«Breaking News» Most and least affordable towns for first-time buyers revealed

Pendle in Lancashire and Copeland in Cumbria are the most affordable places in the UK for first-time buyers, new research suggests.

The top ten most affordable local authority districts in the UK - when comparing house price to local incomes - are all in the North West and Scotland, while London is home to nine out of ten of the most expensive postcodes, according to the latest Halifax First-Time Buyer Review.

Homes in Pendle are priced at an average of £88,852, while in Copeland they are £110,930 - both 2.6 times the local average gross annual earnings.

Most affordable for first-time buyers: Homes in Pendle are priced at an average £88,852, or about 2.6 times local earnings

In Scotland, East Ayrshire was identified as the most affordable area, with homes averaging £94,376 – three times the average gross annual earnings at three times local gross earnings.

The least affordable are was Brent in London, with first-time buyers there facing average prices of just over £500,000 – a whopping 13.3 times local earnings typically. 

The hipster neighbourhood of Hackney followed, with homes for first-time buyers nearly 12 times the average pay. Newham and Hillingdon came in third and fourth position with the average home 11 times the average earnings in those areas.

Oxford was the only place outside London on the top 10 list of least affordable areas for first-time buyers, with the average home priced at £400,730 – 10.9 times the earnings for that area.

Hackney in East London is the second least affordable area in the UK for first time buyers

The average deposit that those wanting to get on the housing ladder have to fork out is £32,800 across the country, but that rises to a much larger £110,000 in London. Those in Wales are paying the lowest average deposit of £16,449.

Halifax found that, for the first time since 1995, first-time buyers now account for more than 50 per cent of all house purchases with a mortgage, having risen steadily over the past decade.

That's thanks to a flurry of loan schemes like Help to Buy and a steady rise in the number of deals available to first-time buyers without large deposits.

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 per cent, from £153,030 in 2008, to £212,473 in 2018, Halifax 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.

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. 

East and South Ayrshire in Scotland are among the most affordable districts for first timers

Across the UK, first-time buyers are putting down an average deposit of £32,841, with those in London stumping up £110,656,

A first-time buyer would be close to being able to buy a home outright in the North East of England or Northern Ireland for the same money it would take just to raise a deposit in London.

In the North East, the average first-time buyer home is £126,104 and in Northern Ireland it is £129,615. 

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.' 

Halifax used information from UK Finance to make the findings, as well as its own house price database and Office for National Statistics (ONS) earnings figures.  

 

Link hienalouca.com

https://hienalouca.com/2019/02/23/most-and-least-affordable-towns-for-first-time-buyers-revealed/
Main photo article Pendle in Lancashire and Copeland in Cumbria are the most affordable places in the UK for first-time buyers, new research suggests.
The top ten most affordable local authority districts in the UK – when comparing house price to local incomes – are all in the North West and Scotland,...

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Dianne Reeves Online news HienaLouca





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