Most Affordable Locations For First-Time Buyers

Published: 16/07/2021

In recent months the property market has seen an increase in activity, namely from first-time buyers following the introduction of the mortgage guarantee scheme from the government meaning house deposits can be as little as 5%.

In light of this, if you are a first-time buyer and looking to make this the year you finally get on the property ladder, you may be interested in finding out more information about what the most affordable locations are throughout England.

Recent figures published by Mojo Mortgages looked at various factors that affect the affordability for first-time buyers, including house prices, mortgage payments and annual salary averages up and down the country. Below are some of the most affordable areas at the moment, along with the percentage of the area’s average salary a mortgage would take up:

Top 10 most affordable areas

Bradford (14.30%)
Blackpool (15.94%)
Stoke-on-Trent (17.35%)
Sunderland (17.56%)
Middlesbrough (17.70%)
Hull (17.72%)
Carlisle (17.82%)
Durham (18.10%)
Liverpool (18.56%)
Bolton (19.19%)

Regardless of the location, the governments First Homes scheme could make a big difference to a first-time buyers monthly outgoing once they get on the property ladder, in terms of the monthly mortgage payments, as a well as savings to put down towards a house deposit.

For example, if you’re looking to purchase a property in London under the First Home scheme, then buyers can expect to pay an average of around £766 on their mortgage repayments per month, taking the percentage spend of annual salary income from 42.17% to 32.97%, which marks a considerable amount of savings.

How GWlegal can help get you on the property ladder

If you’re a first-time buyer looking to secure the keys to your first property, you are going to need an experienced property solicitor on your side.

At GWlegal, we have decades of experience in property law. Our friendly team of property professionals are just a phone call away!

Check out our latest articles:

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Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us discuss@gw.legal with your question.

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Content correct at time of publication.