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.
Sign up for the First Time Buyer Guide newsletter
Thank you!
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.
BRAKE DOWN
UK’s biggest car park firm clawing back 100,000 unpaid fines after its collapse
JOB LOT
7 top-paying jobs for under 25s – you don’t need a degree & get paid up to £55k
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.
