Calling all first-time buyers – These are the most affordable cities in the UK

If you're looking to buy your first home, these are the areas you should be considering
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  • For many, the prospect of ever affording a home seems unlikely and sometimes even impossible. However a recent report by Compare My Move has revealed Britain’s popular locations, deemed most affordable for first-time buyers.

    More info: Time to start pinching those pennies as the average first-time buyer deposit hits a record high

    The property experts have calculated how much it costs to buy a house in each area, compared with the average annual income to reveal the most affordable locations to get your foot on the property ladder.

    Birkenhead in the North West, opposite Liverpool was named the most affordable city for first time buyers. Followed by Hartlepool, St Helens, Bradford and Barnsley.

    Unsurprisingly, the North of England was shown to be the most affordable region for first time buyers. In the North earnings are usually lower, however house prices are too, making them the ideal place to get on the property ladder.

    Most affordable cities for first-time buyers

    Image credit: Simon Whitmore

    Based on Zoopla’s latest house price estimates, Compare My Move divided the amount needed for a 15 per cent deposit by the average income in each city to work out how long it would take to save up for a home. As well as estimating the average monthly mortgage repayments.

    See below for the full top ten most affordable cities for first time buyers

    1.Birkenhead

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    Image credit: Andrew Michael / UIG

    Located in North West, opposite Liverpool on the other side of the River Mersey. Birkenhead was found to be the most affordable town with the cheapest average house price at £109,041. Average earnings stand at £24,172, so a 15 per cent deposit worked out at 0.68 times a years wage. The estimated mortgage repayments would also be £343.

    2. Hartlepool

    Hartlepool in County Durham, North East, was the second most affordable town. With an average house price of £122,375, a deposit worked out as 0.82 times the average yearly salary in the city. Estimated monthly mortgage repayments would be £384.

    3. St Helens

    Another Merseyside town, the average house in St Helens would cost £24,644. A deposit would work out as 0.85 times the average salary. It is also within easy distance of both Manchester and Liverpool, making it an appealing location for young first-time buyers.

    4. Bradford

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    Image credit: Allan Baxter / Getty

    The Yorkshire city of Bradford came in forth place. The average house here would cost you £140,076, with a desposit working out at 0.86 times for yearly earnings.

    5.Barnsley

    Another Yorkshire city, a 15 per cent deposit on a house in Barnsley would cost a first time buyer an average of £22,032. This works out as 0.90 times the average earnings in the area. While the mortgage would cost an estimated ££414.

    6.Gateshead

    Located next to Newcastle, this is a perfect location for first time buyers. The average house price will set you back £134,825, making the deposit 0.91 times the average salary.

    7. Stockton-on-Tees

    The North East city has an average house prices of £141,389. This makes the 15 per cent deposit work out as 0.92 times the average earnings. While the monthly mortgage repayments will cost an estimated £444.

    8. Blackpool

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    Image credit: Getty Images/EyeEm

    Better known for its lights, Blackpool is actually one of the more affordable locations for first time buyers. With an average house price of £120,774, a deposit would work out as 0.93 times the average yearly wage.

    9. Sunderland

    Another city in the North East, it would cost a first buyer an average of £21,665 to put down a 15 per cent deposit on a house. This works out as 0.95 the average yearly earnings.

    10. Middlesbrough

    The average home in Middlesbrough would cost £134,768. The average salary of £20,215 means a deposit would be 0.96 times that salary. The estimated monthly mortgage repayments would be £423.

    Related: Calling all first time buyers! You can now pay for someone to find your first home for you

    If you are looking to buy your first home, have a look at see if you could bag a better deal by investing in a home just outside busier cities.

    For those looking to buy their first home anytime soon, remember it’s all about location, location, location.

     

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