London is the worst place in the UK to buy a home for first-time buyers, according to price comparison website Money Super Market’s First Time Buyer Index.
The inaugural survey analysed 35 UK cities against key criteria for first-time buyers, including the cost of a one-bedroom property, crime statistics, job opportunities and average salary in the local area.
London comes in last place due to its sky-high property costs and rising crime rates. Meanwhile, Oxford topped the list of the best places to buy followed by Bath, Wolverhampton, York and Aberdeen.
Other cities which were near the bottom of the list for first-time buyers after London included Newry, Hull, Sheffield and Leicester, due largely to low job opportunities.
Kevin Pratt, consumer affairs expert at Money Super Market, said: “Buying a property for the first time is exciting, but it comes with the hard decision of choosing a location that suits your budget, your job and your lifestyle. What is crucial is that people take the full range of factors into account.
“The first-time buyer sector is showing signs of life as property prices fall in some areas, thanks to the heat going out of the buy-to-let market. If buyers can be flexible, they stand a better chance of finding somewhere they can afford to purchase.”
Source: City A.M.