Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

The north is the best place to buy a home

09-Sep-2014

The north of England may be the best place for first time buyers to invest in a property, according to number of new reports.

Research from Knight Frank revealed that northern cities in the UK offer young professionals a much greater chance of getting on the housing ladder despite the region offering lower starting salaries.

Part of the reason for this is that affordability was much higher in the north of England.

A study of 25 cities across the UK shows that Durham is the most affordable city to buy a home, followed closely by Nottingham and Liverpool. 

Commenting on the research, Grainne Gilmore, head of UK residential at Knight Frank, said: "London holds a lure for graduates and young professionals as job creation is higher in the Capital than elsewhere. But graduate vacancies are starting to rise across the UK on the back of stronger economic performance.

"Our snapshot of some key UK cities shows that for young people keen to buy a home, their ability to climb onto the ladder is greater if they move to the North of England, even if their comparable earnings are more modest than those living in the South."

Rental yields

A separate survey from BM Solutions, revealed investors looking for top buy-to-let yields are better off buying property in the north-west, north-east and the West Midlands where average rental yields are 6.4 per cent.

Landlords can also expect yields of six per cent in Wales, followed by 6.3 per cent in the East Midlands, 6.2 per cent in Scotland and six per cent in the south-west. 

On the other hand, London and the south-east were recorded as the worst places for landlords to enjoy high returns from renting out a property.

The report suggested that the high cost of housing in London and the south was encouraging more first time buyers to look elsewhere for a property.

Similar research published by the Mistoria Group, showed that landlords who purchase buy-to-let properties are much more likely to enjoy better returns than they would in other parts of the country.

Scotland

In Scotland, it is becoming more and more affordable for first time buyers to purchase more expensive properties.

Findings published by CKD Galbraith, showed that many estates in Scotland - some of which include residential, sporting and renewable - can be purchased for as little as £1 million.

In contrast, £1 million in London in some cases would only get you a house that is just above average.

First time buyers are generally earning more in Scotland as well, with wages in Glasgow, Aberdeen and Edinburgh. 
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