Research from property website Zoopla has found the price of a typical first time buyer home is rising faster than the market average, with an increase of 2.4% over the last year compared to the UK average of 1.3%.

Buyers can now expect to pay an average of £229,000 for their first home - but with mortgage affordability also improving they also have 20% more borrowing power, Zoopla's analysis suggests.

The study also found that first time buyers are the largest group of homebuyers, accounting for 39% of all sales and 49% of all new residential purchase mortgages. Three-bedroom houses are becoming increasingly popular among first timers, chosen by 45%, while just 29% prefer flats.

First time buyers typically target homes priced 15% below average local prices, or 17% in Wales. In London and the South East, they look for homes with a value 21% below average.

Richard Donnell, executive director at Zoopla, said of the figures:

"First-time buyers have had a 20% boost to affordability over the last six months. This is enabling them to look at buying higher value homes in the more affordable parts of the country which is supporting faster house price growth across the board.

"In contrast, first-time buyers in London and southern England are looking for cheaper homes than a year ago despite the extra borrowing capacity. The ending of stamp duty reliefs since April has added to the cost of buying a home for first time buyers. . Large deposits and mortgage regulations mean a high household income is needed to buy in southern England where affordability remains a challenge and this is acting as a drag on house price growth across southern England.

"The variation in affordability explains why first time buyers across England are looking to buy three bed houses while in London, one and two bed flats remain the primary target for those buying their first home."

The amount first time buyers can expect to pay is rising faster than the average price in the overall market in nine of 11 UK regions. In the North East, prices for first homes are up by 10.2% in the last year, compared to just 2.4% for an average priced home on the wider market. In Yorkshire & Humber first-time buyers pay around 6% more than a year ago (compared to a 1.9% average) and in the North West it's 5.1% (2.7% average).

First-time buyer house price inflation by region

Price of typical first time buyer homes rising faster than market average | Today's Conveyancer