First-time buyer? Just head to Hull

HULL, Middlesbrough and Blackburn are among the best places for first-time buyers to get on the housing ladder, new research claims.

They feature in a top ten list of up- and- coming hubs, with starter homes costing as little as £156,509 – close to half the national average of £288,030.

While property prices have fallen in recent months, high prices in many popular locations mean three in five first- time buyers are prepared to move to a different part of the country, Halifax said.

Average first-time buyer property prices have surged from £148,474 to £288,030 in a decade – with the average deposit put down by firsttime buyers now £54,156.

In Hull, the 2017 capital of culture, average prices for first-time buyers come in at £156,509, which is 23 per cent lower than seen elsewhere in the region. In its 2023 first-time buyer report, Halifax said Hull had seen £ 1.5 billion in investment injected into regeneration projects.

It added: ‘There are ambitions to transform its ports into world-class tourist destinations and it offers first-time buyers some of the most affordable housing.’

Neath in Wales, Londonderry in Northern Ireland and Falkirk in Scotland all feature in the top 10, as well as Eastbourne on the south coast and Ipswich in East Anglia.

Meanwhile, a new study has discovered living in rented accommodation accelerates the aging process more than any other stress. Researchers at the University of Essex and the University of Adelaide in Australia studied health data from 1,420 members of the public.

They found the impact of private renting on biological ageing is nearly double that of being out of work – with tenants forced to cope with stresses including no-fault evictions and rent increases.

The good news is the process is reversible, suggesting those who can get onto the property ladder may be able to undo any damage.