11 Sep, 2019/ by Homeward Legal /First Time Buyer
More than half of all properties across the UK are affordable for first-time buyers.
Research by Post Office Money has revealed that 56 percent of all homes are in areas where first-time buyers can afford to buy.
Blackpool most accessible
The annual study also revealed the hottest spots for first-time buyers and the areas too chillingly expensive for the finances of those trying to get on the property ladder.
The Lancashire seaside resort of Blackpool is Britain's most accessible spot for newcomers to home ownership.
Homes there cost an average £110,000 while first-time buyers earn an average £40,053.
Other first-time buyer hotspots including Lincoln and Hull on England's east coast, Southampton on the south coast and the Greater Manchester towns of Wigan and Oldham.
However, the university cities of Oxford and Cambridge, alongside the historic city of York, are among the places that are increasingly out of reach for first-time buyers.
Buyer needs 6 times salary
According to Post Office Money, the average house price of £282,713 is 5.85 times the average income of a first-time buyer.
The study analysed data from the Office for National Statistics (ONS) to look at first-time affordability in more than 80 locations around the country.
Ross Hunter, of Post Office Money, said: "While we have seen house price growth slow in the last year, properties can still seem particularly unaffordable for first-time buyers.
"We know that saving for a deposit remains the most significant hurdle for young buyers to overcome in order to achieve their homeownership aspirations.
"While we may be seeing the first indications of a 'buyer's market', we still know that saving for and ultimately purchasing a home is a difficult process."
Top 10 most affordable areas for FTBs
- Blackpool, Lancashire, average house price £100,000, average first-time buyer income £40,053.
- Lincoln, £149,000, £40,913.
- Kingston upon Hull, £115,000, £38,665.
- Knowsley, Merseyside, £163,000, £40,053.
- Stoke-on-Trent, Staffordshire, £116,000, £41,796.
- Southampton, Hampshire, £215,000, £57,5557.
- Sandwell, West Midlands, £148,000, £41,796.
- Hartlepool, Co Durham, £124,950, £36,674.
- Wigan, Greater Manchester, £137,500, £40,053.
- Oldham, Greater Manchester, £130,000, £40,053.