It’s been named the best place in the East of England according to Zoopla
Rising incomes and recent falls in mortgage rates may make getting on the property ladder easier for some people who are buying on their own, according to a property website. Zoopla analysed prices for smaller homes with one or two bedrooms, and compared this with average incomes for single earners to pinpoint cities where single home buyers may have a particularly good chance of getting on the property ladder.
The website said that single buyers account for around two-fifths (39%) of first-time purchases, with affordability constraints often working against single earners and making it harder to “go it alone”.
Zoopla found that in Peterborough was the most affordable city for single buyers in the East of England, with a typical first-time buyer home there costing around six times their average earnings. The average home price in the city is around £183,200, while the average buyer’s income is £30,500.
Richard Donnell, executive director at Zoopla, said: “Buying a home can feel out of reach for many singles who have to rely on just one income to cover mortgage and other costs of home ownership. Rising incomes and lower mortgage rates mean that owning a home by yourself is increasingly possible.
“For many, that means buying a smaller-sized home where property prices have risen more slowly than for larger, family-sized homes in recent years. It’s important to do your research, digging into mortgage affordability and products aimed at singles while considering alternative locations and selecting the right area for you.”
Kesha Foss-Smith, regional director at John D Wood & Co, said: “Single buyers are becoming far more strategic about where and what they buy. Many are prioritising affordability over postcode prestige and choosing areas that still offer good transport links, local amenities and long-term value.
“The combination of stabilising house prices and improved mortgage rates has opened doors again, and we’re seeing renewed confidence in the market, particularly for one and two-bed homes. With more choice coming on to the market and sellers being more open to negotiation, this is one of the more favourable windows we’ve seen for single buyers in recent years.”