The lender analyzed the average price paid by people buying their first home in areas across the country to help others choose an affordable location. She also revealed her top expert tips for aspiring homeowners.
Topping the list is East Ayrshire, where the typical price paid for a first home is £150,000. But the research also revealed other locations in different areas where prices are more realistic for first-time buyers’ budgets.
In fact, Lloyd’s also revealed that the average age of a typical first-time buyer is 32 – but in some areas it can be as high as 27 thanks to affordable house prices.
He highlights that while there can be many challenges for first-time buyers, there are still many areas where getting onto the property ladder is more achievable.
The list will be revealed on the day Lloyds opens applications for its new £5,000 mortgage, which is available for homes worth up to £300,000. The mortgage aims to help first-time buyers who may struggle to raise money without financial support from family.
What are the 10 most affordable areas in the UK for first time buyers?
First place goes to East Ayrshire in Scotland where the average price for a first-time buyer is £147,353. The area is well connected to Scotland’s central belt, with direct routes to Glasgow and nearby employment centres.
Scotland features heavily on the list, as do locations in the north of England where prices are lower than the UK average.
(Source: Lloyd’s)
Amanda Bryden, head of mortgages at Lloyd’s, said her research showed there were still real pockets of value for first-time buyers, especially those willing to be flexible and open about locations.
She said: “Lower deposit options, such as our new £5,000 mortgage, can help some people get on the career ladder years earlier than they might expect.
“Talking to a mortgage professional early can help. It gives you a clearer picture of what you can comfortably afford, and the confidence to make choices that are right for you, whatever the broader market may do.”
What are the most affordable areas in each area in the UK?
Lloyd’s research has also identified an area in each area where prices are more affordable, to help those who prefer to stay more local.
in Wales It’s Merthyr Tydfil, with homes there costing an average of £156,498. in Northern Ireland It’s Mid and East Antrim, where a first home typically comes in at £175,308.
For those based in England, the least expensive place is Blackpool in the north-west, where people buying their first home pay £150,780 on average.
in Scotland It’s East Ayrshire, covered above. For those who want to establish themselves in it London The most affordable homes are located in Barking and Dagenham, where the average first time purchase price is £363,748.
(Source: Lloyd’s)
Amanda’s top tips for first-time buyers
Amanda Bryden, mortgage expert at Lloyd’s, has built a career in the industry spanning nearly 30 years. She started out as a mortgage broker, and has since held a variety of senior roles at several of the nation’s largest lenders. Here’s her advice for budding first-time buyers.
Do your research
“Learn about the home buying process. From agreement in principle through to mortgage approval and completion. The Lloyds Center for the First Time includes free guides, and access to expert-led online sessions, to help explain terminology and make things clearer.”
Ask for advice
“Talk to a mortgage professional ahead of time, and don’t wait until you think you’ve saved enough or found your dream home. They can help explain what you can afford, typical costs and what to expect along the way. Lloyds offers video appointments at times that suit you.”
Explore your options
“It’s important to know what support is available. A mortgage professional will show you options you may not have considered and guide you on ways to build money faster. Programs like shared ownership and low deposit mortgages can make buying more affordable than you think.”
