Aberdeen is the cheapest city to be a first-time buyer, fresh analysis from Rightmove reveals.
The average asking price for a typical first-time buyer type property – deemed by Rightmove to be two-bedrooms or fewer – in Aberdeen is currently £102,602, with the average monthly mortgage payment now £406 per month.
The average monthly mortgage payment assumes a buyer in Aberdeen has a 20% deposit and has chosen to repay their mortgage over the course of 35 years, at the current average five-year fixed mortgage rate of 4.84%.
Data from UK Finance shows that the average deposit size in Scotland and Wales is 20%, while in England it is 25%, and that more first-time buyers are choosing longer repayment terms to improve their affordability.
Bradford is the second cheapest city to be a first-time buyer, with an average asking price of £107,929, and Sunderland is the third cheapest, at £111,263.
Carlisle is the cheapest place to be a renter, with the average advertised rent for an equivalent two-bedroom or smaller property now £607 per month.
In contrast, Oxford is the most expensive city outside of London to be a renter, with an average two-bedroom or smaller home currently advertised at £1,561 per month.
Despite average mortgage rates currently being slightly higher than at this time last year, there has been more stability since rates peaked in July 2023, which has helped those looking to move at the start of this year.
The average monthly mortgage payment for a typical first-time buyer type property in Great Britain (two bedrooms and fewer) is £53 more than this time last year, vs £81 for renters.
For those who have been able to save up the average deposit of 20% or 25%, it is cheaper to pay a monthly mortgage than rent in each of Great Britain’s largest cities, as well as the capital.
The cost of renting a two-bedroom or smaller home has increased by 39% in the last five years, versus a 19% jump in the cost of buying a two-bedroom or smaller home.
Even if a first-time buyer had a smaller 15% deposit and wanted to repay their mortgage over 25 years rather than 35 years, it would still be cheaper to pay a mortgage than rent in 39 out of Britain’s 50 largest cities, outside of London.
Rightmove’s 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.
“Without improvements to the supply of good quality, affordable rental homes in Great Britain, owning your own home is likely to continue to be the end-goal for those that can get their deposit together, and borrow what they need to from a mortgage lender.”
Cheapest cities to buy
| Cities | Average asking price for a first-time buyer type property (2 bedrooms and fewer) | Average monthly mortgage payment (per month)* | Average monthly rental payment (per month) | Mortgage versus Rent |
| Aberdeen | £102,601 | £406 | £775 | -£369 |
| Bradford | £107,929 | £400 | £714 | -£314 |
| Sunderland | £111,263 | £413 | £648 | -£235 |
| Carlisle | £111,268 | £413 | £607 | -£194 |
| Preston | £112,273 | £416 | £787 | -£371 |
| Hull | £113,920 | £423 | £638 | -£215 |
| Dundee | £116,191 | £460 | £821 | -£361 |
| Stoke-On-Trent | £117,113 | £434 | £701 | -£266 |
| Durham | £125,957 | £467 | £796 | -£328 |
| Doncaster | £128,062 | £475 | £707 | -£232 |
*Monthly mortgage payment figures assumes first-time buyers in Scotland and Wales have a 20% deposit, and first-time buyers in England have a 25% deposit, based on UK Finance Data on first-time buyer mortgage trends. Repayment is over 35 years.
Most expensive cities to buy
| Cities | Average asking price for a first-time buyer type property (2 bedrooms and fewer) | Average monthly mortgage payment (per month) | Average monthly rental payment (per month) | Mortgage versus Rent |
| London | £501,934 | £1,862 | £2,264 | -£402 |
| St. Albans | £391,964 | £1,454 | £1,509 | -£55 |
| Cambridge | £361,429 | £1,341 | £1,533 | -£193 |
| Winchester | £344,638 | £1,278 | £1,332 | -£53 |
| Oxford | £338,085 | £1,254 | £1,561 | -£307 |
| Brighton | £335,402 | £1,244 | £1,468 | -£224 |
| Bristol | £280,112 | £1,039 | £1,336 | -£297 |
| Chelmsford | £262,522 | £974 | £1,300 | -£326 |
| York | £244,834 | £908 | £1,145 | -£237 |
| Edinburgh | £239,028 | £946 | £1,310 | -£365 |
*Monthly mortgage payment figures assumes first-time buyers in Scotland and Wales have a 20% deposit, and first-time buyers in England have a 25% deposit, based on UK Finance Data on first-time buyer mortgage trends. Repayment is over 35 years.
Cheapest cities to rent
| Cities | Average monthly rental payment (per month) | Average asking price for a first-time buyer type property (2 bedrooms and fewer) | Average monthly mortgage payment (per month)* | Rent versus mortgage |
| Carlisle | £607 | £111,268 | £413 | +£194 |
| Hull | £638 | £113,920 | £423 | +£215 |
| Sunderland | £648 | £111,263 | £413 | +£235 |
| Stoke-On-Trent | £701 | £117,113 | £434 | +£266 |
| Doncaster | £707 | £128,062 | £475 | +£232 |
| Bradford | £714 | £107,929 | £400 | +£314 |
| Wrexham | £754 | £129,649 | £513 | +£241 |
| Lancaster | £764 | £152,062 | £564 | +£200 |
| Aberdeen | £775 | £102,601 | £406 | +£369 |
| Preston | £787 | £112,273 | £416 | +£371 |
*Monthly mortgage payment figures assumes first-time buyers in Scotland and Wales have a 20% deposit, and first-time buyers in England have a 25% deposit, based on UK Finance Data on first-time buyer mortgage trends. Repayment is over 35 years.
Most expensive cities to rent
| Cities | Average monthly rental payment (per month) | Average asking price for a first-time buyer type property (2 bedrooms and fewer) | Average monthly mortgage payment (per month)* | Rent versus mortgage |
| London | £2,264 | £501,934 | £1,862 | +£402 |
| Oxford | £1,561 | £338,085 | £1,254 | +£307 |
| Cambridge | £1,533 | £361,429 | £1,341 | +£193 |
| St. Albans | £1,509 | £391,964 | £1,454 | +£55 |
| Brighton | £1,468 | £335,402 | £1,244 | +£224 |
| Bristol | £1,336 | £280,112 | £1,039 | +£297 |
| Winchester | £1,332 | £344,638 | £1,278 | +£53 |
| Edinburgh | £1,310 | £239,028 | £946 | +£365 |
| Chelmsford | £1,300 | £262,522 | £974 | +£326 |
| Milton Keynes | £1,239 | £233,320 | £865 | +£373 |
*Monthly mortgage payment figures assumes first-time buyers in Scotland and Wales have a 20% deposit, and first-time buyers in England have a 25% deposit, based on UK Finance Data on first-time buyer mortgage trends. Repayment is over 35 years.
‘For those who have been able to save up the average deposit of 20% or 25%, it is cheaper to pay a monthly mortgage than rent in each of Great Britain’s largest cities, as well as the capital.’
Why no mention of all the additional costs facing buyers?
The likely first step on the housing ladder for renters will be a leasehold priority, probably a flat, and they will then find themselves facing huge additional costs in the form of uncontrolled service charges, ground rents, ‘essential’ costly repairs, legal costs, and the possibility of losing their home, regardless of mortgage paid.
If that’s what renters are saving up for, it’s unlikely to get any better, now we know the government has reneged on its pledge to end leasehold for the millions of sufferers out there.
You’re better off renting that leasing!
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