Member Article

North East house prices £40k less than UK average

The North East is the second cheapest place to buy a house in the UK, coming slightly above Northern Ireland in the latest First Time Buyer Tracker from Your Move and Reeds Rains.

The average house price in the North East is £108k, compared to a national average of £149.9k.

Average deposit in the North East is £16.2k, £9k less than the UK average.

London is the most expensive place to buy a house, with average purchase price at £290.1 and average deposit at £68.1k.

The stamp duty reforms announced in the Autumn Statement will have the most pronounced effect on first-time buyers in London and the South East.

At the other end of the spectrum, the changes will have little effect on first-time buyers in regions where the average purchase price for a first home in below the lower stamp duty threshold of £125,000 – including the North East.

Adrian Gill, director of estate agents Your Move and Reeds Rains, said: “The Government unveiled a revised stamp duty structure in the Autumn Statement, and this will further nurture demand at the lower end of the market.

“But while it will have a big impact in the capital, the changes will be less noticeable elsewhere – and in some areas where the average price of a first-time buyer property is still beneath the bottom tier, they may be negligible.

“Still, the media buzz surrounding the announcement has pepped up interest regardless.”

This was posted in Bdaily's Members' News section by Ellen Forster .