County Durham in the North East of England has been named the cheapest areas for first time buyers to secure a home, according to new figures by Halifax.

The 10 most affordable places for first-time buyers where you need a deposit of just £7k have been revealed. County Durham in the North East of England has been named the cheapest areas for first time buyers to secure a home, according to new figures by Halifax.

Halifax said there were 341,068 first-time buyers last year, up 19% compared with 2023. The year 2023 saw first-time buyer numbers drop off by 22% annually, in the tough mortgage rate environment.

Despite the rebound, last year’s estimated total was not as big as the 369,870 first-time buyers recorded in 2022. In County Durham, the average first time buyer paid £142,248 for their home in 2024.

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It means households would need a deposit of a minimum of just £7,112 to secure this home, if they secured a mortgage with a 5% deposit. Burnley has also been ranked as a very accessible area for first-time buyers to purchase a home, with the average person paying £146,076 for their property.

Buyers could secure a typical home in this area with a 5% deposit of £7,303. Amanda Bryden, head of mortgages at Halifax said: “Last year saw a big increase in the number of first-time buyers, up almost a fifth from 2023. This likely reflects an improvement in mortgage affordability as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder.

“Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit of GBP61,090 and an average starter home price of GBP311,034, which can be a stretch for those with a single income. It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.

“Despite the challenges of saving for a deposit and rising house prices – up 8% in 2024 – it’s encouraging that first-time buyers still account for more than half of all new mortgages.”

You can see the top ten areas for first time buyers below:

• County Durham – £142,248
• North West, Burnley – £146,076
• Wales, Isle of Anglesey – £151,747
• North West, Pendle – £151,710
• North West, Cumberland – £175,848
• North West, Hyndburn – £147,038
• Northern Ireland, Ards and North Down – £180,685
• North West, Blackpool – £148,856
• Wales, Merthyr Tydfil – £160,552
• Yorkshire and The Humber, North Lincolnshire – £171,179