Top 10 Most Affordable UK Cities For First Time Buyers

By
Property Division
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Getting a foot on the property ladder is more difficult than ever before, especially at the moment. However, in some areas of the UK, this is much more achievable than others…

To lend a helping hand to first-time buyers doing their research, the team at Compare My Move have created a deposit to income ratio to reveal where in the UK is easiest to get on the property ladder…

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Top 10 Most Affordable UK Cities For First Time Buyers (Deposit to Income Ratio)

Rank Town/City Region Median Salary Average House Price Amount Required for 15% Deposit Estimated Monthly Mortgage Repayment Deposit to Income Ratio
1 Birkenhead North West £24,172 £109,041 £16,356 £343 0.68
2 Hartlepool North East £22,258 £122,375 £18,356 £384 0.82
3 St Helens North West £24,644 £140,076 £21,011 £440 0.85
4 Bradford Yorkshire & the Humber £21,900 £125,875 £18,881 £395 0.86
5 Barnsley Yorkshire & the Humber £22,032 £131,866 £19,780 £414 0.90
6 Gateshead North East £22,144 £134,825 £20,224 £424 0.91
7 Stockton-on-Tees North East £22,973 £141,389 £21,208 £444 0.92
8 Blackpool North West £19,460 £120,774 £18,116 £379 0.93
9 Sunderland North East £21,665 £136,986 £20,548 £430 0.95
10 Blackburn North West £21,152 £134,273 £20,141 £422 0.95

 

  • Most of the most affordable towns and cities were found in the North, where although earnings are usually lower, house prices are too.
  • Birkenhead comes in top spot for the lowest estimated monthly mortgage repayments, lowest 15% deposit and average house price.

Top 5 Most Expensive UK Cities For First Time Buyers (Deposit to Income Ratio)

Rank Town/City Region Median Salary Average House Price Amount Required for 15% Deposit Estimated Monthly Mortgage Repayment Deposit to Income Ratio
1 Guildford South East £34,207 £561,267 £84,190 £1,763 2.46
2 Bath South West £24,425 £402,357 £60,354 £1,264 2.47
3 Woking South East £28,803 £483,528 £72,529 £1,519 2.52
4 Oxford South East £25,886 £478,180 £71,727 £1,502 2.77
5 London London £31,114 £605,437 £90,816 £1,902 2.92

 

You can see the full First Time Buyers Index 2020 by simply clicking here.

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