Where to find affordable housing in Britain: Halifax research

Halifax, one of the largest mortgage lenders in Britain, has conducted a study and found out which locations are most affordable for those looking to buy their first home in this country.

British real estate remains out of reach for many, even as prices have recently started to fall. As a result, three out of five buyers are considering moving to other parts of the UK.

So, where can buyers of their first UK apartment or house expect to find more affordable prices? Here are ten such locations:

• Kingston upon Hull (England). There, a home will cost, on average, £156,509 (-23% of the regional average).
• Middlesbrough (England) — £156,761 (-11%).
• Neath Port Talbot (Wales) — £158,702 (-20%).
• Derry City and Strabane (Northern Ireland) — £160,636 (-8%).
• Falkirk (Scotland) — £165,511 (-12%).
• Blackburn with Darwen (England) — £168,895 (-21%).
• Aberdeen City (Scotland) — £173,061 (-8%).
• Telford & Wrekin (England) — £213,741 (-25%).
• Ipswich (England) — £249,338 (-10%).
• Eastbourne (England) — £253,744 (-29%).

Interestingly, first-home prices in the UK have risen significantly over the last 10 years — from £148,474 to £288,030. At the same time, the down payment for most customers averages £54,156.

What Brits look for when choosing their first home

When it comes to choosing their first home, price remains one of the main criteria for most buyers. However, a number of other factors also play an important role:

• Proximity to family and friends.
• Crime rates.
• Community life.
• Transportation links.
• Employment opportunities.
• Green spaces.
• Proximity to the city.

In terms of mortgages, rates remain an important aspect of the property-buying process. Currently, the average five-year fixed rate in the UK is 5.96%. This means that with a £200,000 mortgage and a term of 25 years, the monthly payment would be £1,284.