FIRST time buyers are often priced out of their own city with property prices on the rise. But if location is negotiable, the most affordable places in the UK have now been revealed.
First time buyers: The least affordable city in the UK is not what you'd expect.
Surprisingly, it’s Brighton which has the least amount of affordable housing available to first time buyers in Britain.
Many would assume London hits the top spot, but with an average house price of £352,000 and there being only two per cent of affordable properties, Brighton takes the title of least affordable city in the UK.
First time buyers in Bristol are also feeling the struggle, as the city ranks in second place with an average house price of £268,000 and only 29 per cent of affordable properties on offer.
The research was carried out by Post Office Money, which looked at the affordability of 14 of the UK’s largest cities.
Data shows that almost two-thirds (62 per cent) 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.
Only 30 per cent of London’s homes are affordable for first time buyers, as they face average asking prices of £534,272.
To work out the affordability of each city, Post Office Money calculated what proportion of each geographical area has a median house price lower than 4.5 times the average income of first time buyers in that region.
The most affordable area was found to be Southampton, where the average property price is £199,000 and the percentage of affordable property is 98 per cent.
Norwich and Nottingham complete the top three most affordable places.
In Norwich 93 per cent of property is affordable for first time buyers and in Nottingham 89 per cent costs less than 4.5 times the income of first time buyers.
Owen Woodley of Post Office Money told The Telegraph: “Our data shows that almost two-thirds (62 per cent) 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.”
Tim Mycock, Development Director at Reditum Capital, has also revealed the best areas in the UK to invest in to get a great return.
Tim picked five hot spots you may not have thought of to buy property in now.
Speaking about the current property market, Tim said: “If you are investing in property, changes occurring in that area can be a big indication of what sort of return you can expect.
“Stamp Duty increases, housing shortages and Brexit are all likely to have profound effects on the British housing market this year.
“But by keeping an eye on regeneration plans and new transport links, it is still possible to find great areas to invest in, even in times of political unrest.”
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