New data has revealed that Brighton is the least affordable place in the country for first-time buyers, with only 2 per cent of properties in the city affordable for new buyers.
The research was conducted by Post Office Money and looked into the affordability of homes in 14 of the UK’s largest cities.
Each city’s affordability was calculated by looking into the proportion of each area with a median house price under 4.5 times the median income of first-time buyers in that area.
It would be natural to assume that London would be the least affordable area of the country for first-time buyers, however the research suggests that Brighton is more expensive, with an average house price of £352,303.
Bristol was another particularly expensive area to buy a first home, with an average asking price of £268,070 and 29 per cent of properties ranked as affordable.
While London may not be the least affordable, the capital doesn’t fare well in the rankings. Only 30 per cent of homes in London are affordable for first-time buyers, with the average asking price at £534,272.
Southampton was ranked as the most affordable area, with 98 per cent of properties considered affordable. Nottingham and Norwich are also considered to be affordable with 89 and 93 per cent of properties affordable respectively.
Owen Woodley of Post Office Money said: “Our data shows that almost two-thirds (62 per cent) of home sales are still in areas across the country that remain within reach for those looking to take their first steps on the property ladder, and first-time buyers can really benefit from thinking outside the box to realise their property aspirations.”
