Forget battling it out in the capital, first-time buyers looking for a bargain should set their sights on Peterborough. New research has revealed that this Cambridgeshire city offers the most affordable route onto the property ladder.
While Peterborough might not be known for its good looks, it seems that what it lacks in charm, it makes up for in affordability. The study by St Modwen Homes took into account average house prices, living costs and salaries to give each UK city an affordability score. Peterborough came out on top with a perfect 10!
What makes Peterborough so affordable?
The average house price in Peterborough is a very reasonable £255,083. That’s not all – everyday expenses are easier on the wallet too. A meal for two will only set you back £47.50, while gym bunnies can expect to pay around £28 per month for a membership. And with an average salary of £30,000, it’s clear why Peterborough is a winner for first-time buyers.
Other affordable cities for first-time buyers
Peterborough might be leading the pack, but there are plenty of other affordable cities for first-time buyers. Here are the top 15:
- Peterborough (Overall score: 10)
- Derby (9.7) – Average house price of £234,120 and cheap public transport!
- Preston (9.7) – Snag a house for just £178,247!
- Stoke-on-Trent (9.3) – Another bargain with an average house price of £169,366
- Plymouth (9.2) – Enjoy seaside living with houses averaging £243,465
- Coventry (9.1)
- Manchester (9)
- Leeds (8.9)
- Southampton (8.8)
- Sheffield (8.8)
- Leicester (8.4)
- Chelmsford (8.2)
- Bristol (8.1)
- Birmingham (8.1)
- Portsmouth (8.1).
Is Peterborough really that bad?
Peterborough has faced its fair share of criticism online. Some have labelled it a “cultural wasteland”, while others praise its friendly pubs and stunning cathedral. One thing is for sure, Peterborough divides opinion.
Love it or hate it, Peterborough offers first-time buyers a realistic chance of getting onto the property ladder. With its affordable housing and reasonable living costs, it could be the perfect place to ditch the rental trap and finally get those keys in your hand.