Instant Valuation

According to national news reports, the First Time Buyer has made a welcome resurgence in the past three years, which is fantastic news for the property market as their re-emergence stimulates property movement further up the ladder.

 

What's less comforting though is the deposit required for each region. 

 

East Anglia, as you might anticipate, exceeds the national average deposit a First Timer Buyer needs.

 

We interview Julia Gooch, the Director of Pure North Norfolk, asking for her views on these latest figures.

Read on.

 

According to national news reports, the First Time Buyer has made a welcome resurgence in the past three years, which is fantastic news for the property market as their re-emergence stimulates property movement further up the ladder.

 

What's less comforting though is the deposit required for each region. 

 

East Anglia, as you might anticipate, exceeds the national average deposit a First Timer Buyer needs.

 

We interview Julia Gooch, the Director of Pure North Norfolk, asking for her views on these latest figures.

 

Here are the average house prices paid by first-time buyers across the UK in the first half of 2017, followed by the average deposit and the deposit as a percentage of the purchase price, according to the Halifax: 

 

• North East England: £125,591, £18,594, 15 per cent

• Yorkshire and the Humber: £137,908, £19,848, 14 per cent

• North West England: £146,551, £21,382, 15 per cent

• East Midlands: £158,021, £23,747, 15 per cent

• West Midlands: £164,737, £24,826, 15 per cent

• East Anglia: £198,876, £33,138, 17 per cent

• Wales: £136,103, £17,193, 13 per cent

• South West: £202,700, £35,655, 18 per cent

• South East: £276,773, £50,144, 18 per cent

• London: £409,795, £106,577, 26 per cent

• Northern Ireland: £117,716, £16,457, 14 per cent

Scotland: £139,041, £21,565, 16 per cent

 

Julia, though, has her own take on these figures:

 

          "East Anglia is a huge area with diverse property prices. Cambridge's average easily exceeds £198,876 as does Norwich, closer to our Fakenham base. North Norfolk itself has its own property microclimate with places like Blakeney and some of the Burnhams having average property prices exceeding one million pounds. These are not territories for typical First Time Buyers."

 

So there you have it. 

 

To get on the property ladder in East Anglia, you need an average deposit of just over £33,000.

 

Hopefully, as mortgage rates remain at historic lows, the First Time Buyer will contain to make his and her presence felt across Norfolk.