Have you given up hope of ever owning your own home? Before you do, check out these locations.
For an increasing number of us, buying our own home has become an impossible dream – even with help from the Bank of Mum and Dad. No wonder so many of us are turning to Government-backed help-to-buy schemes and ISAs to make that dream a reality.
But a new survey reveals that some areas offer a far better shot at home ownership than others. Independent credit expert TotallyMoney has researched programmes up and down the UK and Northern Ireland, and compiled a list of regions, cities and districts that offer the best opportunities to get on the property ladder. And the top hotspots may surprise you.
To compile the list, TotallyMoney looked at three main factors – the number of help-to-buy equity loans used in each region, how many help-to-buy ISA purchased made completion, and the average amount left to pay on the mortgage after government help (based on local house prices).
Let’s start with help-to-buy cities, where coming in at number one is… Wakefield!
If your geography is anything like ours, you may not know that Wakefield has a very handy location between Leeds and York. This prime spot for commuters is one clue as to why it’s seen the most help-to-buy ISA completions for any city. 610 purchases went through between December 2015 and March 2017.
In second place comes Hull. This Yorkshire city is becoming attractive for lots of reasons – not least its low average property prices of £134,452. That makes the 5 per cent deposit required for a help-to-buy property the lowest of any city in the UK, at just £6,722.
The UK’s City of Culture 2017, Hull has also been earmarked for a multi-million pound regeneration project. Plans are in place to build a new 100-bedroom hotel, ice rink, shops and houses in the heart of the Old Town.
Looking at regions, Central Bedfordshire came out as the top district for buying a property through a help-to-buy scheme. Its market towns, like Leighton Buzzard, Houghton Regis and Ampthill, are attracting commuters priced out of London and Hertfordshire.
Exactly 1,710 help-to-buy equity loans were taken out between December 2015 and March 2017. And 245 homes were bought with a help-to-buy ISA.
The top 10 help-to-buy regions in the UK
- Central Bedfordshire
- Chorley, Lancashire
- Cheshire West and Chester
- Conwy, North Wales
- Selby, North Yorkshire
- Tewkesbury, Gloucestershire
- North-west Leicestershire
- Ashfield, Nottinghamshire
- Gedling, Nottinghamshire
- Doncaster, South Yorkshire
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‘With government help-to-buy schemes, getting on the property ladder can become a realistic option,’ says Joe Gardiner at TotallyMoney. ‘For those thinking of utilising these schemes, knowing where in the UK is the most help-to-buy friendly, and whether your local area is one of these hotspots, is of particular importance to allow buyers to make a responsible financial decision.’