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Which UK Towns are Most Affordable for First-Time Buyers?

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Which UK Towns are Most Affordable for First-Time Buyers?
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Moving out for the first time is not always easy. Not only do you have to deal with the emotional challenges involved, such as living apart from your parents and possibly adjusting to a new town or neighbourhood, but you also face the financial struggles of achieving it in the first place.

In 2023, it is much more difficult for first time buyers to get onto the property ladder than it has been in the past. Average salaries have not increased at the same rate as property prices, meaning that potential buyers need a larger deposit (and to also consider buying along with someone else) to make it possible, compared to several decades ago.

In this situation, it is common for potential homeowners to look for the ‘most affordable’ places to live in the United Kingdom. Keep reading our blog below to find out where these locations are.

1. Bradford, West Yorkshire, England

Research carried out by independent property company Rightmove in Summer 2023 found that Bradford in West Yorkshire, England, is the most affordable town for first-time buyers. The statistics state that the average price for a first time buyer-type property (i.e. a place with two bedrooms or fewer) is £104,643. This is the most affordable in the UK.

The average monthly mortgage payment in Bradford is £521, with this figure increasing to £623 per month for rental payments.

Bradford is an ideal town for first time buyers who need to commute into the city of Leeds, which is less than 30 minutes away by both car and train. There are also excellent employment opportunities in Bradford itself, and being positioned in the centre of Northern England, people living there are less than a two hour drive from Manchester, Sheffield and York, too.

2. Carlisle, Cumbria, England

Much further north than Bradford, and very close to the Scottish border, is Carlisle: the second most affordable place in the country for first time buyers.

The average asking price for a first time buyer-type property in Carlisle is £104,784. This is only £141 more expensive than the average price in Bradford, meaning that Carlisle comes in at a very close second place. The average monthly mortgage payment in the town is £522, and the average rental payment is £556 per month.

Carlisle is a city which has a beautiful cathedral, as well as a historic castle. The town is not particularly close to any other major UK cities, but for first time buyers who are keen to start a family (for example, a couple moving in together for the first time) this can be an ideal, affordable place to start a peaceful life.

3. Aberdeen, Aberdeenshire, Scotland

On the north-east coast of Scotland is Aberdeen, which ranks as the third most affordable place to live in the UK. Rightmove found that the average asking price for a property with two bedrooms or less is £106,088. This is the cheapest of all the major towns in Scotland and is the third most affordable in the UK.

Aberdeen is a vibrant city in Scotland which makes it an attractive prospect for first time buyers who want to move out from their parents’ house into a buzzing city centre. It has beautiful grey stone buildings and a huge array of castles, museums and galleries for locals to enjoy.

The average monthly mortgage payment in Aberdeen is £528 and the average rental payment is £718 per month in Aberdeen.

4. Hull, East Riding of Yorkshire, England

Located in the East Riding of Yorkshire, England, is Hull – another of the country’s most affordable places to live.

The average asking price for a property with two bedrooms or less in Hull is £106,939, according to Rightmove. The average monthly mortgage payment is £532 and the average rental payment per month is £595.

Hull is located on the river Humber, which can offer some scenic walks. The city is also home to a number of interesting museums, along with Wilberforce House, which was the birthplace of William Wilberforce and documents the abolition of the slave trade.

For first time buyers in England who already live in the North or North-east of England, and are keen to stay there, Hull could be an excellent, affordable option.

5. Dundee, Angus, Scotland

Slightly further south than Aberdeen is the county of Angus – at the heart of which is Dundee, an extremely affordable town in Scotland. Dundee has a lot to offer its residents in terms of food and culture, and it also offers beautiful views over the Firth of Tay estuary. It is these attractive elements which make it the fourth most populous city in Scotland.

The average asking price for a property with two bedrooms or less in Dundee, Scotland, is £111,415. The average monthly mortgage payment in the town is £555 and the average monthly rental payment is £731. These figures make it an extremely affordable option for first time buyers looking to purchase a property on the east coast of Scotland.

Shall I purchase a property in Bradford?

Bradford is conveniently located in central Northern England, and this means that it is easy for people living here to commute to other towns. If you have job opportunities in the area, or if you have family who live in neighbouring towns, then Bradford could be a great place to settle.

The city centre might be an affordable option for first time buyers who are keen to live in amongst a vibrant metropolitan lifestyle. However, if you are raising a family, the surrounding areas of Bingley or Saltaire may be a slightly more attractive option – but keep in mind that the price of these two places may be slightly higher than the figures listed further above in this blog.

You should investigate Bradford and the surrounding neighbourhoods to make an informed decision on which area is best suited for your unique requirements and preferences.

If you currently have a house for sale in Bradford which you want to sell quickly, then We Buy Any Home can make that happen. We are cash house buyers who can complete the purchase of your property within 7 days. Contact us today for a no-obligation valuation of your house.

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