Newcastle is the best place for buyers to purchase their first home in the UK, Mojo Mortgages research indicates.
This is based on the monthly mortgage cost in comparison to an area’s average income.
Other good areas are Aberdeen, Belfast, Stoke-on-Trent and Hull.
The price per square metre in Newcastle is £1,650, making it cheaper than any other city in the UK, and the average mortgage payment is just 29.05% of a buyer’s income.
Richard Hayes, chief executive and co-founder of Mojo Mortgages, said: “Getting on the property ladder as a first time buyer is notoriously difficult, unless you happen to have a few grand stashed away in your savings account or can ask the Bank of Mum and Dad to help with the deposit.
“Our first time buyer index gives potential homebuyers the chance to see where they could buy, and what’s affordable for them in some of the most popular towns and cities in the UK.
“What’s more, if they think they need some help in getting mortgage ready, our MortgageScore service can really help them to understand how a lender sees them and what they need to do to get the best possible mortgage.”
Surprisingly, Derby, Northampton and Liverpool were found to be some of the most expensive places to purchase for first-time buyers.
The cost of a property based on the price per square metre is relatively high in these areas, while the average salary is relatively low.
