Rightmove’s analysis of average asking prices in 60 British cities has revealed the five cities where first-time buyers can find properties for less than half the national average.
Bradford, crowned as the City of Culture for 2025, offers the cheapest options for first-time homebuyers. The average asking price for a suitable property here is £104,643.
This leads to an average monthly mortgage payment of £521 for buyers with a 10% deposit, over £100 less than the average rental payment in the city.
Following Bradford, Carlisle, Aberdeen, Hull, and Dundee also boast affordable options for first-time buyers.
With average property prices ranging from £104,784 to £111,415, these cities offer significantly lower monthly mortgage payments compared to the average rental costs in the respective cities.
Tim Bannister of Rightmove said: “For those who are able to save up the deposit, it’s still cheaper to pay off a mortgage as a first-time buyer in many areas than pay the equivalent in monthly rent, despite prices reaching a new record at a national level and mortgage rates rising.”
Bannister attributes the shift back towards cities to the fierce competition in the rental market. He added: “It helps to explain why we’re seeing such determination from first-time buyers to continue to get onto the ladder, despite the wider economic pressures that they face.” attractive to first-time buyers.
