Discovering the average wage to purchase your first home within the United kingdom is £54k annually – once the average salary for full-time employees was £30,353 within the 2018/19 financial year – could be disheartening as you would expect.
However, if you are keen to obtain your feet around the property ladder but aren’t sure where you can settle lower, maybe it’s a wise decision to find out what metropolitan areas would be the most first timer friendly.
A brand new report by digital broker Mojo Mortgages has mix-referenced the monthly mortgage cost and also the area’s average earnings to target the best (and worst) places to purchase your first property within the United kingdom.
The affordability index calculations include regular bills, commuting expenses and cost per square metre, and apparently , Newcastle is where to become for brand spanking new buyers.
It’s carefully adopted by Aberdeen, Belfast, Stoke-on Trent and Shell.
And which metropolitan areas aren’t first time buyer friendly? Well, keep surprises away here – London tops their email list, adopted by Derby, Northampton, Brighton and Liverpool.
Best places for brand spanking new buyers within the United kingdom
Worst places for brand spanking new buyers within the United kingdom
‘Getting around the property ladder like a first-time buyer is notoriously difficult, unless of course you have a couple of grand saved inside your checking account or can ask the financial institution of Mother and Father to assist using the deposit,’ stated Richard Hayes, Chief executive officer and co-founding father of Mojo Mortgages.
‘Our first-time buyer index gives potential house buyers the opportunity to see where they might buy, and what’s affordable on their behalf in probably the most popular towns and metropolitan areas within the United kingdom.’
Can you consider relocating to obtain the secrets of the first home?