Leeds was the 19th most affordable location in England for first-time buyers based on the average monthly mortgage payment as a percentage of income
Leeds features in a list of the most affordable locations in England for first-time buyers (FTBs), according to newly released figures.
The new data was released in line with the launch of the government’s new First Homes scheme. The data was compiled by online mortgage broker Mojo Mortgages.
The first homes scheme affordability index looked at various factors including property prices, average annual salary, and monthly take home pay to work out the most and least affordable places in England.
Leeds was the 19th most affordable location in England for first-time buyers based on the average monthly mortgage payment as a percentage of income.
The average first-time buyer in Leeds now spends 22.61% of their salary on mortgage repayments each month, putting it among the top 20 most affordable locations in the UK.
This is based on an average property price in the city of £238,198 and an average annual salary of £29,884.
Right now on RightMove there are 273 properties available to buy in the city centre for £240,000 or less.
There are plenty of swanky apartments on offer within this price range, and some are even set within buildings that have their very own concierge, gym and home working lounge.
While some have stunning skyline views of the city, others have incredible views of the river.
Out of the 273 properties 60 have outdoor space and 140 also come with parking. And in most cases, the property is within very easy reach of the city centre.
Bradford was rated as the most affordable location for first time buyers, followed by Blackpool and Stoke-on-Trent.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.