The cheapest places for people aiming to get on the property ladder have been revealed in a new study.
Research carried out by online property portal Rightmove looked at average asking prices for typical first-time buyer-type homes with a maximum of two bedrooms in 60 major urban locations across Britain.
The locations included London, Bradford, Aberdeen, Bath and Cambridge.
The research was based on assumptions first-time buyers had a 10% deposit and would be paying back their mortgage over 25 years.
After analysing the data, Rightmove found that Bradford in Yorkshire was Britain’s cheapest city to get on the property ladder.
Rightmove said the average asking price for a typical first-time-buyer-type property in the Yorkshire city is just £104,643, which could potentially lead to monthly mortgage payments of around £521.
At the other end of the scale, St Albans was named the most expensive place for first-time buyers
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The property website’s findings suggest that paying a monthly first-time buyer mortgage with a 10% deposit is cheaper than renting in around half of the cities it looked at.
Here are the five cheapest cities for first-time buyers:
The figures show the average asking price for a first-time buyer home, the potential monthly mortgage cost, and the potential monthly rent
1. Bradford, £104,643, £521, £623
2. Carlisle, £104,784, £522, £556
3. Aberdeen, £106,088, £528, £718
4. Hull, £106,939, £532, £595
5. Dundee, £111,415, £555, £731
The five most expensive places for first-time buyers:
London was crowned as the most expensive location, followed by St Albans in Hertfordshire.
1. London, £508,879, £2,533, £2,054
2. St Albans, £393,485, £1,958, £1,433
3. Bath, £354,636, £1,765, £1,342
4. Cambridge, £354,181, £1,763, £1,522
5. Oxford, £351,943, £1,752, £1,422
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Rightmove’s property expert Tim Bannister said: “For those who are able to save up the deposit, it’s still cheaper to pay off a mortgage as a first-time buyer in many areas than pay the equivalent in monthly rent, despite prices reaching a new record at a national level and mortgage rates rising.
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“It highlights how frenetic the rental market has been for a long time now, with many areas continuing to see record rents and fierce competition between tenants for the properties available.
“It helps to explain why we’re seeing such determination from first-time buyers to continue to get onto the ladder despite the economic headwinds that they face, and why we’re seeing buyers increasingly return to cities while a bigger proportion of renters are looking to move away.”
