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What can first time buyers expect to get for their money?Finance July 8, 2015 - 11:34 am No Comment
It’s no secret that getting on the first rung of the property ladder can be an extremely difficult task, with many first time buyers struggling to meet the high costs involved with purchasing their first home.
According to Rightmove first time buyers can now expect to pay an average of £169,414 to get their foot on the ladder – that’s an increase of 7.6 per cent on last year’s figures. A recent report by The Independent also revealed that unaffordable housing is forcing first time buyers out of the home towns they’ve grown up in and love.
So, what can first time buyers expect to get for their money?
Reports claim that those hoping to buy in the notoriously expensive London need to be earning a whopping £77,000 a year to afford the capital’s average house price of £384,856. However, if the national average of £169,414 is more in your price range, you’re likely to be looking at a one bedroom flat in north London or The Isle of Dogs. The sizes may be “bijou” but many would argue that the lack of space is a small price to pay for the opportunity to live so close to the big city and all it has to offer.
A quiet life
If you enjoy the open air, a slow pace of living and love the sea, perhaps a house across the Solent may be of interest? You can buy a spacious three bed semi in the more rural/coastal parts of the Isle of Wight, offering outside space and with a beach never more than 20 minutes away. You can expect to get a lot more for your money than if you buy around the nearby commuter belt of the south east.
Go up north
Moving further up north to Cumbria, you could enjoy a three bedroom detached property in areas such as Wigton or Windermere. Prices generally are lower in the north with many areas such as Leeds in Yorkshire or the suburbs of Newcastle offering semi-detached or terraced properties with a garden for the average asking price. However, you may find that prices begin to rise the closer you get to the city centre – notably in the larger cities such as Leeds, where you could possibly purchase a two bedroom apartment for the same price as a house several miles down the road.
How are you finding prices in your area? Do you plan on buying closer to home, or do you have to look elsewhere for something more affordable?
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