Britain’s most and least expensive cities to buy a first home or rent revealed
The most and least expensive cities in the UK to buy a first home or rent have been revealed.
Aberdeen has been identified as the least expensive city to get on the property ladder while Carlisle is the cheapest for renters, analysis by Rightmove found.
The research showed that the average asking price for a first-time buyer-type property with two bedrooms or fewer in Aberdeen is £102,601.
A typical first-time buyer in Aberdeen could pay around £406 per month in mortgage costs – assuming a 20 per cent deposit – Rightmove calculated.
The average advertised rent in Carlisle meanwhile is £607 per month.
St Albans in Hertfordshire was named by Rightmove as the most expensive city to be a first-time buyer outside London, due to its commuter links to London and architecture that is steeped in history.
Cambridge and Winchester followed as second and third most expensive cities for first time buyers outside the capital.
Oxford was identified as the most expensive city outside London to rent.
The research looked at more than 50 cities across Britain. It made certain assumptions about mortgage costs, including that first-time buyers in Scotland and Wales had a 20 per cent deposit and were taking out a five-year fixed-rate mortgage at average rates.
It also assumed that first-time buyers in England had a slightly higher deposit, at 25 per cent, reflecting industry averages for deposit sizes, and were taking out a five-year mortgage.
Here are the 10 cheapest cities to get on the property ladder according to Rightmove, with the average asking price for a typical first-time buyer home and the typical monthly mortgage payment, assuming a 35-year mortgage term:
After Aberdeen, Bradford was found to be the next cheapest city to be a first-time buyer, with an average asking price of £107,929, with Sunderland placed third, with an average price tag of £111,263.
The cost of renting a two-bedroom or smaller home has increased by 39 per cent in the last five years, compared with a 19 per cent jump in the cost of buying a two-bedroom or smaller home, Rightmove said.
Here are the 10 most expensive cities to get on the property ladder according to Rightmove, with the average asking price and the typical monthly mortgage payment, assuming a 35-year mortgage term:
Here are the cheapest cities to rent, according to Rightmove, with the average advertised rent per month:
Here are the most expensive cities to rent, according to Rightmove, with the average advertised rent per month:
Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.
“Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.”