Blackpool is the most affordable town the UK for first time buyers according to Co-Operative Bank study

The Co-operative Bank research crowns Blackpool as the most affordable with a total average price of £135,995 - more than £400,000 cheaper than the most expensive place, London, where the total cost averages £547,560. 

Additional average costs including conveyancing, £1,483 and surveying, £420, make up the total price.

And down the road in Preston, that was ranked as the sixth most affordable place to buy a first home with the average house price costing £168,953. Quality of life and safety are important for first time buyers to consider, but affordability remains a top priority when getting on the property ladder.

Mortgage experts analysed 30 UK cities based on metrics and drew their research on average house prices, average conveyancing costs and average surveying costs to reveal the most affordable UK cities to invest in your first property.

Warren Cain, Head of Mortgage Products at The Co-operative Bank, said: “If you’re planning to buy your first home, the very first step is to save up money for a deposit. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy.

“You’ll also need to figure out how much you can afford to spend and create a budget. Don’t forget to factor in extra costs too, like conveyancing and surveying fees."

Kingston upon Hull is the second-most affordable city. The average house price there is £138,031, giving a total cost of £139,934 with surveying and conveyancing fees.

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