Although it may seem as though getting on the property ladder is an uphill struggle if you’re a first-time buyer (FTB), there is some encouraging news if you live in certain areas of the country - particularly those in the Midlands and north of the UK.
Research by the Yorkshire Building Society has found that 54 per cent of local authorities in England, Scotland and Wales are now more affordable places to buy property than they were before the financial crash in 2007.
Yorkshire and the Humber is one such region, where housing affordability has improved by 13.7 per cent in the past ten years.
The affordability of homes in the north-west, meanwhile, increased by 16.4 per cent and in the north-east it has been boosted by an impressive 25.9 per cent. In the south of the UK, the picture is a little different, with the affordability of property plummeting, most notably in London where it’s down by 38.8 per cent compared to a decade ago.
Chief economist at the building society Andrew McPhillips commented: “In much of the north of England, Scotland and Wales, the gap between earnings and house prices is around a third of the average for London.”
If you’re looking for your first property, this may encourage you to head to estate agents in Hull to find out more about what’s on offer and what you could afford to buy.
Once you get on the property ladder, chances are you’ll be happy with your new abode, after a satisfaction survey by David Wilson Homes found that 80 per cent of homeowners in the UK are satisfied with where they currently live, according to London Loves Business.
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