The 10 most affordable UK towns for first-time buyers

Thomas Goodman, building and construction expert at MyJobQuote, has revealed the most affordable places in the UK for first-time buyers. I take a look.

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For sale sign outside a home in an affluent suburb of London

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This year, a surge in UK house prices is making it difficult for first-time buyers to afford to buy property. However, with the government offering opportunities to get on the property ladder through affordable mortgages, where’s best to buy? Thomas Goodman, building and construction expert at MyJobQuote, has conducted research and revealed the most affordable places in the UK. I take a look.

[top_pitch]

Which country in the UK is the cheapest to live in?

Goodman’s research was based on affordability ratings (house price divided by salary). The results indicated that Scotland is the most affordable country to buy property in the UK. He found that the average house price across the country is £165,703.

What is the most affordable town or city in the UK?

Aberdeen was found to be the most affordable city in the UK. The average home costs £194,642 while the average salary is £35,000, giving an affordability rating of 5.6. Here’s a list of the top 10 most affordable cities and towns in the UK.

UK town or city

Average salary

Average home price

Affordability rating

Aberdeen

£35,000

£194,642

5.6

Belfast

£28,000

£159,454

5.7

Bradford

£25,000

£143,075

5.72

Burnley

£24,000

£140,464

5.86

Glasgow

£33,000

£195,841

5.9

Hull

£26,000

£160,327

6.2

Sunderland

£25,000

£165,082

6.6

Dundee

£26,000

£175,580

6.75

Doncaster

£26,000

£179,928

6.9

Stoke-on-Trent

£25,000

£177,351

7.09

 

The results also show that Northern England is an affordable area, with six towns and cities in the top ten.

What is the least affordable location in the UK?

Goodman’s research also revealed the three least affordable towns and cities in the UK, all of which are in Southern England. 

  UK town or city Average salary Average home price Affordability rating
  Harpenden £31,000 £835,202 26.9
  Winchester £32,000 £604,392 18.9
  London £41,017 £706,276 17.3

[middle_pitch]

First-time buyers: how to decide where to live in the UK?

As a first-time buyer, it’s important to recognise that house price is one of the key factors to consider. But it’s not the only determining factor when choosing where to live.

Each aspiring homeowner has unique needs that may or may not influence their decision. Your job or personal circumstances may compel you to move, meaning location becomes a more significant factor than price.

Other considerations include the availability of transport facilities, amenities like schools and lush green spaces like parks.

What tips are there for first-time buyers?

As a first-time buyer, finding an affordable house can be challenging, especially in the more expensive areas of the UK.

Many first time buyers wonder whether there’s an ideal time to buy a house. It’s true that there are times in the year when conditions may be more favourable. But the right time to buy a house is when your finances allow you to do so. Taking on a mortgage that you can’t afford could lead to severe consequences. 

Research comes next. The government is currently offering several opportunities to help first-time buyers get onto the property ladder. Read through them to find out whether you’re eligible and whether any of the schemes suit your circumstances. They could save you a lot on your first purchase. Research also helps you compare mortgage lenders and home insurance companies for deals that are a good fit for you.

Goodman urges caution when considering properties below the average price. This is particularly the case if you’re considering a doer-upper. These houses might have hidden issues. He recommends utilising survey services to get a clear picture of why the home is under-priced.

Many first-time buyers have been known to make the mistake of assuming it will be more economical to buy a cheap house and fix it up than a more expensive one in good shape. Survey services help you get accurate figures that you can use to determine which option is better.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be considered so you should consider taking independent financial advice.

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