Oxford named best place to buy first home in Britain
London was ranked last in the list of 35 cities
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Your support makes all the difference.Oxford has been named as the best place for first-time buyers in the UK.
Topping the list of 35 cities compiled by Money Supermarket, Oxford has defied its more affordable counterparts to be named the best city in Britain for purchasing a starter home.
Despite the average property in Oxford costing £430,000, the city earned its winning title due to “high average salaries, good job opportunities and its position within the commuting belt to London,” according to a statement released by the price comparison site.
Other factors considered for the list were the cost of a one-bedroom property and crime statistics.
Bath was awarded second place with Wolverhampton coming in third followed by York and Aberdeen.
The least surprising finding in Money Supermarket's index is undoubtedly that London, where the average home costs £471,986 and crime rates are high, did not fare too well, coming in at last place only to be preceded by Newry in Northern Ireland and Hull.
“The first-time buyer sector is showing signs of life as property prices fall in some areas, thanks to the heat going out of the buy-to-let market,” said Kevin Pratt, consumer affairs expert at Money Supermarket.
"If buyers can be flexible, they stand a better chance of finding somewhere they can afford to purchase."
However, that’s not to say that Oxford is the most pocket-friendly place to live, as it was named the least affordable city for the fifth time by the Lloyds Bank Affordable Cities Review, which revealed that the average home there costs 11.5 times the average wage.
Swings and roundabouts, right?
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