Burnley, Lancashire is the top affordable area for first time buyers. Houses average £139,049 per Rightmove.
In 2023, numbers dipped 22% due to mortgage rates. The 2024 rebound still trails 2022’s 369,870 buyers. The market fluctuates with conditions.
New buyers put down £61,090 on average. They buy properties costing £311,034. The average first-timer is now 33 years old. That’s two years older than ten years ago. First-timers accounted for over half of new mortgages.
Two or more names were on 62% of mortgages. Individuals bought alone in 38% of cases. Burnley is a top ten affordable area. It’s in Lancashire, according to Halifax stats. Rightmove says Burnley houses average £139,049.
Terraced houses in Burnley sold for £94,316. Semi-detached homes went for £176,392. Detached properties cost £281,994 on average. Prices are down 2% from last year there. They are also down 8% from the 2022 peak. Other affordable areas are mainly in Scotland.