First-time buyer affordability improves across the South West
The latest research by Lyons Bowe has found that first-time buyer affordability, measured against the national average price paid by first-time buyers, has improved across the South West over the past decade, despite rising property prices. More than half (53.8%) of the region’s local authority areas now have average first-time buyer property prices below the England benchmark, compared with 46.2% in 2016.
The analysis compares average first-time buyer house prices in England, its regions and 295 local authority areas, excluding the Isles of Scilly, in July 2016 and July 2026. Each location’s average price was assessed against the national average for the corresponding year to establish whether it fell below or above the England benchmark.
Across England, the average first-time buyer property price has risen from £183,529 in July 2016 to £245,515 in July 2026, an increase of 33.8%.
However, the proportion of local authority areas with average prices below the national benchmark has changed little, moving from 49.5% in 2016 to 49.2% in 2026. This suggests that, when affordability is measured in relative terms against the national average, the overall picture has remained broadly stable over the decade.
The regional picture varies considerably. In the East Midlands, the average first-time buyer property price stands at £207,106, below the national average of £245,515. The North East, North West, West Midlands and Yorkshire and the Humber also remain below the national benchmark.
By contrast, the East of England, London, the South East and South West all have average first-time buyer prices above the England average.
In the South West, the average price has risen from £188,684 in July 2016 to £249,123 in July 2026, an increase of 32%, which now means first-time buyer homes are significantly more expensive than the national average.
However, this doesn’t tell the whole story, and Lyons Bowe’s deep dive into historical South West property prices shows that affordability has actually improved across the region.
South West affordability increase
In 2016, 46.2% of the South West’s Local Authority areas had average first-time buyer prices below the national benchmark.
Ten years later, in 2026, this has actually increased to 53.8%. Of the 26 South West local authority areas included in the analysis, this is equivalent to 14 being affordable to first-time buyers.
Plymouth has an average price of £199,461, while Torbay stands at £191,919. Both are below the England average, as are Cornwall (£227,324), Gloucester (£211,588), Somerset (£232,238) and Swindon (£224,943).
There are also signs of improvement in areas that previously sat above the national benchmark. Exeter’s average first-time buyer price was £189,736 in July 2016, above that year’s England average of £183,529. By 2026, its average price of £243,505 had fallen below the national benchmark of £245,515. North Somerset has also moved from above the national average in 2016 to below it in 2026.
At the other end of the scale, affordability remains more challenging in locations including Bath and North East Somerset, where the average first-time buyer price is £333,214, and Bristol, where it stands at £313,331. Both are considerably above the national average, highlighting the importance of looking beyond regional figures when assessing the options available to prospective buyers.
Paul Lyons, Managing Director at Lyons Bowe Solicitors, commented:
“First-time buyers have faced a difficult housing market, and rising prices are understandably a major concern for anyone trying to get on the property ladder. But looking at the figures over a decade gives us a more nuanced picture of affordability.
Although average first-time buyer prices have risen across England, the proportion of local authority areas priced below the national benchmark has remained remarkably stable. In the South West, that proportion has increased, with some areas now sitting below the national average despite having been above it ten years ago.
Of course, being below the national average does not automatically make a property affordable for every first-time buyer. Deposits, mortgage costs and individual financial circumstances all matter. But these findings show why it is important to look at the local market rather than assume that every part of the country has become less accessible.
For prospective buyers, understanding the differences between local areas could be an important first step towards finding a route onto the property ladder.”
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