First-time buyers in London struggle to keep up as north east offers most affordable house prices | City A.M.

London has been the least affordable region for hopeful first-time buyers in 14 of the last 19 years, according to new statistics out today.

Buyers looking to get onto the property ladder in the capital last year could have expected to spend 13 times their earnings on property.

However, that stands in stark contrast to the north east, where prospective first-time buyers would need to spend 5.5 times their income in order to purchase a house.

Read more: House transactions slip as property market wanes

The data, published by the Office for National Statistics (ONS), also shows that housing became less affordable for those who bought their first house in 78 per cent of local authorities in 2017 compared with the previous year.

While London was the least affordable region for prospective first-time buyers in 14 of the last 19 years, the north east was the most affordable region for 18 of the last 19 years.

Read more: Shop rents slump as high street woes deepen

The findings are fresh evidence of a growing disparity in property prices between London and the rest of the UK, with figures from Lloyds Bank in May also showing that the average amount a first-time buyer will pay for a home in London is double that paid by first-time buyers across the rest of the country.

Ross Boyd, founder of the ‘always-on’ mortgage platform Dashly, said: “For first time buyers in London, the number 13 certainly symbolises bad luck. To have to spend 13 times your earnings simply to get on the first rung of the property ladder is borderline obscene.”