The north comes out on top for first time buyers looking to go flat out on a home.
The north of England has claimed top spot with 18 of its towns and cities ranked out of 20 as the most affordable locations for first time buyers to step onto the housing ladder.
Online agency, Housesimple has examined recent flat sales across the UK’s cities and towns using figures from the Land Registry to identify the most affordable locations for first time buyers.
The north-west and the north-east of England came out on top, with Burnley offering the best value throughout the UK at an average price of £54,161 for a flat. Hartlepool came in at second place with an average sale price of £57,659.
Throughout the UK, only Burnley and Hartlepool recorded an average sale price of a flat for less than £60,000.
Unsurprisingly, the research reveals that there are no towns or cities in the south of England where a flat sold for an average sale price under £100,000.
Swindon offers the best value in the south, with the average price of a flat at £140,847.
Both Stoke-on-Trent and Mansfield in the midlands, were the only towns outside the north that featured in the list at £75,104 and £76,973 respectively.
North South divide shows no sign of narrowing
In London, there are three boroughs where the average price of a flat is under £250,000. In Havering at £232,536, Barking and Dagenham at £234,655, and Bexley at £239,366. Kensington and Chelsea is the only borough recording an average sold price of in excess of £1 million for a flat.
Sam Mitchell, chief executive officer of Housesimple said: “Our research brings into sharp relief the issues facing buyers in the south where more and more people, including young families, struggle to save a sizeable deposit to afford even a basic one bedroom flat.”
“The north of England continues to offer great value for money across the board. With plenty of stock coming onto the market at affordable levels in the north-west and north-east, prices are just three or four times the average UK salary, so home ownership is a reality not a pipe-dream.”
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