21 Aug, 2019/ by Homeward Legal /First Time Buyer
First-time buyers are increasingly deciding to set up home in the regional cities in which they have been students.
New research carried out by Savills UK on behalf of the Telegraph has revealed that while home ownership in London remains out of reach for the vast majority of first-time buyers, thriving cities such as Newcastle, Manchester, Bristol and Leeds are much more accessible and affordable.
Savills looked at the precise areas within 22 UK's cities, excluding London, to reveal where house prices match average local salaries, making home ownership a possibility for property-owning newcomers.
Lawrence Bowles, a research analyst at Savills, said: "Increasingly graduates are opting to remain in the city where they studied.
"These places are all major hubs, and young people are recognising that they can get the job they want and get on the housing ladder much quicker there than if they took up a position in the capital."
The affordable cities are:
Castle, Newcastle-upon-Tyne: average flat or terrace £111,863, average salary £42,000.
Boothstown and Ellenbrook, Salford: average flat or terrace £107,096, average salary more than £50,000.
Hunslet & Riverside, Leeds: average flat or terrace £61,648, average salary £41,000.
Copmanthorpe, York: average £107,000, average salary £46,500.
Soho & Jewellery Quarter, Birmingham: average price of a flat or terrace £89,703, average salary £45,000.
The Park ward of Reading: average price of a flat or terraced house £149,201, average salary for 18-30-year-olds just under £50,000.
Romsey, east of Cambridge: average flat or terrace £213,000, average salary circa £90,000.
The Bedminster ward of Bristol: average flat or terrace £155,589, average salary £46,500.
St Loves, Exeter: average flat or terrace £156,000, average salary £42,000.