The top 10 cheapest market towns for first-time buyers revealed – and the most expensive

The Sun

2 days ago

THE top 10 cheapest market towns for first-time buyers have been revealed.
New data from Lloyds Bank shows Leek is the least expensive location to put down roots for those fresh onto the property ladder.
First-time buyers in the West Midlands town face paying £191,359 on average.
The second-cheapest town in the list, Chesterfield, also based in the Midlands, sees first-time buyers looking at an average price of £198,054.
Four other market towns from the region featured in the top 10 list, including Boston, Buxton and Grantham.
Prices for first-time buyers in these locations are £211,404, £224,896 and £230,464, respectively.
Northallerton, Selby and Driffield, all in Yorkshire and the Humber, appeared in Lloyds' list as well.
House prices for those hopping onto the property ladder for the first time are £201,628, £202,092 and £203,160, respectively.
Newport, Wales, was eighth least expensive in Lloyds' list - the average house price for first-time buyers there is £227,784.
Andrew Asaam, homes director at Lloyds, said the appeal of market towns had stood the test of time with home-buyers.
"These charming locations are filled with historic landmarks and architecture, quaint charm and community spirit, offering a calmer pace of life, often within the reaches of bigger towns and cities.
"That 'best of both worlds' feeling has led to house prices in these areas holding up - in fact, the priciest market towns are amongst the most expensive locations, outside of Greater London, to settle into a home."
The Sun's James Flanders explains how to find the best deal on your mortgage
At the other end of the scale, Hitchin came out the most expensive market town for first-time buyers.
First-time buyers are looking at an average price of £410,366 for a property in the East of England town.
Altrincham, in the North West, was second, with buyers having to cough up £404,864 for a home.
West Malling, Hertford, Saffron Walden and Wimborne also feature on Lloyds' list.
House prices in these spots average out at £396,925, £392,310, £363,960 and £361,591, respectively.
Thatcham was bottom of the most expensive list, but first-time buyers there are still faced with paying £349,602 to get on the ladder.
Market town house prices on the rise
Data from Lloyds also revealed the 10 locations where house prices for first-time buyers have risen the most since 2020.
Newmarket, in the East of England, showed the biggest spike, with prices increasing by 54%, from £225,667 to £347,967, over the last five years.
Prices in Goole, Yorkshire and the Humber, have risen by 47%, from £161,966 to £237,810.
Macclesfield, in the North West, has also showed high house price growth since 2020, recording a 40% jump from £211,344 to £296,255.
Chipping Sodbury, in the South West, saw house prices hop from £209,628 to £278,314 - a 33% hike.
Beverley, Yorkshire and the Humber, and Newport in Wales have also seen property price growth of 31% and 30%, respectively since 2020.
On average, the 10 market towns where house prices have grown the most since 2020 have seen prices rise by an average of 26%, from £223,061 to £280,582.
How to get the best deal on your mortgage
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you're nearing the end of a fixed deal soon it's worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first.
To find the best deal use a mortgage comparison tool to see what's available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You'll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements.