Study reveals cheapest towns and cities in UK for first time buyers

There are 17 towns and cities in the UK where it’s possible to buy a flat for less than £80,000, allowing first time buyers to get on the housing ladder for just under three times the average UK salary, according to new research.

The study from online agency Housesimple looked at Land Registry figures for flats sold recently in major UK towns and cities, to find where the best value areas are for first time buyers.

The North West and the North East of England came out on top, with Burnley offering the best value for buyers. The average sold price of a flat in Burnley was just £54,161, the best priced anywhere in the UK, followed by Hartlepool at £57,659, the only other town where the average price of a flat was under £60,000.

This was followed by Middlesbrough at £63,100, Durham at £63,638, Blackpool £67,670, Preston at £74,084, Barnsley at £74,640, Stoke on Trent at £75,104, Sunderland at £75,883, St Helens at £75,946, Wigan at £76,577 and Blackburn at £76,641.

And 18 out of the 20 most affordable towns or cities in the UK to purchase a flat were located in the North of England. Stoke-on-Trent and Mansfield, both in the Midlands, were the only towns outside the North that featured in the list at £75,104 and £76,973 respectively.

There are no towns or cities in the South of England where the average sold price of a flat was less than £100,000. Swindon offers the best value in the South, with the average price of a flat under £150,000 at £140,847.

In London, there are three boroughs where the average price of a flat is under £250,000. In Havering at £232,536, Barking and Dagenham at £234,655, and Bexley at £239,366. Kensington and Chelsea was the only borough where the average sold price of a flat was over £1 million.

‘The North of England continues to offer great value for money across the board. With plenty of stock coming onto the market at affordable levels in the North West and North East, prices are just three or four times the average UK salary, so home ownership is a reality not a pipe-dream,’ said Sam Mitchell, chief executive officer of Housesimple.

‘Our research also brings into sharp relief the issues facing buyers in the South where more and more people, including young families, struggle to save a sizeable deposit to afford even a basic one bedroom flat,’ he added.