First-time buyers might need to look north if they want to get on to the property ladder. According to a survey from online estate agent Hatched, the Lancashire town of Burnley is the UK's most affordable housing spot for those newcomers to home ownership with an average house price of £70,311 – the UK average is £207,693.
The Hatched survey results mirror the latest information from the Halifax's first-time buyers research that mapped out the most and least affordable areas for novice home owners across the UK.
David Martin, of Hatched, said: "Lancashire is a good potential location for first-time buyers. The fact that the number of first-time buyers has been steadily decreasing since the start of the millennium might be due to the increasing difficulties people face when trying to become home owners.
"These difficulties are typically around property available and suitability, lending and help to buy and, of course, the overall price."
London remains most expensive place to buy
The Halifax's annual first-time buyers survey, released in July, pinpointed the top 10 most affordable local authority areas, which is dominated by Scottish districts. They are:
- Stirling, central Scotland
- Inverclyde, West of Scotland
- Renfrewshire, West of Scotland
- Copeland, north-west England
- West Dunbartonshire, West of Scotland
- East Ayrshire, West of Scotland
- Pendle, north-west England
- North Ayrshire, West of Scotland
- North Lanarkshire, West of Scotland
- Lisburn & Castlereagh, Northern Ireland
The top 10 least affordable local authority areas are all in London. They are:
- Waltham Forest
Fridaysmove can help negotiate a tricky landscape
According to the Halifax, first-time buyers forked out an average of £207,693 on a home in the first half of 2017, the highest price ever recorded for first-time purchases. In London, that average price is now £409,975, up an extraordinary 66 percent since 2012.
The higher prices, coupled with a decrease in properties on the market, means first-time buyers are facing an increasingly difficult landscape to negotiate.
With an experienced sales team on hand to guide first-time buyers through all the steps required to buy successfully, Fridaysmove can offer the essential expertise you need. Call now on 0800 038 4466 or start your quote journey here.