HOUSEBUYERS after a three-bedroom property should consider moving to Liverpool, as it currently has the most family homes on the market for under £100,000.
The city tops the list of 17 major towns that have more than 200 homes below the benchmark – an amount that is roughly three times the average UK salary.
Liverpool currently has 628 three-bed houses for sale at £100,000 or less – all located within five miles of the city centre, online estate agent HouseSimple has found.
It’s followed by Rotherham in South Yorkshire, which currently has 449 family homes on the market for similar amounts.
The research shows that the top 10 best value towns and cities for families are located in the north west, north east and Yorkshire.
Meanwhile, not a single town or city in the south of England featured in the top 40.
Exeter was found to offer the best value in the south sailing in at the 41th place of the list, but it has just 23 homes on the market at £100,000 or below.
In bad news for families, there are currently also 18 cities that have no three-bed houses for sale at that price tag, HouseSimple found.
Of these, 17 are in the south including London, Bath, Brighton, Bristol and Cambridge while the last one is Aberdeen in Scotland.
Some homes are sold before they appear online, so it could also be worth popping by your local estate agent to enquire about its properties.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan – The Government will lend you up to 20 per cent of the home’s value – or 40 per cent in London – after you’ve put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.
Sam Mitchell, chief executive of Housesimple, said: “Even with the challenges and uncertainty surrounding Brexit, we are seeing healthy levels of interest from buyers in northern regions, keen to take advantage of attractively priced properties, affordable mortgage rates and stable local economies.
“Buying the family home is the biggest purchase most of us will ever make. The struggles families have faced buying a house in the south have been well documented.
“Compared to the south, there is substantial value to be found in property markets in regions such as the north west and Yorkshire.
“Although £100,000 is at the lower end of the market, there are also plenty of substantial family houses at prices around £300,000 to £400,000, that would probably be £1million plus in and around London, and unaffordable to the majority of families there.”
Or if that’s too high a price tag for you, here are six homes under £50k where single first-time buyers only need a £2,500 deposit.
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