Buying your first home is a massive achievement and perhaps the culmination of years of saving and compromise. For most of us it is something to aspire to, but do you really know how much it is likely to cost you to buy your first home? In this article we will take a look at the average asking prices for first time buyer homes in the varying regions in Britain as the price of a property varies considerably region to region.
In terms of the national average, taking in all the regions in England, Scotland and Wales the average asking price for a first time buyer property with two bedrooms or less was £224,091 in August of 2022. The prices do vary significantly though.
Cheapest first-time buyer homes
The Northeast boasts the most affordable first-time buyer homes with the average asking price being just under £130,000, which is almost £100,000 less than the national average. With places like Durham, Newcastle, Witley Bay and Sunderland, the Northeast really is a diverse and active area. Scotland isn’t too far away from these prices either and the average asking price for a starter home in Scotland is around £135,000.
Most Expensive first-time buyer homes
As you would expect, the most expensive place to buy a first home is in London where prices are over £500,000 which is well over twice the national average. It is these prices in London that are causing the national average to rise so high. If London is excluded from the calculation, then the national average comes out at a more affordable £198,000.
There is a definite North (or at least Midlands) South divide when it comes to average prices. If we look at the average prices for the East and West Midlands and all the regions north of that, including Scotland and Wales the average price is around £164,800. If we take the east of England, the Southeast, the Southwest and London the average comes out at around £332,600. If we exclude London, from the South calculations, the average asking price becomes £276,300.
Regional Averages
In the table below, we take a look at each region individually ranked in order of just how much asking prices have increased:
| Region | Average asking price (Aug 22) | Year-on-year % increase |
| Northeast | £129,903 | 12.30% |
| Scotland | £134,299 | 6.10% |
| Northwest | £165,929 | 8.80% |
| Yorkshire and The Humber | £166,801 | 8.10% |
| Wales | £177,027 | 9.10% |
| West Midlands | £188,295 | 9.50% |
| East Midlands | £191,685 | 10.60% |
| Southwest | £255,718 | 10.80% |
| East of England | £276,543 | 8.20% |
| Southeast | £296,817 | 7% |
| London | £501,384 | 3.90% |
Although the average asking price varies quite significantly from region to region, the annual growth in prices has been strong in the last year. It is interesting to see that although the most economical region, the Northeast has also had the strongest growth percentage.
If you are a first-time buyer looking for your first home, get in touch with your nearest Belvoir office. Our team of local property experts are on hand to share their unrivalled local property knowledge and are always happy to share tips and advice.
