New buyers in Bristol and Manchester are spending 59% more to secure their first home than five years ago
Properties purchased by first-time buyers have increased by almost 60% in some regions of England over the past five years, according to analysis of recent Land Registry house price data.
The findings, carried out by property management firm Apropos by DJ Alexander, found the average new buyer in England is paying 41% more for their first property now than they would have in 2013 for an identical home.
However, the research reveals there are significant variations by city, with first-time buyers in Bristol spending 59% more than five years ago.
New buyers are also having to pay significantly more in Manchester (54%), Coventry (49%), and Nottingham (49%).
By comparison, first-time purchases are actually cheaper in just one city in the UK – Aberdeen – with new buyers now paying 5.4% less in the Scottish city than they would have in 2013.
On a regional basis, London has seen the largest increase over the past five years, with first-time buyers spending 53% more on their first purchase, whilst starter properties in the North East have grown by the least over the same period by 13%.
Commenting on the figures, David Alexander, joint Managing Director of Apropos by DJ Alexander, said: “These figures highlight the enormous differences in average first-time buyer prices across the UK, with some places such as Bristol, Manchester and London all increasing between 50%-60% in a five-year period.
“What this tells us is that demand remains strong among first-time buyers even in the face of large increases in average prices. The spread of price increases across the country would indicate that confidence in property ownership remains high and many first-time buyers are committed to home ownership.”
However, recent research by Halifax revealed that home buyers saved just £366 by buying a home rather than renting last year, 59% less than in 2017.