If you're looking to buy your first home, these are the cities that you should be considering
For many, the prospect of ever affording a home seems unlikely and sometimes even impossible. However, a recent report has found that in some cities in the UK, up to 98 per cent of properties are deemed affordable to first-time buyers.
Research has been carried out by Post Office Money, focusing on the affordability of 14 of the UK’s largest cities.
Affordability has been calculated by seeing what proportion of each city has an average house price lower than 4.5 times the average income of first-time buyers living in that region.
The results are out, and these are the top ten most affordable cities in the UK for first-time buyers, along with the percentage of affordable housing in the region and the average house price.
We’ve also had a look around to see what first-time buyers can expect to find for the average asking price in each of the top 10 most affordable cities in the UK, and it turns out you can get quite a lot for your money:
65 per cent affordable, £170,927
The average asking price in Leeds could get first-time buyers a unique two-bedroom apartment in a converted church! The asking price for this unusual property? £170,000. It’s available with Purple Bricks.
72 per cent affordable, average house price £162,010
In Newcastle, first-time buyers can find a three-bedroom semi-detached home with a garage, additional off-road parking, front and rear gardens and a brand new kitchen. All this for offers over £162,500, with Reeds Rains.
74 per cent affordable, average house price £154,481
In Sheffield, the average property price will get you a picturesque three-bedroom semi-detached cottage. On sale with Key2Go Esate & Letting Agents, the asking price is an even £150,000.
79 per cent affordable, average house price £165,149
First-time buyers can snap up this three-bedroom semi-detached home with front and rear gardens for £164,950 through Robert Oulsman & Company. It’s located just ten miles away from Birmingham’s city centre.
84 per cent affordable, average house price £153,590
The average asking price in Manchester will get you a semi-detached Edwardian home, with three bedrooms, two reception rooms and a front and rear garden. The smart property has an asking price of £152,000, and is on the market with Aubrey Lee & Company.
85 per cent affordable, average house price £167,477
In Plymouth, first-time buyers can buy a spacious four-bed family home with a garden near to the city centre. It’s on sale for £165,000 with Bradleys Estate Agents.
87 per cent affordable, average house price £121,374
For £120,000 – less than the price of the average property in Liverpool – first-time buyers can buy a renovated three-bedroom terraced house with a small courtyard. It’s on sale through Jones & Chapman.
89 per cent affordable, average house price £128,192
Your Move are asking for offers over £130,000 for this three-bedroom, semi-detached home with a garden and off-road parking. it’s a stone’s throw from Bulwell station, for an easy commute to Nottingham city centre.
93 per cent affordable, average house price £196,987
In Norwich you can get a brand new, luxury two-bedroom riverside apartment with integrated appliances and a Juliet balcony for £200,000.
98 per cent affordable, average house price £199,074
For less than Southampton’s average property price, you can get this two-bedroom, semi-detached home with a large garden and modern interior. It’s on sale for £195,000 with Location, Shirley.
At the other end of the scale, the least affordable city for first-time buyers isn’t London as you might have expected, but its southern neighbour Brighton. People are being priced out of the popular seaside city, with only two per cent of properties affordable for first-time buyers, and an average property price of £352,303.
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Image credits: Rightmove