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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