FTB ability to buy varies across the UK

There is a huge difference between the types of properties first-time buyers (FTBs) can afford to purchase in different parts of the UK.

That is according to Smart New Homes, which says that an FTB can still afford a three-bedroom home in Yorkshire but would be lucky to secure 60 per cent of a one-bedroom flat in London.

"The struggle of first-time buyers has been well publicised with huge disparity across the country," said David Bexon, managing director of the firm.

"While first-time buyers in Yorkshire or the North West can still find a three bedroom home for under £150,000, a one or two-bedroom flat is about all the rest of the UK's first-time buyers can afford with those in London not even able to find a property in this price bracket," he added.

Nationwide recently reported that the average property price in the UK in November was £184,099, signalling a month-on-month fall of 0.8 per cent.