The best city to be a first-time buyer

Research has revealed the least and most expensive cities to be a first-time buyer (FTB) in the UK.

Aberdeen came out on top as the cheapest, as a typical home costs £102,601¹ (assuming that an FTB property has two bedrooms or fewer). The average monthly mortgage payment is £406 if the borrower has a 20% deposit and a term of 35 years.

London is the most expensive city, with a first home usually costing £501,934. St. Albans follows behind as the priciest place outside of the capital – the average asking price for an FTB is £391,964 and monthly payments are typically £1,454. This is also with a 25% deposit, which is the average in England.

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Your home may be repossessed if you do not keep up repayments on your mortgage

¹ Rightmove

8 July, 2024

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