- A new study has revealed the worst UK areas for first-time buyers – with London regions such as Kensington & Chelsea and Hammersmith & Fulham topping the ranking.
- The study compared median first-time buyer house prices and salaries across the UK, revealing the least affordable areas to save for a home.
- Other expensive areas include Westminster, Camden and the City of London, Haringey and Islington, Hackney and Newham
A new study has revealed the best and worst UK regions for first-time buyers based on house affordability and earning potential, and unsurprisingly it’s bad news for London residents.
The study, conducted by free mortgage broker L&C Mortgages, analysed GOV.UK data on median earnings and average first-time buyer house prices per region, revealing the UK areas with the worst house price-to-income ratio – identifying the places with the greatest challenges in saving for a home.
Unsurprisingly the top ten most difficult areas to save for a house are all located in London due to its with low median salaries and staggeringly expensive properties.
Kensington and Chelsea and Hammersmith and Fulham topped the list as the least cost-effective areas for first-time buyers. The area’s median first-time buyer house price was a staggering £792,899, with monthly earnings of just £3,261 – making this the most challenging and inaccessible market for first-time buyers in the UK.
Westminster ranked as the second most unaffordable place for first-time buyers, with a price-to-income ratio of 19.54. The average house price for first-time buyers is a shocking £789,208, which combined with the median monthly earnings of £3,365 makes it a difficult region for first-time buyers trying to get on the property ladder.
The region of Camden and City of London was also on the list, reaching third place with its average house price of £722,480. Buying your first house here would be incredibly difficult since the median monthly earnings for this area are just £3,252.
Other expense areas include Haringey and Islington, Hackney and Newham, Brent, Hounslow, and Richmond upon Thames, Barnet, Redbridge and Waltham Forest, and finally, Enfield.
