Annual Increase (%)

FTB Discount (%)

Nation

Perth and Kinross

£140,886

1.1%

£190,758

1.8%

-26.1%

SCOTLAND

East Renfrewshire

£182,667

6.2%

£246,527

7.4%

-25.9%

SCOTLAND

East Lothian

£157,107

-9.3%

£211,448

-8.4%

-25.7%

SCOTLAND

East Dunbartonshire

£166,170

5.6%

£223,345

6.5%

-25.6%

SCOTLAND

Stirling

£151,127

4.9%

£202,756

5.6%

-25.5%

SCOTLAND

Surrey

£335,933

3.7%

£449,511

4.1%

-25.3%

SOUTH EAST

Buckinghamshire

£301,780

0.8%

£403,498

1.1%

-25.2%

SOUTH EAST

Herefordshire

£187,401

4.5%

£243,651

4.7%

-23.1%

WEST MIDLANDS

Monmouthshire

£214,690

2.8%

£276,359

3.2%

-22.3%

WALES

Clackmannanshire

£102,055

0.0%

£131,343

0.4%

-22.3%

SCOTLAND

Argyll and Bute

£108,126

-1.0%

£139,004

-0.7%

-22.2%

SCOTLAND

Hampshire

£247,249

1.9%

£316,300

2.1%

-21.8%

SOUTH EAST

South Ayrshire

£109,711

8.8%

£140,190

9.4%

-21.7%

SCOTLAND

South Lanarkshire

£103,007

3.4%

£131,579

4.4%

-21.7%

SCOTLAND

Scottish Borders

£123,785

7.7%

£157,722

8.4%

-21.5%

SCOTLAND

Rutland

£255,092

9.0%

£324,942

9.0%

-21.5%

EAST MIDLANDS

Dorset

£226,099

0.4%

£287,038

0.5%

-21.2%

SOUTH WEST

West Sussex

£254,920

0.8%

£323,529

1.0%

-21.2%

SOUTH EAST

Gloucestershire

£219,240

5.2%

£277,517

5.6%

-21.0%

SOUTH WEST

Aberdeenshire

£139,061

-5.6%

£175,677

-5.2%

-20.8%

SCOTLAND

Wiltshire

£217,476

1.7%

£274,573

1.9%

-20.8%

SOUTH WEST

Worcestershire

£194,462

2.0%

£242,517

2.2%

-19.8%

WEST MIDLANDS

Hertfordshire

£316,988

-0.1%

£395,202

0.3%

-19.8%

EAST OF ENGLAND

Devon

£215,738

4.5%

£268,856

4.5%

-19.8%

SOUTH WEST

City of Edinburgh

£219,666

3.1%

£273,601

3.7%

-19.7%

SCOTLAND

Fife

£107,739

1.3%

£133,988

1.9%

-19.6%

SCOTLAND

Highland

£137,043

-0.4%

£169,910

0.0%

-19.3%

SCOTLAND

Shropshire

£175,794

2.2%

£217,764

2.3%

-19.3%

WEST MIDLANDS

Suffolk

£197,076

1.3%

£243,920

1.3%

-19.2%

EAST OF ENGLAND

Warwickshire

£206,591

2.7%

£255,685

2.9%

-19.2%

WEST MIDLANDS

East Ayrshire

£74,876

-1.2%

£92,576

-0.7%

-19.1%

SCOTLAND

Cheshire

£178,844

0.8%

£221,010

1.0%

-19.1%

NORTH WEST

West Lothian

£135,787

3.8%

£167,702

4.2%

-19.0%

SCOTLAND

Angus

£119,269

2.7%

£146,987

3.2%

-18.9%

SCOTLAND

Somerset

£194,003

3.6%

£239,009

3.7%

-18.8%

SOUTH WEST

Isle of Wight

£178,919

1.4%

£220,336

1.4%

-18.8%

SOUTH EAST

East Sussex

£232,856

2.8%

£286,585

3.0%

-18.7%

SOUTH EAST

Northumberland

£130,676

8.0%

£160,478

8.3%

-18.6%

NORTH EAST

Lancashire

£122,721

4.7%

£150,111

4.9%

-18.2%

NORTH WEST

North Yorkshire

£189,433

6.2%

£231,610

6.4%

-18.2%

YORKSHIRE AND THE HUMBER

Inverclyde

£72,435

-12.7%

£88,477

-12.5%

-18.1%

SCOTLAND

Kent

£243,322

2.2%

£297,195

2.3%

-18.1%

SOUTH EAST

Renfrewshire

£107,775

6.0%

£131,475

6.7%

-18.0%

SCOTLAND

Berkshire

£296,770

1.3%

£360,794

1.7%

-17.7%

SOUTH EAST

Oxfordshire

£295,318

4.2%

£358,847

4.6%

-17.7%

SOUTH EAST

Essex

£259,574

1.4%

£314,851

1.7%

-17.6%

EAST OF ENGLAND

Cornwall

£202,536

7.9%

£245,525

8.0%

-17.5%

SOUTH WEST

North Ayrshire

£87,447

-3.8%

£105,982

-3.6%

-17.5%

SCOTLAND

North Lanarkshire

£92,337

3.2%

£111,845

3.8%

-17.4%

SCOTLAND

East Riding of Yorkshire

£151,252

1.4%

£183,181

1.6%

-17.4%

YORKSHIRE AND THE HUMBER

Cumbria

£130,710

0.4%

£157,969

0.8%

-17.3%

NORTH WEST

