Burnley has been named as the most affordable place to purchase a property for first-time buyers, boasting average house prices of under £85k.
Despite the fact that, since the start of the millennium, average house prices have increased by 181% and the number of first time buyers has decreased by 27%, the Pendle area remains one of the most affordable regions regarding cost and a good ratio versus expected earnings in the area.
Burnley is the most affordable location for FTBs by price alone, with an average house price of £70,311,72, with the average first-time buyer in the UK looking at having to pay over £200,000 (£211,000) on average for their first home compared to £75,000 in 2000, according to the online estate agents, Hatched.
David Martin, Chief Operating Officer at Hatched, said: “Lancashire has uncovered as a good potential location for first time buyers – and we currently have some live listings in the area that would be ideal for people wanting to get onto the property ladder.
“This fact that the number of first time buyers has been steadily decreasing since the start of the millennium might be due to the increasing difficulties people face when trying to become homeowners," he added.
"These difficulties are typically around property availability and suitability, lending and help to buy, and of course the overall price aspect."
Since the start of the millennium, the number of first time buyers has decreased by more than a quarter (27% - 464,000 in 2000, and 335,750 in 2016), with Mr Martin commenting: “The younger generations (particularly millennials) are especially being hit by these barriers, and are either having to stay at home with parents for longer or find themselves falling into ‘generation rent’.
“However, first time buyers are now experiencing decreased competition from buy-to-let investors, as new tax changes have been enforced earlier this year, and so it could be the optimal time to look to buy your first property,” he explained.