These Are The Most Affordable UK Cities For First Time Buyers – And Exactly How Much You Need To Save

A recent study showed that house prices in Britain's cities have now outpaced earnings growth by 11 per cent, causing home affordability to reach its lowest level since 2007. Scary news for first-time buyers, hey?

According to Lloyds Bank, the average house price within UK cities has risen from £180,548 in 2013 to £248,233 in 2018, with average city annual earnings rising by just 11 per cent in the same period.

In further grim news, it was recently announced that the Help to Buy ISA - which sees the government top-up your savings by 25 per cent to help newbies get onto the property ladder - will be dropped from 30th November in favour of the Lifetime ISA.

So if you are looking to settle down then you might want to consider Bradford or Kingston-upon-Hull, as comparethemarket.com has analysed average property prices and deposit amounts across 29 UK towns and cities, and these two cities come up on top.

On the other hand, you'd need to almost five-and-a-half times the amount to purchase your first property in the most expensive city in the UK - and no prizes for guessing where it is...

Top 10 Most Affordable UK Cities

1. Bradford

Average price of a one-bed apartment: £133,437

Deposit needed: £13,344

2. Kingston upon Hull

Average price of a one-bed apartment: £137,774

Deposit needed: £13,777

3. Stoke-on-Trent

Average price of a one-bed apartment: £139,586

Deposit needed: £13,959

4. Liverpool

Average price of a one-bed apartment: £163,630

Deposit needed: £16,363

5. Bolton

Average price of a one-bed apartment: £163,879

Deposit needed: £16,388

6. Glasgow

Average price of a one-bed apartment: £175,223

Deposit needed: £17,522

7. Wolverhampton

Average price of a one-bed apartment: £185,333

Deposit needed: £18,533

8. Aberdeen

Average price of a one-bed apartment: £192,270

Deposit needed: £19,227

9. Derby

Average price of a one-bed apartment: £194,230

Deposit needed: £19,423

10. Leeds

Average price of a one-bed apartment: £196,821

Deposit needed: £19,682

Top 10 Least Affordable UK Cities

1. London

Average price of a one-bed apartment: £723,694

Deposit needed: £72,369

2. Brighton

Average price of a one-bed apartment: £406,644

Deposit needed: £40,664

3. Reading

Average price of a one-bed apartment: £363,731

Deposit needed: £36,373

4. Bristol

Average price of a one-bed apartment: £310,938

Deposit needed: £31,094

5. Bournemouth

Average price of a one-bed apartment: £284,272

Deposit needed: £28,427

6. Edinburgh

Average price of a one-bed apartment: £277,528

Deposit needed: £27,753

7. Luton

Average price of a one-bed apartment: £265,819

Deposit needed: £26,582

8. Southampton

Average price of a one-bed apartment: £239,617

Deposit needed: £23,962

9. Northampton

Average price of a one-bed apartment: £238,724

Deposit needed: £23,872

10. Portsmouth

Average price of a one-bed apartment: £237,588

Deposit needed: £23,759

You can find full details of the study here

Featured Image Credit: Credit: Pexels

Topics: Home, News, Real, Life

Naomi Chadderton

Naomi is a freelance journalist working for Tyla. After graduating from The University of Nottingham, Naomi moved out to Dubai where she worked for Grazia Middle East and Harper's Bazaar Arabia. She is now back home and enjoying the London life.