Just 2% of properties in Brighton within financial reach for first-time buyers
Following research from Post Office Money it has been revealed that many first-time buyers are now looking elsewhere to find their first home with many willing to travel an average of 26 minutes from their ideal location.
Brighton property value has soared by 8% over the past 12 months from an average property price of £352,303 in 2016, meaning that just 2% of properties in the city are affordable to first time buyers, down from 9% in 2015. Despite huge financial pressure however, many first-time buyers (44%) still find the idea of owning their own property exciting with many happy to make a compromise where possible.
Just 1 in 6 buyers were said to be “frustrated and stressed” due to borrowing money from family and friends to achieve home ownership and almost a quarter of first-time buyers were caught out by unexpected costs during the purchase process, such as legal fees and stamp duty.
Post Office Money have labelled Brighton the least affordable city in the UK however Southampton was found to be one of the most affordable in the south.
More than half of homes were out of reach to first-time buyers in four of the 14 cities included in the study. We will have to wait and see if any of the government initiatives employed will alter this. Will enough new affordable property get built or will more property come onto the market as a response to tax changes on landlords coupled with more strict legislation? We will have to wait and see.
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