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Look north to Hull for UK's most affordable place for first-time buyers

Hull is the best value city for first-time buyers to get a foot on the property ladder. The east Yorkshire town topped a list of the most affordable places for newcomers to home owning.

First-time buyers need a deposit of less than £16,000 to buy their first home in Hull. Other affordable hotspots are Middlesbrough, Liverpool and Nottingham.

Online estate agent Zoopla pinpointed Hull's affordability when analysing the average property prices, deposit amount, payable Stamp Duty Land Tax and mortgage repayment costs across 50 UK cities. Each city was scored out of 10 to rank its affordability with Hull, the UK's City of Culture in 2017, taking the top spot.

The top 10 of least affordable places for a first-time buyer to purchase a home was, unsurprisingly, London, followed by Cambridge, Brighton, Colchester and Reading. In fact, eight of the least affordable cities were in the south of England with six of the most affordable in the north.

Lawrence Hall of Zoopla 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 dificult for the average first-time buyer to get on the property ladder."

First-time buyers in London need an average deposit of £77,7272, while those in Hull must find a much more reasonable £15,656.

The recent changes to Stamp Duty Land Tax for first-time buyers has also had an effect on affordability. First-time buyers don't pay the duty on the first £300,000 of a property transaction, meaning newcomers to owning a home are actually saving on tax because the average cost of a property is above the former threshold of £300,000.

The top 10 most affordable cities for first-time buyers in the UK, according to Zoopla, are:

  1.        Hull, average property price £104,376, deposit £15,656
  2.        Middlesbrough, average property price £107,041, deposit £16,056
  3.        Liverpool, average property price £122,137, deposit £18,320
  4.        Nottingham, average property price £133,631, deposit £20,045
  5.        Coventry, average property price £171,189, deposit £25,678
  6.        Manchester, average property price £168,761, deposit £25,314
  7.        Swansea, average property price £133,514, deposit £20,027
  8.        Stone-on-Trent, average property price £109,953, deposit £16,493
  9.        Doncaster, average property price £115,313, deposit £17,297
  10.    Preston, average property price £125,840, deposit £18,876

The top 10 least affordable cities for first-time buyers are, say Zoopla:

  1.        London, average property price £518,178, deposit £77,727
  2.        Cambridge, average property price £438,109, deposit £65,716
  3.        Brighton, average property price £420,301, deposit £63,045
  4.        Colchester, average property price £255,221, deposit £38,283
  5.        Reading, average property price £325,354, deposit £48,803
  6.        Bedford, average property price £252,060, deposit £37,809
  7.        Bournemouth, average property price £294,275, deposit £44,141
  8.        York, average property price £229,319, deposit £34,398
  9.        Edinburgh, average property price £260,897, deposit £39,135
  10.    Milton Keynes, average property price £255,573, deposit £38,336

Free Guides for First Time Buyers

Homeward Legal has put together some handy guides to help you with your first property purchase. Let us know if there is anything we've missed, and as ever, feel free to call 0800 038 6699

Whose advice can you count on
Step-by-step guide to buying
Essential checklist for moving as a first-time buyer
10 things to know when you view a property

Everything you need to know about buying a property for the first time

Look north to Hull for UK's most affordable place for first-time buyers
Declaration of trust/gift – what it is and why you need it
Whose advice can you count on? Ask the experts
10 things to know when you view a property
The First-Time Buyers' Hub - all the advice you need in one place
First Time Buyer A - Z
The DIY Move - what you can do yourself and what you should leave to the experts
Essential checklist for moving as a first-time buyer
Estimated timeline for first-time buyers
Financing a first-time buy
Freehold, leasehold or commonhold – which one are you buying?
Shared ownership explained
Stamp duty – what it is and what it costs
Step-by-step guide to buying
Top tips to get ahead of the competition
The Budget 2017: What we learned
First-time buyers and Stamp Duty: Your questions answered
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The places where first-time buyers will still have to pay Stamp Duty
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