Most Affordable Locations For First-Time Buyers
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%.
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
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.
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Content correct at time of publication.