Jobs permitting, those looking to get on the property ladder may start flocking to Aberdeen, as a report has found it is the most affordable city to be a first-time buyer (FTB)1.
Under the assumption that a FTB home has two bedrooms or fewer, the average asking price for a property in Aberdeen is £102,601. Bradford and Sunderland are the next cheapest cities to purchase a first home, with average asking prices of £107,929 and £111,263 respectively. The national average price of a FTB home currently stands at £227,110.
Latest data2 shows that the average FTB in Scotland and Wales has a 20% deposit, while in England it is 25% and that more FTBs are taking on longer mortgage terms which they may well be paying off into retirement. It’s important to remember that while longer mortgage terms might make repayments more affordable in the here and now, you will end up paying off more overall in interest.
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1Rightmove, 2024, 2UK Finance, 2024
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