Carlisle features in the 10 most affordable locations in England for first-time buyers, according to a new survey.
The First Homes scheme affordability index looked at various factors affecting home affordability in 2021 including house prices, average annual salary and monthly take home pay.
Based on the average monthly mortgage payment as a percentage of income, the Border City was judged the seventh most affordable location in England for first-time buyers, with average monthly mortgage repayment taking up 17.82 per cent of a couple’s take home pay.
This is based on an average property price in the town of £176,822 and an average annual salary of £27,828.
Bradford, Blackpool and Stoke-on-Trent made up the top three, while Oxford, Bath and London topped the list for the least affordable locations.
The survey, carried out by online mortgage broker Mojo, has been released following the launch of the government’s First Homes scheme, which is designed to help first-time buyers and key workers onto the property ladder in their local areas.
First Home properties will be priced at a discount of at least 30 per cent of the original market value to allow more affordable deposits and mortgages with prices being capped at a maximum of £250,000 (£420,000 in Greater London).
Cassie Stephenson, director of mortgages at Mojo Mortgages, said: ““While of course it’s important to remember the 30 per cent-plus discount will apply throughout the lifetime of the property, and will apply when you eventually sell for the first time, a First Homes scheme property is still very much worth considering regardless of location as an option for first-time buyers looking to get onto the property ladder.
“The savings available could also mean better access to lower interest rates and improved overall savings across the lifetime of a mortgage.
“Plus, of course, purchasing a home is a significant long term investment towards your financial future as opposed to lining a landlord’s pocket.”
