Preston Named Among Cheapest Places to Get on Property Ladder in the UK by Rightmove

Preston Named Among Cheapest Places to Get on Property Ladder in the UK

If you are looking to buy your first home and are on a budget, look no further than Preston! According to a recent study by Rightmove, Preston has been identified as one of the most affordable cities in the UK for first-time buyers to get on the property ladder.

The average asking price for a first-time buyer-type property with two bedrooms or fewer in Preston is around £112,273. This means that with a 20% deposit, a typical first-time buyer in Preston could pay approximately £416 per month in mortgage costs, as calculated by Rightmove.

Compared to other cities in the UK, Preston is quite competitive in terms of affordability. Aberdeen was named as the least expensive city for first-time buyers, with an average asking price of £102,601 and around £406 per month in mortgage costs. Meanwhile, for those looking to rent instead of buy, Carlisle has an average advertised rent of £607 per month, making it a relatively affordable option.

The study looked at over 50 cities across Britain and made certain assumptions about mortgage costs. It found that the cost of renting a two-bedroom or smaller home has increased by 39% in the last five years, compared to a 19% jump in the cost of buying such a property.

According to Tim Bannister, a property expert at Rightmove, the soaring costs of renting have made buying a more attractive option for many people, even with higher mortgage rates. Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments.

In addition to Preston, other affordable cities for first-time buyers include Bradford, Sunderland, and Hull. On the other hand, London was listed as the most expensive city in the UK for first-time buyers, with an average asking price of £501,934 and monthly mortgage costs of £1,862.

So, if you are looking to take the plunge into homeownership, consider exploring the property market in Preston for a more affordable option to get on the property ladder.