These Are The Most Affordable UK Cities For First Time Buyers – And Exactly How Much You Need To Save
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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
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You can find full details of the study here
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