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In the current climate, getting your foot on the property ladder can seem like a very daunting prospect. With house prices still on the rise it may come as a surprise to many that 56% of houses sold in the last 12 months were in areas that are affordable for first time buyers. The latest research from Post Office Money examines which locations are the most and least affordable for first time buyers (FTBs) in the UK; revealing that over half (56%) of properties sold in the UK last year were affordable for FTBs.
While house price growth has continued, it has slowed to an increase of just 0.9% across the UK, with the average home costing £282,713. At the same time FTB household incomes across the UK increased by 1.2% to £48,289, meaning that despite the small drop in prices, the average house price still sits at 5.85 times the average FTB income.
Blackpool tops the list as the most affordable area with the average property price coming to £110,000, compared to the average FTB household income in the North West of £40,053; meaning 100% of properties in the area are deemed affordable to new homeowners. Both Lincoln and Hull also feature among the UK’s ‘affordable hotspots’.
On the other end of the spectrum, popular commuter hubs in the South make up the majority of least affordable locations for FTBs in the UK, with Cambridge, Woking and Surrey all seeing a lack of opportunity for local FTBs. Oxford ranks as the least affordable commuter location for new homeowners, with average property prices reaching £392,500, with not one property currently in an area considered affordable to FTBs.
Aston spoke to Ross Hunter, spokesperson at post office money who was on hand to offer top tips to buyers and sellers on the how to make the best of the UK’s property market.