The most inexpensive areas for first-time buyers

Following the end of stamp duty relief in England and Northern Ireland, those looking to purchase their new home will be required to pay 5% on properties costing between £300,000 - £500,000, with no relief over £500,000 for first-time buyers.

According to Rightmove, a typical first-time buyer will be paying £940 for their mortgage, compared with £590 per month back in 2020.

With these financial obstacles in mind, we have detailed the cheapest areas that may appeal to first-time buyers who are keen to get onto the property ladder.

Area Average asking price for a first-time home buyer
Kilmarnock, Ayrshire £84,325
Greenock, Inverclyde £88,862
Grimsby, Lincolnshire £93,427
Blackpool, Lancashire £93,711
Middlesbrough, North Yorkshire £95,473
Hartlepool, Tees Valley £99,570
Paisley, Renfrewshire £99,570
East Kilbride £100,814
Ayr, Ayrshire £101,391
Burnley, Lancashire £102,848

To find out how much your monthly payments will cost you, take a look at our mortgage calculator.

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