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Britain’s cheapest places for first-time buyers revealed
BRITAIN’S cheapest locations for first-time buyers have been revealed – with average house prices from just £147,353.
The average age of first-time buyers in some of the most affordable spots in the UK is as low as 27, according to a new research by Lloyds bank.
East Ayrshire in Scotland was identified as the least expensive location, looking at the average price paid by people buying their first home.
The average price for first-time buyers there is £147,353, Lloyds said, adding that the area is well connected to Scotland’s central belt, with routes into Glasgow and nearby employment hubs.
It was followed by another Scottish location – Iverclyde – with average prices at £149,929.
Blackpool came in third place, with the average first-time buyer paying £150,780 for a property.
These are the most affordable areas for first-time buyers in each UK region:
- East Midlands, Bolsover, £191,564
- East of England, Great Yarmouth, £236,447
- London, Barking and Dagenham, £363,748
- North East, South Tyneside, £157,551
- North West, Blackpool, £150,780
- Northern Ireland, Mid and East Antrim, £175,308
- Scotland, East Ayrshire, £147,353
- South East, Gosport, £228,617
- South West, Plymouth, £216,166
- Wales, Merthyr Tydfil, £156,498
- West Midlands, Stoke-on-Trent, £171,569
- Yorkshire and the Humber, Kingston upon Hull, £151,171
Lloyds also looked at the places with the youngest first-time buyers in the country, where Gen-Z are getting on the property ladder.
The Ribble Valley in Lancashire came out on top, with an average first-time buyer age of 27 – five years younger than the average age across the UK of 32.
Homes here cost an average of £219,980.
South Staffordshire in the West Midlands also has an average first-time buyer age of 27 (with homes costing £259,678 on average) as well as Pendle in the North West of the country (at £188,136 for an average home).
Thee are the top 10 areas with the youngest average UK first-time buyer ages:
- Ribble Valley, North West; average age: 27.0; average first-time buyer house price: £219,980
- South Staffordshire, West Midlands, 27.8, £259,678
- Pendle, North West, 27.9, £188,136
- Rutland, East Midlands, 28.1, £281,130
- Cannock Chase, West Midlands, 28.3, £213,399
- North Norfolk, Eastern England, 28.4, £242,318
- Staffordshire Moorlands, West Midlands, 28.5, £219,616
- Chorley, North West, 28.7, £221,232
- Mid Suffolk, Eastern England, 28.7, £289,372
- Westmorland and Furness, North West, 28.8, £212,848
Lloyds head of mortgages Amanda Bryden said: “Our research shows there are still genuine pockets of value for first‑time buyers, particularly for those with an open‑mind who are willing to be flexible on location and property type.
“With ongoing cost of living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious.
“But there are opportunities out there, and for many buyers, that flexibility can make a real difference.”
The research is based on Lloyds Banking Group’s housing statistics database, drawing on mortgage approval data from customers of Lloyds Bank, Halifax and Bank of Scotland.
Average house prices were calculated covering the 12 months to February.
It comes after Lloyds announced it is launching a new low-deposit mortgage today that could help first-time buyers get on the property ladder with a deposit as low as £5,000.
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