Working your way up the property ladder isn’t an easy task, especially with credit ratings and
mortgage costs to think about. Nevertheless, not all hope is lost, as there are many locations
across the UK that are perfect for first time buyers, allowing you save your hard earned pennies
without needing to be situated too far away from major cities and facilities. While Brighton has
been considered the worst destination for first time buyers in the UK, with an average property
price of £352k, below we have listed the cheaper options to help you to find your independence
and settle down into your first home. Who knows, once you’ve got yourself on the property
ladder, you could even branch out and purchase a holiday home abroad with your EHIC card renewal in hand!
Since 2007, we’ve seen the population for this town increase by approximately 11,600 people.
Many first time buyers have already recognised Swindon as an excellent place to begin their
journey up the property ladder, as a significant number of this new population consists of
millennials. Last year, the majority of the property sales in Swindon were terraced houses, on
average selling for £195,865 according to Right Move, cheaper than many of its surrounding
neighbours. We’d suggest putting a deposit down soon though, as estate agents fear that due to
the recent stamp duty concession for first time buyers, the property market in Swindon could be
In Norwich, the average property price sits at £197k, making it slightly less affordable than
Swindon yet still posing as an excellent choice for first time buyers with a restricted budget.
Located near to the coast, Norwich is a fantastic location for individuals wanting to be near the
ocean. What’s more, while Norwich is a 2 hour train journey away from London, the economy is
just as thriving, allowing you to comfortably keep on top of mortgage and bill payments.
Depending on your profession, moving anywhere but London might not be an option; however
we all know how extortionate property prices in London can be. Nevertheless, Gidea Park proves
to be a prime location for first time buyers wanting to remain close to the city. Of course,
properties here are still priced higher than those in Norwich and Swindon, with a one bedroom
flat starting at around £220k. However, for London, this price is worth consideration, and will
allow London-based first time buyers to head into the city with ease without having to worry
about lengthy commutes every day. If you don’t mind a suburban atmosphere, and you love a
spot of shopping at nearby shopping malls such as Lakeside and Westfield (who doesn’t?),
Gidea Park will be the best starting place for you.
Research conducted by Post Office Money has concluded that Southampton is the most
affordable and appropriate location for first time buyers, with an average housing price of £199k
and an affordable property percentage of 98%, meaning that only 2% of properties in
Southampton were deemed unaffordable. The average annual income is also highly substantial,
allowing you to live a more relaxed life and stay on top of all finances. With £57k being earned
annually on average, totalling as £28.5k if buying with a partner, affording your mortgage and
property expenses will be easier to handle than ever.
Average house prices have increased by 48% since 2005, meaning that first time buyers are
faced with a huge challenge when making the leap to move out. Despite this, there are still many
affordable places to move to across the UK, allowing you to gradually make your way up the
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