Quantcast
Menu

First Time Buyers

Revealed: the UK's most affordable cities for first-time buyers

Revealed: the UK's most affordable cities for first-time buyers
Christina Hoghton
Written By:
Christina Hoghton
Posted:
09/02/2024
Updated:
20/02/2024

Which place has a winning combination of low property prices, low crime rates and high life satisfaction?

According to The Co-operative Bank, Swansea is the best UK city for first-time buyers.

The Bank has carried out research to reveal the best UK cities for aspiring homeowners.

It analysed 30 cities for factors including average house prices, crime rates and life satisfaction scores to find out the top locations to buy your first home.

Swansea came top thanks to its affordability, safety and excellent life satisfaction score (based on reports from current residents).

The average cost for first-time buyers in Swansea is £195,687 when taking into account additional fees like conveyancing (£1,483 on average in Swansea) and surveying (£420). This is among the most affordable in the country.

The Welsh city also receives a low crime score (35.5), making it a safe place to settle down, as well as a high life satisfaction score of 7.5 out of 10.

Edinburgh comes in second place, with a higher average total cost of £346,293 (including an average Stamp Duty price of £6,503). It has the lowest crime index score in the country (30.9), as well as the highest life satisfaction score (7.7 out of 10).

In third place is Plymouth, where the total cost for first-time buyers is £225,060.

Most – and least – affordable cities

Quality of life and safety are important for first-time buyers to consider, but affordability remains a top priority when getting on the property ladder.

Blackpool is the most affordable UK city to buy a first home, with a total average price of £135,995 (including additional costs like conveyancing).

Kingston upon Hull is the second-most affordable spot, offering a total cost of £140,814 with surveying and conveyancing fees.

Stoke-on-Trent comes in third, with an average total cost of £143,642, followed by Sunderland (£147,319) and Belfast (£167,852).

The most expensive city is London, where the total cost averages £547,560.

A spokesperson for The Co-operative Bank said: “If you’re planning to buy your first home, the very first step is to save up money for a deposit. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy.

“There are government schemes available to help you do this, like the Lifetime ISA (LISA) which lets you earn up to £1,000 extra a year through a 25% government bonus.

“You’ll also need to figure out how much you can afford to spend and create a budget. Don’t forget to factor in extra costs too, like conveyancing and surveying fees.

“Finally, first-time buyers especially could benefit from using a broker. They can help you find the best mortgage to suit your needs, and explain how the market works.”