Newcastle: the best city to buy your first home

Newcastle has been chosen as the best city for first-time buyers according to a study by Mojo Mortgages; the result was chosen based on the comparison between the monthly mortgage and the average income of the area. The other cities that remained in places of honour were: Aberdeen, Belfast, and Hull.

The city of Newcastle has the cheapest square meter in the entire United Kingdom, costing just £ 1,650, while the average mortgage payment represents only 29.05% of the income of an average buyer; this makes Newcastle the best option for those buyers who are looking for their first home.

The executive director of Mojo Mortgages, Richard Hayes, said: “Buying a house for the first time is always a difficult decision unless you have a lot of money saved in your account or you can ask your family for a loan.”

“Thanks to this study, we can offer our clients a simple index to help them choose the ideal city so they can buy their first home. For this study, we take into account which are the most popular cities in the United Kingdom, those that offer a better quality of life and in which a higher economic income is perceived.”

“Besides, we are prepared to offer potential buyers a consulting service to help them choose a good lender so they can buy the house they love so much.”

The other side of the coin

While Newcastle is positioned as the best city for first-time buyers, Liverpool, Derby, and Northampton are declared the least recommended cities to buy a first home. These cities are extremely expensive, and the square meter costs much more compared to average buyers’ income.

The cost of properties in Liverpool is too high, and average salaries are not enough to aspire to have a home in this popular city. However, it is necessary to note that this study is only an example and should not be considered mandatory.

The percentage of first-time buyers is expected to increase by 18% in 2020, compared to the year 2019. This would be possible thanks to the new housing policies and a better income by the common citizen. UK’s new government would be making great efforts to improve the situation of landowners and first-time buyers.

2020 can be a year of great benefits for the real estate market, and the year in which more than 5000 families in the United Kingdom can buy a new home; This would benefit not only the real estate market but also cities like Newcastle, Belfast, Aberdeen, and Hull which would improve their social index thanks to the boost in their economy.

HITCH LTD is the leading company in the property survey market. Our specialists are prepared to offer you a superior quality service that meets all your needs. Request your property survey today!