Getting even a fingertip on the property ladder right now just feels like a whole load of faff with very little pay off. I mean, good for you guys getting your first home and all. Congrats.
But for some of us, *ahem* in London, it feels virtually impossible.
It’s not all doom and gloom though, as the Office for National Statistics (ONS) revealed that the average UK house price decreased by a whole 0.1 percent in the 12 months to September 2023.
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In England, the average house price lowered to £310,000, going down to £215,000 in Wales and down to £195,000 in Scotland.
So, if you are looking to get yourself out of your childhood room or out of the chokehold of your evil landlord, there is hope.
And to help you out, Halifax has tipped off the area where you’re most likely to get a foot on the property ladder.
To work this out they used first-time buyers’ priorities which include links to major cities, proximity to green spaces and access to good schools.
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So, drumroll… the best place right now to get your first place according to the UK bank is up in the northeast.
On the edge of East Yorkshire and once the city of culture, Hull is apparently the spot to be picking up those sacred new keys.
According to Halifax’s findings, the average house price in the city is £156,509.
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Compared to the rest of the northeast, Hull is a whopping 23 percent cheaper.
Not far from the glorious coast, the city also isn’t too far from other big cities.
Although you’d be relying on your train actually being on time, a ride over to Leeds takes less than an hour, just over to get to York, 50 minutes to good old Doncaster and about one hour and 20 minutes over to Sheffield.
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Other cities listed by Halifax that are ideal for first time buyers at the moment include Middlesbrough, Neath Port Talbot, Derry City and Strabane, Falkirk and Ipswich.
Kim Kinnaird, mortgages director at Halifax, said: “Despite fluctuating house prices, the desire to buy a first home isn’t going away, with almost nine in 10 young people keen to get on the property ladder.
“There’s an appetite from under-35s to consider more affordable areas further afield, so we’ve identified up-and-coming locations that prospective first-time buyers might do well to look into.”
Well, if you’re wanting to get yourself a new house you better get up to Hull.
Jess Battison