Belfast ‘most affordable’ for first time buyers

City has seen half the rise of others
City has seen half the rise of others

Belfast remains one of the most affordable UK cities for first time buyers as the average income needed for a home is ‘at least’ £53,000.

The figures from property analysts Hometrack, looking across the UK’s 20 biggest cities, show that the price has risen by 18% (£8,000) over three years, though some cities like Bristol have seen a 24% increase.

Belfast buyers need a salary of just £27,222, however, a 13% rise.

UK-wide, the findings reflect how house price growth has outstripped wage increases over the period, Hometrack said.

Buyers in Manchester, like Bristol, now need an income 24% higher, while those in Birmingham, Nottingham or Leicester now need an income which is 23% higher.

In some cities, the income needed is lower than it was, falling slightly in Oxford and Cambridge and more sharply in Aberdeen, which has seen some strong house price falls.

In London, first-time buyers were found to need an average income of £84,250 - the highest amount in the study - increasing by 1% since 2015.

Richard Donnell, insight director at Hometrack, said: “Cities like London and Cambridge require the highest incomes to buy a home and as a result they are registering flat to falling prices.”