A number of towns and cities across England are becoming unaffordable black spots for first-time buyers according to new research, and will not come as a surprise to many.
Property prices in Brighton have increased by 463% in the last 20 years leaving only 9% cent of homes in the affordable category compared to 100% in 1995 according to this report.
The report also shows the average cost of a home across in England & Wales has increased by around 306% since 1995, with a typical property selling for 5.51 times more than the average first time buyer's annual income.
The London and closer to home Cambridge property market has always been more challenging for first time buyers with high property prices which has seen many move to surrounding areas and commute back into the city.
2016 has seen increasing property and private rental prices across the Cambridgeshire region including Peterborough that has seen areas like Hampton record some of the highest priced rental figures in its short history.
Help to buy is still offering hope for many new home buyers that tick all the boxes for one of this government supported mortgages but many are still not able to take advantage of the 5% deposit due to credit or income issues.
Rent to buy offers hope and light at the end of the tunnel for many would be home buyers, but need to act quick as this properties get snapped up first due to the low amount down and the opportunity to get the keys and move in without the need to apply for a mortgage for sometime.
You can register free today to find out more on the contact page.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.