The average house price for first-time homebuyers in the United Kingdom (UK) was ******* British pounds in 2024, up from ******* British pounds the year before. All regions experienced an increase in 2024, with prices rising the most in Northern Ireland and the West Midlands. The South East and London were the most expensive regions to buy a home, with the average house prices at ******* British pounds and ******* British pounds, respectively.

Graph and download economic data for Average Sales Price of Houses Sold for the United States (ASPUS) from Q1 1963 to Q1 2025 about sales, housing, and USA.

Data on resident buyers who are persons that purchased a residential property in a market sale and filed their T1 tax return form: number of and incomes of residential property buyers, sale price, price-to-income ratio by the number of buyers as part of a sale, age groups, first-time home buyer status, buyer characteristics (sex, family type, immigration status, period of immigration, admission category).

The average sales price of new homes in the United States experienced a slight decrease in 2024, dropping to 512,2000 U.S. dollars from the peak of 521,500 U.S. dollars in 2022. This decline came after years of substantial price increases, with the average price surpassing 400,000 U.S. dollars for the first time in 2021. The recent cooling in the housing market reflects broader economic trends and changing consumer sentiment towards homeownership. Factors influencing home prices and affordability The rapid rise in home prices over the past few years has been driven by several factors, including historically low mortgage rates and increased demand during the COVID-19 pandemic. However, the market has since slowed down, with the number of home sales declining by over two million between 2021 and 2023. This decline can be attributed to rising mortgage rates and decreased affordability. The Housing Affordability Index hit a record low of 98.1 in 2023, indicating that the median-income family could no longer afford a median-priced home. Future outlook for the housing market Despite the recent cooling, experts forecast a potential recovery in the coming years. The Freddie Mac House Price Index showed a growth of 6.5 percent in 2023, which is still above the long-term average of 4.4 percent since 1990. However, homebuyer sentiment remains low across all age groups, with people aged 45 to 64 expressing the most pessimistic outlook. The median sales price of existing homes is expected to increase slightly until 2025, suggesting that affordability challenges may persist in the near future.

The price of new dwelling units in the United Kingdom was notably higher for former owner-occupiers than for first-time buyers in 2023. On average, properties bought by first-time buyers sold for 253,000 British pounds. Meanwhile, the average price paid by repeat buyers was 416,000 British pounds. Prices also varied depending on the property type. Flats and maisonettes in converted houses and terraced houses were the most affordable options for homebuyers.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q1 2025 about sales, median, housing, and USA.

This page is no longer being updated. Please use the UK House Price Index instead.

Mix-adjusted house prices, by new/pre-owned dwellings, type of buyer (first time buyer) and region, from February 2002 for London and UK, and average mix-adjusted prices by UK region, and long term Annual House Price Index data since 1969 for London.

The ONS House Price Index is mix-adjusted to allow for differences between houses sold (for example type, number of rooms, location) in different months within a year. House prices are modelled using a combination of characteristics to produce a model containing around 100,000 cells (one such cell could be first-time buyer, old dwelling, one bedroom flat purchased in London). Each month estimated prices for all cells are produced by the model and then combined with their appropriate weight to produce mix-adjusted average prices. The index values are based on growth rates in the mix-adjusted average house prices and are annually chain linked.

The weights used for mix-adjustment change at the start of each calendar year (i.e. in January). The mix-adjusted prices are therefore not comparable between calendar years, although they are comparable within each calendar year. If you wish to calculate change between years, you should use the mix-adjusted house price index, available in Table 33.

The data published in these tables are based on a sub-sample of RMS data. These results will therefore differ from results produced using full sample data. For further information please contact the ONS using the contact details below.
House prices, mortgage advances and incomes have been rounded to the nearest £1,000.
Data taken from Table 2 and Table 9 of the monthly ONS release.

Download from ONS website

Despite the Office for National Statistics (ONS) reporting that the actual average deposit required to buy a home was ** thousand British pounds (GBP), Santander's survey of potential first-time homeowners found the average target deposit was in some cases much lower. Even in London, where the average property price in early 2019 was over *** thousand British pounds, potential first-time homeowners had a target deposit of around **** percent of the property price (**** thousand GBP).

The issue with having a lower deposit for a new home is that it puts buyers into a higher loan-to-value mortgage ratio. Those in the North East looked to achieve the highest deposit to property price ratio at ******* percent.

Among all home buyers in the United States in 2024, first time home buyers accounted for approximately ** percent of the total. The share of first time home buyers among all home buyers in the United States has fluctuated significantly between 2003 and 2024 having had the highest share of first time home buyers of ** percent in 2010.

The house price-to-income ratio in Australia was ***** as of the fourth quarter of 2024. This ratio, calculated by dividing nominal house prices by nominal disposable income per head, increased from the previous quarter. The price-to-income ratio can be used to measure housing affordability in a specific area. Australia's property bubble There has been considerable debate over the past decade about whether Australia is in a property bubble or not. A property bubble refers to a sharp increase in the price of property that is disproportional to income and rental prices, followed by a decline. In Australia, rising house prices have undoubtedly been an issue for many potential homeowners, pricing them out of the market. Along with the average house price, high mortgage interest rates have exacerbated the issue. Is the homeownership dream out of reach? Housing affordability has varied across the different states and territories in Australia. In 2024, the median value of residential houses was the highest in Sydney compared to other major Australian cities, with Brisbane becoming an increasingly expensive city. Nonetheless, expected interest rate cuts in 2025, alongside the expansion of initiatives to improve Australia's dwelling stock, social housing supply, and first-time buyer accessibility to properties, may start to improve the situation. These encompass initiatives such as the Australian government's Help to Buy scheme and the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) programs.

