Most affordable location for homeowners in the UK revealed | Mortgage Introducer

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It revealed that there are 39 cities in the UK where the average value of a deposit is less than £15,000.

Of these, the most affordable is Bradford, where the average property price is £133,150.

With the help of the government’s new guarantee scheme, the average buyer deposit in the city would total £6,658.

This is around a quarter of the average Bradford annual salary.

In contrast, those wanting to secure a property in Bradford with a deposit of 15% would be required to put down £19,973.

Outside of Bradford, buyers looking for an 85% LTV mortgage, would need to fork out a deposit of over £20,000 across all UK cities.

Research also found that Carlisle, Aberdeen City and Sunderland require a deposit of £8,143, £8,101 and £7,426, respectively.

London is the least affordable city to buy a property in.

However, despite the higher income to deposit ratio, those hoping to purchase a home in London will benefit the most from the 5% deposit scheme, outlined Money.

The average property in London totals £644,631. On average, prospective buyers would have to save up almost £96,695, with an 85% LTV mortgage.

The 5% ask of £32,231 elevates the pressure of saving an additional £64,464.