As London has managed to out price many would-be first time homeowners this is not stopping the trend of moving to other areas of Britain for the opportunity to buy a home. A recent survey by Post Office Money shows that up to 70% of this years first time home buyers are moving on average 26 minutes from preferred areas to get on the property ladder.
Where To Buy
To get the most value for the money home buyers usually couples combining their wage incomes are moving to locations such as Southampton, Plymouth and Norwich.
The most affordable for buyers is Southhampton where average home prices are £199,000 with an average income of £57,000 which has made 93% of the available properties to be classified as ‘affordable’.
Second in popularity with the average price of £197,000 is the Norwich home market where the home prices are 93% affordable for couples with combined incomes of £52,500. This includes the areas of Sprowston, New Catton, Mile Cross and Catton Grove.
Martyn Baum, residential manager at Arnolds Keys, told The Eastern Daily Press:
”Norwich has a huge amount to offer the FTB; namely affordable homes and stylish apartments within a safe cosmopolitan city.
“Having an influx of FTBs into the city is great news all round. They are the lifeblood to the housing market and a real boost for the local economy.”
Ranking third for best locations for first time buyers is Nottingham (East Midlands) with 89% of homes as affordable with average home prices at £128,000 and income of £40,300.
But Londoners looking for relief in first time home buying had been investing in the market in Brighton, popular for its sea views and closeness to the city. Today only 2% of the available homes can be called affordable. Average home prices are now at £352,000 on income of £57,000.
In the West Country, Bristol has long been a favoured location due to its creative arts and media business and employment market. As a result the city has seen home values increase by 14% to £268,000 with wage incomes at £45,500.
Owen Woodley, managing director of Post Office Money commented:
“With average house price growth having increased by 48 per cent since 2005, compared with an increase to the average FTB 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.”
The third least affordable is London which has the highest house price at £534,000,with combined incomes of £81,000 with just 30 per cent of homes in the city to be in reach of first-time buyers.