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
The Lincolnite welcomes your views. All comments are reactively-moderated and must obey the house rules. Please stay on topic and be respectful of other readers.
Exciting news for MyLocal app users and The Lincolnite readers! Our latest update is now available to download from your app store and comes packed with the best local news experience you can enjoy.
Revamped News Feed: Enjoy faster loading times and smoother scrolling that make catching up on local news a breeze.
New Play Video Feed: Dive into a dynamic video feed that brings local stories to life in a whole new way.
Enhanced In-App Browser: Access external links quickly and efficiently, right from the app, without any distractions.
Update your MyLocal app from your app store (version 2.73) now and start enjoying these great new features today!
P.S.: Start your MyLocal membership today to support MyLocal and The Lincolnite deliver you a better local news experience and honest journalism from across Lincolnshire.
P.P.S.: We have some huge things in the pipeline, stay tuned!
Exciting news for MyLocal app users and The Lincolnite readers! Our latest update is now available to download from your app store and comes packed with the best local news experience you can enjoy.
Revamped News Feed: Enjoy faster loading times and smoother scrolling that make catching up on local news a breeze.
New Play Video Feed: Dive into a dynamic video feed that brings local stories to life in a whole new way.
Enhanced In-App Browser: Access external links quickly and efficiently, right from the app, without any distractions.
Update your MyLocal app from your app store (version 2.73) now and start enjoying these great new features today!
P.S.: Start your MyLocal membership today to support MyLocal and The Lincolnite deliver you a better local news experience and honest journalism from across Lincolnshire.
P.P.S.: We have some huge things in the pipeline, stay tuned!