New research has found that the most affordable cities for first-time buyers looking to get on the property ladder are Southampton, Norwich and Nottingham.
According to the Post Office, the average price of a property in Southampton is £199,074, which means 98% of properties are affordable for first-time buyers.
In second place is Norwich, where the average property price is £196,987, putting 93% of homes within reach of first-time buyers.
The third most affordable place is Nottingham, where average house prices £128,192 and 89% of homes are affordable.
Surprisingly, London is not the least affordable place. In last position is Brighton, where average house prices are £352,303 and only 2% of first-time buyers can afford to buy a home.
The study of more than 1,000 people, found that 70% of buyers had to compromise by choosing a home an average of 26 minutes from their original preferred location.
While 16% didn’t have to adjust their expectations at all, other successful first-time buyers ended up being flexible towards having a suitable garden (5%) or availability of car parking spaces (3%).
Owen Woodley, managing director, Post Office Money, said: “With average house price growth having increased by 48% since 2005, compared with an increase to the average first-time buyer income of only 37% over the same period, there is no question that the UK housing market remains a challenging environment for many. In spite of this we’re seeing that first time buyers approach the market with enthusiasm and flexibility.
“Our data also shows that almost two-thirds (6%) of home sales are still in areas across the country that remain within reach for those looking to take their first steps on the property ladder and first-time buyer can really benefit from thinking outside the box to realise their property aspirations.”
Most affordable cities for first-time buyers
| City | % properties affordable to FTBs | Average property price | % increase in average property price in the last year |
| Southampton | 98% | £199,074 | +6% |
| Norwich | 93% | £196,987 | +11% |
| Nottingham | 89% | £128,192 | +8% |
| Liverpool | 87% | £121,374 | +3% |
| Plymouth | 85% | £167,477 | +3% |
| Manchester | 84% | £153,590 | +6% |
| Birmingham | 79% | £165,149 | +8% |
| Sheffield | 74% | £154,481 | +7% |
| Newcastle | 72% | £162,010 | +6% |
| Leeds | 65% | £170,927 | +6% |
| Cardiff | 46% | £191,582 | +5% |
| London | 30% | £534,272 | +4% |
| Bristol | 29% | £268,070 | +14% |
| Brighton | 2% | £352,303 | +8% |
