On this day in 2023, St Albans was named the most expensive city in Great Britain for first-time property buyers outside of London.
At the time, analysis by property website Rightmove revealed that the average monthly mortgage payments for a first-time buyer type home in St Albans had reached £1,958.
This figure positioned St Albans at the top of the list, followed closely by Bath and Cambridge, with average monthly payments of £1,765 and £1,763 respectively.
The analysis indicated that the average asking price for a typical first-time buyer type property, defined as having two bedrooms or fewer, in St Albans was £393,485.
In contrast, the average monthly rent for similar properties in the city was found to be £1,433, which was £525 less than the average mortgage payment.
Read more:
Rightmove's analysis covered more than 60 cities across Great Britain, focusing on the average monthly mortgage payment for typical first-time buyer type properties and the equivalent monthly rent.
The data assumed that first-time buyers were taking out a five-year fixed, 90 per cent loan-to-value mortgage at the best-buy rate of 4.45 per cent, spread over 25 years.
[From the Herts Ad of June 2, 2023]
Share