The average price paid by a first-time buyer in the UK in 2019 was £231,455, reflecting a 9% increase of £18,252 from a year earlier, new statistics from Halifax revealed.

Halifax’s figures showed that London saw the biggest increase in the price paid by first-time buyers over the last 12 months, where prices increased by an average 7% rise of £27,764.

The greatest percentage growth came in the North-West and Yorkshire and Humber, where the Halifax figures revealed both were up by 9% – £13,475 and £13,132 respectively. The smallest growth increase came in East Anglia, where prices increased by just £4,528, a 2% rise.

Despite the increasing costs, Halifax also reported the overall number of first-time buyers in 2019 had remained stable – showing a 1% increase from 353,130 in 2018, to 356,767 last year. Halifax suggested that first-time buyers continued to account for more than half of all home purchases.

Halifax managing director, Russell Galley, commented: “Whilst price growth in the overall housing market has been modest in recent years, the level of inflation facing first-time buyers is greater, which compounds the challenge in raising bigger deposits.

“However, given their importance to the market as a whole, it’s reassuring that the overall number of new buyers getting on the ladder remains stable.

“This is in part explained by initiatives designed specifically to support this key group, including Help to Buy schemes and family support mortgages, and they also benefit from the continued period of record low interest rates. However, it’s clear that more needs to be done to address more fundamental long-term issues, not least the shortage of new, affordable homes being built.”

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