The first single I bought was with a Woolworths music token:
The Blue Ridge Mountains of Virginia by Laurel & Hardy. Not sure if it was a double A-side. I found it hilarious. It came without a picture sleeve. In those days you were lucky to get a picture sleeve with a single.
http://www.youtube.com/watch?v=OgRJVlPJKQsIt pains me to say the first album I owned was
Nightflight to Venus by Boney M. Well, I chose it as an Xmas present from my brother. I was with him and my dad when he bought it for me from Our Price records. At the same time I bought for him his choice which was
Tonic for the Troops by The Boomtown Rats. So was that the first album I bought?
I can rescue this for me and declare that the first album I actually bought for myself was
Remain in Light by Talking Heads which to this day is one of my favourite albums. (I still rate the album graphics by the late great Tibor Kalman's M&Co – I attended a speech by him once. He was a fascinating and very funny guy).

But… just to uncool that, alongside the above album I bought my first 12" single which was
Ossie's Dream by the Tottenham Hotspur FA Cup Final squad with Chas n Dave (limited edition blue vinyl).