Research has revealed the least and most expensive cities to be a first-time buyer (FTB) in the UK.
Aberdeen came out on top as the cheapest, as a typical home costs £102,6011 (assuming that an FTB property has two bedrooms or fewer). The average monthly mortgage payment is £406 if the borrower has a 20% deposit and a term of 35 years.
London is the most expensive city, with a first home usually costing £501,934. St. Albans follows behind as the priciest place outside of the capital – the average asking price for an FTB is £391,964 and monthly payments are typically £1,454. This is also with a 25% deposit, which is the average in England.
We can help you navigate the property market – get in touch for advice.
Your home may be repossessed if you do not keep up repayments on your mortgage
1 Rightmove
Here in The South West
That Mortgage Woman is based in the South West, in Gloucestershire and this is most definitely a county of two halves, from the expensive rural Cotswolds to the more affordable urban Gloucester, prices here vary massively.
The average house price in Gloucester is £263,427 using HM Land Registry data. (The average property price increased by £62,152 (29.57%) over the last 5 years and increased by £12,422 (4.78%) over the last 12 months.)
But just a couple of miles down the road in Cheltenham, the average house price rises to £386,508 using HM Land Registry data. (The average property price increased by £89,241 (26.33%) over the last 5 years and increased by £17,836 (4.35%) over the last 12 months.)
Get to Bath and it really jumps up: The average house price in Bath is £578,572 using HM Land Registry data. (The average property price increased by £135,845 (28.67%) over the last 5 years and increased by £27,150 (4.66%) over the last 12 months.)
The good news is that there are pockets of affordability in great areas, so it is possible to get your foot on that ladder!
Should I move area to buy?
I have lived all over the UK. Born and raised on the south coast in Eastbourne, a spell in Morecambe Lancashire in my late teens, Bradford West Yorkshire in my early 20’s before returning to Eastbourne for a couple of years before my final relocation to here in Gloucestershire.
Personally I am not averse to moving!
There are some lovely places to live in the UK that are really affordable and to be honest if the ultimate goal is home ownership, maybe it’s something you should consider?
Buy something smaller
Another option is to buy something smaller. You need to be realistic, most people start small, then upgrade as they need more space and once they have benefitted from their property increasing in value.
Many buyers are settling for less space. Demand for smaller homes has increased, indicating that the high cost of borrowing has prompted many homeowners to readjust their expectations.
Annual property price growth hit 1.9% in February1 – a significant improvement on -4.1% which was recorded last October. Smaller properties were a key driver of this uptick, with annual growth for flats and terraced houses reaching 2.7% and 2.6% respectively in February.
Many of the homeowners settling for smaller homes are first-time buyers, 57% of whom purchased flats or terraced houses last year. The strain has been particularly felt in London where property prices are highest, as 90% of FTBs in the capital bought a smaller home in 2023.
1 Halifax
Here to help
We can help you navigate the property market – get in touch for advice. Or click here to book an appointment to discuss your next move.
Your home may be repossessed if you do not keep up repayments on your mortgage