Buying a house is no easy task. Then factor in the cost-of-living crisis and sky-high inflation for the past two years, and you're talking almost impossible for many.
One overriding factor that remains regardless of market conditions is where you currently live - and where you want to live.
Really, it should come as no surprise that some areas of the United Kingdom fare much better than others when it comes to costs, with the North vs. South divide playing somewhat of a role in this, according to new research anyway.
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The research, from free mortgage broker L&C Mortgages, has crunched government data to reveal the most affordable places to buy that first home you've been desperately trying to secure.
And on the flip side, it also gives us the most expensive places to get on the housing ladder.
Ranking in first place for the best area is East and North Ayrshire in Scotland, which gives first-time buyers the chance to live in an idyllic Scottish town for an affordable price. The median monthly salary for this area is £2,268; only slightly lower than the UK average of £2,322.
And on top of this, the area shines with a remarkably low median first-time buyer house price of just £103,453, the lowest in the UK.
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Perhaps unsurprisingly to some, Kensington & Chelsea and Hammersmith & Fulham topped the list as the least cost-effective areas for first-time buyers.
The area’s median first-time buyer house price was a staggering £792,899, with monthly earnings of just £3,261.
This means it is officially the most challenging and inaccessible market for first-time buyers in the UK.
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See a round-up of the best and worst 10 places below:
The best 10 UK areas for first-time buyers
Includes the local authority areas followed by median wages and average first-time buyer house prices
- East Ayrshire and North Ayrshire mainland - £2,268 and £103,453
- North Lanarkshire - £2,355 and £112,166
- Durham CC - £2,229 and £111,454
- South Lanarkshire - £2,432 and £127,974
- Inverclyde, East Renfrewshire and Renfrewshire - £2,390 and £151,264
- Aberdeen City and Aberdeenshire - £2,471 and £136,179
- Hartlepool and Stockton-on-Tees - £2,227 and £125,088
- Sunderand - £2,134 and £120,716
- Falkirk - £2,406 and £138,730
- South Ayrshire - £2,222 and £129,357
The worst 10 UK areas for first-time buyers
Includes the local authority areas followed by median wages and average first-time buyer house prices.
- Kensington & Chelsea and Hammersmith & Fulham - £3,261 and £792,899
- Westminster - £3,365 and £789,208
- Camden and City of London - £3,252 and £722,480
- Haringey and Islington - £2,845 and £591,780
- Hackney and Newham - £2,450 and £496,814
- Brent - £2,353 and £448,808
- Hounslow and Richmond upon Thames - £2,721 and £510,727
- Barnet - £2,568 and £473,821
- Redbridge and Waltham Forest - £2,522 and £450,199
- Enfield - £2,289 and £395,180
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Other areas outside of London that rank within the top twenty-five most expensive regions include Brighton and Hove, East Surrey, Buckinghamshire County Council, West Essex, West Kent, West Surrey, and Bristol.
One expert from L&C Mortgages said: “As house prices have rapidly increased across the UK in recent years, the affordability challenges have only grown.
“Identifying regions with favourable house-to-income cost ratios shows just how regionalised affordability can be and highlights how some first-time buyers may find it easier to get on the property ladder than others.
"Scotland features high up in the list of areas offering numerous areas with more affordable housing prices when compared to earnings. On this metric, it looks to have a solid status as the top UK area for affordability for prospective homeowners.
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“Unsurprisingly, London dominated the list of areas where first-time buyers may find it hardest to get on the ladder, highlighting the mismatch between house prices and average earning.
"Additionally, the ranking highlighted the most cost-effective regions in England for first-time buyers were largely to be found in the North East, with Hartlepool, Stockton-on-Tees, and Durham County Council leading the pack. That will be welcomed by first-time buyers looking in those areas, and although never easy to get on the ladder, it could at least offer hope to those saving toward their first purchase."
Topics: Home, UK News, Money, Cost of Living, London
Tom Earnshaw