For many people, getting onto the property ladder feels impossible. As well as saving up a hefty deposit, you’ve also got to carefully consider where you want to plant your roots.
We think it’s crucial to get as much property advice as humanly possible, and new research from MyJobQuote has shown the areas in the UK that have the best affordability rating. This is based on average salary and house prices.
So if you’re at all flexible about where you end up, and open to settling down somewhere new, it could be worth considering some of these UK cities.
Most affordable cities for first-time buyers
According to research by MyJobQuote, Scotland is the most affordable country in the UK, with the average house cost being £165,703. As for UK cities, Aberdeen in northeast Scotland came out as the most affordable overall.
The average home in Aberdeen costs £194,642 and the average salary is £35,000. Scottish cities Glasgow and Dundee were also among the most affordable spots.
Many cities in the North of England also offer comparatively cheap housing. Burnley, Hull, Bradford, Doncaster and Sunderland were all among the most affordable.
Unsurprisingly, it’s quite a different story down in the South of England. Here, affordability is increasing to a huge 26.9%. ‘Finding an affordable home can seem too good to be true, especially in more expensive areas of the UK,’ says Thomas Goodman from MyJobQuote.
‘If you discover a home in a more expensive area but a lot cheaper than the average price, ensure you do research before committing.’ The classic Hustler’s saying, ‘if it sounds too good to be true, then it probably is’ rings true when house hunting. This is particularly with older properties, which can have all kinds of hidden issues, from plumbing problems to subsidence.
‘By completing surveys and using reputable services, you can obtain a clearer image of why the home is under-priced,’ says Thomas. A common mistake is to assume a fixer-upper will be the most economical option.
2 in 5 doer-uppers end up being over budget by 20%. So it’s important to plan thoroughly if you decide against a home that’s been recently renovated.
If you are looking to buy your first home, 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, remember it’s all about location.