These are the best places in the UK to buy a property as a first-time buyer
Getting a foot on the property ladder is more difficult than ever before, especially at the moment. However, in some areas of the UK, this is much more achievable than others…
To lend a helping hand to first time buyers doing their research, the team at Compare My Move have created a deposit to income ratio to reveal where in the UK is easiest to get on the property ladder… here are the results:
Top 10 Most Affordable UK Cities For First Time Buyers (Deposit to Income Ratio)
Rank | Town/City | Region | Median Salary | Average House Price | Amount Required for 15% Deposit | Estimated Monthly Mortgage Repayment | Deposit to Income Ratio |
1 | Birkenhead | North West | £24,172 | £109,041 | £16,356 | £343 | 0.68 |
2 | Hartlepool | North East | £22,258 | £122,375 | £18,356 | £384 | 0.82 |
3 | St Helens | North West | £24,644 | £140,076 | £21,011 | £440 | 0.85 |
4 | Bradford | Yorkshire & the Humber | £21,900 | £125,875 | £18,881 | £395 | 0.86 |
5 | Barnsley | Yorkshire & the Humber | £22,032 | £131,866 | £19,780 | £414 | 0.90 |
6 | Gateshead | North East | £22,144 | £134,825 | £20,224 | £424 | 0.91 |
7 | Stockton-on-Tees | North East | £22,973 | £141,389 | £21,208 | £444 | 0.92 |
8 | Blackpool | North West | £19,460 | £120,774 | £18,116 | £379 | 0.93 |
9 | Sunderland | North East | £21,665 | £136,986 | £20,548 | £430 | 0.95 |
10 | Blackburn | North West | £21,152 | £134,273 | £20,141 | £422 | 0.95 |
- Most of the most affordable towns and cities were found in the North, where although earnings are usually lower, house prices are too.
- Birkenhead comes in top spot for the lowest estimated monthly mortgage repayments, lowest 15% deposit and average house price.
Top 5 Most Expensive UK Cities For First Time Buyers (Deposit to Income Ratio)
Rank | Town/City | Region | Median Salary | Average House Price | Amount Required for 15% Deposit | Estimated Monthly Mortgage Repayment | Deposit to Income Ratio |
1 | Guildford | South East | £34,207 | £561,267 | £84,190 | £1,763 | 2.46 |
2 | Bath | South West | £24,425 | £402,357 | £60,354 | £1,264 | 2.47 |
3 | Woking | South East | £28,803 | £483,528 | £72,529 | £1,519 | 2.52 |
4 | Oxford | South East | £25,886 | £478,180 | £71,727 | £1,502 | 2.77 |
5 | London | London | £31,114 | £605,437 | £90,816 | £1,902 | 2.92 |
You can see the full First Time Buyers Index 2020 by simply clicking here.