A new research says Nottingham, Southampton and Norwich are three of the most affordable places for those looking to buy their first property.
The report was put together by Post Office Money and revealed that Southampton is the most affordable place in the UK right now with an average property price of £199,074 and an overall property affordability of 98%.
The bigger surprise was that the study didn’t name London as the least affordable place to live, as Brighton ranked even worse, with an average property price of £352,303.
The report also showed that for many first-time buyers compromise is the key to finally securing their new home. It said that 70% of respondents ended up an average 26 minutes further away from their originally chosen location.
A total of 16% was lucky enough to not have to compromise at all whilst another 5% said they compromised on a garden and 3% compromised on parking availability.
Owen Woodley is the managing director at Post Office Money and said:
“With average house price growth having increased by 48 per cent since 2005, compared with an increase to the average first-time buyer income of only 37 per cent over the same period, there is no question that the UK housing market remains a challenging environment for many. In spite of this we’re seeing that first time buyers approach the market with enthusiasm and flexibility.”
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