St Albans has been named as the most expensive city for first-time home buyers outside of London.

A study conducted by Rightmove found that the city's average house price is £391,964, with a typical monthly mortgage repayment of £1,454.

St Albans was also found to be the fourth most expensive city to rent a property, with an average advertised rent of £1,509 per month.

Across the UK, the cost of renting a two-bedroom or smaller home has increased by 39 per cent in the last five years, compared with a 19 per cent jump in the cost of buying a two-bedroom or smaller home.

Rightmove's research looked at more than 50 cities across Britain.

It made certain assumptions about mortgage costs, including that first-time buyers in Scotland and Wales had a 20 per cent deposit and were taking out a five-year fixed-rate mortgage at average rates.

It also assumed that first-time buyers in England had a slightly higher deposit, at 25 per cent, reflecting industry averages for deposit sizes, and were taking out a five-year mortgage.


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.”

The top 10 most expensive cities to buy a house in the UK

  1. London, £501,934, £1,862
  2. St Albans, £391,964, £1,454
  3. Cambridge, £361,429, £1,341
  4. Winchester, £344,638, £1,278
  5. Oxford, £338,085, £1,254
  6. Brighton, £335,402, £1,244
  7. Bristol, £280,112, £1,039
  8. Chelmsford, £262,522, £974
  9. York, £244,834, £908
  10. Edinburgh, £239,028, £946

The top 10 most expensive cities to rent a property in the UK

  1. London, £2,264
  2. Oxford, £1,561
  3. Cambridge, £1,533
  4. St Albans, £1,509
  5. Brighton, £1,468
  6. Bristol, £1,336
  7. Winchester, £1,332
  8. Edinburgh, £1,310
  9. Chelmsford, £1,300
  10. Milton Keynes, £1,239