Bradford is the cheapest city for first-time buyers in the UK, new research from Rightmove has found.
The average asking price in the West Yorkshire city is around £104,643, with monthly mortgage payments on a property (with two bedrooms or less) sitting at £521 per month. Located west of Leeds, the buzzy area also boasts sweeping landscapes, stunning heritage towns and over 4,000 beautiful listed buildings.
Carlisle is the second cheapest city, with an average monthly mortgage payment of £522, followed by Aberdeen (£528) and Hull (£532). Meanwhile, the coastal city of Dundee also made the list (£555).
On the other hand, St. Albans is the most expensive city to be a first-time buyer excluding London, with average monthly mortgage payments now £1,958. Unsurprisingly, Bath (£1,765) and Cambridge (£1,763) also followed, respectively.
Rightmove analysed the average monthly mortgage payment of a typical first-time buyer property, and the equivalent monthly rent in cities across Great Britain. The data also took into consideration that buyers would be taking out a five-year fixed, 90 per cent Loan-to-Value (LTV) mortgage at the best-buy rate of 4.45 per cent, spread over 25 years.
'For those who are able to save up the deposit, it's still cheaper to pay off a mortgage as a first-time buyer in many areas than pay the equivalent in monthly rent, despite prices reaching a new record at a national level and mortgage rates rising,' says Tim Bannister, Rightmove's property expert.
'It highlights how frenetic the rental market has been for a long time now, with many areas continuing to see record rents and fierce competition between tenants for the properties available. It helps to explain why we're seeing such determination from first-time buyers to continue to get onto the ladder despite the economic headwinds that they face.'
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