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Britain’s most and least expensive cities for first-time buyers

Aberdeen
The typical monthly mortgage payment in Aberdeen is £402 compared to £1,862 in London - Anastasia Yakovleva/iStock Editorial

Aberdeen is the cheapest city for first-time buyers, with the average property £102,000, according to a property portal.

The typical monthly mortgage payment for a two-bedroom property in the Scottish city is £402 compared to £1,862 in London, according to Rightmove.

With a cathedral and pubs that are steeped in history and its commuter links to London, St Albans in Hertfordshire was the most expensive city outside the capital, followed by Cambridge and Winchester.

The research looked at prices for buyers in more than 50 cities across Britain. It calculated costs based on a 35-year mortgage term and a five-year fixed deal at average rates.

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It also assumed a 20pc deposit for buyers in Scotland and Wales and 25pc in England – reflecting industry averages.

After Aberdeen, Bradford was found to be the next cheapest city to be a first-time buyer, with an average asking price of £107,929, with Sunderland placed third, with an average price tag of £111,263.

Elsewhere, Oxford was identified as the most expensive city outside London to rent at £2,264 with the cheapest city Carlisle at £607 a month.

The cost of renting a two-bedroom or smaller home has increased by 39pc in the last five years, compared with a 19pc jump in the cost of buying a two-bedroom or smaller home, Rightmove said.

Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.

“Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.”

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