The most affordable areas in the UK for first-time buyers have been revealed, thanks to new research from the Post Office.
Post Office Money revealed today the top 10 areas in the UK for first-time buyers to get onto the housing market.
The research also revealed that the average first-time buyer will have to spend four years cutting back in order to stand a chance of getting on the property ladder.
The study of more than 1,000 first-time buyers also showed that those looking to buy for the first time have to make compromises to be able to save for their first home.
Blackpool topped the list of areas for first-time buyers, with the average house prince coming in at £112,000.
According to the research, 100 per cent of the area is affordable for buyers, with someone receiving an average of £39,000 a year able to save in four years.
Close behind Blackpool was Lincoln, with the average house price £143,950.
First-time buyers will also have to save for four years, on a salary of a slightly higher £39,834.
Other areas on the top 10 list include Hull, Rotherham, Stoke-on-Trent, Southhampton, Barnsley and Wigan.
Research by the Office for National Statistics also revealed that the average deposit for first homes in the UK last year was £51,500.
Figures varied from £21,571 in Blackpool to £173,431 in London, with 70 per cent of the deposit made up of savings.
Talking about first-time buying and the struggle it is for young people to get on the property ladder, Ross Hunter of Post Office Money commented: “While many prospective buyers choose to make lifestyle compromises as they save towards their first home, there is no ‘right way’ to reach your deposit goals.
“Some FTBs will prefer to take longer saving for a deposit rather than cut back on their monthly spending (23 per cent), whereas others will be willing to compromise on the property itself (17 per cent).
“Half of all FTBs (56 per cent) will also turn to their family for financial assistance to help build their deposit.
“One inevitable element of the house hunt that all buyers will need to contend with is finding an affordable area in which they can invest their hard-earned money.
”Post Office Money has also launched a new online tool, allowing new buyers to map out their deposit plans based specifically on property affordability in their chosen area: www.postoffice.co.uk/mortgages/this-is-my-home ”
Top 10 most affordable areas for first-time buyers
County City Average house price FTB income
Lancashire Blackpool £112,000 £39,611
Lincolnshire Lincoln £143,950 £39,834
East Yorkshire Hull £110,000 £37,840
South Yorkshire Rotherham £133,000 £37,840
West Midlands Sandwell £137,950 £41,024
Staffordshire Stoke-on-Trent £110,000 £41,024
Hampshire Southampton £210,000 £56,429
Greater Manchester Tameside £137,500 £39,611
South Yorkshire Barnsley £124,995 £37,840
Greater Manchester Wigan £130,250 £39,611
