If you are a first time home buyer in the UK, East Dunbartonshire in Scotland is the place where you will find the most affordable properties. Based on a Halifax research, the area that is just north of Glasgow has an average property price of £97,089 which is 2.6 times the gross average annual earnings for that area. In fact, 5 out of 10 of the most affordable properties can be found in Scotland with the rest located in Northern Ireland, Northern England and Wales.
In London, houses in Brent cost about 12.5 times the average amount of earnings annually making it one of the least affordable areas in London for first time home buyers. The Halifax report also revealed that the average deposit that a first time home buyer is expected to put down has more than doubled since 2007 from about £16,400 to £33, 960 in May 2016. Over the past year, the prices of homes have risen by about 12% to a UK average of £200,000.
However, in spite of the increase in property prices, the number of first time property buyers has increased by about 10% for the first 6 months of 2016. Even if first time home buyers have to face the challenges of escalating home prices and deposits, buying seems to be a more feasible option than renting because of record low mortgage rates.
Based on recent reports, it is still very difficult for people to save money and be able to buy a home. According to the English Housing Survey, first time home buyers are increasingly relying on friends or family and inheritance to be able to buy a home. In London, most first time home buyers are couples with an average age of 30 to 32. Having two incomes is most likely the best way to be able to afford a new home.
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