Brighton has been ranked among the most expensive cities in the UK for first-time buyers according to research from Rightmove.
The property website looked into the cheapest and most expensive cities to buy a house in for someone looking to get on the property ladder.
Alongside this, they also analysed the cheapest and most expensive cities to rent in.
The research found that Brighton featured in the top 10 most expensive cities to buy as well as to rent.
Brighton among most expensive cities for first-time buyers
According to the research from Rightmove, the most expensive cities for first-time buyers looking to buy were:
- London - £501,934
- St Albans - £391,964
- Cambridge - £361,429
- Winchester - £344,638
- Oxford - £338,085
- Brighton - £335,402
- Bristol - £280,112
- Chelmsford - £262,522
- York - £244,834
- Edinburgh - £239,028
The above prices are the average asking price for a first-time buyer-type property in the area (two bedrooms and fewer).
On the other end of the scale, the cheapest city for first-time buyers was Aberdeen in Scotland with an average asking price of £102,601.
Meanwhile, the top 10 most expensive cities to rent in based on average monthly rental payment were:
A colourful spectrum of houses set against a horizon of turbines. We ❤️ this view of Brighton's Blaker Street by James Ward. #PhotoOfTheDay pic.twitter.com/qDhDiowHkV
— BBC South East (@bbcsoutheast) January 29, 2022
- London - £2,264
- Oxford - £1,561
- Cambridge - £1,533
- St Albans - £1,509
- Brighton - £1,468
- Bristol - £1,336
- Winchester - £1,332
- Edinburgh - £1,310
- Chelmsford - £1,300
- Milton Keynes - £1,239
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Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.
"Longer mortgage-terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.
"Without improvements to the supply of good quality, affordable rental homes in Great Britain, owning your own home is likely to continue to be the end-goal for those that can get their deposit together, and borrow what they need to from a mortgage lender.”
