New figures looking at how easy it is to get on the property ladder in different parts of the country have tracked down the places buying a first home is a relative breeze.
Post Office Money took a look at 80 places, comparing how much homes were selling for and what first time buyers earnt.
Worryingly, in eight of the places they looked at there were no homes on the market that could be afforded by a typical buyer, unless they had help.
By contrast, in three regions every single home for sale was within reach of the typical buyer.
Post Office Money’s Ross Hunter said: “While we may be seeing the first in dications of a ‘buyer’s market’, we still know that saving for and ultimately purchasing a home is a difficult process.
“Finding which areas are most affordable in cities local to you is key to making a personal plan of action. “
The most affordable place in the country was Blackpool – where the average property price is £ 110, 000, compared to the average first-time buyer household income £ 40, 053 in the North West, meaning 100% of properties in the area are deemed affordable to new homeowners.
But it wasn’t the only place where nothing was out of reach – with 100% of homes for sale in Lincoln and Hull also considered affordable to people buying their first home.
At the other end of the scale, Warwick, Guildford and Woking ranked lowest for affordability – with no homes found w ithin a first-time buyer’s reach.
Oxford, Watford, Brighton and Hove, Cambridge and York also scored a 0 when it came ot the percentage of homes that locals
The place with the biggest shift in affordability was Rotherham – where the number of affordable properties has shrunk by a fifth.
At the other end of the scale, house hunters in Ipswich have seen the most opportunity over in the past year as the percentage of homes within reach in the town rose 6% increase to (%.)
The best returns on investment, however, were in Nuneaton and Bedworth in the West Midlands, where people lucky enough to buy have seen values rise 11% to £ 179, 995.
Read More
Schemes to help First time Buyers get on the ladder
There was some good news for people looking to buy within commuting distance of London though.
While home county towns like Guildofd and Woking scored low, one of last year least affordable locations- Reading – saw a 6% rise in the number of properties that are affordable for first-time buyers.
It was the same story for people looking to buy withing easy reach of Manchester – where Wigan and Oldham saw 90% and 88% of homes classed as “affordable”, compared with 61% in Manchester itself, possibly thanks to an increase in housing stock and affordable home schemes in both areas.
GIPHY App Key not set. Please check settings