First-time buyers are paying a record amount to purchase their first home as prices have rocketed but in the North West, the average price is just under £124,000, the third lowest in England.

May saw first-time buyers pay an average of £173,282 to get on to the housing ladder, up 2.7 per cent from £168,656 in April and 15.8 per cent more than the average of £149,645 seen in May 2015.

First-time buyer house prices have now shot up more than £23,000 in the past 12 months and current average prices paid are the highest on record.

In the North West, the average price of a first-time home is £123,830.

The North East has the lowest averages prices in the whole of the UK at just £106,022, with Yorkshire and Humber in second place with £120,010.

Adrian Gill, director of estate agents Your Move and Reeds Rains, said: “New-builds still have a part to play in absorbing first-time buyer demand.

"But the biggest and most immediate improvement would come from stimulating more activity from the top to the tail of the housing market.

"Housing chains are clogged up right the way through from first-time to last-time buyers.

"The Government should support our sellers, making it cheaper to move house and adding much needed energy back into the market.

"Houses for sale are getting snapped up very quickly in this climate but many more sellers are needed.”