Revealed: Britain’s Most Expensive and Cheapest Places to Buy or Rent a Home

Discover the latest data on the varying affordability of buying or renting a home in different cities across Britain, from Aberdeen to London.

The latest data on the most expensive and cheapest places to buy or rent in Britain has been unveiled, shedding light on the varying affordability across different cities. According to the findings, Aberdeen emerges as the top choice for first-time homebuyers seeking affordability, while London retains its position as the most expensive city in the country.

Revealed: Britain's Most Expensive and Cheapest Places to Buy or Rent a Home

In terms of purchasing a property, Aberdeen takes the lead as the cheapest city for first-time homebuyers, with an average asking price of £102,601 and a monthly mortgage payment of £406. Following closely behind are Bradford and Sunderland, with average asking prices of £107,929 and £111,263 respectively. On the other end of the spectrum, London continues to reign as the most expensive city for homebuyers, with prices significantly higher than the national average.

When it comes to renting, Oxford stands out as the priciest city outside of London, with an average monthly rent of £1,561 for a two-bedroom or smaller property. In contrast, Carlisle in Cumbria offers the most affordable rental options, with rents averaging at £607 per month for similar properties.

The data, compiled by Rightmove, takes into account monthly mortgage and rent costs, with assumptions made regarding deposit sizes and repayment terms for first-time homebuyers. The report highlights a trend of longer repayment terms being chosen by buyers to enhance affordability, with a repayment term of 35 years being used in the calculations.

Despite a slight increase in mortgage rates compared to the previous year, the market has stabilized, providing some relief to prospective buyers. For those able to save a substantial deposit of at least 20%, opting for a monthly mortgage payment proves to be more cost-effective than renting in major cities across Britain.

The disparity in property prices and rental costs across different cities in Britain underscores the importance of thorough research and financial planning for individuals looking to enter the housing market. Understanding the affordability landscape can help buyers and renters make informed decisions that align with their financial goals.