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Good News For First Time Buyers

published on 05/08/2019  

As we all know, getting on the property ladder can be extremely difficult for many people. Deposit levels have gradually increased since the global financial crisis in 2008 – the average first time buyer deposit ranges from £79,000 in London to £15,449 in Liverpool – assuming that you put down a 10 per cent deposit.

In good news the income required for first time buyers to buy in the three most expensive UK cities has fallen slightly according to Zoopla’s Hometrack Division research.

First time buyers looking to purchase their first home in London need an average income of £84,000; this is actually £3,250 less than the amount needed in 2016 which was a high point since the global financial crisis. Meanwhile Cambridge and Oxford require the highest incomes of anywhere outside of London; even here, though, the income needed to purchase has dropped by five and three per cent respectively.

Research was carried out across 20 major cities then analysed by Hometrack. They found the average income to buy a typical first time buyer property ranges from £26,137 in Liverpool up to £84,000 in London; this is despite Liverpool registering the highest house price growth of all 20 cities analysed.

The income to buy at a city level has grown fastest in markets where prices have been rising quickly. Leicester has seen the largest percentage increase in the income required to purchase since 2016, at 20 per cent, followed closely by Birmingham and Manchester.

Overall, house prices in UK Cities increased by 1.8 per cent over the 12 months to June 2019 with growth ranging from 5.0 per cent up in Liverpool to 4.2 per cent down in Aberdeen.

So even though it is still tougher than it was to afford the initial deposit before the housing market crashed, this is as good a time as any to be getting on the housing ladder. Come and speak to us at Alexanders today and see what deposit you would need to get your dream first home! Tags: First Time Buyer, Housing Market, Property