Are you looking to get on the property ladder on your own? As we have recently published on Premier Lofts, the housing market post-Brexit could see house prices falling in some areas. But where are the overall best places to purchase a property in the UK if it is just you who is buying? Look no further, today, we have decided to have a look at the very best places in the UK to snap up a brand new home.
The cheapest areas to buy a property for single buyers
Sunderland
According to recent data collected by Zoopla, you will want to be looking at up north in Sunderland if you want to find the cheapest region to buy a property. On average, you can nab yourself a one-bedroom flat in the area for as little as £53,316! A staggering difference compared to the average price you would pay in many areas, if not all of them, in London.
Buying a house in Sunderland would mean that you would typically pay as little as £201 a month on mortgage repayments (a Londoner’s mere dream!), which is the equivalent of just 9% of the average local monthly wage! This is based on the assumption that the typical single homeowner has put down a 15% deposit, with a 25-year loan that has an interest of 2%.
North Tyneside
Looking to purchase a property in the UK for a good price? Start thinking about buying a one-bed flat in North Tyneside.
North Tyneside was the area considered as the second most affordable local authority for single buyers in the UK. If you decided to purchase a property there, you can expect to pay for a one bed flat around £66,573 in total. Your average mortgage repayment will be about 10.7% of your earnings.
Blackpool and Wirral
Both these locations were also winners for single buyers in the UK. The average starter homes equated to less than 12% of the average local salary. This may be surprising music to your ears: buying a property on your own needn’t break the bank!
The least affordable areas for single buyers?
We’ve listed the most affordable areas for single buyers to purchase a home, so it makes sense to also mention those that aren’t too! Some of the areas that top the list are unlikely to come as a surprise to many of you. We take a look at the most expensive authorities for single-first time buyers, excluding London.
Hertsmere
Hertsmere may not be the best location to buy a property in, if you are looking for something cheap.
Hertsmere is the local authority that is the most costly for those buying a one bed flat on there own. Located in Hertfordshire, the typical homeowner would need to pay a whopping £260, 441 for a one-bed flat. This is the equivalent of 35.07% of local monthly earnings, and considerably more than you would pay if living in Sunderland, in comparison.
Brighton and Hove
The second most expensive local authority was Brighton and Hove, with a prospective homeowner needing to give over the equivalent of 34.37% of their salary in mortgage repayments, with the average price for a one-bed flat equating to £231,187.
What about purchasing a property in London?
Buying a property in London when you a single buyer is undoubtedly going to be pricey, but it can be possible. Your best bet is to take a look at the border boroughs, where you can typically purchase a one-bed flat for less.
Bexley
Bexley is the local authority in London which comes out the cheapest for single buyers. Typically, a one-bed flat will end up costing you around £205,730. This equates to around 27.76% of your earnings in monthly mortgage repayments. We consider that not bad for nabbing yourself a property in London!
