These are the best and worst places to be a first-time buyer in the UK
Buying your first home can be an exciting but also stressful time. When parting with your hard earned cash, you want to be certain that you are getting the most for your money.
To help those on the hunt for their first property, digital broker Mojo Mortgages has created a first-time buyer affordability index, by cross-referencing the monthly mortgage cost in comparison to an area’s average income.
The most affordable locations
As well as looking at the average local salary and the average monthly mortgage cost, researchers examined the average costs of monthly bills, commuting expenses and the price per square metre to buy a house or an apartment in that area.
The findings showed that property price per square metre in Newcastle was £1,650, making it cheaper than any other city in the UK, and the average mortgage payment is just 29.05 per cent of a buyer’s income.
Aberdeen ranked second, where the average monthly mortgage payment is 29.57 per cent of a buyer’s average income and the price per square metre is £2,250.
London least affordable
At the opposite end of the scale, Derby, Northampton and Liverpool were found to be some of the most expensive places to purchase for first-time buyers. The cost of a property based on the price per square metre was relatively high in these areas, while the average salary was relatively low.
Unsurprisingly, London was also listed as the worst place in the UK for first time buyers. To buy a city centre apartment in the capital, you’ll need to earn 45 per cent more than the average monthly net salary to be able to afford your mortgage payments. The price per square metre also stands at a staggering £13,068.95.
The 10 worst places in the UK to buy a property as a first-time buyer
The 10 best places in the UK to buy a property as a first-time buyer