Yorkshire one of most affordable places for first-time homebuyers

This is significantly lower than the national average of 8.6, and London’s average where the ratio exceeds 10 years.

The region is particularly accessible for first-time buyers, who do not need a large deposit in order to get on the property ladder.

Government initiatives such as the First Homes scheme, which offers eligible buyers homes at a 30 per cent to 50 per cent discount, and the 95 per cent mortgage guarantee scheme, allowing buyers to secure a mortgage with a five per cent deposit – around £10,000 for the average home in Yorkshire and the Humber, are particularly helpful.

Additionally, the Lifetime ISA (LISA) is a valuable tool for first-time buyers looking to save for a deposit.

This government-backed savings scheme allows individuals to save up to £4,000 each year, with the added benefit of a 25 per cent government bonus. This means that for every £4,000 saved, the government contributes an additional £1,000.

By combining the benefits of government schemes, a buyer can more quickly save the £10,000 needed for the deposit on their first home.

John Howe, founder of John Howe & Co, said: “Over the past few years, we've seen property prices in Yorkshire and The Humber grow at a steady but manageable pace, which is a stark contrast to the rapid increases observed in other parts of the country.

“This rise in house prices has been more or less in line with the rise in the average wage, which along with Government-back schemes, means that we are amongst the best places for first-time buyers to get their foot on the property ladder.”

According to the Office for National Statistics, annual growth in UK house prices and rents has accelerated, with rental price inflation in England and London hitting record highs.

The average house price increased by 3.4 per cent in the 12 months to October, ticking upwards from 2.8 per cent in September.

Across the UK, the average house price in October was £292,000.

Average prices increased in England to £309,000 (three per cent annual growth), in Wales to £222,000 (four per cent), and in Scotland to £197,000 (5.5 per cent).

The average house price for Northern Ireland was £191,000 between July and September, up by 6.2 per cent annually.

In the English regions, the North East had the highest house price inflation in the 12 months to October, at 4.7 per cent, and London had the weakest, at 0.2 per cent.

The report also showed annual growth in private rental prices accelerated to 9.1 per cent in November, from 8.7 per cent in the 12 months to October.

Annual growth in rental prices was just below a record rise of 9.2 per cent, recorded in March 2024 .

ONS head of housing market indices Aimee North said: "Rental prices climbed again in the year to November with the average private rent in Great Britain now around £1,300 per month.

"Average rent increases continue to be highest in London while annual rent inflation reached a record high for England."

The average private rent in Britain was £1,319 per month in November - £110 higher than in November 2023 .

In England , the average was £1,362 in November, up 9.3 per cent (£116) from a year earlier.

Within England, rental price inflation was highest in London (11.6 per cent) and lowest in Yorkshire and the Humber (5.7 per cent) in the 12 months to November.

The report said of London rents: "This annual rise was higher than in the 12 months to October 2024 (10.4 per cent), and reflects a new record high annual growth for London .

"The rise in London's annual inflation was caused by two consecutive months of large rent rises, compared with smaller rises a year ago."

The figures were released as the ONS said Consumer Prices Index (CPI) inflation rose to 2.6 per cent in November, from 2.3 per cent the previous month.

This is the highest rate since March and the second rise in two months.

Jason Tebb , president of OnTheMarket, said: "Two interest rate reductions in recent months have had a positive knock-on effect on confidence, which the market relies on.

"The unwelcome news that inflation has edged upwards to 2.6 per cent is not surprising but still a blow as it may well encourage the Bank of England to delay further rate reductions.”