February 12, 2022 7.28 am

How much first-time buyers need to earn to buy homes in each area of Lincolnshire

The most affordable places to look

Data has revealed the places across Lincolnshire where first time buyers (FTB) will find the most affordable homes, and how much they’ll have to earn to own them.

The average cost of a first time home, and the household income required, has been broken down by local authority area by Zoopla.

Despite recent reassurances from TV expert Kirsty Allsop that a person’s first home is just a Netflix and a gym membership cancellation away, the deposit and income required can be overwhelming.

In Lincoln, where the average house price for first time buyers (FTB) is £170,000, a resident would have to give up a £20 a month gym membership for more than 70 years to afford a 10% deposit.

Not only have house prices continued to rise over the last few decades, but first time buyers have an even bigger challenge today with the cost of living set to skyrocket.

First-time buyers accounted for 51% of all properties bought with a mortgage last year, according to Zoopla – up from just 38% in the previous year.

Zoopla has calculated the cost of the average home for a first-time buyer in each area of Greater Lincolnshire.

Those looking to get onto the property ladder will find the most affordable area to be North East Lincolnshire, where, on average, buyers can purchase a three-bedroom terraced property for £105,000.

The most expensive place to buy is South Holland, where a first time home costs around £184,995 and buyers have an average household income of £41,000.

A glance over the border to picturesque Rutland would see the average house price for a first time home jump to £260,000 and require an average household income of £57,750.

See the full breakdown below:


North East Lincolnshire

  • Average house price for FTBs – £105,000
  • Household income required to buy – £23,000
  • Most common properties for FTBs – Three bedroom terraced

North Lincolnshire

  • Average house price for FTBs – £140,000
  • Household income required to buy – £31,000
  • Most common properties for FTBs – Three bedroom semi-detached

West Lindsey

  • Average house price for FTBs – £140,000
  • Household income required to buy – £31,000
  • Most common properties for FTBs – Two bedroom terraced

Boston

  • Average house price for FTBs – £149,000
  • Household income required to buy – £33,250
  • Most common properties for FTBs – Three bedroom detached

East Lindsey

  • Average house price for FTBs – £170,000
  • Household income required to buy – £37,750
  • Most common properties for FTBs – Three bedroom semi-detached

Lincoln

  • Average house price for FTBs – £170,000
  • Household income required to buy – £37,750
  • Most common properties for FTBs – Three bedroom semi-detached

North Kesteven

  • Average house price for FTBs – £180,000
  • Household income required to buy – £40,000
  • Most common properties for FTBs – Three bedroom semi-detached

South Kesteven

  • Average house price for FTBs – £180,000
  • Household income required to buy – £40,000
  • Most common properties for FTBs – Three bedroom terraced

South Holland

  • Average house price for FTBs – £184,995
  • Household income required to buy – £41,000
  • Most common properties for FTBs – Three bedroom semi-detached