Aberdeen Tops the List as Most Affordable City for First-Time Buyers
Rightmove’s latest analysis reveals Aberdeen as the most budget-friendly city for aspiring homeowners looking to step onto the property ladder. With an average asking price of £102,601 for a two-bedroom or smaller property, Aberdeen offers a welcoming opportunity for first-time buyers. A 20% deposit would translate to roughly £406 in monthly mortgage payments, making it an attractive option for those seeking affordability.
Carlisle Stands Out for Affordable Renting
When it comes to renting, Carlisle takes the spotlight as the most affordable city, with an average rent of £607 per month. This is significantly lower than the national average and provides renters with a cost-effective option.
Exploring the Pricier End of the Spectrum
On the other end of the spectrum, St Albans in Hertfordshire emerges as the most expensive city for first-time buyers outside London. Its proximity to London and historical charm come with a premium, as do Cambridge and Winchester. Oxford, known for its prestigious university, ranks as the costliest city to rent outside of London.
Key Market Trends
The study highlights a concerning trend: the cost of renting has outpaced the growth in purchasing costs for similar-sized properties. Over the past five years, renting has seen a staggering 39% increase, while purchasing has risen by a more modest 19%.
Expert Insights
Tim Bannister, Rightmove’s property expert, emphasizes the allure of buying despite rising mortgage rates, stating, “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.”
Most Affordable Cities for First-Time Buyers
1. Aberdeen: £102,601
2. Bradford: £107,929
3. Sunderland: £111,263
4. Carlisle: £111,268
5. Preston: £112,273
Most Expensive Cities for First-Time Buyers Outside London
1. St Albans: £391,964
2. Cambridge: £361,429
3. Winchester: £344,638
4. Oxford: £338,085
5. Brighton: £335,402
Most Affordable Cities to Rent
1. Carlisle: £607
2. Hull: £638
3. Sunderland: £648
4. Stoke-On-Trent: £701
5. Doncaster: £707
Most Expensive Cities to Rent Outside London
1. Oxford: £1,561
2. Cambridge: £1,533
3. St Albans: £1,509
4. Brighton: £1,468
5. Bristol: £1,336
