Revealed: The most affordable places for first-time buyers in the UK

 
Shruti Tripathi Chopra
Follow Shruti
House Prices, Cigarettes and Whisky Expected To Feature In Budget
Seven in 10 first-time buyers choose to buy a home an average of 26 minutes from their original preferred location (Source: Getty)

Southampton, Norwich and Nottingham are among the most affordable places for first-time buyers, according to a new research by Post Office Money.

The study found that affordability peaks in Southampton, where the average property price is £199,074 and 98 per cent of properties are in areas deemed affordable to the group.

Read more: Every London borough ranked by house price reductions

Surprisingly, the research also found that London is not the least affordable place for first-time buyers. Brighton was found to be the most unfavourable place for this group with average property prices hitting £352,303.

The study of more than 1000 people also found that compromise was the key to first-time buyers stepping on the property ladder, with 70 per cent choosing to buy a home an average of 26 minutes from their original preferred location.

While 16 per cent did not have to adjust their expectations at all, others made compromises over having a suitable garden (five per cent) or availability of car parking spaces (three per cent).

Owen Woodley, managing director, Post Office Money, said: “With average house price growth having increased by 48 per cent since 2005, compared with an increase to the average first-time buyer income of only 37 per cent over the same period, there is no question that the UK housing market remains a challenging environment for many. In spite of this we’re seeing that first time buyers approach the market with enthusiasm and flexibility."

Read more: Six charts showing what the Brexit vote has done to UK house prices

City

% Properties Affordable to FTBs

Average property price

% increase in average property price in the last year

Southampton

98 per cent

£199,074

+6 per cent

Norwich

93 per cent

£196,987

+11 per cent

Nottingham

89 per cent

£128,192

+8 per cent

Liverpool

87 per cent

£121,374

+3 per cent

Plymouth

85 per cent

£167,477

+3 per cent

Manchester

84 per cent

£153,590

+6 per cent

Birmingham

79 per cent

£165,149

+8 per cent

Sheffield

74 per cent

£154,481

+7 per cent

Newcastle

72 per cent

£162,010

+6 per cent

Leeds

65 per cent

£170,927

+6 per cent

Cardiff

46 per cent

£191,582

+5 per cent

London

30 per cent

£534,272

+4 per cent

Bristol

29 per cent

£268,070

+14 per cent

Brighton

2 per cent

£352,303

+8 per cent

Related articles