Bath is the best city in the UK for first time buyers to get on the housing ladder with job opportunities and good disposable income helping those seeking to get on the housing ladder, new research has found.
London is the worst location for first time buyers due to high property prices while Oxford has become less affordable, according to the research from MoneySupermarket which ranks 35 cities against important factors for first time buyers, including jobs, salaries, disposable income and prices
Bath has moved from second to first place over the last year and the report says this is due in part to an improvement in job opportunities, while Wolverhampton is second, followed by Chester, Aberdeen and Derby. Oxford has fallen from first to eighth.
After London the next worst place for first time buyers is Birmingham, followed by Sheffield and Leicester with Edinburgh making up the bottom five cities in the rankings.
Worst five cities for first-time buyers:
Cardiff has also fallen down the rankings, from 10th to 28th place, while Brighton has jumped up 10 places to 12th position due to a 28% increase in income score.
According to Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, buyers need to look at a range of factors. ‘As well as looking at house prices in your area of choice, measures such as crime rates and local job opportunities can help inform your decision and ensure you’re in the location best suited to you,’ she said.
‘It’s also important to start thinking about your credit score, as mortgage lenders will check your credit history to see whether you’re a reliable borrower and will use this and its affordability assessment to decide how much you can borrow,’ she explained.
‘If buyers are willing to be flexible, they can stand a better chance of buying somewhere they can afford, without sacrificing a good standard of living. Shopping around for the best mortgage is also crucial, to make sure you’re on a plan that works for you,’ she added.
