UK’s most affordable place for first-time buyers to buy a house revealed

There is an important tip for first-time buyers

For many aspiring homeowners, getting their own house in their 20s may seem unattainable, but in some parts in Britain, analysis by a major mortgage leader has found that 27 is the average first-time buyer age.

According to Lloyds, a picturesque countryside in the north west of England has an average first-time buyer age of 27.

Llodys revealed that the Ribble Valley in Lancashire has an average age five years younger than the average age across the UK, which is 32.

Places where the average first-time buyers age is slightly over 27 include nearby Pendle, as well as South Staffordshire in the West Midlands.

In locations including north Norfolk and mid-Suffolk in eastern England, the average first-time buyer age is just a touch older, at around 28.

This puts homeownership within reach for you if you belong to the Gen Z demographic.

In London, meanwhile, Barking and Dagenham was found to be the most affordable area for you if you’re a first-time buyer.

The least expensive locations to buy a home

In addition to the youngest typical first-time buyers, Lloyds also looked at the least expensive locations in the UK for people getting on the property ladder.

As the least expensive location, analysis identified East Ayrshire in Scotland, while looking at the average price paid by people buying their first home.

Lloyds said that the average first-time buyer price in East Ayrshire is £147,353, adding that the area is well connected to Scotland’s central belt, with routes into Glasgow and nearby employment hubs.

“Our research shows there are still genuine pockets of value for first‑time buyers, particularly for those with an open mind who are willing to be flexible on location and property type”, Amanda Bryden, head of mortgages at Lloyds said.

“With ongoing cost-of-living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious.”

“But there are opportunities out there, and for many buyers, that flexibility can make a real difference”, she added.

Average house prices were calculated covering the 12 months to February, and the research is based on Lloyds Banking Group’s housing statistics database, drawing on mortgage approval data from customers of Lloyds Bank, Halifax and Bank of Scotland.

As a general tip, Bryden suggested that first-time buyers should do their research on the home-buying process, speak to a mortgage professional early on and consider the different types of support available.

The top 10 areas with the youngest average UK first-time buyer ages (with the average age and the average price)

• Ribble Valley, North West, 27.0, £219,980
• South Staffordshire, West Midlands, 27.8, £259,678
• Pendle, North West, 27.9, £188,136
• Rutland, East Midlands, 28.1, £281,130
• Cannock Chase, West Midlands, 28.3, £213,399
• North Norfolk, Eastern England, 28.4, £242,318
• Staffordshire Moorlands, West Midlands, 28.5, £219,616
• Chorley, North West, 28.7, £221,232
• =Mid Suffolk, Eastern England, 28.7, £289,372
• Westmorland and Furness, North West, 28.8, £212,848

Top 10 least expensive areas for UK first-time buyers (with the average price for a first-time buyer home)

• East Ayrshire, Scotland, £147,353
• Inverclyde, Scotland, £149,929
• Blackpool, North West, £150,780
• Kingston upon Hull, Yorkshire and the Humber, £151,171
• Na h-Eileanan Siar, Scotland, £155,300
• Hyndburn, North West, £155,911
• Clackmannanshire, Scotland, £156,041
• Merthyr Tydfil, Wales, £156,498
• South Tyneside, North East, £157,551
• West Dunbartonshire, Scotland, £159,437

The most affordable areas for first-time buyers in each UK region (with the average price for a first-time buyer home)

• East Midlands, Bolsover, £191,564
• East of England, Great Yarmouth, £236,447
• London, Barking and Dagenham, £363,748
• North East, South Tyneside, £157,551
• North West, Blackpool, £150,780
• Northern Ireland, Mid and East Antrim, £175,308
• Scotland, East Ayrshire, £147,353
• South East, Gosport, £228,617
• South West, Plymouth, £216,166
• Wales, Merthyr Tydfil, £156,498
• West Midlands, Stoke-on-Trent, £171,569
• Yorkshire and the Humber, Kingston upon Hull, £151,171

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