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Southampton named as most affordable location for first time buyers

Oct 2, 2017

A recent survey by HSBC revealed that UK millennials, ie those born between the early eighties and the mid-to-late nineties, are less likely than their counterparts in other countries to own a home.  But there lies hope, and it lies in Southampton!

Post Office Money recently interviewed more than 1,000 people who have bought their first property in the last two years.  According to the survey, Southampton came top of the list when considering the most affordable housing, with the average property price being £199,074, and 98% of properties being affordable to first time buyers.  The survey also showed that first time buyers are increasingly travelling to new areas of the country to find a home they can afford, with seven in ten saying they settled on a home an average of 26 minutes from their original desired location. 

The full list is as follows:

 

Location

Average property price

% of properties affordable for first time buyers

1

Southampton

£199,074

98%

2

Norwich

£196,987

93%

3

Nottingham

£128,192

89%

4

Liverpool

£121,374

87%

5

Plymouth

£167,477

85%

6

Manchester

£153,590

84%

7

Birmingham

£165,149

79%

8

Sheffield

£154,481

74%

9

Newcastle

£162,010

72%

10

Leeds

£170,927

65%

11

Cardiff

£191,582

46%

12

London

£534,272

30%

13

Bristol

£268,070

29%

14

Brighton

£352,303

2%

Sarah Brooks, Residential Conveyancing Partner, commented, “This is very encouraging to see, and promotes Southampton as a viable option for first time buyers.  There are two issues first time buyers currently face; firstly raising the deposit to buy a property and secondly the unbalanced supply and demand of properties.  There are many options now for first time buyers when it comes to raising funds, such as Help to Buy ISAs or shared ownership schemes, and while the average price in Southampton is higher than some, this shows we have more properties within reach for first time buyers.

“There are many considerations first time buyers will need to bear in mind; you need to consider the property itself and what comes included, for example whether you need a garden, garage, car park spaces etc.  It is also the location itself under the microscope and what you deem as important, for example transport links, schools, night life, crime rates, potential future redevelopments, and it may be that people are looking slightly out of their number one area in order to afford a property.  The first hurdle is getting on to the property ladder, and it’s clear to see that Southampton is an ideal location to do just this.” 

If you are a first time buyer, or you are looking to step onto the property market, you can find out Warner Goodman’s top tips on their section of the website here.  Or you can contact the team in Southampton by phoning 02380 717439 or emailing conveyancingquote@warnergoodman.co.uk.

 ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.