The top 10 most affordable places for first-time buyers to get their foot on the bottom rung of the housing ladder have been revealed by Post Office Money.
The north-west seaside town of Blackpool comes in at No.1. The average house price in the town on the Lancashire coast is £112,000, and a first-time buyer will need to save for four years on a salary of more than £39,000 to become a homeowner there.
On the opposite coast, Lincoln grabbed the No.2 spot. Average house prices in the town are £143,950.
The Post Office Money research showed that an average first-time buyer faces a tough few years just saving up enough money for their deposit. Its poll of more than 1,000 first-timers showed that a newcomer to home ownership will spend four years cutting back on other things in life to ensure they can put away enough to own their home, while also giving up on other luxuries and compromising on the likes of holidays and cars.
Ross Hunter of Post Office Money said: “While many prospective buyers choose to make lifestyle compromises as they save towards their first home, there is no ‘right way’ to reach your deposit goals.
“Some FTBs will prefer to take longer saving for a deposit rather than cut back on their monthly spending (23 per cent), whereas others will be willing to compromise on the property itself (17 per cent).
“Half of all FTBs (56 per cent) will also turn to their family for financial assistance to help build their deposit.
“One inevitable element of the house hunt that all buyers will need to contend with is finding an affordable area in which they can invest their hard-earned money.”
Post Office Money, which offers mortages in conjunction with the Bank of Ireland, has a new online tool that allows buyers to map out where they can afford to buy.
The top 10 most affordable places for first-time buyers with average house price and required salary are:
- Blackpool, £112,000, £39,611
- Lincoln, £143,950, £39,834
- Hull, £110,000, £37,840
- Rotherham, £133,000, £37,840
- Sandwell, £137,950, £41,024
- Stoke-on-Trent, £110,000, £41,024
- Southampton, £210,000, £56,429
- Tameside, £137,500, £39,611
- Barnsley, £124,995, £37,840
- Wigan, £130,250, £39,611