According to number of new mortgages, Newcastle is the best place for buyers to purchase their first home in the UK.
This is based on the monthly mortgage cost in comparison to an area’s average income.
Other favorable areas are Aberdeen, Belfast, Stoke-on-Trent and Hull.
The price per square metre in Newcastle is £1,650, making it cheaper than any other city in the UK, and the average mortgage payment is just 29.05% of a buyer’s income.
Surprisingly, Derby, Northampton and Liverpool were found to be some of the most expensive places to purchase for first-time buyers. The cost of a property based on the price per square metre is relatively high in these areas, while the average salary is relatively low.