St Albans, a picturesque city in Hertfordshire, has been named the most expensive city for first-time buyers outside of London by Rightmove. Its allure lies in its quaint streets, impressive landmarks, and vibrant community. However, this desirability comes at a cost, with the average asking price for a property reaching £635,680. Terraced homes, the most popular property type, command an average price of £556,293, while flats are priced at an average of £391,964. This translates to a typical monthly mortgage payment of around £1,454 for a 35-year term.
Despite its premium prices, St Albans offers an exceptional quality of life. The city boasts excellent schools and an impressive number of pubs per square mile, including The Six Bells, The Boot, and The Blacksmith Arms, renowned for their lively atmosphere. Verulamium Park, home to Roman ruins, provides a tranquil retreat alongside the picturesque lake, where one can enjoy a bite at Ye Olde Fighting Cocks, the oldest pub in Britain.
For culinary enthusiasts, Hatch offers an exquisite breakfast experience, while The Beech House tempts with its affordable and delectable dinner menu, having hosted celebrities such as Zendaya and Tom Holland. The Prae Wood Arms, situated on the prestigious Prae Wood estate, is another culinary destination worth exploring. St Albans also caters to discerning shoppers with an array of top-notch boutiques, including Anthropologie, Reiss, Whistles, and The White Company, nestled alongside charming independent stores on George Street.
Commuting to London is a breeze, with St Albans City station offering direct trains to London St Pancras in just 20 minutes. This accessibility further enhances the city’s appeal. Cambridge follows closely behind St Albans as the second most expensive city for first-time buyers outside London, with the average flat costing £361,429 and an average monthly mortgage payment of £1,341. Winchester, Oxford, and Brighton round out the top five at £344,368, £338,085, and £335,402 respectively.
In contrast, Aberdeen stands as the most affordable city for first-time buyers, with flats priced at an average of just £102,601, resulting in a modest monthly mortgage repayment of £406. This vibrant Scottish city offers a harmonious blend of urban amenities and coastal charm, featuring a picturesque harbor where one can witness ships docking and glimpse dolphins. Surfing enthusiasts can indulge their passion at the city beach. Aberdeen’s rich heritage is showcased in its two charming Old Towns, adorned with stunning cottages and a 15th-century cathedral.
The data presented assumes certain mortgage costs, including a 20% deposit for first-time buyers in Scotland and Wales and a 25% deposit for those in England, reflecting industry averages for deposit sizes. Additionally, it assumes five-year fixed-rate mortgages at average rates. Bradford emerged as the second most affordable city for first-time buyers, with an average asking price of £107,929. This West Yorkshire city is home to The Alhambra Theatre, renowned for showcasing popular West End productions like The Lion King and War Horse.
In conclusion, St Albans stands as a desirable location for first-time buyers seeking a charming and well-connected city, albeit at a premium price. However, those seeking a more affordable entry into the property market may consider exploring cities like Aberdeen or Bradford, which offer a more budget-friendly path to homeownership.
