It will come as no surprise to the city’s first time buyers – but York has been named as one of the most expensive cities in Britain to get on the property ladder.
Rightmove has done a survey looking at the average asking price for a first-time buyer-type property with two bedrooms or fewer.
It looked at more than 50 cities across Britain. It assumed that first-time buyers in England had a 25% deposit, reflecting industry averages, and were taking out a 35-year mortgage.
On that basis York came out as the most expensive city in the north – and the ninth most expensive in the UK.
It was even found to be more expensive than Edinburgh.
Most expensive cities
The 10 most expensive cities to get on the property ladder according to Rightmove, with the average asking price and the typical monthly mortgage payment, assuming a 35-year mortgage term.
- London, £501,934, £1,862
- St Albans, £391,964, £1,454
- Cambridge, £361,429, £1,341
- Winchester, £344,638, £1,278
- Oxford, £338,085, £1,254
- Brighton, £335,402, £1,244
- Bristol, £280,112, £1,039
- Chelmsford, £262,522, £974
- York, £244,834, £908
- Edinburgh, £239,028, £946
Aberdeen was identified as the least expensive city to get on the property ladder.
Rightmove also assessed the rental market. Carlisle was the cheapest, with the average advertised rent per month of £607.
London was the most expensive at £2,264. Despite soaring rents, York didn’t make this list.
Cheapest cities
Here are the 10 cheapest cities to get on the property ladder according to Rightmove, with the average asking price for a typical first-time buyer home and the typical monthly mortgage payment, assuming a 35-year mortgage term:
- Aberdeen, £102,601, £406
- Bradford, £107,929, £400
- Sunderland, £111,263, £413
- Carlisle, £111,268, £413
- Preston, £112,273, £416
- Hull, £113,920, £423
- Dundee, £116,191, £460
- Stoke-On-Trent, £117,113, £434
- Durham, £125,957, £467
- Doncaster, £128,062, £475
The cost of renting a two-bedroom or smaller home has increased by 39% in the last five years, compared with a 19% jump in the cost of buying a two-bedroom or smaller home, Rightmove said.
Rightmove’s property expert Tim Bannister 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.”