Most affordable cities for first-time buyers revealed
Most affordable cities for first-time buyers revealed: Hull tops the list with homes costing £104,000 on average.
The city in East Yorkshire scored favourably for first-time buyers in terms of average property prices in the area and the deposit payable.
The study by property website Zoopla took into account a variety of other factors, including tax relief available on stamp duty and the cost of servicing a mortgage versus paying rent.
Each area was given a score out of 10, with Hull reaching an impressive 8.35 compared to a national average of 7.29.
The average price of a property in Hull is £104,376, with the average deposit payable £15,656.
The second most affordable location for first-time buyers is Middlesbrough, in North Yorkshire, with a score of 8.34.
It has an average property price of £107,041 requiring an average deposit of £16,056.
It is followed by Liverpool in third place, Nottingham in fourth and Coventry in fifth.
By contrast, the south of the country is less affordable, according to the Zoopla research.
Those looking to buy their first home in the south can expect to spend around £520,000 on a property and would need an average deposit of more than £77,000, it claimed.
Six of the top 10 most affordable cities for first-time buyers are in the north while eight of the 10 least affordable cities are in the south of England.
Zoopla’s Lawrence Hall said: ‘It’s no surprise to see cities in the north offering the most viable options for first-time buyers in Britain. Prices in Southern England have continued to rise at a relatively fast rate, making it very difficult for the average first-time buyer to get on the property ladder.’
He added: ‘The recent relief from Stamp Duty Land Tax on the first £300,000 of a property purchase will clearly help those aiming to get on the property ladder.’
New stamp duty rules allow first-time buyers to make a tax-free property purchase up to the value of £300,000.