REVEALED: Top 10 First-Time Buyer Hotspots
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First-time buyers could unlock greater housing affordability in cheaper property hotspots across the UK, according to new data from Lloyds Banking Group.
The UK banking giant analysed average sale prices by people purchasing their first home, revealing the top 10 areas with property prices of less than £160,000.
10 Most Affordable Areas for First-Time Buyers
East Ayrshire in Scotland was crowned the most affordable location for first-time buyers with an average sale price of £147,353.
It’s closely followed by Inverclyde, Scotland where the average first-time buyers price of £149,929 and Blackpool in North West England where property prices stand at £150,780 on average.
The table below shows a full breakdown of the 10 most affordable areas in the UK:
| Local area | Region | Average FTB price |
|---|---|---|
| East Ayrshire | Scotland | £147,353 |
| Inverclyde | Scotland | £149,929 |
| Blackpool | North West | £150,780 |
| Kingston upon Hull | Yorkshire and The Humber | £151,171 |
| Na h-Eileanan Siar | Scotland | £155,300 |
| Hyndburn | North West | £155,911 |
| Clackmannanshire | Scotland | £156,041 |
| Merthyr Tydfil | Wales | £156,498 |
| South Tyneside | North East | £157,551 |
| West Dunbartonshire | Scotland | £159,437 |
Most affordable areas in each region
The table below shows the cheapest average property prices in each region:
| Region | Local area | Average FTB price |
|---|---|---|
| East Midlands | Bolsover | £191,564 |
| East of England | Great Yarmouth | £236,447 |
| London | Barking and Dagenham | £363,748 |
| North East | South Tyneside | £157,551 |
| North West | Blackpool | £150,780 |
| Northern Ireland | Mid and East Antrim | £175,308 |
| Scotland | East Ayrshire | £147,353 |
| South East | Gosport | £228,617 |
| South West | Plymouth | £216,166 |
| Wales | Merthyr Tydfil | £156,498 |
| West Midlands | Stoke-on-Trent | £171,569 |
| Yorkshire and The Humber | Kingston upon Hull | £151,171 |
First-time buyer home buying tips
Navigating rising house prices and mortgage affordability can be challenging for first-time buyers.
However, these steps can help you on your journey:
1) Review your finances: think about your house deposit and check your credit score if you’re applying for a mortgage. This can help improve your chances of getting a good deal.
2) Make a budget: note down all the costs you’ll need to cover. Make sure there’s enough money set aside for additional expenses such as a house survey, legal fees and moving costs.
3) Boost your savings: one way to maximise your savings is by using a top-rate savings account or Cash ISA. If you a bit more time to play with (at least 5 years) using a Stocks and Shares ISA could help you build up a pot to help with homebuying costs.
For more tips, check out our podcast episode: The Truth About Buying a Home with Gabriel Nussbaum.
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