With housing prices continuously increasing, decreasing, then increasing again, it becomes extremely difficult for a first time buyer to get onto the property ladder. The average house price that a first time buyer can afford is around £114,000, which is 75% less that the average UK house price.
A recent study shows that the Midlands and Yorkshire are the best value counties in the UK for first time buyers. Across the two counties, 8 cities offer the best deal for buyers purchasing their first home. The research is based on the cost per square foot and takes into consideration the type of property, including terrace, semi-detached, detached and flats.
The above locations are the best cities in the UK where first time buyers can purchase a property for an affordable price based on price per square foot. If you are more interested in size, locations such as Cambridge and Leicester can offer you much more space for your money.
Cambridge can offer first time buyers on average 1,089 square feet, followed by Leicester, which can offer you an average of 1,079 square feet. Other locations that can offer first time buyers a large amount of space for their money are York at 1,067, Nottingham at 1,033 and Newcastle at 1,028 square feet.
This research confirms the sizeable difference in property prices across the UK for those looking to purchase their first home. It also demonstrates that properties in the North are more desirable for first time buyers, with properties in the South costing a substantial amount more.
Buying a home is a difficult process; we recommend that you make sure you do your research before signing on the dotted line. It's a good idea to research things such as:
If you’re a first time buyer and need advice, at Lets Move we can help you determine the right area for you to get onto the property ladder.
If you already have an area in mind, take a look at our current properties for sale here.
Call us on 01952 825987 or email email@example.com to find out more.