UK's cheapest cities to buy your first home in 2024 - including area near Greater Manchester
The cheapest UK cities to buy your first home have been revealed by Rightmove. New analysis from the UK’s biggest property website has revealed that Aberdeen is the most affordable city to be a first-time buyer this year.
The average house price for a typical first-time buyer type property, one that is two bedrooms or fewer, in Aberdeen is currently £102,602, with the average monthly mortgage payment now £406 per month. This assumes a first-time buyer in Aberdeen puts down a 20 percent deposit and has chosen to repay their mortgage over 35 years, at the current average five-year fixed rate of 4.84 percent.
According to Rightmove's data, Bradford is the second cheapest city to be a first-time buyer, with an average asking price of £107,929, and Sunderland is the third cheapest at £111,263.
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In contrast, London is most expensive city to buy your first home, with the average two-bedroom home or smaller costing £501,934. This is followed by St.Albans at £391,964 and Cambridge where a first-time buyer property is priced at around £361,429. Data from UK Finance shows that the average deposit size in Scotland and Wales is 20 percent, while in England it is 25 percent, and that more first-time buyers are choosing longer repayment terms to improve their affordability.
The average monthly mortgage payment for a typical first-time buyer type property in Great Britain is currently £53 more than this time last year. Despite average mortgage rates currently being slightly higher than at this time last year, there has been more stability since rates peaked in July 2023, which has helped those looking to move at the start of