The most affordable cities in the UK for first-time buyers

Virtually all first-time buyers in Brighton are being priced out of their own city, with new data revealing that only 2pc of properties in the seaside resort are affordable for new buyers.

The research by Post Office Money, which focused on the affordability of 14 of the UK’s largest cities, shows that just 30pc of London homes are reasonably priced for new buyers, as they face average asking prices of £534,272.

The affordability of each city was calculated by seeing what proportion of each geographical area had a median house price lower than 4.5 times the average income of first-time buyers in that region.

The most affordable area is Southampton, where the average property price is £199,074 and 98 per cent of properties are accessible to FTBs. Norwich and Nottingham are also among the UK’s affordable hotspots, with 93pc and 89pc of properties in these areas costing less than 4.5 times the income of first-time buyers.

With average house price growth having increased by 15pc since 2011, compared with an increase to the average first-time buyer’s income of 13pc over the same period, the UK housing market remains a challenging environment for many.

Owen Woodley of Post Office Money said: “Our data shows that almost two-thirds (62pc) of home sales are still in areas across the country that remain within reach for those looking to take their first steps on the property ladder, and first-time buyers can really benefit from thinking outside the box to realise their property aspirations.”

Source, Telegraph, 2017 
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