In a study by Post Office Money, 70% of first-time buyers chose to buy a home an average of 26 minutes from their original preferred location, while 16% didn’t have to adjust their expectations at all, other successful first-time buyers ended up being flexible towards having a suitable garden or availability of car parking spaces 2.
The research by Post Office Money calculated the affordability of housing by seeing what proportion of each geographical area had a median house price lower than 4.5 times the average income of first-time buyers in that region.
The research showed that the most affordable area in the UK for first-time buyers is Southampton, where the average property price is £199,074 and 98% of properties are accessible to first-time buyers 3. Norwich and Nottingham are also among the UK’s affordable hotspots at second and third place, with 93% and 89% of properties in these areas being achievable to first-time buyers, as illustrated in the table below.
Although London has the highest average house prices at £534,000, it was found to be the third least affordable city. Brighton, a long-time favourite for Londoners seeking a more affordable city that they can commute from and a place by the seaside, was found to be the least affordable city for first-time buyers with average house prices of £352,000 and average annual incomes at £57,000 4.
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