Up-and-coming places for first-time buyers to get on ladder - check your area

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The average deposit put down by first-time buyers is now almost £55,000 (Image: Bloomberg via Getty Images)
The average deposit put down by first-time buyers is now almost £55,000 (Image: Bloomberg via Getty Images)

It's hard enough to get onto the property ladder, so every little bit of help on offer can prove to be very handy indeed.

Mortgage experts have given some important advice after naming the best areas to starting looking at if you're considering taking the plunge and owning your own home. As soaring interest rates hammer households, those hoping to become first-time buyers have never faced a tougher task as they try to take a huge step.

In fact, ever-increasing mortgage rates mean four in ten people have put their plans on ice. Back in June, research showed first-time buyers will need a £102,000 deposit to keep their payments at the same level as a year ago as interest rates rose to the highest level since 2008.

Up-and-coming places for first-time buyers to get on ladder - check your area eiqrqirieinvIt's never been tougher to buy your first property, experts say (Getty Images/iStockphoto)

In a bid to combat the crisis, a study states that 60 per cent of young people would be prepared to relocate to another part of the country for a chance to buy their first home. According to Halifax, Eastbourne in East Sussex is among the best-value towns, with a typical house price of £253,744 – 29% less than the regional average.

Ipswich, in Suffolk, is 25% below the norm for the area (£249,338), while both Hull and Blackburn, Lancashire (£168,895), also have a difference of more than 20%. Falkirk in Scotland, Neath Port Talbot in Wales and Derry City in Northern Ireland also make the list.

UK house prices fall again - down 3.2% from last year peak, says NationwideUK house prices fall again - down 3.2% from last year peak, says Nationwide

Kim Kinnaird, from Halifax, said: “The desire to buy a first home isn’t going away, with almost nine in 10 young people keen to get on the property ladder.” They drew up a shortlist of up-and-coming local authority areas for first-time buyers, with the average first-time buyer purchase price, followed by the percentage difference between that and the average price in the wider location.

Up-and-coming places for first-time buyers to get on ladder - check your areaThere's plenty of perks living in Eastbourne (Getty Images/iStockphoto)

Halifax did not rank the locations from one to 10 as there is a range of priorities that individual buyers will want to consider when choosing a location. So if you want to get on the ladders, there are some good-value areas you need to look at before coming your decision.

Up-and-coming locations for first-time buyers

Sam Elliott-Gibbs

House prices, First-time buyers, Halifax Inc.

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