Seaside city dubbed 'least expensive to buy a house - with homes selling for just £100k
The city is one of the UK's prettiest, but homes for first-time buyers come at rock-bottom costs.
A seaside city has been dubbed the least expensive place for people looking to get on the property ladder.
Aberdeen, a major city on Scotland's east coast, is one of the home nation's largest communities and boasts a mixture of ports and beaches.
Unsurprisingly, it is home to hundreds of thousands of people, with 261,470 residents.
Despite its large population and sought-after location, homes sell for less than half the national average.
Property portal Rightmove has found people living in the city pay just a few hundred pounds per month for first-time buyer homes.
Rightmove found that rent prices are surging countrywide, while mortgages, which are also increasing, are doing so at a lesser rate.
Renting a two-bedroom or smaller home has jumped by around 39 percent over the last five years.
But the cost of buying a home of a similar size has increased by less than half, just 19 percent.
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Tim Bannister, Rightmove’s property expert, said first-time buyers should still be aware of what they pay in interest compared to their actual mortgage.
He 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.”
