What can a first-time-buyer afford?

Three bed property in Blackpool

New figures from the Council of Mortgage lenders have revealed that the average loan for a first-time-buyer has reached a record of over £121,000. Assuming a reasonable £30,000 deposit, it means that today's first time buyers are on the hunt for property with a budget of £150,000.

So what could they buy around the UK?

One bedroom flat above a shop in Cranleigh
In desirable Surrey you'll struggle to get more than a studio for this budget. However, if you are prepared to move into a flat over a shop - and your mortgage company is willing to lend money for it - you'll get a separate bedroom. It's not enormously spacious, but it means that first-time buyers will be able to put up their guests without over-familiarity.

Three bedroom terrace in Blackpool
The depressed house prices in Blackpool mean you get a lot for your money here. There are two good-sized bedrooms and a smaller one, and the property offers plenty of well-maintained reception space too. Overall it's in great condition, and you wouldn't have to spend any more money before you moved in.

Three bedroom terrace in Birmingham
This terrace is in Selly Oak - a stone's throw from the Cadbury village of Bournville. It's not an oil painting, and the kitchen won't be the largest in Birmingham, but by accepting these compromises you get plenty of bedrooms for the money. There's also off-road parking, and a small but serviceable garden.

Three-bedroom flat in Glasgow
You can get a three bedroom city centre flat in Glasgow for this money - which you couldn't say about an awful lot of cities in the UK. It's a three-bedroom garden flat, but there's a strong chance that it will need a fair bit of work - not least because the estate agents have chosen only to release photographs of the outside - so it's unclear what lurks within.

Barn conversion project in Berwick
For the adventurous house-buyer there's an opportunity to buy a range of stone farm buildings in Berwick-upon-Tweed, which come with planning permission to convert it all into a 5-bedroom property. You'd need deep enough pockets to make the transformation - but the end result would be a very impressive home for a first-time-buyer.

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