United Kingdom House Price: Qtr: First Time Buyer: Wales data was reported at 126,084.927 GBP in Sep 2018. This records a decrease from the previous number of 126,187.749 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: Wales data is updated quarterly, averaging 50,077.037 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 130,601.260 GBP in Jun 2007 and a record low of 18,143.060 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: Wales data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

United Kingdom House Price: Qtr: First Time Buyer: South West data was reported at 199,791.062 GBP in Sep 2018. This records an increase from the previous number of 199,133.056 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: South West data is updated quarterly, averaging 71,559.949 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 199,791.062 GBP in Sep 2018 and a record low of 23,088.303 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: South West data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

United Kingdom House Price: Qtr: First Time Buyer: London data was reported at 411,612.466 GBP in Sep 2018. This records a decrease from the previous number of 412,513.373 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: London data is updated quarterly, averaging 125,295.614 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 419,219.787 GBP in Mar 2018 and a record low of 31,795.793 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: London data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

United Kingdom House Price: Qtr: First Time Buyer: East Midlands data was reported at 151,219.034 GBP in Sep 2018. This records an increase from the previous number of 147,924.574 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: East Midlands data is updated quarterly, averaging 53,503.963 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 151,219.034 GBP in Sep 2018 and a record low of 16,428.030 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: East Midlands data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

The average price of houses bought by first-time buyers was notably lower than houses purchased by repeat buyers in London in 2023. Homebuyers spent on overage 383,000 British pounds when purchasing their first property in 2023. For repeat buyers, this figure amounted to 657,000 British pounds in that year. In London, the average house price was about 590,000 British pounds in 2023.

The price-to-earnings ratio for first-time buyers in the United Kingdom was the highest in London and the lowest in Scotland in the fourth quarter of 2024. In London, the average house bought by first-time buyers was about 8.4 times higher than the mean gross earnings in the region. In Scotland, this figure amounted to 3.16.

United Kingdom House Price: Qtr: First Time Buyer: East Anglia data was reported at 183,325.775 GBP in Sep 2018. This records an increase from the previous number of 182,100.475 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: East Anglia data is updated quarterly, averaging 63,711.047 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 183,325.775 GBP in Sep 2018 and a record low of 20,236.459 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: East Anglia data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

In October 2024, the interest rate for mortgages with an initial rate fixation of five and up to ten years was 3.23 percent. This mortgage rate saw a general increase since the beginning of 2022 until the end of 2023, however started to decline in 2024. Falling mortgage rates might be a reason for the value of new mortgage lending rose in 2024. As borrowing costs increase, taking out a mortgage becomes less affordable for home buyers, also leading to the mortgage market slowing down. What about housing prices in Belgium? On average, a house cost approximately 319,000 euros in Belgium in 2022. Big price differences are observed, however, among the three regions of the country. A house in the French-speaking region of Wallonia is much more expensive on average than a house in the Brussels-Capital Region (the city of Brussels with its surrounding villages). Belgium’s real estate market grows steadily Property transactions in Belgium are affected by the country’s fiscal system. When purchasing a house in Belgium, consumers pay the asking price plus ten (in Flanders) or 12 percent (in Wallonia and the Brussels-Capital Region) in registration rights. This makes buying a house in Belgium a long-term investment and something consumers do not do right away.

TRREB Releases 2022 Q4 Condo Market Statistics Selling prices for condominium apartments bucked the overall downward trend in the housing market during the fourth quarter of 2022. The average selling price in Q4 2022 stayed in line with the average in Q4 2021. "While condo market conditions have become more balanced over the past year, there has been enough demand relative to supply to support selling prices. On average, the condo market segment is the most affordable. Therefore, it makes sense that we didn9t see the same type of price adjustment, in the face of higher borrowing costs, compared to other more expensive segments like detached homes," said Toronto Regional Real Estate Board (TRREB) President Paul Baron. Total condo apartment sales amounted to 3,582 in Q4 2022 3 down 54.1 per cent compared to Q4 2021. New listings were also down on a year-over-year basis by 14.3 per cent. The average Q4 2022 selling price was $710,520, which was slightly higher than the Q4 2021 average of $710,246. Looking at individual Greater Toronto Area (GTA) regions, a similar trend played itself out, with average selling prices remaining flat compared to last year. "Condo apartments remain an important segment of the market. They are the key entry point for many first-time buyers. Investor-owned condos are also an important source of rental supply in many parts of the GTA. As immigration into Canada continues at a record pace for the foreseeable future, the GTA will welcome many new households. This should see the demand for condos, in both the ownership and rental markets, strengthen moving forward," said TRREB Chief Market Analyst Jason Mercer.