- First-time buyers across Britain face vast affordability gaps, with property prices ranging from twice local salaries to nearly 14 times average incomes in certain areas.
- Inverclyde in Scotland is identified as the most accessible location, where average first-time buyer homes cost approximately 2.3 times local earnings, with Burnley and Hartlepool also highly affordable.
- Kensington and Chelsea in London is the least affordable area, with homes costing 13.9 times local earnings, while Oxford, Cambridge, York, and Cardiff also present significant affordability challenges.
- Nationwide's analysis indicates that affordability has improved in about 70 per cent of local authorities over the past year, offering some positive movement in the market.
- However, rising mortgage rates and the withdrawal of hundreds of deals, influenced by changing market expectations and inflationary fears, are creating new hurdles for aspiring homeowners.
IN FULL
The most and least affordable locations for first-time buyers in UK
