Being a first-time buyer in the UK right now is pretty freakin’ tough. And that’s putting it very lightly. House prices are exceptionally high, mortgage rates are on the up and the economy as a whole is the least stable it’s been in years. The UK property market has seen better days, that’s for sure.
That being said, it’s definitely better to be a first-time buyer in some places in the UK than others. And that’s shown by a new map by property website Rightmove, which has looked at 60 cities and towns around the country and ranked the best (and worst) places for getting on the property ladder right now.
Named the cheapest (and therefore best) place in the country for first-time buyers was Bradford. Apparently the average asking price for a typical first-time buyer property in the Yorkshire city is £104,643, which is, all things considered, not too bad.
Next cheapest was Carlisle, which had an average house price of £104,784, while third most affordable was Aberdeen, where first-time buyers can expect to pay around £106,088. The study assumed that buyers would have a 25-year mortgage, pay a 10 percent deposit and look to be owning houses with a maximum of two bedrooms.
Down the other end of the table, the most expensive city to get on the property ladder was, to the surprise of absolutely nobody, London. The average house price for first-time buyers in the capital was apparently a whopping £508,879. St Albans (£393,485) and Bath (£354,636) were the next two most expensive cities.
These are the top five cheapest places in the UK for first time buyers right now, according to Rightmove’s study:
- Bradford (£104,643)
- Carlisle (£104,784)
- Aberdeen (£106,088)
- Hull (£106,939)
- Dundee (£111,415)
Interested in finding out more? You can read the whole study on Rightmove here.
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