Finding out that the average wage to buy your first home in the UK is £54k a year – when the average salary for full-time employees was £30,353 in the 2018/19 financial year – can be disheartening to say the least.
However, if you’re keen to get your foot on the property ladder but aren’t sure where to settle down, it could be a good idea to find out which cities are the most first timer friendly.
A new report by digital broker Mojo Mortgages has cross-referenced the monthly mortgage cost and the area’s average income to pinpoint the best (and worst) places to buy your first property in the UK.
The affordability index calculations include monthly bills, commuting expenses and price per square metre, and it turns out that Newcastle is the place to be for first time buyers.
It’s closely followed by Aberdeen, Belfast, Stoke-on Trent and Hull.
And which cities aren’t so first time buyer friendly? Well, no surprises here – London tops the list, followed by Derby, Northampton, Brighton and Liverpool.
Best places for first time buyers in the UK
Worst places for first time buyers in the UK
‘Getting on the property ladder as a first-time buyer is notoriously difficult, unless you happen to have a few grand stashed away in your savings account or can ask the Bank of Mum and Dad to help with the deposit,’ said Richard Hayes, CEO and co-founder of Mojo Mortgages.
‘Our first-time buyer index gives potential home buyers the chance to see where they could buy, and what’s affordable for them in some of the most popular towns and cities in the UK.’
Would you consider relocating to get the keys to your first home?