September 12, 2018 11.28 am This story is over 38 months old

Lincoln 2nd most affordable place for first-time buyers

It was only beaten by Blackpool

Lincoln has been named as the second most affordable area for first-time buyers according to research by the Post Office.

According to the new research, the average first-time buyer (FTB) will spend four years saving towards their deposits and commit to saving almost 20% of their average joint household salary.

With an average house price of £143,950 and an average FTB household income of £39,834, Lincoln is right near the top of the list and is only beaten by Blackpool.

Blackpool has an average house price of £112,000 and an FTB income of £39,611.

The research also highlights that 100% of house prices in Lincoln are in areas affordable to first-time buyers.

The most ‘affordable’ areas in Lincoln are Park, Abbey, Birchwood, Castle and Glebe.

Top 10 most affordable areas for first-time buyers:

Post Office Money research showing the top 10 most affordable areas for local first-time buyers.

Ross Hunter at Post Office Money said: “While many prospective buyers choose to make lifestyle compromises as they save towards their first home, there is no ‘right way’ to reach your deposit goals.

“Some FTBs will prefer to take longer saving for a deposit rather than cut back on their monthly spending (23%), whereas others will be willing to compromise on the property itself (17%). Half of all FTBs (56%) will also turn to their family for financial assistance to help build their deposit.

“One inevitable element of the house hunt that all buyers will need to contend with is finding an affordable area in which they can invest their hard-earned money.

“Post Office Money has also launched a new online tool, allowing new buyers to map out their deposit plans based specifically on property affordability in their chosen area.”

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