Average price of first home varies by more than £150,000 | Easier

Average price of first home varies by more than £150,000 | Easier

The cost of taking the first step onto the property ladder can vary by more than £150,000 depending on where you live in the UK.

Clydesdale and Yorkshire Banks have revealed the average prices of first homes range from £100,831 in the North East to £260,261 in London.

The average prices for first time buyers are lower in most areas than previous years. In the South East the prices are £16,500 lower than in 2007, whereas in London the difference is just £5,403.

Steve Reid, Retail Director for Clydesdale Bank and Yorkshire Banks, said: "House prices vary significantly throughout the UK and these figures indicate that in some areas there is more than £16,000 difference in the cost of a first home compared to prices in 2007."

Steve added: ""First time buyers are vital to keep the property market moving and with low prices and competitive products available from Clydesdale and Yorkshire Banks now could be the perfect time to take a first step on the property ladder."