The words ‘a new survey of UK house prices’ typically tend to trigger a spiral of doom and gloom in the reader, with headline upon headline conjuring up a bleak future where millennials are doomed to live at the whim of unscrupulous landlords while priced out of the housing market, paying overly inflated rents all the while.
A new study, however, which compared average property prices in 14 UK cities and charted what percentage of these properties would actually be affordable to first-time buyers, actually has some good news for those looking to take on the property ladder. There is one caveat, though: you might have to compromise on your dream location.
Post Office Money's new research found that, of the 14 cities compared, London isn't the least affordable for first timers, a dubious honour which was instead (and surprisingly) taken by commuter favourite Brighton, where just 2 percent of properties were classed as affordable for new buyers.
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Surveying over 1,000 people, all of whom had bought a home within the past two years, the research found 70 percent of participants to have ultimately decided upon a location 26 minutes from their preferred spot. According to Post Office Money's Owen Woodley, 'first-time buyers can really benefit from thinking outside the box to realise their property aspirations.'
Below, and in descending order, are their findings...
14. Brighton
Average house price: £352,303
Percentage of properties that are affordable for first-time buyers: 2 percent
13. Bristol
Average house price: £268,070
Percentage of properties that are affordable for first-time buyers: 29 percent
12. London
Average house price: £534,272
Percentage of properties that are affordable for first-time buyers: 30 percent
11. Cardiff
Average house price: £191,582
Percentage of properties that are affordable for first-time buyers: 46 percent
10. Leeds
Average house price: £170,927
Percentage of properties that are affordable for first-time buyers: 65 percent
9. Newcastle
Average house price: £162,010
Percentage of properties that are affordable for first-time buyers: 72 percent
8. Sheffield
Average house price: £154,481
Percentage of properties that are affordable for first-time buyers: 74 percent
7. Birmingham
Average house price: £165,149
Percentage of properties that are affordable for first-time buyers: 79 percent
6. Manchester
Average house price: £153,590
Percentage of properties that are affordable for first-time buyers: 84 percent
5. Plymouth
Average house price: £167,477
Percentage of properties that are affordable for first-time buyers: 85 percent
4. Liverpool
Average house price: £121,374
Percentage of properties that are affordable for first-time buyers: 87 percent
3. Nottingham
Average house price: £128,192
Percentage of properties that are affordable for first-time buyers: 89 percent
2. Norwich
Average house price: £196,987
Percentage of properties that are affordable for first-time buyers: 93 percent
1. Southampton
Average house price: £199,074
Percentage of properties that are affordable for first-time buyers: 98 percent
See you in Southampton, we guess...
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