Now is one of the best times to buy a house in years, with the Government making provisions for homeowners and potential buyers to help them out in the current economic climate. Chancellor Rishi Sunak recently announced a cut to stamp duty on house purchases of up to £500,000, a measure that will remain in place until March 31, 2021. The stamp duty scrap could potentially save homebuyers thousands of pounds in tax, and was designed to give a push to the property industry after months of stagnation during lockdown.
The stamp duty holiday has boosted Brits all over the country to buy a home, after recognising that this unprecedented event works largely in their favour.
Speaking to Express.co.uk, Managing Director at Compare My Move Dave Sayce said although buying a home may seem like a dream to most, it is possible if you’re looking in the right places.
Mr Sayce said: “Buying your first ever home was difficult before the global pandemic, and now int he current economy climate, with falling house prices, purchasing a property probably seems like nothing more than a pipe dream for a lot of people.
“However, our research highlights that in some areas of the country it is easier than others for first time buyers to purchase a property, so there is still hope for those looking to buy their first house this year.”
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Where is the best place to buy a house in the UK right now?
The most affordable spots to buy a home in Britain right now are predominantly in northern regions.
The cheapest place is Birkenhead, which lies opposite Liverpool on the other side of the river Mersey.
Average house prices in this northern town come in at £109,041, where the average salary is £24,172 a year.
The amount required for a deposit in Birkenhead is 15 percent of the average house price, at £16,356.
The north-west’s Blackpool has also made the affordability list, and you can purchase a home here for just £120,774.
A house priced within this range in Blackpool requires a deposit of £18,166.
Next is Bradford in Yorkshire and the Humber, where you could put down a deposit of £18,881 for a house costing the average price of £125,875.
Barnsley, in the same county, follows with median house prices coming in at £131,866, and to buy one, you would need a deposit of £19,780.
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A house in Blackburn, which is the fourth cheapest place in the UK, will cost a median £134,273, while a deposit will set buyers back an average £20,141.
Gateshead in the north-east comes after Blackburn, where the price of an average house is £134,825.
To buy a house in Gateshead, a deposit of £134,825 would need to be put down first.
Sunderland has also made the cut, and this north-eastern town boasts properties priced at an average £136,986, with deposits coming in at £20,548.
St Helens comes next as one of the most expensive of the list, and you can buy a property in this north-western town for an average of £140,076.
To buy a house for the average price in St Helens, you would need a deposit of £21,011.
Meanwhile, Stockton-on-Tees in the north-east is last on the list, coming in at the priciest city.
An average property in the north’s Stockton-on-Tees will cost buyers £141,389, requiring a deposit of £21,208.
Mr Sayce added: “The northern regions of the country are absolutely dominating our top 10.
“They are emerging as the most affordable areas of the country to buy a property.
“Despite the North having slightly lower average salaries than southern cities, average house prices in some areas cost as low as £109,041, compared to upwards of £280,000 when looking down South.
“No matter where you live, it’s undoubtedly a tough time to be buying a property, however, strong savings, Government schemes and low-deposit mortgages can really help first time buyers take that first step onto the property ladder.”