First-time buyers looking at their mortgage options when trying to get a foot on the first rung of the property ladder may wish to consider a move up north.
Selwyn Lim, director of Mouseprice – an online source for UK housing information whose parent company is Calnea Analytics – has suggested young purchasers move away from London in a bid to access the market.
The industry figure was speaking in response to new figures from the Association of Mortgage Intermediaries, which revealed the gap in regional house prices is becoming more sizeable.
According to the study, London property values in the last quarter were up 2.1 per cent on the year, while those in the north-east dipped by 7.8 per cent.
More affordable mortgage deals may therefore be available in cities such as Manchester, with the expert observing: “Manchester has attracted a lot of talent outside of London and one of the bigger deals for employers up there is the lower cost of living and, in particular, accommodation.”
Mr Lim added individuals in England’s capital are currently competing against wealthy people from across the globe when trying to secure a dwelling.
