Grimsby one of the best places in the country for first time buyers

Grimsby has been revealed as one of the least expensive locations for first time buyers.

The average house price there was 93 thousand pounds.

That's third cheapest in the country.

There's actually a 1.2 per cent decrease in the typical price in the space of a year in Grimsby compared to 2023.

The study was carried out by Right Move.

The website says payments are around 150 pounds lower than the peak in July 2023 across the country.

The only two places which came out cheaper than Grimsby were Greenock in Scotland and in first place Kilmarnock - also in Scotland.

The study suggests first-time buyers across the country face paying 350 pounds more per month on average for their mortgage than they would have done five years ago.

Average earnings have grown by 30% in the last five years, versus a 17% increase in the price of a typical first-time buyer home

Rightmove added that average wage growth in recent years has outpaced the rise in average asking price for a typical first-time buyer property.

Average earnings have grown by 30% in the last five years, versus a 17% increase in the price of a typical first-time buyer home, according to its analysis, which included looking at Office for National Statistics (ONS) figures.

Rightmove's mortgage expert Matt Smith said: "Higher mortgage rates mean home movers need to consider how much they can afford to pay each month on a monthly mortgage, even if they can meet the asking price of a home.

"Another measure of affordability which is restricting some first-time buyers from getting onto the ladder is how much they can borrow."

"It's encouraging to see that the regulator is considering how they may be able to enable first-time buyers to borrow more in a responsible way, as we think this will help to unlock more opportunity, particularly for those with smaller deposits."

The Financial Conduct Authority (FCA) recently said it is looking into simplifying mortgage rules, which could help home buyers to secure a property.

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