Nelson in Lancashire is the cheapest place in Britain for first-time buyers to get on the property ladder.
According to the Halifax, the town tops the league of the UK's most affordable first-time homes because buyers have to borrow the least amount for a mortgage, in ratio to wages, as reported by This Is Lancashire in an article by Andrew Hewitt published on their website.
Incomes of people buying a first house in Nelson are £30,660, with the average house price being £103,465, said the Halifax. This means people have to borrow 3.4 times their wage to buy a house.
Bradley ward councillor Mohammed Iqbal said he was surprised by the findings: "I think the wages have been exaggerated. I am surprised they are saying the average wage is £30,000, when the average wage for a manual worker, which most people in Nelson are, is about £15,000. I am still surprised we are the cheapest in the country. House prices have risen a lot over the last few years, particularly terrace houses. Clearly it is positive if house prices are going up, but it is a concern for young people wanting to buy a property."
For the first time this year, the average first-time buyer house price was more than £100,000 in every region of the UK. The most expensive place for first-time buyers is Gerrards Cross in Buckinghamshire, where people have to borrow 16.7 times their wages of £43,422 to afford the average home, which costs £724,594. Nationally, the average cost of a first-time house rose 11% in the last year, from £137,122 to £151,565.
The survey findings were based on its information, data from councils, other lenders, the Office for National Statistics, and the Department for Communities and Local Government.
