A recent survey by property experts Zoopla has revealed the best places for first-time buyers who are looking for their first property. One thing revealed in the survey, was that many of the most affordable places to buy your first home were in the northern part of the UK.
Established conveyancing solicitors in Warrington, Ellison Thomas, have since pulled together the results to work out which areas are most affordable, based on varying factors. Whether you are worried about the cost of your deposit or if you are losing out by buying rather than renting, they aim to have you covered.
If you are looking for the lowest deposit possible to help you get on the property ladder, then Hull proved itself to be the most deposit friendly location.
At a deposit average of £15,656, Hull had the lowest deposits required to help you buy your first home. It was also crowned as the most affordable place out of the top 10 locations!
Other areas with affordable deposits are:
- Middlesbrough – £16,056
- Stoke on Trent – £16,493
- Doncaster – £17,297
- Liverpool – £18,320
Cheapest property price
Once again, Hull came out on top with an average house price of £104,376. Not too far behind was Middlesbrough with an average house price of £107,041.
Both cities are based in the county of Yorkshire, the biggest county in the UK, and have had huge renovations over the last decade. Both have a huge amount of culture and work opportunities for those looking for a place to start a family.
Hull in particular has seen a huge overhaul after winning City of Culture in 2017. Since then, the town has seen a rise in its art, theatre and music scenes.
Best places to buy rather than rent
Many of those thinking of buying their first home will be weighing up whether buying is a better investment than renting.
In many cases, renting may be the more affordable option, however, according to Zoopla’s survey, there is a 23% advantage to buying your home over renting in areas such as Coventry.
Other areas that offer a higher advantage of buying over renting are:
- Manchester – 22.7%
- Nottingham – 20.5%
- Liverpool – 20.0%
Although these cities may require a larger deposit and have slightly higher housing prices than previous winners Hull and Middlesbrough, they offer a better long-term investment when it comes to buying property.
If you are looking for a city that has a lot to offer, but with average house prices under £130,000, deposits under £20,000 and a great investment over renting property, then Liverpool is the best place to be. This city is 3rd on the list and one of the biggest cities in the UK – not surprisingly a big contender for the best place for first-time buyers to settle down.