It looks like now is a great time to be taking your first step onto the property ladder as new reports have revealed a sharp rise in the number of first-time buyers taking advantage of the support available to them.

It seems that the abolishment of stamp duty, coupled with Help-to-Buy schemes, has had quite the impact on the UK property market, as many experts within the industry are reporting a surge in activity from young prospective owners.

UK Finance has reported that 2017 saw 365,000 buyers purchase their first home, which is a considerable increase of 7.4% on the previous year and the largest recorded amount of first-time buyers since 2007/08, pre-financial crisis.

Earlier reports this year from Savills revealed that approximately 40,000 first-time buyers had decided to take advantage of the potential &5,000 savings since the scrapping of stamp duty.

So how much does the average home cost for a first-time buyer?

According to the latest statistics provided by Halifax and analysed by sellhousefast.uk, the cost of the average home in England and Wales for a first-time buyer is &200,166.

The cheapest area in the UK to purchase a home for the first time appears to be the North East with an average price tag of &126,437.

In second place, with a slightly higher average value is Wales, where first-time buyers can expect to pay &139,875. Similar property prices can be found in Yorkshire and the Humber with homes valued at &139,970.

House prices seem to increase as you move further south, with the South West and the South East breaking the &200,000 mark, with homes costing &205,333 and &207,103, respectively.

As expected the area with the highest prices for first-time buyers was Greater London, boasting average values of &422,580, more than three times the amount of the North East.

While some of these prices may seem staggering to prospective owners, the recent figures showing the rise in first-time buyers suggest that it is possible to get on the ladder.

It is clear the recent schemes and support from the Government have helped give the upcoming generation a bit of leg-up and many are clearly taking advantage of this period of low mortgage rates.