Mortgage guarantee scheme: latest asking prices

Following the news that a mortgage guarantee scheme is set to be announced at this week’s Budget for all buyers up to £600,000, Rightmove has put together the latest figures on asking prices and how many properties could be eligible under the scheme.

  • 86% of properties up for sale have an asking price of £600,000 or less
  • Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices have increased by 29% from £246,748 in October 2013 to £318,580 in February 2021
  • Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices for first-time buyer properties have increased by 36% from £147,464 in October 2013 to £200,692 in February 2021
  • The national average asking price for all properties is currently £318,580, which is 3.0% higher than February 2020
  • The national average asking price of a first-time buyer property is £200,692, which is 3.6% higher than February 2020

The average asking price and average 5% deposit and 10% deposit by region for all properties is as follows:

Region Average Asking Price Feb-21

Average Asking Price

Feb-20

Annual change 5% deposit 10% deposit
East Midlands £236,453 £229,099 3.2% £11,823 £23,645
East of England £363,974 £353,078 3.1% £18,199 £36,397
London £621,886 £629,053 -1.1% £31,094 £62,189
North East £159,430 £151,206 5.4% £7,972 £15,943
North West £215,561 £200,985 7.3% £10,778 £21,556
South East £414,445 £404,114 2.6% £20,722 £41,444
South West £318,449 £308,106 3.4% £15,922 £31,845
West Midlands £240,789 £231,893 3.8% £12,039 £24,079
Yorkshire and The Humber £202,809 £197,344 2.8% £10,140 £20,281
National £318,580 £317,058 3.0% £15,929 £31,858

Note, the London average asking price is above the proposed £600,000 threshold.

We’ve outlined below the latest first-time buyer asking prices by region, over the past year, past five years, and past 10 years.

  • First-time buyer asking price growth over the past year and over the past five years was highest in the North West and lowest in London
  • First-time buyer asking prices in London are 5% lower than five years ago, from £504,264 in 2016 to £478,068 now
  • Asking price growth over the past ten years was highest in London and lowest in the North East
Region Feb 2011 Feb 2016 Feb 2020 Feb 2021 2021 vs 2020 2021 vs 2016 2021 vs 2011
North West £113,410 £118,540 £135,742 £147,693 9% 25% 30%
Wales £116,976 £125,084 £138,639 £149,337 8% 19% 28%
Scotland £103,902 £106,156 £116,610 £124,424 7% 17% 20%
North East £101,952 £103,589 £105,761 £112,167 6% 8% 10%
West Midlands £121,554 £139,685 £158,323 £164,986 4% 18% 36%
Yorkshire and The Humber £116,048 £126,534 £140,413 £145,942 4% 15% 26%
Great Britain £143,352 £177,294 £193,768 £200,692 4% 13% 40%
South West £158,270 £186,965 £210,998 £218,336 3% 17% 38%
East Midlands £114,460 £134,366 £157,101 £161,443 3% 20% 41%
East of England £158,821 £213,415 £240,033 £244,280 2% 14% 54%
South East £179,543 £238,395 £258,598 £263,159 2% 10% 47%
London £307,745 £504,264 £486,383 £478,068 -2% -5% 55%

 

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