Aberdeen cheapest city in UK for first-time buyers – Aberdeen Business News

ABERDEEN has been identified as the ‘least expensive’ city in the UK for first-time buyers to get on the property ladder.

It’s also the cheapest city in Scotland to rent.

The average asking price for a first-time buyer-type property with two bedrooms or fewer in the Granite City is £102,601.

It’s more than £5,000 cheaper than anywhere else in the UK, and more than £10,000 cheaper than the second-cheapest Scottish city, Dundee.

Estate agents Rightmove, which provided the data, has calculated that with a 20% deposit a first-time buyer in Aberdeen could pay as little as £406.

The average rental price in Aberdeen sits at £775, the ninth cheapest in the UK.

Tim Bannister, Rightmove’s property expert, said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.

“Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.”

The research considered more than 50 UK cities and made assumptions that first-time buyers were taking out five-year fix-rated mortgages at average rates.