The UK’s first time buyers face a struggle when looking for their first home, as average property prices have soared by 181% since the year 2000.
The average property price in the UK is now £211,000, compared to 17 years ago, when it was just £75,000. However, there are still cities in the UK where bargains can be sourced, according to a report by Hatched, an online estate agent.
The most affordable properties can be found in Burnley, Lancashire, where the average house price is £70,311. Other areas where the average property price is relatively affordable include West Dunbartonshire, Pendle and East Ayrshire. If comparing the average local earnings with property prices, the cheapest region is East Dunbartonshire, where property prices are 2.6 times the local average income.
The most expensive locations in the UK, unsurprisingly, are in London. PwC predicted in 2016, that only 40% of Londoners would own their own property by 2025, with most people renting a property. In 2000, a property was owned by 60% of Londoners, either mortgaged or owning outright.
According to David Martin of Hatched, the number of first time buyers has fallen steadily since the year 2000, possibly due to the rising prices, overall suitability and availability, and the stricter lending criteria in place. Many first time buyers find that they are forced into renting, or living with parents for longer.
A home in an affordable region of the UK can be made even more accessible with a low interest rate mortgage deal, which can be found by a mortgage advisor who has studied on a CeMAP course.