Iconic seaside resort Blackpool is the most affordable place in England for first-time buyers.
Research by Post Office Money says the north-west town is the No.1 spot for those desperate to get a foot on the first rung of the housing ladder.
With average house prices in Blackpool of £112,000, first-time buyers would need to save for four years on a salary of more than £39,000 to become a homeowner in the town.
Lincoln, with average house prices of £143,9500, took the No.2 spot in Post Office Money’s poll of more than 1,000 first-time buyers. A first-time buyer would need an average salary of £39.834 to buy there.
The research revealed that the average first-time buyer will save for four years for a deposit, cutting back on other expenditure and luxuries along the way.
Prepared to make lifestyle compromises
Ross Hunter of 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 per cent), whereas others will be willing to compromise on the property itself (17 per cent).
“Half of all FTBs (56 per cent) 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.”
Top 10 most affordable places
The top 10 most affordable places for first-time buyers with average house price and required salary are:
1. Blackpool, £112,000, £39,611; 2. Lincoln, £143,950, £39,834; 3. Hull, £110,000, £37,840; 4. Rotherham, £133,000, £37,840; 5. Sandwell, £137,950, £41,024; 6. Stoke-on-Trent, £110,000, £41,024; 7. Southampton, £210,000, £56,429; 8. Tameside, £137,500, £39,611; 9. Barnsley, £124,995, £37,840; 10. Wigan, £130,250, £39,611.