The least affordable place for first-time buyers is……
Brighton is the least affordable area in the UK for first-time buyers, according to Post Office Money, with average property prices at £352,303.
Only 2% of properties are in areas of the town considered affordable to first-timers, compared to 25% five years ago.
Affordability peaks along the coast in Southampton, where the average property price is £199,074 and 98% of properties are in areas deemed affordable to first-time buyers.
Norwich and Nottingham are also among the UK’s ‘affordable hotspots’, with 93% and 89% of properties in areas affordable to those purchasing their first property.
Happy to travel
The Post Office Money research also revealed that first-time buyers are increasingly willing to travel as they try to get on the property ladder.
A significant 70% of those who bought their first home in the last two years said that it was located an average of 26 minutes from their original ‘preferred’ location.
Owen Woodley, managing director of Post Office Money, said: “With average house price growth having increased by 48% since 2005, compared with an increase to the average first-time buyer income of only 37% over the same period, there is no question that the UK housing market remains a challenging environment for many.
“In spite of this we’re seeing that first-time buyers approach the market with enthusiasm and flexibility.”