The most affordable areas for first-time buyers to buy a home reveal
THE most affordable areas for first-time buyers to bag their first home have been revealed. Aberdeen has been crowned the most affordable area to buy a property in the whole of the UK for wanna-be …
THE most affordable areas for first-time buyers to bag their first home have been revealed.
Aberdeen has been crowned the most affordable area to buy a property in the whole of the UK for wanna-be homeowners.
This is based on the average value of a one or two bed home in the Scottish city, which is £119,350, according to new figures from Zoopla.
And it means that buyers in the area pay just £510 in monthly mortgage payments, which is just 16% of the area's average £3,280 monthly salary.
Liverpool was ranked the second cheapest region to buy a home with the average one or two bed property costing £130,800.
Mortgage payments on this home would come in at £540 a month and would be 3.7% of the average £2,980 monthly salary.
READ MORE ON MONEYComing in third is Glasgow, where the average first-time buyer property is £152,270 and average monthly mortgage payments are £650.
That means monthly payments are just 4.1% of the average £3,100 salary in the area.
It is widely recommended that potential buyers spend no more than 28% of their monthly earnings on mortgage repayments to avoid being in too much debt.
Other areas flagged as first-time buyer hotspots include Sheffield where homes cost £156,990.
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Newcastle was also deemed attractive for wanna-be buyers, with the average one or two bed property costing £150,360.
Fresh data from Zoopla showed the average house price in the UK hit £267,700 in December 2024, which is up around £200 on the prior month.
Mortgage Rates EvergreenRising house prices have piled pressure on first-time buyers who are also dealing with a mixture of wage stagnation and hikes to the cost of daily living.
Meanwhile, stamp duty relief available to first-time buyers since 2022 will end in April 2025.
As a result, a first-time buyer purchasing a property valued at £425,000 will incur a stamp duty charge of £6,250.
A glimmer of hope can be found in the Monetary Policy Committee (MPC), the BoE's rate-setters cutting the base rate from 4.75% to 4.5% last week.
The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs.
A base rate cut can mean that mortgage rates are lowered, which is good news for homeowners.
Just today, Santander launched a two-year and five-year fix with a rate of just 3.99%.
It's the first sub-4% mortgage on the market since November last yea
A number of lenders have launched mortgages which help wanna-be buyers who are struggling to get a deposit.
For example, TSB launched a new "5&5" concessionary mortgage option for its customers.
Under the lender's new scheme, landlords would offer their tenants a 5% discount on the property's market value in exchange for putting down a minimum of 5% deposit.
Concessionary mortgages allow wannabe homeowners to bag a property for less than the market value.
They are usually used by landlords selling a house to their tenants, or someone selling a property to a relative.
A number of lenders offer some variation of this mortgage type including Barclays and Natwest.
Another option is a Lifetime ISA (LISA) was launched in April 2017 and is a savings product which is designed to help people save for either a first home or retirement.
The account is tax-free and anyone aged between 18-39 can open one.
You can save up to £4,000 a year and the government will then add a 25% bonus on top.
If you save the maximum amount between the ages of 18 and 50 you could get as much as £32,000 for free.
You'll also earn tax-free interest on your savings pot, including the added extra from the government.
If you choose to buy a property it must cost less than £450,000 and you must buy it at least 12 months after you make your first payment into the Lifetime Isa.
There are strict withdrawal rules surrounding a LISA that prospective users should be aware of.
For example, you can only make an authorised withdrawal from your LISA to purchase a house or if you are terminally ill.
Anyone who’s opened a LISA for retirement will also be able to access the cash without penalty when they turn 60.
READ MORE SUN STORIESIf you withdraw for any other reason you are slapped with a 25% fine, which is known as an "unauthorised withdrawal" penalty.
You can read all about the scheme by clicking the link here.
First-Time Buyer Tips
Buying your first home can be scary and confusing, but our five-part series will cover everything you need to know.
From ways to boost your chances of getting a top-rate mortgage to preparing for your move, The Sun's new first-time buyer newsletter has got you covered.
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