Two Lancashire areas are named as 'most affordable' in the UK for first time buyers - here's where

Lancashire has come out on top in a very important section of the housing market.

According to research by the Co-operative Bank, two areas in the red rose county have come out 'most affordable' in the whole country for first-time buyers. One place is even in first place nationally.

Where is best?

According to the study, Blackpool is the place to be for money-conscious first-time buyers with an average house price of £134,092, which rises to a total of £135,995 when additional costs like conveyancing are added in. That’s over £400,000 cheaper than the most expensive city, London, where the total cost averages £547,560. 

Read more here on house prices going up in Lancashire

Preston ranks as sixth cheapest in the country, with an average house price of £168,953, conveyancy fees averaging £1,483 and surveying costs of £420.

It's worth noting that these averagely-priced properties won't attract stamp duty costs either as they are under £425,000.

Best overall place to buy your first property

The Co-op Bank analysed 30 UK cities and towns based on metrics including average house prices, average conveyancing costs and average surveying costs, and concluded that Swansea was the best city in the UK for first time buyers, offering affordable house prices, low crime rates and high life satisfaction.

Blackpool came seventh in the overall table, with a crime rate of 59.1, traffic index score of 108.9 and overall life satisfaction score of 7.5/10.

Tips for first time buyers

- Save up for a deposit - typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy.

- Know your budget - it's important to figure out how much you can afford to spend. This will help you narrow down your search and avoid falling in love with a home you can't afford.

- Don't forget extra buying costs - Don't forget to factor in extra costs like conveyancing and surveying fees, and stamp duty (which may or may not apply, depending on where you live and the property price). You may also have to set aside money for things like minor renovations or new furniture.

- Get help from schemes - There’s a range of government schemes available to help you buy your first home including the mortgage guarantee scheme and the First Homes Scheme.

- Use a mortgage advisor - they can help assess your financial situation, figure out the most suitable option for you, and search for deals that match what you’re looking for.