For many young people struggling to get onto the property ladder, it will be welcome news – parts of Scotland are now among the most affordable in the UK for first-time buyers.
In the midst of a cost-of-living crisis and rising inflation, many buying their first home face an uphill battle to fund either the initial deposit or the sky-high monthly mortgage payments.
However, a new list of first-time buyer hot-spots reveals Kilmarnock is now the cheapest place in the UK to purchase a starter home.
Typically, someone buying a first property in the Ayrshire town can expect to pay just over £90,000.
A spokesman for Rightmove, which compiled the data, said prospective buyers are facing severe economic pressures. He added: ‘Affordability is a major challenge for many first-time buyers, with house prices varying widely depending on where you’re looking to live.
‘Comparing average asking prices of typical first-time homes – with two bedrooms or fewer – across Great Britain, Kilmarnock emerged as the cheapest place for first-time buyers.
‘The town offers a mix of traditional sandstone homes and modern developments, and is a 40-minute commute into Glasgow.’ Meanwhile, Aberdeen tops the list of most-affordable British cities, with an average purchase price for first-time buyers of £94,778.
Kilmarnock has emerged as the cheapest place in the UK to purchase a starter home
Typically, someone buying a first property in the town can expect to pay just over £90,000
Just one of the new housing developments in the Ayrshire town
The Rightmove spokesman said: ‘Aberdeen is among the cities that combine all the benefits of urban living with more affordable property prices.
‘It regularly finds itself near the top of UK resident satisfaction surveys. Reasons for this include the lower cost of living, along with the offshore oil industry, beautiful surrounding countryside, historic architecture and a thriving university community in the city.’
House prices are a key challenge for first-time buyers, with cheaper properties generally requiring smaller deposits and lower monthly mortgage payments.
A first home in Kilmarnock – currently costing £90,092 on average – would typically require a minimum 5 per cent deposit of £4,505.
And with a 5.5 per cent mortgage rate over 25 years, the monthly repayments would be £526.
By comparison, the overall average property price across Scotland is £187,000 – meaning a first-time buyer would require a deposit of £9,350 and face repayments of around £1,091 per month.
Scotland features heavily in the UK Top 10 of affordable places – with Paisley (where the average first-time buyer can expect to pay £95,906) also on the list alongside East Kilbride (£102,536) and Ayr (£103,235).
In the Top 10 of affordable cities, Aberdeen is joined by Dundee, where first homes are now selling for an average of £117,624.