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North East remains most affordable region for first-time buyers

The North East, along with Northern Ireland, remains the cheapest place for first-time buyer properties, according to new research from Your Move and Reeds Rains.

In the three months to July 2015, the region saw 3,400 first-time buyers purchase residential property.

The latest First Time Buyer Tracker from Your Move and Reeds Rains showed the average deposit for first-time buyers stood at £17,659 - five times less than London’s average of £66,879.

The North East and Northern Ireland are the least expensive regions for first-time buyer properties, with average prices standing at £109,240 and £106,176 respectively.

Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “First-time buyers are experiencing a summer of white-hot activity, unimpeded by rising deposit costs.

“The post-General Election bounce has given way to a more stable optimism, as first-time buyers realise that the property market – at least their end of it – is at no immediate risk of being tampered with by the Government.

“Rather, incentives attractive to first-time buyers – such as the Help to Buy scheme – are running along steadily, while further low-cost housing development is being encouraged to entice more people onto the ladder.”

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