Most and least affordable places for first-time buyers revealed with bargains in North West and Scotland
Lancashire, Cumbria and East Ayrshire were found to be the best place for aspiring homeowners
THE most and least affordable places to live for first-time buyers have been revealed with BARGAINS in the North West and Scotland.
Lancashire, Cumbria and East Ayrshire were found to be the best place for aspiring homeowners, according to new research.
First-time buyers now account for the bulk of house purchases with a mortgage - but they face raising a £32k deposit, rising to £110k in London.
The capital is so expensive that for the price of a deposit you could buy a house outright in the North East or Northern Ireland.
In the North East, the average first-time buyer home is £126,104 and in Northern Ireland it is £129,615.
BARGAINS IN THE NORTH
Pendle in Lancashire and Copeland in Cumbria were identified as the most affordable places, with homes there costing 2.6 times local earnings on average.
In Scotland, East Ayrshire was identified as the most affordable area, with homes at three times local gross earnings.
Brent in London was identified as the least affordable area, with first-time buyer property prices at 13.3 times local earnings typically.
Oxford was the only place outside London on the top 10 list of least affordable areas for first-time buyers.
A first-time buyer in Oxford faces needing to find 10.9 times the average local wage to cover the cost of a home.
FIRST TIME BUYERS DOUBLED
The number of first-time buyers has nearly doubled over the past decade, from 192,300 in 2008 to 372,000 in 2018.
But aspiring buyers have faced an uphill struggle trying to keep up with surging property prices.
The average price paid for a typical first home has jumped by 39%, from £153,030 in 2008, to £212,473 in 2018, research by the Halifax and the Office of National Statistics found.
Terraced houses, closely followed by semi-detached properties, have continued to be the first-time buyer's home of choice over the past decade, it said.
New buyers coming on to the ladder are vital for the overall wellbeing of the UK housing market
Russell Galley
And while there has been a general increase in first-time buyers year-on-year across the UK, in Scotland and Wales numbers have fallen, the research found.
In Scotland there were 35,100 first-time buyers in 2017 and 34,300 in 2018.
And in Wales there were 16,600 first-time buyers in 2017 and 16,400 in 2018 according to Halifax's estimates.
Across the UK, first-time buyers are putting down an average deposit of £32,841, with those in London stumping up £110,656, while those in Wales are paying the lowest average deposit of £16,449.
In the North East, the average first-time buyer home is £126,104 and in Northern Ireland it is £129,615.
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Russell Galley, managing director at the Halifax, said: "New buyers coming on to the ladder are vital for the overall wellbeing of the UK housing market, and the continued growth in first-time buyers shows healthy movement in this important area - despite a shortage of homes and the ongoing challenge of raising a deposit.
"Last year was the first year that first-time buyers accounted for the majority of the market since 1995, which shows that the factors reducing some of the associated costs - such as continued low mortgage rates and stamp duty - are supporting the increasing number of people taking their first step on to the property ladder."
BRITAIN'S BIGGEST BARGAINS
- HERE are the 10 most affordable places for first-time buyers, with the average house price-to-earnings ratio, according to Halifax:
- 1. Pendle, North West, 2.6
- 1. Copeland, North West, 2.6
- 3. East Ayrshire, Scotland, 3.0
- 4. Inverclyde, Scotland, 3.1
- 4. South Ayrshire, Scotland, 3.1
- 6. Barrow-in-Furness, North West, 3.2
- 7. Hyndburn, North West, 3.3
- 7. West Dunbartonshire, Scotland 3.3
- 7. West Lancashire, North West, 3.3
- 10. South Lanarkshire, Scotland, 3.4
BRITAIN'S PRICEY PROPERTIES
- HERE are the 10 least affordable places for first-time buyers, with the average house price-to-earnings ratio, according to Halifax:
- 1. Brent, London, 13.3
- 2. Hackney, London, 11.8
- 3. Newham, London, 11.0
- 3. Hillingdon, London, 11.0
- 5. Waltham Forest, London, 10.9
- 5. Oxford, South East, 10.9
- 7. Southwark, London, 10.3
- 7. Haringey, London, 10.3
- 9. Barnet, London, 10.0
- 9. Harrow, London, 10.0
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