Glasgow is among the 10 most affordable UK cities for first-time buyers, with an average total cost to buy a house of £181,376 putting it in ninth spot, research from The Co-operative Bank reveals.
In contrast, Edinburgh is the third most expensive city in the UK for first-time buyers, behind only London and Bristol, with the average cost of buying a house in the Scottish capital calculated at £346,293.
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The cost in Glasgow comprises an average house price of £179,386, and average conveyancing, surveying and transaction tax costs of £1,483, £420 and £87 respectively.
Blackpool is ranked the most affordable UK city for first-time buyers with an average total cost to buy a house of £135,995. It is followed by Kingston upon Hull in second place with an average total cost of £139,934. Stoke-on-Trent is third in the table with an average total cost of £143,642.
Glasgow is more affordable than Swansea. The research ranks Swansea as the 10th most affordable UK city for first-time buyers with the average total cost of buying a house in the city put at £195,687.
The average total cost of buying a house in Edinburgh comprises an average house price of £337,537, and average conveyancing, surveying and transaction tax costs of £1,683, £570, and £6,503 respectively, according to The Co-operative Bank.
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In London, the average total cost of buying a house is £547,560, according to the research. In Bristol, it is £353,033.
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Warren Cain, head of mortgage products at The Co-operative Bank, said: “If you’re planning to buy your first home, the very first step is to save up money for a deposit. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy. There are government schemes available to help you do this, like the Lifetime ISA (LISA) which lets you earn up to £1,000 extra a year through a 25% government bonus.
“You’ll also need to figure out how much you can afford to spend and create a budget.”
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