UK's North West seen biggest annual rise in property prices for first-time buyer homes
Rightmove’s study shows that average asking prices for such homes in the North West have jumped by 8.6% over the past 12 months – a bigger annual increase than any region in Great Britain.
Yorkshire and The Humber is the region with the second biggest annual increase in average asking prices for first-time buyer homes (8.4%), followed by the West Midlands (7.0%).
However, Yorkshire and The Humber is where average asking prices for first-time buyer homes have increased the most in cash value, up £11,443 compared to a year ago.
The national average asking price of first-time buyer properties is £200,578, which is up 3.9% compared to 12 months ago and equates to an annual rise of £7,475.
This means that the first-time buyer sector is marginally outperforming the market as a whole, which has seen average asking prices rise 3.3% annually.
First-time buyer homes are currently most expensive in London, with average asking prices of £474,950, whilst the North East (£112,150) is where average asking prices are cheapest.
London is also the only region where average asking prices for first-time buyer homes exceed £400,000, with the South East (£261,122) and East of England (£243,492) next on the list.
The capital is, however, the only region where average asking prices for first-time buyer properties have fallen year-on-year, with prices in London down 1.4% compared to a year ago. ■