Nottingham is one of the most affordable cities for first-time buyers


Published : 1st September 2017

News

Getting your foot on the first rung of the property ladder can seem like a daunting prospect at the best of times, more so when relatives tell you tales of property doom-and-gloom and stories of what they could afford in their day.

There’s good news though for house-hunters in Nottingham, after a new survey has revealed that the city ranks third in the UK for affordability.

Post Office Money found that almost 90 percent of the properties in Nottingham are suitable for first-time buyers, with an average price of £128,000.

Our fair city ranks above Leeds, Birmingham and Liverpool, with Brighton performing the worst, with only two percent of properties being affordable and an average house price of £352,000.

Affordability was calculated by comparing house prices against the average income of first time buyers in the region. Any houses with a price tag of more than 4.5 times the average income were deemed unaffordable.

“These findings do not surprise me at all,” said Joe Hargreaves, property consultant at FHP Living. “Nottingham is a fantastic city for first-time buyers – not only in terms of property prices but also in terms of quality of life and general affordability.”

“Mortgages are now more affordable than ever and require a very minimal deposit” continued Joe.

London and Brighton see first-time buyers being priced out of their own cities. “We’ve never had this issue in Nottingham – with such a wide range of properties available it’s a great city to buy and indeed invest in.”

“Property prices have increased in the East Midlands by an average of 5.7 per cent year-on-year, so FTBs can be safe in the knowledge that their first home will not only be an exciting personal accomplishment but will also be a solid investment,” added Joe.

Source:- http://www.nottinghampost.com/news/property/nottingham-one-of-affordable-cities-335865