Falkirk

£108,265

5.2%

£130,760

5.7%

-17.2%

SCOTLAND

Norfolk

£192,719

2.9%

£232,224

2.9%

-17.0%

EAST OF ENGLAND

Vale of Glamorgan

£200,923

6.7%

£241,523

6.9%

-16.8%

WALES

Midlothian

£161,010

2.4%

£193,277

3.2%

-16.7%

SCOTLAND

Bedfordshire

£228,038

0.0%

£273,623

0.2%

-16.7%

EAST OF ENGLAND

Nottinghamshire

£154,025

4.7%

£184,583

4.6%

-16.6%

EAST MIDLANDS

Staffordshire

£167,323

5.2%

£199,669

5.3%

-16.2%

WEST MIDLANDS

City of Aberdeen

£124,338

-4.0%

£148,357

-3.3%

-16.2%

SCOTLAND

Leicestershire

£195,466

3.0%

£233,215

2.9%

-16.2%

EAST MIDLANDS

Lincolnshire

£158,429

2.7%

£188,836

2.6%

-16.1%

EAST MIDLANDS

Northamptonshire

£196,782

3.1%

£233,993

3.3%

-15.9%

EAST MIDLANDS

Flintshire

£146,658

3.4%

£174,014

3.5%

-15.7%

WALES

Isle of Anglesey

£150,611

5.3%

£178,454

5.3%

-15.6%

WALES

Derbyshire

£155,539

3.4%

£184,272

3.7%

-15.6%

EAST MIDLANDS

Moray

£122,590

-6.3%

£144,975

-5.9%

-15.4%

SCOTLAND

Na h-Eileanan Siar

£76,122

-24.8%

£89,802

-24.5%

-15.2%

SCOTLAND

Cambridgeshire

£246,731

-0.4%

£290,858

-0.2%

-15.2%

EAST OF ENGLAND

Newport

£162,119

3.1%

£190,074

3.3%

-14.7%

WALES

Torfaen

£128,723

2.1%

£150,741

2.4%

-14.6%

WALES

Merseyside

£124,725

1.5%

£145,882

1.6%

-14.5%

NORTH WEST

City of Dundee

£107,770

-0.1%

£125,857

0.3%

-14.4%

SCOTLAND

Dumfries and Galloway

£111,057

0.3%

£128,909

0.6%

-13.8%

SCOTLAND

Greater Manchester

£155,090

4.8%

£179,550

4.9%

-13.6%

NORTH WEST

West Midlands

£162,849

2.1%

£187,315

2.0%

-13.1%

WEST MIDLANDS

Tyne and Wear

£121,976

0.5%

£140,248

0.7%

-13.0%

NORTH EAST

Bridgend

£139,992

5.7%

£160,863

5.7%

-13.0%

WALES

Conwy

£149,656

1.4%

£171,887

1.4%

-12.9%

WALES

Shetland Islands

£143,403

7.0%

£164,674

7.2%

-12.9%

SCOTLAND

Wrexham

£137,882

1.6%

£158,229

1.6%

-12.9%

WALES

West Dunbartonshire

£103,883

13.6%

£118,795

13.7%

-12.6%

SCOTLAND

South Yorkshire

£130,087

3.6%

£148,469

3.7%

-12.4%

YORKSHIRE AND THE HUMBER

Cardiff

£188,716

3.9%

£215,322

4.1%

-12.4%

WALES

Gwynedd

£134,576

-3.5%

£153,541

-3.4%

-12.4%

WALES

West Yorkshire

£139,905

1.5%

£159,278

1.7%

-12.2%

YORKSHIRE AND THE HUMBER

Powys

£175,436

8.3%

£199,443

8.3%

-12.0%

WALES

County Durham

£90,488

-0.5%

£102,753

-0.3%

-11.9%

NORTH EAST

Carmarthenshire

£135,046

4.7%

£152,662

4.6%

-11.5%

WALES

Merthyr Tydfil

£99,955

5.5%

£112,852

5.5%

-11.4%

WALES

Orkney Islands

£120,494

-6.9%

£135,454

-7.3%

-11.0%

SCOTLAND

Denbighshire

£136,232

0.2%

£152,764

0.2%

-10.8%

WALES

Caerphilly

£126,025

0.2%

£139,849

0.2%

-9.9%

WALES

Pembrokeshire

£167,592

7.5%

£185,738

7.4%

-9.8%

WALES

City of Glasgow

£121,982

2.3%

£135,110

2.7%

-9.7%

SCOTLAND

Rhondda Cynon Taf

£105,380

6.3%

£116,503

6.4%

-9.5%

WALES

Ceredigion

£172,591

3.6%

£189,508

3.7%

-8.9%

WALES

Swansea

£144,285

8.0%

£158,304

8.0%

-8.9%

WALES

City of Bristol

£259,595

2.6%

£284,403

2.7%

-8.7%

SOUTH WEST

Neath Port Talbot

£116,805

6.5%

£125,530

6.5%

-7.0%

WALES

Blaenau Gwent

£95,729

11.2%

£100,585

11.2%

-4.8%

WALES

City of London

£924,576

25.4%

£899,831

25.0%

2.7%

LONDON

Research by Barrows and Forrester based on house price data for May 2020 (latest available)






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