First home prices 'vary across UK'

Posted: 04 May 2011 12:10:22 GMT

The average price of a first home varies significantly across the UK, it has been found.

The cost of purchasing a house for first-time buyers (FTBs) varies considerably across the UK, new research has shown.

Clydesdale and Yorkshire Banks have revealed that the money involved when a person takes his or her first step into the property market can range by as much as £150,000, depending on where they live.

The research revealed the average price of a first home goes from £100,831 in the North East to £260,261 in London.

According to the investigation, average costs for FTBs are currently lower in most regions than they have been in recent years.

Retail director for the organisations Steve Reid said: "These figures indicate that in some areas there is more than £16,000 difference in the cost of a first home, compared to prices in 2007."

Andy Pratt, chief operating officer at Alexander Hall, recently claimed FTBs are actively saving up substantial deposits as they attempt to get their foot on the first rung of the property ladder.
 

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