Potential homeowners are being alerted to new research which finds that the average house price paid by a first-time buyer (FTB) has increased by 11 per cent since 2005.
Statistics from Halifax show FTBs to have spent an average of £151,165, making 2006 the first year in which prices have crossed the £150,000 threshold.
The lowest price was found in Scotland, where those looking to purchase their first home paid £108,922.
Similarly, FTBs in the north paid £109,243 in 2006, with the town of Nelson in Lancashire being named as the most affordable town in the UK for FTBs. Property prices in the area were found to be approximately 3.4 times the average FTBs income.
By comparison, the least affordable town for FTBs is Gerrards Cross in Buckinghamshire, where prices are 16.7 times the amount earned by an FTB.
While there are many options available for FTBs, Tim Crawford, group economist at Halifax, said: “FTB affordability is now an issue across the UK.”
In related news, the British Bankers’ Association recently discovered that there were 206,051 mortgage approvals in November 2006, which is an increase of 6.8 per cent on November 2005.
© Adfero Ltd