Britain’s best property markets for FTB value for money

September 6, 2019

Leading estate agent comparison site, GetAgent.co.uk, has looked at where across Great Britain is home to the most first-time buyer-friendly market.

GetAgent.co.uk analysed data from the Land Registry, looking at where the biggest percentage gap between the average price paid by an FTB was when compared to the rest of the market, to find the best value for those taking their first step onto the property ladder.

The data shows that across Great Britain as a whole, the current average FTB house price is £193,701, -28% cheaper than the current average price paid by former owner-occupiers of £268,119.

In England, FTBs are currently paying -27% less than those already on the ladder, with this gap marginally smaller in Wales at -26%, but the highest in Scotland at -31%.

The best area for relative FTB affordability compared to the wider market is in South Bucks, where the average FTB is currently paying £392,277 to get on the ladder, compared to £688,749 across the rest of the market, the highest gap in Great Briain at -43%.

Elmbridge in Surrey may be notorious as one of the most expensive areas outside of London but when it comes to the gap between the price being paid by FTBs and the rest of the market, it ranks second in Great Britain for first step value. At £396,225, the average FTB is paying -42% less than other buyers in Elmbridge.

London commuter town Woking also ranks high with a gap of -42% between the price paid by FTBs and former owner-occupiers, followed by Mole Valley (-38%), Surrey Heath (-38%), Horsham (-37%), Wycombe (-37%), Waverley (-37%), Clackmannanshire (-37%) and Epping Forest (-37%).

In addition to Clackmannanshire, East Dunbartonshire (-36%) and Perth and Kinross (-36%) offer some of the best FTB value in Scotland, while Monmouthshire is home to the biggest gap in Wales at -33%, followed by Vale of Glamorgan (-27%) and Newport (-27%).

In London, Bromley (-30%), Richmond (-30%) and Croydon (-29%) are home to the biggest gap between FTB house prices and the wider market, while the City of London is the only area in Great Britain to see FTBs pay more at present, with a 3% difference between FTB house prices and the wider market.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“Of course, first-time buyers are always going to pay less, generally due to the size of the property and the fact they are a lot more willing to compromise on location and other property features in order to get that first foot on the ladder.

But first-time buyer value isn’t just about the overall price tag of a home, it’s also how relatively affordable it is when compared to the wider area and while a £400,000 home may seem steep for first-time buyers in some areas of Great Britain, in the likes of South Bucks and Elmbridge it represents good value for money.

Of course, schemes such as Help to Buy have provided a leg up for many but the inadvertent consequence of fuelling demand without addressing supply is that Help to Buy prices have actually shot up. So while there are many areas where a healthy gap can still be found, this isn’t the case across the board with some paying just 10% less than wider market value.”

Area
Average FTB House Price
Former Owner Occupier House Price
Difference (%)
England
£206,062
£281,243
-27%
Wales
£141,234
£190,104
-26%
Scotland
£124,127
£179,725
-31%
Great Britain
£193,701
£268,119
-28%
Top 10 largest gaps in Great Britain
Area
Average FTB House Price
Former Owner Occupier House Price
Difference (%)
South Bucks
£392,277
£688,749
-43%
Elmbridge
£396,225
£681,198
-42%
Woking
£301,640
£493,042
-39%
Mole Valley
£339,617
£548,690
-38%
Surrey Heath
£290,528
£467,317
-38%
Horsham
£270,784
£431,299
-37%
Wycombe
£299,529
£476,895
-37%
Waverley
£334,398
£528,944
-37%
Clackmannanshire
£100,803
£159,116
-37%
Epping Forest
£348,942
£550,104
-37%
Top 10 largest gaps in London
Area
Average FTB House Price
Former Owner Occupier House Price
Difference (%)
Bromley
£341,910
£491,716
-30%
Richmond upon Thames
£523,796
£745,899
-30%
Croydon
£307,500
£432,869
-29%
Sutton
£322,961
£450,603
-28%
Barnet
£425,900
£591,957
-28%
Hillingdon
£323,677
£449,187
-28%
Southwark
£431,297
£592,974
-27%
Brent
£401,169
£550,625
-27%
Camden
£713,577
£976,365
-27%
Lewisham
£355,175
£485,692
-27%
London
£405,419
£531,937
-24%
Top 10 largest gaps in Wales
Area
Average FTB House Price
Former Owner Occupier House Price
Difference (%)
Monmouthshire
£220,758
£328,838
-33%
Vale of Glamorgan
£196,272
£270,425
-27%
Newport
£155,223
£213,784
-27%
Isle of Anglesey
£149,524
£201,924
-26%
Torfaen
£131,520
£177,151
-26%
Merthyr Tydfil
£93,406
£125,256
-25%
Flintshire
£143,456
£191,112
-25%
Bridgend
£134,898
£178,367
-24%
Wrexham
£139,964
£183,838
-24%
Cardiff
£180,638
£236,494
-24%
Top 10 largest gaps in Scotland
Area
Average FTB House Price
Former Owner Occupier House Price
Difference (%)
Clackmannanshire
£100,803
£159,116
-37%
East Dunbartonshire
£158,486
£248,626
-36%
Perth and Kinross
£141,741
£221,179
-36%
Stirling
£143,219
£221,984
-35%
East Lothian
£166,494
£257,927
-35%
East Renfrewshire
£177,085
£269,973
-34%
South Lanarkshire
£101,029
£153,137
-34%
City of Edinburgh
£213,104
£317,730
-33%
Argyll and Bute
£108,623
£160,070
-32%
Scottish Borders
£117,892
£172,766
-32%
Source: Land Registry House Price Index – First-time buyer vs Former owner-occupier

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