The top 10 cities for first-time buyers, where properties are nearly three times less expensive than in Bristol, have been revealed. Buying a home for the first time is a significant milestone, often the result of years of diligent work and careful saving.
However, purchasing a property in Bristol can seem like an insurmountable challenge due to high property prices.
Rightmove has recently released new data, identifying the 10 most affordable cities for first-time buyers. The average house prices in these cities are three times lower than what first-time buyers in Bristol are currently facing.
In Bristol, first-time buyers are typically buying properties priced at an average of £308,000, according to ONS data from January 2024. In contrast, Aberdeen, named as the most affordable city for first-time buyers, has an average property price of just £102,601.
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Rightmove has also provided a breakdown of additional costs that first-time buyers may incur. The average monthly mortgage payment in the Scottish city is a mere £406, nearly half the average monthly rent in Aberdeen, reports MyLondon.
All of the most affordable cities identified by Rightmove are located in the north of the UK. Bradford comes next on the list, where the average asking price for a property suitable for a first-time buyer, defined as having two bedrooms or fewer, stands at £107,929.
Sunderland and Carlisle are both featured, along with Preston, Hull, Dundee and Stoke-on-Trent. Durham is the ninth least expensive city on the list, with properties averaging slightly higher at £125,957.
Rounding off the top ten is Doncaster, where the average property price stands at £128,062.
Here are the 10 cities with the lowest average asking prices for a first-time buyer type property (2 bedrooms or fewer):.
1. Aberdeen – £102,601.
2. Bradford – £107,929.
3. Sunderland – £111,263.
4. Carlisle – £111, 268.
5. Preston – £112,273.
6. Hull – £113,920.
7. Dundee – £116,191.
8. Stoke-on-Trent – £117,113.
9. Durham – £125,957.
10. Doncaster – £128,062.