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Blackpool, Lancashire was ranked the most affordable place in the UK
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Homes in Hull and Lincoln were also found to be in reach for first time buyers
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Chances of getting on the property ladder in Warwick or Guildford were slim
Those looking to make their first steps onto the property the ladder in the UK should consider buying in the north West as new figures reveal the best places to buy a first home.
The most affordable place in the UK to purchase a property is Blackpool, where the average home will set you back around £110k. However, unless you work in Blackpool then connections to major cities might be difficult. Getting to Manchester would take around an hour and fifteen minutes by train, while getting to Liverpool would take an hour and a half. The average household income across the north West is around £40,053, meaning that 100% of properties in Blackpool are deemed to be affordable for first-time buyers.
New research from Post Office Money looked at various areas across the UK, comparing the amount homes were sold for, in comparison to average earnings in the region. In eight of the places searched, no homes were found that could be afforded by a typical buyer, unless they had financial help. Hull was one of the three areas where every single home was in reach of the typical buyer. However, if the north West isn’t for you then Lincoln in the east Midlands could also be a viable option.
Places that ranked in the lowest affordability included Warwick, Guilford and Woking, with researchers finding that no homes were in reach for first-time buyers. This is while Oxford, Watford, Brighton, Hove, Cambridge and York were also out of reach for those looking to get their foot on the ladder.
For those who are looking to get savvy with their pennies, the best return on investment came from places such as Nuneaton and Bedworth, where property values had gone up to £179,995 meaning an increase of 11%, while people in Ipswich saw the most opportunity over the past year with the percentage of homes in reach in the town rising 6% to 88%.
There was also good news for city workers looking to commute from outside the capital. Despite places on the commuter belt such as Guilford and Woking scoring low, Reading actually saw a 6% rise in the number of properties affordable for first time buyers. Back to the north West and it was the same for those looking to live within commuting distance to Manchester. Wigan and Oldham saw 90% and 80% of homes being classes as affordable, while just 61% were affordable in Manchester. Hartlepool and Southampton were also deemed as affordable options.
The average salary for full-time workers in the UK is £35,423, while it’s £12,083 for those in part-time employment. Commenting on the research Post Office Money’s Ross Hunter said “While we may be seeing the first indications of a ‘buyer’s market’, we still know that saving for and ultimately purchasing a home is a difficult process. Finding which areas are most affordable in cities local to you is key to making a personal plan of action.”
[Source: Mail Online News, 4 September 2019]
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