First-time Buyers Better Move to the North of England

A report by Halifax suggests that UK first-time buyers living in the North have more chances to get on the property ladder than those in the South.

A recent report by Halifax, one the leading lenders in UK, suggests that first-time buyers in the North of England get on the property ladder earlier than those in the South.

The average age of first-time buyers in the UK is 29; however, in the North people buy their first property at the age of 25, while in the South - they do so at the age of 34.

According to Halifax, first-time buyers find it easier to get a mortgage in the North. Also, in those areas house prices are lower than average by 25-40%. Another reason for the better affordability of housing in the North is the low earnings ratio.

Commenting on the findings, Mr. Patel of Halifax, said that "most of these areas [where house buyers' age is below the national average] are in Northern England, where house prices are typically lower both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed."

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