Nottingham named in top 3 cities for first-time buyers
Research conducted by Post Office Money has found that almost 90 per cent of Nottingham’s properties are suitable for first-time buyers (FTB), placing it third in the UK for affordability.
With the average house price in Nottingham being £128,000, it has been cited above the likes of Liverpool, Leeds and Birmingham as the perfect place for FTBs to get a foot on the property ladder – with 89 per cent of homes being deemed affordable for the average FTB.
“These findings do not surprise me at all,” said Joe Hargreaves, property consultant at FHP Living.
“Nottingham is a fantastic city for FTBs – not only in terms of property prices but also in terms of quality of life and general affordability.
“Mortgages are now more affordable than ever and require a very minimal deposit – which is ideal for FTBs,” continued Joe.
The affordability of 14 of the UK’s largest cities was calculated by assessing housing stock’s value compared to the average income of FTBs in the region – house prices carrying a price tag of more than 4.5 times an FTB’s average income were deemed unaffordable.
“Brighton came out at the bottom of the table, with only 2 per cent of properties being affordable for FTBs and the average house price being £352,000 – more than twice what it is in Nottingham. Those looking to purchase their first home after moving out from living with parents are being priced out of their own city, which is ridiculous.
“We’ve never had this issue in Nottingham – with such a wide range of properties available it’s a great city to buy and indeed invest in.
“Property prices have increased in the East Midlands by an average of 5.7 per cent year-on-year, so FTBs can be safe in the knowledge that their first home will not only be an exciting personal accomplishment but will also be a solid investment,” added Joe.