Best locations for single people to buy a house revealed – and it will only cost you 9% of your salary each month
Sunderland, North Tyneside or Wakefield have been named the most affordable places for first-time buyers to get on the property ladder
SINGLE first-time buyers should look to purchase property in the north of England where affordable house prices mean they could pay the monthly mortgage repayments alone - and have cash to spare.
Sunderland has been named the most affordable city for first-time buyers, where a small flat would set you back £53,316 and the monthly mortgage repayments would only cost nine per cent of your wages.
To put that into perspective, on average, first-time buyers in England and Wales end up spending 33 per cent of their pay cheque every month on their mortgage.
So, while you may bring home £2,187 a month working in Sunderland, only £201 is needed to go towards paying off your mortgage.
The new research, put together by property management site Zoopla, compared the cost of owning a one-bed flat with average wages in different areas of the UK.
It also worked out the monthly mortgage payments compared to average salaries, based on putting down a 15 per cent deposit and paying off the loan at a rate of two per cent over 25 years.
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Property expert Annabel Dixon from said: "Getting on the property ladder can be challenging, and those buying on their own will no doubt feel this even more acutely.
"Our findings provide single buyers with guidance on where to fall in love with homes that won’t break the bank."
Depressing statistics revealed last year show that single first-time buyers need to save for over a DECADE before they'll have enough for a house deposit.
Sometimes, it can be the location that is standing between you and owning your own home - which is why we've put together a guide of what a first-time buyer budget could buy you around the UK.
We spoke to London lad, Ethan Bragginton who had to managed to buy a house with his girlfriend Aimee by the time he was 18, but he had to move away from the city to be able to afford it.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The Government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the website.
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