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Brighton named the most unaffordable place in Britain for first-time buyers

brighton pier

Our wizard-like data crunching gurus have been at it again. We took all our data on the property market and all our data on the jobs market to  calculate the affordability of areas. by looking at average salaries for the top 50 cities in the UK using their comprehensive search index of over 800,000 job ads.

Brighton has been crowned the least affordable town in the UK for first time buyers, whereas Belfast & Hull are amongst the most affordable, according to new Adzuna analysis. The research shows that almost 80% of homes in Belfast are within financial reach for first-time buyers on average local incomes. Oxford, Chelmsford, Cambridge and London all ranked amongst the most unaffordable places to get a foot on the property ladder, as wages stagnate and property prices soar across Britain.

Pockets of opportunity for first time buyers

Our study reveals that first-time buyers should head to Northern locations like Sunderland, Salford and Hull, where average property prices at £136,095 are only 2.5 times average earnings for the area. Bargain hunters should also set their sights on Midlands cities like Stoke-on-Trent, Nottingham and Derby. House hunters in the South of England shouldn’t feel too despondent: Portsmouth, Plymouth and Southampton are amongst the most affordable cities in the South for first-time buyers this April with up to a third of homes still falling within financial reach.

Brighton, Oxford & Chelmsford locals struggle the most

Brighton, Oxford & Chelmsford are the most unaffordable towns and cities in the UK for first-time purchasers. A typical home in Brighton now sells for over 7 times the average Brightonian couple’s earnings, at over £400,000. First time buyers working in Brighton looking for cheaper options should head to Crawley (22 miles) or Worthing (13 miles)  where the average 2 bedroom home is on average 22% cheaper.

London prices skyrocket by 15% as wages stagnate

Kensington Palace Gardens – the most expensive street in London, with average property prices in excess of £40m.

Boasting luxury homes valued at up to £50 million, London has seen soaring property prices in the last 12 months, with house values rising 15% year on year. With wages in the capital stagnating and tracking below inflation, properties in London have become increasingly unaffordable for locals with a staggering 91% of homes in the capital completely out of financial reach.

Top 10 Most Affordable Cities for First Time Buyers

 

Top 10 Most Affordable Cities for First Time Buyers

 

Name of City

% of homes within budget*

1-bed price vs. single salary ratio**

Belfast

79.17%

2.78

Hull

74.51%

2.74

Sunderland

67.98%

3.35

Glasgow

68.89%

2.51

Salford

66.54%

2.88

Stoke-on-Trent

60.69%

2.89

Derby

59.65%

2.79

Manchester

58.57%

3.48

Bradford

58.18%

2.76

Nottingham

57.13%

3.09

Top 10 Least Affordable Cities for First Time Buyers

Name of City

% of homes within budget*

1-bed price vs. single salary ratio**

Brighton

1.11%

6.45

Oxford

1.93%

5.90

Chelmsford

2.70%

5.98

Cambridge

8.53%

5.59

London

8.79%

9.32

Exeter

9.47%

4.52

Guildford

10.19%

5.84

Winchester

10.90%

4.47

Reading

14.88%

4.18

Chichester

15.70%

5.78

Got a question for our data gurus? Drop us a line here and we’d be delighted to help!